{
  "report_rows": [
    {
      "kpi": "Core FFO per share (Q2 2026)",
      "prediction": "IN-LINE",
      "answer": "pred ~$2.82 vs. cons $2.80",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Same-store residential revenue growth (Q2 2026 YoY)",
      "prediction": "BEAT",
      "answer": "pred ~1.8% vs. cons 1.7%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Same-store residential NOI growth (Q2 2026 YoY)",
      "prediction": "MISS",
      "answer": "pred ~0.1% vs. cons 0.2%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Core FFO per share (FY2026)",
      "prediction": "LOWER",
      "answer": "guide ~$11.25 vs. cons $11.40 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Same-store residential revenue growth (FY2026)",
      "prediction": "BETTER",
      "answer": "guide ~1.6% vs. cons 1.5% (FY2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "Annual net merger operating synergies",
      "prediction": "UNCHANGED",
      "answer": "guide ~$125M vs. cons $125M (annual run-rate post-close)",
      "confidence": "HIGH"
    }
  ],
  "day1_residual_pct": -0.5,
  "day1_confidence": "LOW",
  "day5_residual_pct": -0.8,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "An in-line ~$2.82 Q2 print versus $2.80 consensus would be outweighed by FY2026 Core FFO guidance of ~$11.25 versus $11.40 consensus. That implies roughly $5.60 of second-half Core FFO versus the Street's ~$5.77, prompting modest estimate cuts after the initial report; however, the fixed 2.793-share EQR exchange ratio should limit AVB-specific downside.",
  "day5_confidence": "LOW"
}