Janus Living (JAN) Registration Filing summary

Company overview and business model

• Focuses exclusively on the senior housing sector as a U.S. publicly traded REIT, with all assets operated under RIDEA structures, providing direct exposure to operational performance and cash flows from resident-paid services.

• Initial portfolio includes 34 senior housing communities (10,422 units) across 10 states, with 69% of units in Florida and Texas, targeting affluent retirement markets with strong demographic growth.

• Portfolio is diversified between life plan communities (15 properties, 7,067 units) offering a continuum of care and independent living-focused communities (19 properties, 3,355 units).

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

• Life plan communities operate under an entrance fee model, providing upfront cash flow and stable, long-term occupancy, with average resident stays of 8–10 years.

Financial performance and metrics

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

• Net income improved to $6.3 million in 2025 from a loss of $50.5 million in 2024, reflecting operational recovery and margin expansion.

• Adjusted NOI grew from $133.6 million in 2020 to $175.7 million in 2025, with a stable Adjusted NOI margin of 25.3%.

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

• As of December 31, 2025, the company had no debt outstanding on a pro forma basis, with $500 million in revolving credit and $100 million in delayed-draw term loan capacity available.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be contributed to the operating company to fund acquisitions and general corporate purposes, with no material commitments for acquisitions at the time of filing.

• Capital strategy emphasizes maintaining a flexible, well-capitalized balance sheet to support internal and external growth.

• Recent and pending acquisitions, including the JV Buyout and five additional properties, total $675 million, with targeted stabilized Adjusted NOI yields of 8.0% to 9.0%.