Janus Living (JAN) Registration Filing summary

Company overview and business model

• Only U.S. publicly traded REIT focused exclusively on the senior housing sector, with a portfolio of 34 communities and 10,422 units across 10 states, primarily in Florida and Texas (69% of units).

• All properties are operated under RIDEA structures, allowing participation in operational upside and providing cash flow visibility as revenues are primarily private pay.

• Life plan communities comprise 15 properties (7,067 units), offering a continuum of care and an entrance fee model, supporting long resident tenure and stable cash flows.

• Externally managed by Healthpeak Investment Management, LLC, an indirect subsidiary of Healthpeak Properties, Inc., which will remain the largest stockholder post-IPO.

• Business strategy centers on sustainable growth through acquisitions, reinvestment in existing assets, and leveraging demographic trends favoring senior housing.

Financial performance and metrics

• Pro forma revenues for 2025 were $771.2 million, with average occupancy at 85.6%.

• Net income improved to $6.3 million in 2025 from a loss of $50.5 million in 2024; net income margin was 1.1% in 2025.

• Adjusted NOI grew from $157.3 million in 2024 to $175.7 million in 2025, with a stable margin of 25.3%.

• Non-refundable entrance fee sales were $152.7 million in 2025, exceeding amortization by $53.8 million.

• As of December 31, 2025, on a pro forma basis, the company had no debt outstanding and $1.3 billion in liquidity.

Use of proceeds and capital allocation

• Net proceeds of approximately $632.5 million (or $731.1 million if the underwriters' option is exercised) will be contributed to the operating company for acquisitions, investments, and general corporate purposes.

• Approximately $86 million of proceeds are earmarked for non-recurring, property-related capital expenditures over the next 12 months.

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