{
  "report_rows": [
    {
      "kpi": "AFFO per share (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$1.11 vs. cons $1.09",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total revenue (Q2 2026)",
      "prediction": "IN-LINE",
      "answer": "pred ~$1.44B vs. cons $1.435B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 investment volume (100% basis)",
      "prediction": "BEAT",
      "answer": "pred ~$2.4B vs. cons ~$2.23B (implied quarterly pace toward $9.5B FY target)",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 AFFO/share guidance range",
      "prediction": "UNCHANGED",
      "answer": "guide ~$4.425 (mid) vs. cons $4.425 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 total investment volume guidance",
      "prediction": "BETTER",
      "answer": "guide ~$10.0B vs. cons/prior guide $9.5B (FY2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY2026 same-store rent growth guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~1.15% (mid of 1.0-1.3%) vs. cons 1.15% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 lease termination income run-rate",
      "prediction": "LOWER",
      "answer": "guide ~$45-50M full-year maintained but Q2 contribution moderating to ~$8-10M vs. Q1's $40.2M run-rate implied by consensus models ~$15M (FY2026/Q2-Q4 cadence)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 0.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.1,
  "day5_path": "FADE",
  "day5_rationale": "An in-line-to-modest headline AFFO beat and reaffirmed FY guidance likely spark a small relief bounce given the stock's ~4% pre-earnings slide versus a strongly rallying S&P, but the pop should fade over the week as analysts recognize the implicit out-period math: Q1's outsized $40.2M lease-termination income (already near the top of the raised $45-50M full-year range) must roll off sharply in Q2-Q4, meaning underlying same-store/AFFO growth trends toward the more modest 1.0-1.3% guided range once the non-recurring boost is stripped out, prompting light trims to Q3/Q4 FFO estimates even after a Q2 'beat', consistent with net-lease REITs continuing to underperform a risk-on equity tape amid elevated rate volatility.",
  "day5_confidence": "LOW"
}