{
  "report_rows": [
    {
      "kpi": "Q2 Core FFO / share",
      "prediction": "BEAT",
      "answer": "pred ~$1.69 vs. cons $1.67",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 same-store revenue growth (YoY)",
      "prediction": "IN-LINE",
      "answer": "pred ~+1.0% vs. cons +0.8%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 same-store NOI growth (YoY)",
      "prediction": "BEAT",
      "answer": "pred ~-0.1% vs. cons -0.6%",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Core FFO guidance (midpoint)",
      "prediction": "BETTER",
      "answer": "guide ~$6.78 vs. cons $6.75 (FY2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY2026 same-store revenue guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~+0.75% vs. cons +0.8% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3 2026 Core FFO guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$1.70 vs. cons $1.70 (Q3 2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "California portfolio disposition close/price",
      "prediction": "UNKNOWN",
      "answer": "pred close ~$1.0B at ~5.0% cap vs. expected ~$1.0B (2Q/3Q26)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 0.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -0.3,
  "day5_path": "FADE",
  "day5_rationale": "A modest, largely pre-announced Core FFO beat leaning on timing/bad-debt tailwinds plus at-best a token FY midpoint raise gives a small positive day-1 pop, but out-period math works against follow-through: skepticism on the 2H 'hockey-stick' blended-rate ramp, Sunbelt oversupply still being digested (coastal peers outrunning the Sunbelt), Houston softness, and 1031/California-sale timing variability cause estimates to drift and the initial gain to fade back toward flat over 5 days.",
  "day5_confidence": "MEDIUM"
}