{
  "report_rows": [
    {
      "kpi": "Real Estate FFO per share (Q2)",
      "prediction": "BEAT",
      "answer": "pred ~$3.20 vs. cons ~$3.15",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Domestic property NOI growth (Q2 YoY)",
      "prediction": "BEAT",
      "answer": "pred ~+5.5% vs. cons ~+4.0%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Ending occupancy",
      "prediction": "IN-LINE",
      "answer": "pred ~96.2% vs. cons ~96.1%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Real Estate FFO/sh guidance (raise)",
      "prediction": "BETTER",
      "answer": "guide ~$13.20-$13.35 (mid ~$13.28) vs. cons ~$13.22 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3 2026 dividend declaration",
      "prediction": "BETTER",
      "answer": "guide ~$2.25-$2.30 vs. cons ~$2.25 (Q3 2026, +~7% YoY)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY domestic NOI growth framing",
      "prediction": "UNCHANGED",
      "answer": "guide 'at least 3%' vs. cons ~4-5% actual trend (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY interest expense/lower interest income headwind",
      "prediction": "UNCHANGED",
      "answer": "guide ~$0.25-$0.30 drag vs. cons ~$0.28 (FY2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 0.8,
  "day1_confidence": "LOW",
  "day5_residual_pct": -0.8,
  "day5_path": "FADE",
  "day5_rationale": "Base case is a modest beat-and-raise, but the stock is up ~21% YTD and only ~6% off late-July highs, so a small guidance nudge is largely priced. The out-period math works against follow-through: strong reported NOI (~5.5%) is flattered ~120bps by the Taubman/TRG consolidation that fades into Q4, so forward organic NOI/FFO estimates get only modestly revised (or held) even after the headline beat, while a persistent ~$0.25-$0.30 rate headwind and muted buybacks at $220+ cap upside. Expect an initial pop that partially fades over the week toward slightly negative residual as investors fade the decel-into-year-end narrative.",
  "day5_confidence": "LOW"
}