{
  "report_rows": [
    {
      "kpi": "FFO as Adjusted / share",
      "prediction": "IN-LINE",
      "answer": "pred ~$0.43 vs. cons $0.43",
      "confidence": "HIGH"
    },
    {
      "kpi": "Total same-store cash NOI growth",
      "prediction": "BEAT",
      "answer": "pred ~+1.5% vs. cons ~+0.7%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Lab/life science total occupancy",
      "prediction": "IN-LINE",
      "answer": "pred ~78.2% vs. cons ~78.1%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 FFO as Adjusted / share guidance",
      "prediction": "BETTER",
      "answer": "guide ~$1.72-$1.76 (mid $1.74) vs. cons $1.73 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 total same-store cash NOI growth guidance",
      "prediction": "BETTER",
      "answer": "guide ~0% to +2% (mid +1.0%) vs. cons ~+0.3% (FY2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "Lab occupancy +100bps year-end target / SNO commencements",
      "prediction": "UNCHANGED",
      "answer": "guide reaffirm ~+100bps to ~78.7% vs. cons ~+80bps (YE2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "H2 interest expense / G&A step-up (June refi)",
      "prediction": "LOWER",
      "answer": "guide ~+$20M interest, +$5M G&A vs. cons ~+$15M (H2 2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -1.3,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -2.5,
  "day5_path": "FADE",
  "day5_rationale": "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.",
  "day5_confidence": "LOW"
}