{
  "report_rows": [
    {
      "kpi": "Q2'26 FFO/share",
      "prediction": "IN-LINE",
      "answer": "pred ~$0.45 vs. cons $0.45",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2'26 Same-property NOI growth",
      "prediction": "BEAT",
      "answer": "pred ~+2.8% vs. cons ~+2.4%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2'26 Pro-rata leased occupancy",
      "prediction": "IN-LINE",
      "answer": "pred ~96.4% vs. cons ~96.3%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 FFO/share guidance",
      "prediction": "BETTER",
      "answer": "guide ~$1.82\u2013$1.85 (raise low end/midpoint ~$1.835) vs. cons $1.83 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Same-property NOI guidance",
      "prediction": "UNCHANGED",
      "answer": "guide reaffirm ~+2.8% to +3.5% (mid ~3.15%) vs. cons ~+3.0% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 credit-loss assumption",
      "prediction": "BETTER",
      "answer": "guide tighten toward ~60\u201385 bps vs. cons ~75 bps (FY2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY2026 transaction/structured-investment volume",
      "prediction": "UNCHANGED",
      "answer": "reaffirm ~$300\u2013500M net-neutral + $75\u2013125M structured vs. cons ~$400M (FY2026 H2-weighted)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -1.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -1.7,
  "day5_path": "FADE",
  "day5_rationale": "Stock is up ~27% YTD and sits just below its 2026 high (~$26.38 on 7/27) at ~14x FFO, so a beat-and-modest-raise is largely priced. Q1's one-time tailwinds (~$7M accelerated below-market rent, front-loaded % rent, shifted G&A) reverse, making headline Q2 FFO look optically flatter (~$0.44\u20130.45 vs. $0.46 in Q1); even a clean SP-NOI step-up to high-2s reads as 'in-line with the promised ramp' rather than a positive surprise. Out-period math: the FY guide only nudges higher (low-end raise), leaving 2027 estimates roughly unchanged, so there is little upward revision fuel to sustain a pop. Expect an initial muted-to-negative reaction that fades over the week as 'sell-the-news' into stretched valuation and lack of estimate upside dominate; downside cushioned by fortress balance sheet and refinancing already de-risked.",
  "day5_confidence": "LOW"
}