Janus Living (JAN) investor relations material

Executive summary

• Completed IPO in March 2026, raising up to $966 million in gross proceeds and $880 million in net proceeds, listing on the NYSE and funding acquisitions and investments.

• Portfolio expanded to 40 senior housing communities with 11,252 units, primarily in high-growth states like Florida and Texas, with a focus on wellness, hospitality, and large-scale, amenity-rich properties.

• Achieved strong operational results in Q1 2026, including net income of $27.9 million, a turnaround from a prior-year loss, and outperforming forecasts on occupancy, rate, margin, and entrance fee sales.

• Acquired 25–40 senior housing communities for $714 million, with $400 million more under contract and a robust acquisition pipeline.

• Ended quarter with $949 million in unrestricted cash, no debt, and a strong balance sheet.

Financial highlights

• Q1 2026 consolidated revenues were $200.3 million, up 35% year-over-year; Adjusted EBITDA/EBITDAre rose 42%.

• Adjusted NOI for Q1 2026 was $56.5 million, up from $44.4 million in Q1 2025; same-store adjusted NOI increased 13.8% with margin expansion of 150 basis points.

• FFO as Adjusted per share rose 35% to $0.23; Nareit FFO per share was $0.15; record non-refundable entrance fee sales of $35 million, up 22%.

• Same-store revenues grew 7.6% year-over-year, driven by 230 basis points of occupancy growth and record entrance fee sales.

• Net income for Q1 2026 was $27.9 million; basic and diluted EPS for Q1 2026 were $(0.05).

Outlook and guidance

• Full-year 2026 guidance: diluted EPS $0.23–$0.27, Nareit FFO per share $0.84–$0.88, FFO as Adjusted per share $0.93–$0.97.

• Same-store adjusted NOI growth expected between 11% and 15% for 2026, 300 basis points above prior guidance.

• Plans to deploy $1 billion in capital, with $750 million targeted for acquisitions in 2026; $400 million in acquisitions under contract, targeting 7.5%–8.5% cash NOI yields upon stabilization.

• Plans to initiate monthly distributions in Q3 2026 at an annualized rate of $0.57 per share.

• Management expects existing cash, operations, and new credit facilities to cover liquidity needs.