| DOC |
Report |
FFO as Adjusted / share |
IN-LINE |
pred ~$0.43 vs. cons $0.43 |
HIGH |
| DOC |
Report |
Total same-store cash NOI growth |
BEAT |
pred ~+1.5% vs. cons ~+0.7% |
MEDIUM |
| DOC |
Report |
Lab/life science total occupancy |
IN-LINE |
pred ~78.2% vs. cons ~78.1% |
MEDIUM |
| DOC |
Guide |
FY2026 FFO as Adjusted / share guidance |
BETTER |
guide ~$1.72-$1.76 (mid $1.74) vs. cons $1.73 (FY2026) |
MEDIUM |
| DOC |
Guide |
FY2026 total same-store cash NOI growth guidance |
BETTER |
guide ~0% to +2% (mid +1.0%) vs. cons ~+0.3% (FY2026) |
LOW |
| DOC |
Guide |
Lab occupancy +100bps year-end target / SNO commencements |
UNCHANGED |
guide reaffirm ~+100bps to ~78.7% vs. cons ~+80bps (YE2026) |
MEDIUM |
| DOC |
Guide |
H2 interest expense / G&A step-up (June refi) |
LOWER |
guide ~+$20M interest, +$5M G&A vs. cons ~+$15M (H2 2026) |
MEDIUM |
| DOC |
Return |
Day-1 residual (stock − beta × S&P 500) |
-1.3% |
— |
MEDIUM |
| DOC |
Return |
5-day cumulative residual |
-2.5% (FADE) |
After a ~34% YTD run the bar is high; an in-line ~$0.43 FFO with only a token $0.01 guide nudge underwhelms priced-in expectations. Even with a small SS-NOI beat, the H2 out-period math (June ~$650M refi at higher rates lifting interest ~$20M, +$5M G&A, undeployed Janus-cash drag) caps run-rate near ~$0.43 and pulls forward numbers down, so an initial dip continues to bleed as revisions trim rather than lift. |
LOW |