Janus Living (JAN) Registration filing summary

Company overview and business model

• Operates as a pure-play senior housing REIT, with a portfolio of 41 communities (11,420 units) as of June 30, 2026, primarily in Florida and Texas, focusing on life plan communities and independent living.

• Entire portfolio is owned and operated under RIDEA or similar structures, allowing direct participation in operational performance and cash flows.

• Externally managed by Healthpeak Investment Management, an indirect subsidiary of Healthpeak Properties, which is also the largest stockholder.

• Life plan communities offer a continuum of care and operate under an entrance fee model, supporting stable occupancy and predictable cash flows.

• Strategic focus on high-barrier-to-entry markets with favorable demographics and limited new supply.

Financial performance and metrics

• For the six months ended June 30, 2026, reported net income of $42.7 million; for the year ended December 31, 2025, net income was $6.3 million.

• Adjusted NOI grew from $133.6 million in 2020 to $175.7 million in 2025; pro forma Adjusted NOI for 2025 was $275.5 million.

• Average occupancy increased from 77.1% in Q1 2021 to 85.5% in Q2 2026; RevPOR increased 4.4% in 2025 vs. 2024.

• Non-refundable entrance fee sales exceeded amortization for 21 consecutive quarters, with $75.6 million in the first half of 2026.

• As of June 30, 2026, had $1.6 billion in cash and cash equivalents and no debt outstanding.

Use of proceeds and capital allocation

• Net proceeds of approximately $469.2 million from the offering (assuming no exercise of underwriters' option) to be contributed to the operating company for acquisitions and general corporate purposes.

• Capital strategy emphasizes maintaining a flexible, well-capitalized balance sheet to support growth and preserve stockholder value.

• Recent acquisitions include the JV Buyout and Aggregate Acquisitions totaling $1.9 billion.