Janus Living (JAN) Q3 2026 earnings summary

Executive summary

• Portfolio comprised 74 senior housing communities and 15,256 units across 19 states at September 30; Florida and Texas accounted for 57% of units.

• Q3 revenue rose 78% YoY to $268.3M; Adjusted EBITDAre increased 101% to $105M and FFO as Adjusted rose 46% to $0.25/share.

• Q3 net loss was $5.6M versus net income of $1.4M in Q3 2025; consolidated debt was zero at quarter-end.

Financial highlights

• Q3 Same-Store Adjusted NOI increased 25.9% YoY to $46.1M; margin expanded 360 bps, with same-store revenue up 9.8%.

• Same-store revenue rose 2.4% sequentially; RevPOR increased 6.5% YoY, or 4.4% excluding non-refundable entrance fee amortization, while expenses rose 4.6%.

• Q3 diluted FFO as Adjusted was $0.25/share versus $0.17; Nareit FFO was $73.1M versus $37.1M.

• Record Q3 non-refundable entrance fee sales totaled $47M; average sale prices were 11% above prior year, and cash fees exceeded amortized fees by $17M.

Outlook and guidance

• 2026 FFO as Adjusted guidance increased to $0.97–$0.99/share, a $0.02 midpoint increase; same-store Adjusted NOI growth guidance rose to 16%–19%, up 250 bps at midpoint.

• Same-store NOI growth guidance midpoint was 750 bps above initial February guidance; next-year guidance was expected in a couple of months, with management anticipating similar metrics.

• Acquisition year-one cash NOI yields are in the low 6% range, with underwriting at 7.5% or higher by year three; stabilized targets are 7.5%–8.5%.

• Cash, operating cash flow and available financing were expected to meet liquidity needs and commitments for the next 12 months and foreseeable future.