{
  "report_rows": [
    {
      "kpi": "Q2 2026 Core/NAREIT FFO per share",
      "prediction": "BEAT",
      "answer": "pred ~$1.87 vs. cons ~$1.85",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 comparable/same-store POI growth (GAAP)",
      "prediction": "MISS",
      "answer": "pred ~2.5% vs. cons ~2.9%",
      "confidence": "LOW"
    },
    {
      "kpi": "Period-end occupancy (% occupied)",
      "prediction": "IN-LINE",
      "answer": "pred ~94.0% vs. cons ~93.9%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Core/NAREIT FFO per share guidance",
      "prediction": "BETTER",
      "answer": "guide ~$7.50-7.58 (mid ~$7.54) vs. cons ~$7.52 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3 2026 FFO per share guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$1.84-1.87 (mid ~$1.855) vs. cons ~$1.86 (Q3 2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "Annualized dividend (59th consecutive hike)",
      "prediction": "BETTER",
      "answer": "guide ~$4.62 vs. cons ~$4.60 (annualized, Aug-2026 raise)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 comparable POI growth guidance",
      "prediction": "BETTER",
      "answer": "guide ~3.25-3.75% (mid ~3.5%) vs. cons ~3.4% (FY2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "Capital recycling / new-market acquisitions 'of size'",
      "prediction": "UNKNOWN",
      "answer": "guide ~$1.4B pipeline / 150-200bps spread vs. cons ~$0 announced deals (2H26)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 1.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.3,
  "day5_path": "FADE",
  "day5_rationale": "Beat-and-raise plus a likely 59th dividend hike drives a modest positive day-1 residual, but the stock is near 52-week highs at ~16.5x forward FFO after a ~17% re-rating, so expectations are elevated. Out-period math tempers follow-through: management pre-telegraphed Q2/Q3 as the 'soft belly' with same-store growth decelerating 'into the 2s' and a flat Q3 FFO guide (trough), so any FY raise is back-half/deployment-dependent rather than organic. Absent a large newly-announced accretive acquisition, gains fade as estimates hold rather than push higher.",
  "day5_confidence": "LOW"
}