{
  "report_rows": [
    {
      "kpi": "Normalized FFO per share",
      "prediction": "IN-LINE",
      "answer": "pred ~$1.02 vs. cons $1.01",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Same-store residential revenue growth",
      "prediction": "BEAT",
      "answer": "pred ~3.2% vs. cons 2.7%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Same-store NOI growth",
      "prediction": "BEAT",
      "answer": "pred ~2.3% vs. cons 1.8%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Full-year normalized FFO per share guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$4.08 vs. cons $4.09 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Full-year same-store residential revenue growth guidance",
      "prediction": "BETTER",
      "answer": "guide ~2.7% vs. cons 2.4% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Full-year same-store NOI growth guidance",
      "prediction": "BETTER",
      "answer": "guide ~1.8% vs. cons 1.5% (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 2.1,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 3.6,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "A modest FFO beat is less important than a higher same-store revenue/NOI outlook: implied second-half revenue growth improves to ~3.4% versus prior embedded ~2.8%, supporting ~1.0% to ~1.5% upward FY2026 FFO revisions after the report.",
  "day5_confidence": "MEDIUM"
}