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.

• Completed IPO in March 2026 raising $966M and a June follow-on offering raising $690M–$719M, expanding the portfolio to 41 senior housing communities (11,420 units) across 13 states, with 64% of units in Florida and Texas.

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

• Increased number of operating partners from 2 to 10 within four months of going public, enhancing diversification and deal flow.

• Delivered significant growth in occupancy, rate, and margin, with strong momentum as a newly public company.

Financial highlights

• Q2 2026 revenues rose to $216.5M from $148.9M in Q2 2025; same-store revenues increased 8.4% year-over-year, driven by 260 bps occupancy growth and 5.1% RevPOR growth.

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

• FFO as Adjusted for Q2 2026 was $64.0M, up from $36.2M; per share up 40% to $0.24.

• Average occupancy for the total portfolio was 85.5% in Q2 2026, with RevPOR per month at $9,004.

• Non-same store portfolio occupancy at 80.5%, reflecting lease-up opportunities in transition communities.

Outlook and guidance

• Full-year 2026 guidance raised: FFO as Adjusted per share midpoint up to $0.37, EPS midpoint up $0.11 to $0.34, and same-store adjusted NOI growth guidance increased by 200 bps to 13%–17%.

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

• Guidance factors in temporary earnings drag from undeployed cash and temporary occupancy/expense headwinds from operator transitions.

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