{
  "report_rows": [
    {
      "kpi": "Core FFO per share (2Q26)",
      "prediction": "BEAT",
      "answer": "pred ~$2.03 vs. cons $1.98",
      "confidence": "HIGH"
    },
    {
      "kpi": "Total revenue (2Q26)",
      "prediction": "BEAT",
      "answer": "pred ~$1.68B vs. cons $1.66B",
      "confidence": "LOW"
    },
    {
      "kpi": "Total new leasing bookings signed (2Q26)",
      "prediction": "IN-LINE",
      "answer": "pred ~$375M vs. cons ~$350M (off Q1 record $707M)",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 Core FFO/share guidance",
      "prediction": "BETTER",
      "answer": "guide ~$8.05-8.15 (mid ~$8.10) vs. cons $8.06 (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 same-capital cash NOI growth",
      "prediction": "UNCHANGED",
      "answer": "guide ~4.0-5.0% vs. cons ~4.5% (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 cash renewal spreads",
      "prediction": "UNCHANGED",
      "answer": "guide ~6.5-8.5% vs. cons ~7.5% (FY26)",
      "confidence": "LOW"
    },
    {
      "kpi": "Total backlog (leased-not-commenced)",
      "prediction": "BETTER",
      "answer": "guide ~$1.9B vs. cons ~$1.8B (end-2Q26 backlog)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 2.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 1.0,
  "day5_path": "FADE",
  "day5_rationale": "Low bar (stock -12% from April peak, lagged EQIX, Blackstone dilution overhang) plus DLR's 4-quarter beat streak and FX tailwind should drive a modest day-1 pop on a Core FFO beat and likely small guide raise. But out-period math works against follow-through: the guided 2Q step-down, back-half-loaded 2H trajectory, and equity-funded M&A (Blackstone/Teraco/Columbia) that is dilutive until 2027 mean out-quarter estimates drift lower even after the beat, capping the move and giving back part of the initial gain.",
  "day5_confidence": "LOW"
}