{
  "report_rows": [
    {
      "kpi": "Core FFO / share (incl. promotes)",
      "prediction": "IN-LINE",
      "answer": "pred ~$1.54 vs. cons $1.53",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Same-store NOI (cash)",
      "prediction": "BEAT",
      "answer": "pred ~+8.0% vs. cons ~+7.0%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$2.16B vs. cons ~$2.15B",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Core FFO/share (incl. promote) \u2014 midpoint raise",
      "prediction": "BETTER",
      "answer": "guide ~$6.12-6.28 (mid ~$6.20) vs. cons ~$6.18 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 average occupancy",
      "prediction": "UNCHANGED",
      "answer": "guide ~95.0-95.75% vs. cons ~95.3% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 development starts (owned & managed)",
      "prediction": "UNCHANGED",
      "answer": "guide ~$4.5-5.5B vs. cons ~$5.0B (FY2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "SEGRO bid \u2014 raise/walk decision ahead of July 22 deadline",
      "prediction": "UNKNOWN",
      "answer": "current bid 925p vs. SEGRO CBRE NAV ~1300p (decision by Jul 22, 2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 0.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -0.5,
  "day5_path": "FADE",
  "day5_rationale": "Base case is a modest beat-and-raise (penny FFO beat, small guidance midpoint bump) that supports a mildly positive day-1 residual, but out-period math is only incrementally better and premium valuation with analysts on the sidelines caps upside. The dominant swing is the SEGRO bid: the July 22 UK Takeover Code 'put-up-or-shut-up' deadline lands ~4 trading days after the print, so the window is a binary M&A overhang. Equity-issuance/dilution fear (the same concern that took shares from ~$148 to ~$135 after the June bid) keeps buyers cautious into that decision, so an initial operating pop fades/stabilizes rather than follows through.",
  "day5_confidence": "LOW"
}