Performance of recently transitioned properties, specifically regarding occupancy loss and expected ramp-up.

Transitions went smoothly, performing better than expected. No significant occupancy ramp-up expected near-term, but momentum anticipated by H2 or Q4 2026. “We expected the first couple of months to be a little choppy. It's, if anything, probably better than expected. But we're not expecting a big ramp-up in occupancy near term.”

Seasonality of NREFs, potential for higher trends in Q2/Q3, and ability to push NREFs higher.

Q4 is typically the best quarter for entry fees, Q1 the weakest, with Q2/Q3 in between. Expects another record-breaking season. The company is pushing entry fee pricing on high-occupancy communities. “The entry fee pricing has continued to be really strong, and that's particularly true on the communities with high occupancy, Michael.”

Mix of life plan vs. traditional SHOP in the pipeline, and whether only entrance fee structures are evaluated or if conversions are planned.

The $400M under contract is all rental. The portfolio will increasingly be weighted towards rental, but life plan acquisitions are also pursued. For acquired properties with higher refundable percentages, the plan would be to transition them over time. “The $400 million that's under contract is all rental. That's just a much bigger and more liquid market. So I think you'll continue to see us grow in that area and the portfolio will increasingly be weighted more towards that business.”

JAN

Janus Living (JAN) Q1 FY26 earnings call: guidance and Q&A

Earnings call· Mar 2026 (Q1 FY26)· Real Estate· May 6, 2026

Source: earnings call transcript

Executive summary

Janus Living Q1 FY26 — Strong Operational Start and Robust Acquisition Pipeline

Janus Living, a newly public Health Care REIT, reported a strong Q1 FY26 with significant revenue, EBITDA, and FFO per share growth, driven by organic performance and recent acquisitions. The company highlighted its differentiated 100% SHOP portfolio, robust acquisition pipeline, and strong balance sheet with substantial liquidity. Management expressed confidence in continued growth, leveraging its expertise and relationships in the senior housing sector.

Highlights

Consolidated revenue increased 35% year-over-year.
Adjusted EBITDA increased 42% year-over-year.
FFO as adjusted per share increased 35% year-over-year.
Same-store NOI increased 13.8% year-over-year.
Ended the quarter with $1.5 billion of available liquidity and no debt.

Concerns

Expected earnings drag from cash on the balance sheet until capital is fully deployed.
Housing market not "all that strong" impacting entry fees (though company outperformed).
First couple of months for operator transitions expected to be "a little choppy".

Guidance & targets

Category	Target	Timeline	Confidence
FFO as adjusted per share	$0.93 to $0.97 high materiality	FY26	High
Same-store adjusted NOI growth	11% to 15% high materiality	FY26	High
Capital deployment for acquisitions	$750 million high materiality	FY26	High

Segment performance

Segment	Revenue	YoY	QoQ	Margin
Senior Housing Operating Partnership (SHOP) Strong organic growth and accretion from over $700 million of senior housing acquisitions. Expects continued operating leverage as occupancy grows. Adjusted EBITDA growth: 42%FFO as adjusted per share growth: 35%Same-store revenues growth: 7.6% YoYSame-store expenses growth: 5.5% YoYSame-store NOI margin expansion: 150 bpsSequential occupancy growth: 110 bps	—	35%	—	—

JAN operating KPIs by quarter

JAN operating KPIs stated on its earnings calls, by fiscal quarter
KPI	This call Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Occupancy rate Non-same-store	~82% Within the non-same-store portfolio, occupancy is approximately 82% and primarily reflects lease-up opportunity within the former joint venture portfolio where we acquired our partners' interest in 19 communities in January. Source: earnings call transcript	~80.5% Within the nonsame-store portfolio, occupancy was approximately 80.5% and and primarily reflects lease-up opportunity in the 18 transition communities. Source: earnings call transcript	—

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Orderbook & backlog

Acquisitions under signed contract $400 million 2026-05-06

Expected to close on or around June 30, 2026.

Acquisition pipeline Several multiples of $400 million 2026-05-06

Primarily direct deals with targeted operating partners.

Deals & partnerships

Healthpeak Inaugural IPO and spin-off transaction

IPO generated approximately $880 million in net proceeds. Healthpeak retains a significant stake.

Multiple sellers Senior housing acquisitions completed before IPO $700 million

Accretive acquisitions contributing to Q1 2026 performance.

Multiple sellers Senior housing acquisitions under signed contract $400 million

Part of the robust acquisition pipeline, primarily rental properties.

Former joint venture partners Acquired partners' interest in 19 communities

18 of 19 communities transitioned to new operators on April 1.

Ciel and Pegasus New operators for 18 transitioned communities

Operator transitions went smoothly, performing in line with expectations.

