{
  "report_rows": [
    {
      "kpi": "Core FFO per share (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$1.69 vs. cons $1.66",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total Property Revenue (Q2 2026)",
      "prediction": "IN-LINE",
      "answer": "pred ~$393.5M vs. cons $393.1M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Same-Store Blended Lease Rate Growth (Q2 2026 y/y)",
      "prediction": "BEAT",
      "answer": "pred ~-0.3% vs. cons ~-1.5%",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q3 2026 Core FFO per share guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$1.70 vs. cons $1.70 (Q3 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Core FFO per share guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$6.75 vs. cons $6.74 (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY2026 Same-Store NOI growth guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~-0.50% vs. cons -0.50% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "California portfolio sale / 1031 proceeds redeployment timing",
      "prediction": "UNKNOWN",
      "answer": "guide ~$650M net proceeds closing by Q3 vs. cons $650M by mid-2026 (FY2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -0.6,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -1.3,
  "day5_path": "FADE",
  "day5_rationale": "A modest Core FFO beat (driven partly by non-recurring items, as in Q1) is unlikely to move FY26 guidance off the reaffirmed $6.75 midpoint since management has repeatedly stressed quarterly outperformance is timing-related and not to be extrapolated; with CPT already up ~20% off March lows and trading near 2025 highs, an unresolved California sale/1031 timeline, persistent Houston sentiment softness, and Sunbelt blended rates still lagging coastal peers (UDR/EQR/AVB just raised guidance on coastal strength) leave little basis for analysts to lift out-period numbers, so any initial pop fades as the stock reverts toward pre-print levels over the week.",
  "day5_confidence": "LOW"
}