Janus Living (JAN) Q2 2026 earnings summary

Executive summary

• Achieved 45% year-over-year revenue growth in Q2 2026, driven by $1.8 billion in acquisitions and a 100% SHOP portfolio focused on high-growth states and strong operator relationships.

• Net income for Q2 2026 was $14.9 million, up from a $2.6 million loss in Q2 2025; Adjusted EBITDAre rose 34% and FFO as Adjusted per share increased 40%.

• Expanded portfolio to 41 senior housing communities (11,420 units) across 13 states, with 64% of units in Florida and Texas.

• Completed IPO and follow-on offerings raising over $1.6 billion, with a $690 million public offering in June 2026 to fund acquisitions.

• Maintains a clean balance sheet with zero debt and $1.2 billion in available liquidity.

Financial highlights

• Q2 2026 revenues rose to $216.5 million from $148.9 million in Q2 2025; six-month revenues were $416.8 million, up from $297.8 million year-over-year.

• Adjusted NOI for Q2 2026 was $57.7 million (up from $42.2 million); same-store Adjusted NOI grew 19.2% year-over-year with a 250 bps margin expansion.

• FFO as Adjusted for Q2 2026 was $64.0 million, up from $36.2 million; diluted FFO as Adjusted per share was $0.24, up from $0.17.

• Same-store revenues increased 8.4% year-over-year, driven by 260 bps occupancy growth and 5.1% RevPOR growth.

• Net income attributable to common shares was $10.7 million for Q2 2026.

Outlook and guidance

• Raised 2026 FFO as Adjusted guidance to $0.95–$0.98 per share, up from $0.93–$0.97; full-year EPS midpoint up $0.11 to $0.34.

• Increased same-store adjusted NOI growth guidance by 200 bps to 13%–17%, now 500 bps above initial guidance.

• Guidance includes $1.6 billion of net capital sources from IPO and follow-on, expected to be deployed into acquisitions by year-end.

• Earnings drag from cash on balance sheet expected until full capital deployment.

• Dividend policy targets a payout of a percentage of cash flow to maintain REIT status while funding growth.