{
  "report_rows": [
    {
      "kpi": "Nareit FFO / share",
      "prediction": "IN-LINE",
      "answer": "pred ~$1.21 vs. cons $1.20",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Same-Property NOI growth (Q2)",
      "prediction": "IN-LINE",
      "answer": "pred ~2.75% vs. cons 2.8%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Core Operating Earnings / share",
      "prediction": "IN-LINE",
      "answer": "pred ~$1.16 vs. cons $1.15",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Nareit FFO/share guidance",
      "prediction": "BETTER",
      "answer": "guide ~$4.85-4.88 (raise/narrow to high end) vs. cons $4.86 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Core Operating Earnings/share guidance",
      "prediction": "BETTER",
      "answer": "guide ~$4.61-4.64 vs. cons $4.62 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Same-Property NOI growth guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~3.25-3.75% (reaffirm, possible narrow up) vs. cons 3.5% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Development starts / in-process pipeline",
      "prediction": "BETTER",
      "answer": "guide >$600M in-process at >9% yield vs. cons ~$600M (FY2026/3-yr)",
      "confidence": "LOW"
    },
    {
      "kpi": "SNO pipeline / commenced-occupancy bridge",
      "prediction": "BETTER",
      "answer": "guide ~$42M+ SNO base rent vs. cons ~$40M (out-period)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -0.7,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -1.2,
  "day5_path": "FADE",
  "day5_rationale": "Premium ~16.7x forward FFO and a stock that ran +19% YTD near highs set a high bar; Q2's pre-flagged soft SP NOI 'air pocket' means the reported quarter itself won't drive upward revisions. Even a modest FFO beat and small guide raise/narrow leaves out-period estimates roughly flat (back-half-weighted development starts, decel already in numbers), so consensus doesn't move materially higher. Combined with the Q1-print precedent (shares fell ~2% on a strong report) and the -1.6% idiosyncratic pullback into the print, the path is a fade: any initial pop gets sold as the priced-in premium caps upside and estimates stabilize rather than climb.",
  "day5_confidence": "LOW"
}