| DOC |
Report |
FFO as Adjusted per share (Q2'26) |
BEAT |
pred ~$0.45 vs. cons $0.44 |
MEDIUM |
| DOC |
Report |
Total Revenue (Q2'26) |
BEAT |
pred ~$734M vs. cons $726M |
MEDIUM |
| DOC |
Report |
Lab Same-Store Cash NOI growth (Q2'26) |
BEAT |
pred ~-3.5% vs. cons ~-6.0% |
LOW |
| DOC |
Guide |
FY2026 FFO as Adjusted guidance |
UNCHANGED |
guide ~$1.73 (reaffirmed $1.71-$1.75 range) vs. cons $1.73 (FY2026) |
HIGH |
| DOC |
Guide |
FY2026 Total Same-Store Cash NOI guidance |
UNCHANGED |
guide ~0.0% (reaffirmed -1.0%/+1.0% range) vs. cons ~0.0% (FY2026) |
MEDIUM |
| DOC |
Guide |
H2'26 quarterly FFOA run-rate / interest expense cadence |
LOWER |
guide ~$0.42/share vs. cons ~$0.43/share (Q3-Q4 2026, reflecting June $650M note refinancing at higher rates) |
MEDIUM |
| DOC |
Return |
Day-1 residual (stock − beta × S&P 500) |
+2.5% |
— |
MEDIUM |
| DOC |
Return |
5-day cumulative residual |
-1.0% (FADE) |
A modest Q2 FFOA/revenue beat and incremental Lab stabilization likely drive an initial pop, but the stock has already re-rated ~30-34% since Q1 on deal-flow (Janus IPO, Blackstone/Brookfield JVs), so much of the 'good news' is priced in. The implicit H2 interest-expense drag from refinancing the $650M 3.5% notes at materially higher current rates, plus FY guidance simply being reaffirmed rather than raised again (after the Q1 raise), gives sell-side little room to lift out-period (Q3/Q4 and FY) numbers and some reason to trim them — pulling estimates and the stock back from the day-1 pop over the following days. |
MEDIUM |