{
  "report_rows": [
    {
      "kpi": "Normalized FFO per share (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$1.58 vs. cons $1.55",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total revenue (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$3.47B vs. cons $3.40B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "SHOP same-store NOI growth (Q2 2026)",
      "prediction": "IN-LINE",
      "answer": "pred ~19.5% vs. cons ~19.8%",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Normalized FFO per share guidance",
      "prediction": "BETTER",
      "answer": "guide ~$6.40 vs. cons $6.32 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 SHOP same-store NOI growth guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~17.5%-22.0% (~19.75% midpoint) vs. cons ~19.5% (FY2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "Year-end 2026 net debt/EBITDA leverage target",
      "prediction": "UNCHANGED",
      "answer": "guide ~3.0x vs. cons ~3.0x (YE2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -1.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -1.0,
  "day5_path": "STABILIZE",
  "day5_rationale": "Stock is +34% YTD and near all-time highs into the print, with Street FFO already above the top of guidance ($6.32 vs $6.21-6.35), so a beat-and-raise is largely pre-priced (Q1's beat-and-raise only produced a -1.0% day-1 move followed by a flat week, vs. Q4's +1.8%/+9% follow-through off a lower base). Tougher H2 comps against 2025's record SHOP growth mean any FY raise likely just tracks consensus rather than surprising higher, capping upward revisions; but underlying occupancy/RevPOR fundamentals remain intact, so an initial soft/negative reaction should get partially bought back rather than extend into a deeper fade.",
  "day5_confidence": "LOW"
}