Janus Living (JAN) Registration filing summary

Company overview and business model

• Operates as a pure-play senior housing REIT, with a portfolio of 40 communities and 11,252 units across 12 states, primarily in Florida and Texas, focusing on life plan communities and independent living under RIDEA structures.

• Externally managed by Healthpeak Investment Management, an indirect subsidiary of Healthpeak Properties, which is also the largest stockholder and provides institutional-scale operating expertise.

• Life plan communities offer a continuum of care and an entrance fee model, supporting stable occupancy and predictable cash flows, with high barriers to entry due to land, cost, and regulatory requirements.

• Revenue is primarily derived from private pay residents, with limited exposure to government reimbursement programs, providing greater cash flow visibility.

Financial performance and metrics

• For the year ended December 31, 2025, reported net income of $6.3 million, up from a net loss of $50.5 million in 2024; net income for Q1 2026 was $27.9 million.

• Adjusted NOI grew from $133.6 million in 2020 to $175.7 million in 2025; Q1 2026 Adjusted NOI was $56.5 million.

• Average occupancy increased from 77.1% in Q1 2021 to 86.1% in Q1 2026; RevPOR increased 4.4% in 2025 vs. 2024.

• Non-refundable entrance fee sales exceeded amortization for 20 consecutive quarters, with $152.7 million in 2025.

• As of March 31, 2026, had $949 million in cash and no debt outstanding; total liquidity including credit facilities was $1.5 billion.

Use of proceeds and capital allocation

• Net proceeds of approximately $644.6 million from the offering (up to $741.5 million if the underwriters' option is exercised) will be contributed to the operating company for acquisitions and general corporate purposes.

• No material acquisition agreements are in place at the time of the offering.

• Capital strategy emphasizes maintaining a flexible, well-capitalized balance sheet to support growth and maximize stockholder value.