{
  "report_rows": [
    {
      "kpi": "Core Operating Earnings per share",
      "prediction": "BEAT",
      "answer": "pred ~$1.16 vs. cons $1.14",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Nareit FFO per diluted share",
      "prediction": "IN-LINE",
      "answer": "pred ~$1.19 vs. cons $1.18",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Same-property NOI growth",
      "prediction": "IN-LINE",
      "answer": "pred ~2.6% vs. cons 2.5%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Core Operating Earnings per share",
      "prediction": "UNCHANGED",
      "answer": "guide ~$4.61 vs. cons $4.61 (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY2026 same-property NOI growth",
      "prediction": "UNCHANGED",
      "answer": "guide ~3.50% vs. cons 3.50% (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY2026 development and redevelopment spend",
      "prediction": "BETTER",
      "answer": "guide ~$375M vs. cons $350M (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 1.2,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.4,
  "day5_path": "FADE",
  "day5_rationale": "A modest ~$0.02 Core Operating Earnings beat and healthy ~2.6% same-property NOI should support an initial positive reaction, but maintaining FY2026 Core Operating Earnings near ~$4.61 versus ~$4.61 consensus leaves limited out-period estimate upside; higher ~$375M development spend versus ~$350M consensus is strategically positive but is more weighted to 2027+ earnings.",
  "day5_confidence": "MEDIUM"
}