{
  "report_rows": [
    {
      "kpi": "Real Estate FFO per diluted share (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$3.28 vs. cons $3.20",
      "confidence": "HIGH"
    },
    {
      "kpi": "Domestic & Portfolio NOI growth YoY (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~6.0% vs. cons 5.2%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Retailer sales per sq ft, TTM (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$835 vs. cons $825",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Real Estate FFO guidance",
      "prediction": "BETTER",
      "answer": "guide ~$13.20-$13.35 (mid $13.28) vs. cons $13.21 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Domestic same-store NOI growth floor guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~at least 3% (unchanged) vs. cons ~4.0% embedded run-rate (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Interest expense/income headwind to FFO",
      "prediction": "BETTER",
      "answer": "guide ~$0.25/share drag vs. cons $0.27-0.30/share (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 1.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -0.5,
  "day5_path": "FADE",
  "day5_rationale": "Simon's track record of consistent FFO beats and a likely second guidance raise should drive an initial positive/idiosyncratic pop, but the stock has already de-rated ~6% off its late-July high into the print amid 'fully valued' downgrades (DB, Wolfe) even as estimates were raised \u2014 signaling the beat is largely pre-positioned. The Taubman NOI comp lapping through Q2/Q3 caps the size of any upward FY revision, and soft international/tourist traffic (Woodbury Common) plus tariff/Fed-policy overhangs give bears fodder to fade an initial pop within the week, consistent with sell-the-news behavior on a stock trading near record highs with split analyst sentiment.",
  "day5_confidence": "LOW"
}