{
  "report_rows": [
    {
      "kpi": "Real Estate FFO per share",
      "prediction": "BEAT",
      "answer": "pred ~$3.14 vs. cons $3.10",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Domestic property NOI growth",
      "prediction": "BEAT",
      "answer": "pred ~4.9% vs. cons 4.6%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "U.S. Malls & Premium Outlets occupancy",
      "prediction": "IN-LINE",
      "answer": "pred ~96.1% vs. cons 96.1%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Real Estate FFO per share guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$13.10-$13.30 (midpoint $13.20) vs. cons $13.22 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 net interest-expense / interest-income headwind commentary",
      "prediction": "BETTER",
      "answer": "guide ~$(0.24)/share vs. cons ~$(0.26)/share (FY2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 1.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.7,
  "day5_path": "FADE",
  "day5_rationale": "A modest ~$0.04 FFO beat and above-consensus NOI should produce an initially positive reaction, but essentially unchanged FY2026 FFO midpoint (~$13.20 versus $13.22 consensus) leaves little upward out-period estimate revision; the initial move should partially fade as investors focus on refinancing drag and already-elevated valuation.",
  "day5_confidence": "MEDIUM"
}