{
  "report_rows": [
    {
      "kpi": "Core FFO per share excluding net promote expense",
      "prediction": "BEAT",
      "answer": "pred ~$1.55 vs. cons $1.53",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Average occupancy",
      "prediction": "IN-LINE",
      "answer": "pred ~95.6% vs. cons 95.5%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net-effective rent change",
      "prediction": "BEAT",
      "answer": "pred ~39.5% vs. cons 38.0%",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Core FFO per share excluding net promote expense",
      "prediction": "BETTER",
      "answer": "guide ~$6.22 vs. cons $6.17 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Average occupancy",
      "prediction": "BETTER",
      "answer": "guide ~95.50% vs. cons 95.38% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Cash same-store NOI growth",
      "prediction": "UNCHANGED",
      "answer": "guide ~6.63% vs. cons 6.63% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "SEGRO implied offer value",
      "prediction": "UNCHANGED",
      "answer": "guide ~925p vs. cons 925p (through July 22, 2026 offer deadline)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 1.6,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.5,
  "day5_path": "FADE",
  "day5_rationale": "A modest FFO beat and healthy leasing should initially lift the stock, but FY2026 guidance of ~$6.22 implies second-half Core FFO of only ~$3.15 versus consensus near $3.18; limited estimate revisions and unresolved SEGRO dilution risk should fade most of the day-1 gain.",
  "day5_confidence": "MEDIUM"
}