Janus Living Inc. JAN (NYSE:JAN) used its inaugural earnings call as a standalone public company to highlight a strong first quarter of 2026, a debt-free balance sheet and an acquisition pipeline that management said could materially expand the senior housing REIT’s portfolio.
President and Chief Executive Officer Scott Brinker said the company’s initial public offering created “a differentiated company that's built for growth,” citing a portfolio that is 100% senior housing operating properties, or SHOP, along with approximately $1 billion of cash and no debt at the time of the transaction.
“Across the entire REIT universe, the earnings growth potential at Janus Living should compare favorably,” Brinker said. He described the company’s portfolio as focused on large-scale senior housing communities with wellness, hospitality and active-lifestyle amenities, including a significant emphasis on entry-fee life plan communities.
First-quarter results top internal expectations
Jonathan Hughes, senior vice president of finance and investor relations, said first-quarter consolidated revenue rose 35% year over year. Adjusted EBITDA increased 42%, while FFO as adjusted per share rose 35%.
Hughes attributed the growth to organic performance and the accretion from more than $700 million of senior housing acquisitions completed before the IPO closed.
On a same-store basis, revenue increased 7.6% from a year earlier, driven by 230 basis points of occupancy growth and record first-quarter entrance fee sales. Same-store occupancy increased 110 basis points sequentially and stood at 88.5%, Hughes said.
Revenue per occupied room, or RevPOR, increased 4.7% year over year. Same-store expenses rose 5.5%, while expenses per occupied unit increased 2.6%. Same-store net operating income increased 13.8%, with margins expanding by 150 basis points.
Hughes said the company expects continued operating leverage as occupancy rises, citing the scale of Janus Living’s life plan communities and their greater independent living focus.
Management emphasizes entry-fee performance
Brinker said the first quarter was particularly strong for the company’s entrance fee business, which he noted is typically weakest in the first quarter.
“In 2026, I mean, we really blew away expectations,” Brinker said in response to a question from Ronald Kamdem of Morgan Stanley. He said leads and tours were “way up” and that the company was benefiting from strong underlying fundamentals, despite what he described as a housing market that was “really not being all that strong.”
Brinker said the company has increased the percentage of non-refundable entrance fee plans over time, now reaching more than 80%. He said Janus Living is selling many entrance fee plans with 0% refunds, which he characterized as better for broadening the demand pool and improving the economics of the business.
Patrick Cheng, senior vice president of asset management, said the company’s pricing power reflects the overall value proposition of its campuses, including amenities, continuum of care and operator execution. He said that value proposition has supported both monthly fees and entrance fees.
Acquisition pipeline remains a key focus
Management said Janus Living has $400 million of acquisitions under signed contract and a broader pipeline that Brinker described as several multiples of that amount. The company completed more than $700 million of acquisitions before the IPO closed.
Brinker said Janus Living is focused on single assets and small portfolios that can still be meaningful given the company’s size. He said the company has added three targeted operators to its portfolio in the past 45 days, with two more under contract and others in the pipeline.
The company’s geographic strategy is focused on the United States, particularly states with low income tax rates, business-friendly environments, senior in-migration and population growth. Brinker said the blended state income tax rate in the portfolio is less than 2% when measured at the highest marginal tax rate.
Brinker said the $400 million currently under contract is all rental senior housing, which he called a larger and more liquid market than life plan communities. He said Janus Living is also pursuing life plan community opportunities, though they are “fewer and far between.”
Asked about yields, Brinker said the company is generally targeting unlevered returns on cost of 7.5% or better within two to three years, including for lease-up deals. Initial yields on the anticipated acquisitions are in the low-6% range, moving toward 8% within two to three years, according to Hughes.
Operator transitions and non-same-store upside
Hughes said the non-same-store portfolio has occupancy of approximately 82%, largely reflecting lease-up opportunities in a former joint venture portfolio in which Janus Living acquired its partner’s interest in 19 communities in January. Eighteen of those 19 communities were transitioned to new operators on April 1.
Brinker said those transitions had gone smoothly so far, with help from Brookdale as well as new operators CL and Pegasus. He said management expected the first several months to be “a little choppy,” but performance has been “probably better than expected” to date.
“We're not expecting a big ramp up in occupancy near term,” Brinker said. “Hopefully by the second half, or at least the fourth quarter of 2026, we start to capture some of that momentum.”
Guidance and balance sheet
Janus Living introduced 2026 FFO as adjusted guidance of $0.93 to $0.97 per share. The company also guided for 2026 same-store adjusted NOI growth of 11% to 15%, which Hughes said is 300 basis points higher than the original guidance Healthpeak provided for the same portfolio in February.
The guidance assumes $1 billion of capital sources from IPO proceeds and a $100 million delayed draw term loan. Janus Living expects to deploy approximately $750 million into acquisitions during the year, including the $400 million under contract expected to close around June 30, $250 million expected around Sept. 30 and $100 million expected around Dec. 31.
Hughes said Janus Living ended the quarter with $1.5 billion of available liquidity, including approximately $950 million of unrestricted cash and no debt. The company also closed on a $500 million unsecured revolving credit facility and a $100 million unsecured delayed draw term loan facility, both undrawn. The term loan facility is available to be drawn until December 2026.
Chief Financial Officer Kelvin Moses said the company will prioritize deploying its available liquidity first, then decide whether to use debt or equity capital for future growth. He said that if Janus Living continues to have a strong equity currency, it will consider the equity market as a source of capital.
Brinker said the company intends to remain disciplined as it grows. “Nothing in real estate grows to the sky,” he said, adding that Janus Living will be thoughtful about its partners, acquisition prices and commitments.
About JAN (NYSE:JAN)
Upon completion of this offering, we will be the only U.S. publicly traded REIT focused exclusively on the senior housing sector and the only U.S. publicly traded REIT whose entire portfolio is owned and operated under RIDEA structures. We have an initial portfolio consisting of 34 senior housing communities, comprised of 10,422 units as of December 31, 2025. Our communities are located primarily in major retirement markets across 10 states, with units in Florida and Texas representing 69% of the total units as of December 31, 2025.
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