Janus Living (JAN) Registration filing summary

Company overview and business model

• Pure-play senior housing REIT; 74 communities and 15,256 units across 19 states as of September 30, 2026; Florida and Texas account for 57% of units.

• Entire portfolio operates under RIDEA or similar structures; third-party operators run day-to-day operations, while ownership bears operating upside and downside.

• Portfolio includes 15 life plan communities with 7,029 units; entrance fees provide upfront cash alongside monthly resident fees.

• Pro forma portfolio expands to 82 communities, 16,277 units, 22 states and 13 operators, including acquisitions closed or probable after September 30, 2026.

Financial performance and metrics

• 9M 2026 historical revenue $685.1M and net income $37.1M; pro forma revenue $933.8M and net loss $95.6M, assuming offering and specified transactions from January 1, 2025.

• 9M 2026 historical Adjusted NOI $189.8M and Nareit FFO $172.3M; pro forma Adjusted NOI $270.2M and Nareit FFO $223.5M.

• Q3 2026 total portfolio average occupancy was 86.5%; Same-Store occupancy was 89.7%, up from 86.7% YoY.

• FY 2025 revenue was $604.0M and net income $6.3M, versus FY 2024 revenue $568.5M and net loss $50.5M; Adjusted NOI was $175.7M vs. $157.3M.

• September 30, 2026 cash was $338.1M and debt was zero; $100M was drawn on the $1.25B revolver from October 1 through November 3, 2026.

Use of proceeds and capital allocation

• Estimated net proceeds are $711M, or $818M with full option exercise, based on an assumed $29.60/share price and after underwriting discount and estimated expenses.

• Proceeds go to the operating company for acquisitions and investments, repayment of revolving-credit borrowings, and general corporate purposes; only the Probable Acquisition is identified as an uncompleted commitment.

• Management generally targets 7.5%–8.5% stabilized NOI yields for acquisitions; these are forward-looking targets and actual yields may differ materially.

• Growth plans include disciplined acquisitions plus life plan community expansions, redevelopment and densification; pre-development includes 118 units in Houston and 115 units at The Villages.