{
  "report_rows": [
    {
      "kpi": "AFFO per share (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$0.62 vs. cons $0.61",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total Revenue (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$1.06B vs. cons $1.045B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "GAAP Net Income / Diluted EPS (Q2 2026)",
      "prediction": "IN-LINE",
      "answer": "pred ~$0.47 vs. cons $0.47",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 AFFO per share guidance",
      "prediction": "BETTER",
      "answer": "guide ~$2.46-$2.49 (mid $2.48) vs. cons $2.46 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net Debt/Adjusted EBITDA leverage target",
      "prediction": "UNCHANGED",
      "answer": "guide ~5.0x-5.5x (current ~5.0x) vs. cons/prior 5.0x-5.5x (FY2026-27 target range)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Q3 2026 dividend increase signaling",
      "prediction": "UNCHANGED",
      "answer": "guide ~$0.48/qtr (implied ~7% raise) vs. cons ~$0.48/qtr (Q3 2026 declaration)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 0.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.4,
  "day5_path": "STABILIZE",
  "day5_rationale": "A modest AFFO/revenue beat and a routine guidance raise (driven by already-known Golden Entertainment/Gamehost/Club Med closings) are largely pre-telegraphed by the Q1 asset-count disclosure, limiting surprise/estimate-revision upside. The dominant swing factor \u2014 Caesars/Fertitta and MGM/Diller take-private uncertainty covering ~70% of rent \u2014 is unlikely to be resolved on this call, so any initial pop from in-line-to-better numbers fades as investors refocus on unresolved tenant-credit overhangs and 2026 refinancing needs, while downside is cushioned by contractual, escalator-driven cash flows and a still-attractive ~6.7% yield anchoring the stock near current levels.",
  "day5_confidence": "LOW"
}