{
  "report_rows": [
    {
      "kpi": "Blended Lease Rate \u2014 SS (%)",
      "prediction": "BEAT",
      "answer": "pred ~+0.80% vs. cons +0.70%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Core FFO/Share \u2014 diluted ($)",
      "prediction": "BEAT",
      "answer": "pred ~$1.69 vs. cons $1.67",
      "confidence": "HIGH"
    },
    {
      "kpi": "Same-Store NOI Growth \u2014 YoY (%)",
      "prediction": "BEAT",
      "answer": "pred ~-1.2% vs. cons -1.48%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY 2026 Core FFO/Share (FY 2026)",
      "prediction": "BETTER",
      "answer": "guide ~$6.80 mid vs. cons $6.75",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3 2026 Core FFO/Share (Q3 2026)",
      "prediction": "BETTER",
      "answer": "guide ~$1.72 mid vs. cons ~$1.70 (UNVERIFIED)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY 2026 SS Revenue Growth (FY 2026)",
      "prediction": "BETTER",
      "answer": "guide reaffirm +0.75% mid vs. cons +0.40%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "California Sale Close (qualitative)",
      "prediction": "BETTER",
      "answer": "confirmed close at/above expectations",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 2.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 1.5,
  "day5_path": "FADE",
  "day5_rationale": "FADE \u2014 beat + modest raise drives initial pop; partial give-back as Street models implied H2 SS revenue and notes MAA FY revenue cut as sector caution",
  "day5_confidence": "MEDIUM"
}