Janus Living (JAN) Registration Filing summary

Company overview and business model

• Focuses exclusively on the senior housing sector as the only U.S. publicly traded REIT with a 100% RIDEA-structured portfolio, comprising 34 communities and 10,422 units across 10 states, with 69% of units in Florida and Texas.

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

• Externally managed by Healthpeak Investment Management, LLC, an indirect subsidiary of Healthpeak Properties, Inc., which will remain the largest stockholder and provide institutional expertise.

• RIDEA structure allows for operational flexibility and alignment with third-party operators, with management agreements generally under five years and mutual renewal options.

Financial performance and metrics

• Pro forma revenues for 2025: $771.2 million; average occupancy: 85.6%.

• Net income (loss): $6.3 million for 2025, compared to $(50.5) million in 2024; net income margin improved from (8.9)% in 2024 to 1.1% in 2025.

• Adjusted NOI grew from $133.6 million in 2020 to $175.7 million in 2025; Adjusted NOI margin stable at 25.3%.

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

• No debt outstanding as of December 31, 2025 (pro forma); total liquidity of $1.3 billion including new credit facilities.

Use of proceeds and capital allocation

• Net proceeds of ~$632.5 million (or $731.1 million if underwriters exercise option) to be used for acquisitions, investments, and ~$86 million in property-related capital expenditures over the next 12 months.

• No material acquisition agreements at the time of filing; proceeds to be contributed to the operating company.