Themes / Group
Active · established relationshipLatest completed snapshot · Aug 21 · 16:11 ET

MARKET-DISCOVERED GROUP

Industrial and Specialty REITs

THE TRADER READShared activity without a clean directional read

Price direction is split across 11 measured members. Capital-flow agreement is 14%, so the basket is not yet clean.

Price breadth5 up · 4 downRelative median unavailable
Capital-flow alignment14%Price breadth is not yet confirmed by flow
Activity nowNormalActivity score 56/100 · lift 1.0×
Evidence depth3 episodesLow sample—context, not a validated playbook
EVIDENCE CLOCK

What happened, in timestamp order

0 timed events
TIMING READA causal timing read is unavailable because no material member price onset could be timestamped.

No session event has enough timestamp precision to place on the clock.

2 earlier filing context receipts

THU, FEB 12AKR filing documented shared operating contextcredit / rates affecting interest expense · date precision only

SUN, AUG 9SPG filing documented shared operating contextcredit / rates affecting interest expense · date precision only

Headline times and retained activity confirmations are point-in-time evidence. Price order is inferred from aligned 5-minute bars. Filing evidence has date precision only and is context, not an intraday catalyst claim.

01 · WHAT IS HAPPENING

The move, the flow and who is driving it

Price breadth, unusual activity and signed capital flow are separate observations
Price sequence unavailableA timestamped price sequence is unavailable.
RELATIVE CO-MOVEMENT

How the members are behaving together

Session-normalized

Observed intraday paths are not available for this group yet.

02 · WHY IT MATTERS

Why now and where the move could travel

Context and lead/lag links are evidence, not proof of causation or a forecast
WHY NOW

Verified recent context

0 items

No verified recent catalyst is attached to this move. The relationship may be market-led rather than news-led.

WHY THIS GROUP EXISTS

Shared filing context

11/11 members covered

Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across CDP, FR, MAC, PLD, REXR, SKT.

credit / rates affecting interest expense

“Interest expense increased $48.4 million, of which $38.5 million related to our acquisition activity, and due to increases related to USD note and commercial paper issuances of $32.8 million, partially offset by a USD bond payoff of $16.2 million and the reduced amounts outstanding on the Euro exchangeable bond, which reduced interest expense by $5.7 million. (Loss) gain due to disposal, exchange, or revaluation of equity interests, net, decreased $116.4 million.”

SPG 10-Q · 2026-08-10
credit / rates

“The Credit Facility can be increased in the form of additional commitments in an aggregate amount not to exceed $1.0 billion, for a total aggregate size of $6.0 billion, subject to obtaining additional lender commitments and satisfying certain customary conditions precedent.”

SPG 10-K · 2026-02-25
restructuring

“48 Table of Contents During 2026, we recorded a $64.3 million gain related to the exchange of 4,074,711 shares of Klépierre to settle the conversion of €110.3 million of the Operating Partnership’s exchangeable bonds, partially offset by a non-cash other-than-temporary impairment charge representing our remaining equity method investment in a real estate venture of $8.7 million.”

SPG 10-Q · 2026-08-10
CONFIRMATION NETWORK

Outsiders and cross-asset links

0 outsiders confirming

No qualified cross-asset lead/lag link is available for this group.

Filing-linked outsiders test whether the move is spreading beyond the established cohort.

AATNot confirming

REXR · text peer

ADCNot confirming

REXR · text peer

FRTNot confirming

TRNO · text peer

BDNNot confirming

TRNO · text peer

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately
SPGTRNOSKTCDPPLDEGPSTAGFRAKRMACREXR

