{
  "report_rows": [
    {
      "kpi": "FFO per share (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$1.72 vs. cons $1.70",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total in-service occupancy",
      "prediction": "IN-LINE",
      "answer": "pred ~88.0% vs. cons 87.9%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Same-property NOI (GAAP, BXP share, YoY)",
      "prediction": "IN-LINE",
      "answer": "pred ~+1.9% vs. cons +2.0%",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 FFO/share guide (midpoint)",
      "prediction": "BETTER",
      "answer": "guide ~$6.99 vs. cons $6.97 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Year-end 2026 occupancy target",
      "prediction": "UNCHANGED",
      "answer": "guide ~89% vs. cons 89% (YE2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 leasing volume floor",
      "prediction": "UNCHANGED",
      "answer": "guide ~4.0M sq ft vs. cons 4.0M (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "343 Madison recap/pre-leasing progress",
      "prediction": "BETTER",
      "answer": "guide ~35% committed vs. 29% prior (2026 recap)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY2026 net interest expense assumption",
      "prediction": "LOWER",
      "answer": "guide ~+$5M higher vs. cons flat (FY2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 1.0,
  "day1_confidence": "LOW",
  "day5_residual_pct": 0.3,
  "day5_path": "FADE",
  "day5_rationale": "Likely modest beat-and-raise (occupancy inflection, +$0.02 FFO habit) drives a small day-1 pop, but the print is flat-to-down FFO YoY leaning on lumpy termination income with a creeping interest-expense headwind, so out-period math implies little/no upward forward-estimate revision. After a ~36% rally off the April lows and ~17% since the Q1 print, expectations are elevated and the good news is largely priced, so an initial gain tends to fade back toward flat over the week barring a concrete 343 Madison JV/recap announcement.",
  "day5_confidence": "LOW"
}