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Janus Living Inc. (JAN) used its inaugural earnings call as a standalone public company to report a strong first quarter of 2026, highlight a debt-free balance sheet, and outline an acquisition pipeline management said could materially expand the senior housing REIT’s portfolio.
President and Chief Executive Officer Scott Brinker said the company’s initial public offering created “a differentiated company that's built for growth,” noting that at the time of the transaction Janus Living had a portfolio consisting of 100% senior housing operating properties, or SHOP, along with approximately $1 billion of cash and no debt.
Jonathan Hughes, senior vice president of finance and investor relations, said first-quarter consolidated revenue rose 35% year over year. Adjusted EBITDA increased 42%, while FFO as adjusted per share rose 35%.
Hughes attributed the results to organic performance and the accretion from more than $700 million of senior housing acquisitions completed before the IPO closed.
On a same-store basis, revenue increased 7.6% from a year earlier. Hughes cited 230 basis points of occupancy growth and record first-quarter entrance fee sales. Same-store occupancy rose 110 basis points sequentially to 88.5%.
Revenue per occupied room (RevPOR) increased 4.7% year over year. Same-store expenses rose 5.5%, while expenses per occupied unit increased 2.6%. Same-store net operating income increased 13.8%, with margins expanding by 150 basis points.
Brinker said the first quarter was particularly strong for the company’s entrance fee business, which he noted is typically weakest in the first quarter. In response to a question from Ronald Kamdem of Morgan Stanley, Brinker said leads and tours were “way up” and that the company was benefiting from underlying fundamentals despite what he described as a housing market that was “really not being all that strong.”
Brinker said Janus Living has increased the percentage of non-refundable entrance fee plans over time, reaching more than 80%, and that many entrance fee plans are sold with 0% refunds. He said this approach broadens the demand pool and improves business economics.
Patrick Cheng, senior vice president of asset management, said pricing power reflects the value proposition of Janus Living’s campuses, including amenities, a continuum of care, and operator execution. He said that value proposition supports both monthly fees and entrance fees.
Management said Janus Living has $400 million of acquisitions under signed contract, with a broader pipeline Brinker described as several multiples of that amount. The company completed more than $700 million of acquisitions before the IPO closed.
Brinker said Janus Living is focused on single assets and small portfolios that can still be meaningful given the company’s size. He said the company added three targeted operators to its portfolio in the past 45 days, with two more under contract and others in the pipeline.
The company’s geographic strategy is focused on the United States, particularly states with low income tax rates, business-friendly environments, and senior in-migration and population growth. Brinker said the blended state income tax rate in the portfolio is less than 2% at the highest marginal tax rate.
Brinker said the $400 million under contract is all rental senior housing, which he described as a larger and more liquid market than life plan communities. He added that Janus Living is also pursuing life plan community opportunities, though they are “fewer and far between.”
On yields, Brinker said the company targets unlevered returns on cost of 7.5% or better within two to three years, including for lease-up deals. Hughes said initial yields on anticipated acquisitions are in the low-6% range, moving toward 8% within two to three years.
Hughes said the non-same-store portfolio has occupancy of approximately 82%, largely reflecting lease-up opportunities in a former joint venture portfolio. Janus Living acquired its partner’s interest in 19 communities in January, and 18 of those 19 communities were transitioned to new operators on April 1.
Brinker said the transitions have gone smoothly so far, with help from Brookdale as well as new operators CL and Pegasus. He said management expected the first several months to be “a little choppy,” but performance has been “probably better than expected” to date.
Brinker said Janus Living is not expecting a “big ramp up” in occupancy near term, adding that momentum is expected to be captured by the second half, or at least the fourth quarter of 2026.
Janus Living introduced 2026 FFO as adjusted guidance of $0.93 to $0.97 per share. The company also guided for 2026 same-store adjusted NOI growth of 11% to 15%, which Hughes said is 300 basis points higher than the original guidance Healthpeak provided for the same portfolio in February.
The guidance assumes $1 billion of capital sources from IPO proceeds and a $100 million delayed draw term loan. Janus Living expects to deploy approximately $750 million into acquisitions during the year, including $400 million expected to close around June 30, $250 million expected around Sept. 30, and $100 million expected around Dec. 31.
Hughes said the company ended the quarter with $1.5 billion of available liquidity, including approximately $950 million of unrestricted cash and no debt. Janus Living also closed on a $500 million unsecured revolving credit facility and a $100 million unsecured delayed draw term loan facility, both undrawn. The term loan facility is available to be drawn until December 2026.
Kelvin Moses, chief financial officer, said Janus Living will prioritize deploying available liquidity first, then decide whether to use debt or equity capital for future growth. He said if the company continues to have a strong equity currency, it will consider the equity market as a source of capital.
Brinker said the company intends to remain disciplined as it grows, adding that “nothing in real estate grows to the sky,” and that Janus Living will be thoughtful about partners, acquisition prices, and commitments.
Upon completion of the offering, Janus Living said it would be the only U.S. publicly traded REIT focused exclusively on the senior housing sector and the only U.S. publicly traded REIT whose entire portfolio is owned and operated under RIDEA structures. The company reported an initial portfolio of 34 senior housing communities totaling 10,422 units as of December 31, 2025, primarily in major retirement markets across 10 states. It said units in Florida and Texas represented 69% of total units as of December 31, 2025.
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