{
  "report_rows": [
    {
      "kpi": "Core FFO per share (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$1.55 vs. cons $1.53",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total revenue (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$2.19B vs. cons $2.16B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Cash same-store NOI growth (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~7.0% vs. cons ~6.6% (midpoint of prior 6.25-7.0% guide)",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Core FFO guidance",
      "prediction": "BETTER",
      "answer": "guide ~$6.15-6.31 vs. cons ~$6.18 (FY2026, raised from $6.07-6.23)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 average occupancy guidance",
      "prediction": "BETTER",
      "answer": "guide ~95.25-96.0% vs. cons ~95.4% (FY2026, raised from 95.0-95.75%)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 development starts guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$3.5-4.5B vs. cons ~$4.0B (FY2026, unchanged, ~40% data centers)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Segro takeover outcome (PUSU deadline commentary)",
      "prediction": "UNKNOWN",
      "answer": "guide ~925p/\u00a312.6B unchanged offer vs. cons expectation of a ~10-15% bump to ~\u00a314-14.5B (by PUSU deadline 07-22-2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 0.7,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -1.5,
  "day5_path": "FADE",
  "day5_rationale": "The UK Takeover Panel PUSU deadline (July 22) falls inside the 5-day window after this July 16 print, so the earnings-driven reaction is likely to be overwhelmed/faded by the Segro news: a firm all-share bid raises dilution/leverage concerns (Segro holders would get ~10.5% of pro forma PLD) while a walk-away removes the data-center consolidation premium some investors had priced in, and estimate revisions on the FFO beat/raise alone are unlikely to offset that binary event risk.",
  "day5_confidence": "LOW"
}