3 targeted operators Added new operating partners to the portfolio

Added in the last 45 days, with 2 more under contract and several more in pipeline. Focus on integrity, culture, alignment, track record and capabilities.

Risks & headwinds

Earnings drag from un-deployed cash FY26

until that capital is fully deployed

Mitigation:Deployment of $750 million in acquisitions throughout 2026.

Housing market weakness Q1 FY26

housing market really not being all that strong

Mitigation:Company's entry fee business outperformed expectations despite this.

Choppy period for operator transitions Q2 FY26

expected the first couple of months to be a little choppy

Mitigation:Transitions went smoothly and are performing better than expected; momentum expected by H2 or Q4 2026.

Senior housing cycle not growing indefinitely Long-term

Nothing in real estate grows to the sky though

Mitigation:Thoughtful and disciplined approach to partners, pricing, and promises.

What to watch in Q2 FY26

Performance of transitioned properties

by the second half or at least the fourth quarter of 2026

Current performing in line with expectations

Target start to capture some of that momentum

Why it matters

Indicates successful integration of new operators and realization of embedded NOI growth.

While only a month in, the recent operator transitions are performing in line with expectations, as is performance in the other 6 communities we acquired in March. We're not expecting a big ramp-up in occupancy near term. Hopefully, by the second half or at least the fourth quarter of 2026, we start to capture some of that momentum.

Find out whether JAN delivers this. Inve re-checks your case every morning.

Q&A highlights

Details on the $400M under contract and broader pipeline (AL vs IL, cap rates, IRR), and color on record entrance fees.

The $400M under contract is all rental, but life plan communities are also pursued. The pipeline is built on strong relationships. Entry fee performance was record-breaking for Q1, driven by strong fundamentals and capital deployment, with pricing power on high-occupancy properties.

“The entry fee business outperformed the traditional rental business through the cycle because of higher barriers to entry and longer length of stay.”

asked by Ronald Kamdem · answered by Scott Brinker

2 min read 6 chapters

Detailed narrative

IPO and Differentiated Strategy

Janus Living completed its inaugural Q1 FY26 earnings call following a unique IPO transaction that created a differentiated company built for growth. The company is positioned as a 100% SHOP (Senior Housing Operating Partnership) REIT with a strong balance sheet, including $1 billion cash and no debt.

Its portfolio primarily consists of large-scale communities with entry-fee models, which historically outperform traditional rental businesses due to higher barriers to entry and longer length of stay, offering investors access to a unique and attractive business model.

Operational Performance

The company reported a strong operational start in Q1 FY26, exceeding forecasts for occupancy, rate, margin, and entry fees. Consolidated revenue grew 35% year-over-year, adjusted EBITDA 42%, and FFO as adjusted per share 35%. Same-store revenues increased 7.6% year-over-year, driven by 230 basis points of occupancy growth and record first quarter entrance fee sales.

Same-store NOI increased 13.8% year-over-year, with margin expansion of 150 basis points.

Acquisition Pipeline and Strategy

Janus Living has a robust acquisition pipeline, having completed over $700 million in acquisitions before the IPO and currently having $400 million under signed contract. The broader pipeline is "several multiples" of this amount, primarily direct deals with target partners.

The company focuses on single assets and small portfolios in pro-business, high-growth states, preferring larger properties (over 100 units) and continuum of care models. Initial yields on acquisitions are expected to be in the low 6% range, moving towards 8% within 2-3 years, with unlevered IRRs in the low to mid-teens.

Balance Sheet and Liquidity

The company ended Q1 FY26 with $1.5 billion of available liquidity, including approximately $950 million of unrestricted cash, and no debt. The March IPO generated $880 million in net proceeds, and Janus Living also closed on a new $500 million unsecured revolving credit facility and a $100 million unsecured delayed draw term loan facility, both of which are currently undrawn.

The term loan facility can be drawn until December 2026.

Operator Transitions

Eighteen of 19 communities acquired from a former joint venture were transitioned to new operators (Ciel and Pegasus) on April 1. These transitions went smoothly and are performing in line with expectations, positioning the communities to capture embedded occupancy and NOI growth. The non-same-store portfolio, which includes these transitioned assets, has an occupancy of approximately 82%, reflecting significant lease-up opportunities.

Entry Fee Business Performance

The entry fee business saw record first-quarter sales, despite a generally soft housing market. The company has successfully increased the nonrefundable percentage of entry fees to over 80% since taking full control of the portfolio six years ago, which broadens the demand pool and improves cash flow.

Management expects continued strong performance, especially in properties with high occupancy, where they are actively pushing entry fee pricing.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.