{
  "report_rows": [
    {
      "kpi": "Adjusted FFO per share",
      "prediction": "BEAT",
      "answer": "pred ~$1.63 vs. cons $1.61",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Operating occupancy",
      "prediction": "IN-LINE",
      "answer": "pred ~86.7% vs. cons 86.7%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Completed/pending dispositions and partial-interest sales",
      "prediction": "MISS",
      "answer": "pred ~$0.35B vs. cons $0.65B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 adjusted FFO per share",
      "prediction": "UNCHANGED",
      "answer": "guide ~$6.40 vs. cons $6.40 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "4Q26 adjusted FFO per share run-rate",
      "prediction": "LOWER",
      "answer": "guide ~$1.43 vs. cons $1.45 (4Q2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 dispositions and partial-interest sales",
      "prediction": "UNCHANGED",
      "answer": "guide ~$2.90B vs. cons $2.90B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 year-end operating occupancy",
      "prediction": "LOWER",
      "answer": "guide ~86.8% vs. cons 87.0% (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -5.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -8.0,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "A modest ~$1.63 vs. $1.61 FFO beat is outweighed by weak ~$0.35B vs. $0.65B capital-recycling execution, a softer ~$1.43 vs. $1.45 4Q FFO setup, and reduced confidence in the 2027 earnings bridge; out-period estimates should reset lower.",
  "day5_confidence": "MEDIUM"
}