{
  "report_rows": [
    {
      "kpi": "Core FFO per share",
      "prediction": "BEAT",
      "answer": "pred ~$0.50 vs. cons $0.49",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total Revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$717M vs. cons $714.3M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Same Store NOI Growth (Q2 y/y)",
      "prediction": "BEAT",
      "answer": "pred ~1.4% vs. cons ~0.9%",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 Core FFO per share guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$1.94 (mid) vs. cons $1.95 (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 Same Store NOI growth guidance",
      "prediction": "BETTER",
      "answer": "guide ~1.5-1.75% (mid) vs. cons ~1.0-1.25% prior (FY26)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY26 Disposition/capital recycling target",
      "prediction": "BETTER",
      "answer": "guide ~$600M vs. cons/prior $550M midpoint (FY26)",
      "confidence": "LOW"
    },
    {
      "kpi": "New-lease/blended rent growth trajectory commentary (Q2 vs. April preview)",
      "prediction": "BETTER",
      "answer": "guide/color ~2.5-3.0% Q2 blended vs. cons/prior-quarter run-rate ~2.3% (Q2 2026 leasing update)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 1.2,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 1.8,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "Peer read-through (EQR raised FY26 same-store revenue/NOI guidance on accelerating blended rents and stable occupancy) plus INVH's own April inflection (new-lease turning positive, occupancy +80bps) point to a constructive but not blowout print. Prior two INVH prints (Q1'26 beat, Q2'25 miss) both showed 5-day residuals moving further in the direction of day-1 (momentum/follow-through rather than mean-reversion), consistent with a small-cap REIT where sell-side estimate revisions lag the print by a few days. A modest guidance nudge up (not a full raise, since management wanted to see the whole peak season) caps upside vs. a blowout, but the lack of a cut and continued buyback/disposition arbitrage keeps the tape constructive into day 5 rather than fading.",
  "day5_confidence": "LOW"
}