9/11 active6 rising · 4 falling · 1 flat

MemberUnusual activityToday's moveRead now
SPGSimon Property Group, Inc.
Most unusual · 100/100
-0.7%
Flow divergenceActive in 42.9% of observed group sessions
TRNOTerreno Realty Corporation
Elevated · 75/100
-0.2%
Flow divergenceActive in 61.9% of observed group sessions
SKTTanger Inc.
Elevated · 62/100
+0.0%
Flow divergenceActive in 76.2% of observed group sessions
CDPCOPT Defense Properties
Elevated · 61/100
+0.5%
Active; unclassifiedActive in 47.6% of observed group sessions
PLDPrologis, Inc.
Elevated · 61/100
+0.8%
Active; unclassifiedActive in 4.8% of observed group sessions
EGPEastGroup Properties, Inc.
Elevated · 59/100
-0.1%
Flow divergenceActive in 42.9% of observed group sessions
STAGSTAG Industrial, Inc.
Elevated · 54/100
+0.8%
Active; unclassifiedActive in 28.6% of observed group sessions
FRFirst Industrial Realty Trust, Inc.
Elevated · 51/100
+0.6%
Active; unclassifiedActive in 38.1% of observed group sessions
AKRAcadia Realty Trust
Elevated · 44/100
+0.0%
Flow divergenceActive in 47.6% of observed group sessions
MACThe Macerich Company
Quiet · 37/100
-1.3%
Watch / laggardActive in 14.3% of observed group sessions
REXRRexford Industrial Realty, Inc.
Quiet · 25/100
+0.5%
Watch / laggardActive in 4.8% of observed group sessions
View exact member values
TICKERCompanyRole nowTodayObserved historyTrader interpretation
SPGSimon Property Group, Inc.Most unusual-0.7%42.9% of 21 sessionsMost unusual activity in this snapshot; performance direction may differ.
TRNOTerreno Realty CorporationParticipating-0.2%61.9% of 21 sessionsPrice participation with distributing signed flow.
SKTTanger Inc.Participating+0.0%76.2% of 21 sessionsPrice participation with distributing signed flow.
CDPCOPT Defense PropertiesParticipating+0.5%47.6% of 21 sessionsPrice participation is not yet confirmed by per-name flow.
PLDPrologis, Inc.Participating+0.8%4.8% of 21 sessionsPrice participation is not yet confirmed by per-name flow.
EGPEastGroup Properties, Inc.Participating-0.1%42.9% of 21 sessionsPrice participation with distributing signed flow.
STAGSTAG Industrial, Inc.Participating+0.8%28.6% of 21 sessionsPrice participation is not yet confirmed by per-name flow.
FRFirst Industrial Realty Trust, Inc.Participating+0.6%38.1% of 21 sessionsPrice participation is not yet confirmed by per-name flow.
AKRAcadia Realty TrustParticipating+0.0%47.6% of 21 sessionsPrice participation with distributing signed flow.
MACThe Macerich CompanyQuiet / lagging-1.3%14.3% of 21 sessionsNot participating yet; a breadth test or a genuine divergence.
REXRRexford Industrial Realty, Inc.Quiet / lagging+0.5%4.8% of 21 sessionsNot participating yet; a breadth test or a genuine divergence.

04 · HAS THIS HAPPENED BEFORE

Identity history versus measured outcomes

Structural recurrence is not the same as a validated trading outcome
POINT-IN-TIME LIVE OUTCOMES

Early observed follow-through

4/4 events completed
30 minutes-0.13%25% continuation · n=4Median MFE +0.02% · MAE -1.19%
60 minutes-0.81%25% continuation · n=4Median MFE +0.02% · MAE -1.19%
Session close-0.14%0% continuation · n=3Median MFE +0.08% · MAE -1.09%
Next-session close-1.04%25% continuation · n=4Median MFE +0.02% · MAE -1.19%
Only point-in-time live watcher observations and conservative same-day EOD observations are included. Later backfills and replay runs are excluded.
Low structural sample

Only 3 completed episodes across 21 active sessions; treat history as context, not a validated playbook. These episode counts describe recurrence; the outcome ledger above is the only forward-performance evidence.

Structural support29 daysHow often the cohort identity was observed
Completed episodes3Separate periods of broad group activity
Active sessions21Completed session observations, not trades
2026-08-18 → 2026-08-192 active sessions25% composition consistency through the episode
2026-08-12 → 2026-08-132 active sessions42.9% composition consistency through the episode
2026-07-16 → 2026-08-0717 active sessionsNo name was active through every recorded session
MEMBER CONSISTENCY IN OBSERVED ACTIVE SESSIONS
SKT76.2% · 3 episodes
TRNO61.9% · 3 episodes
AKR47.6% · 3 episodes
CDP47.6% · 3 episodes
EGP42.9% · 3 episodes
SPG42.9% · 3 episodes
FR38.1% · 3 episodes
STAG28.6% · 1 episode
MAC14.3% · 1 episode
PLD4.8% · 1 episode
REXR4.8% · 1 episode