{
  "report_rows": [
    {
      "kpi": "AFFO per share (Q2 2026)",
      "prediction": "IN-LINE",
      "answer": "pred ~$1.10 vs. cons ~$1.09",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Investment volume (Q2 2026, pro-rata)",
      "prediction": "BEAT",
      "answer": "pred ~$2.5B vs. cons ~$2.0B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Same-store rent growth (Q2 2026)",
      "prediction": "IN-LINE",
      "answer": "pred ~+0.9% vs. cons ~+1.1%",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 AFFO/share guidance (raise)",
      "prediction": "BETTER",
      "answer": "guide ~$4.43-4.46 (mid ~$4.445) vs. cons ~$4.43 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 investment volume guidance",
      "prediction": "BETTER",
      "answer": "guide ~$10.0B vs. cons ~$9.5B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 occupancy guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~98.5% vs. cons ~98.5% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 credit loss / bad-debt guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~40bps vs. cons ~40bps (FY2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 1.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.5,
  "day5_path": "STABILIZE",
  "day5_rationale": "Likely beat-and-raise (third straight) after a ~4% fade from July highs supports a modest positive day-1 residual, but AFFO quality concerns (episodic lease-termination income flattering results, thin ~1% same-store growth, lower-yield fund-mix cap rates) cap upside revisions. As a long-duration bond-proxy, O's post-print drift is dominated by the 10-year, so the idiosyncratic reaction largely holds rather than extends\u2014net stabilize with a slight positive bias.",
  "day5_confidence": "LOW"
}