{
  "report_rows": [
    {
      "kpi": "Q2 2026 Core FFO per share",
      "prediction": "IN-LINE",
      "answer": "pred ~$2.80 vs. cons $2.78",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Same-store residential revenue growth",
      "prediction": "BEAT",
      "answer": "pred ~2.3% vs. cons 2.0%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Same-store residential NOI growth",
      "prediction": "BEAT",
      "answer": "pred ~0.9% vs. cons 0.5%",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY 2026 Core FFO per share guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$11.25 vs. cons $11.29 (FY 2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY 2026 same-store residential revenue growth guidance",
      "prediction": "LOWER",
      "answer": "guide ~1.4% vs. cons 1.6% (FY 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3 2026 Core FFO per share guidance",
      "prediction": "LOWER",
      "answer": "guide ~$2.82 vs. cons $2.84 (Q3 2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -0.4,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -0.7,
  "day5_path": "STABILIZE",
  "day5_rationale": "A modest operating beat is likely offset by unchanged FY Core FFO guidance (~$11.25 versus ~$11.29 consensus) and slightly softer implied Q3 math (~$2.82 versus ~$2.84). However, the fixed 2.793 EQR-share exchange ratio should limit standalone AVB estimate-revision impact and stabilize the residual move.",
  "day5_confidence": "MEDIUM"
}