Key Highlights

  • Consolidated revenues rose 78% to USD 268 million, and adjusted EBITDAre rose 101% to USD 105 million.
  • FFO as Adjusted rose 46% to USD 0.25 per share, while the net loss was USD 0.02 per share.
  • Same-store adjusted NOI grew 25.9% as average occupancy rose 300 basis points and Revenue per occupied room rose 6.5%.
  • The company acquired 33 communities for about USD 1.75 billion and upsized its revolving Credit Facility to USD 1.25 billion.

Quarter in Numbers

Janus Living, Inc. (NYSE:JAN), a pure-play senior housing real estate Investment trust, reported third-quarter 2026 consolidated revenues of USD 268 million, up 78%, and adjusted EBITDAre of USD 105 million, up 101%. Diluted FFO as Adjusted was USD 0.25 per share versus USD 0.17, an increase of 46%, while the diluted net loss applicable to common shares was USD 0.02 per share, compared with income of USD 0.01. The company increased its full-year 2026 guidance.

Same-store adjusted NOI increased 25.9% and Margin expanded 360 basis points. Same-store revenues rose 9.8%, driven by 300 basis points of average occupancy growth and 6.5% growth in revenue per occupied room. Non-refundable entrance fee sales reached a third-quarter record of USD 47 million.

Acquisition Activity

The company acquired 33 senior housing communities for approximately USD 1.75 billion in the quarter. From July 1 through August 3 it completed about USD 1.0 billion of acquisitions across six transactions with six operating partners, covering 18 communities and 2,475 units. From August 4 through September 30 it completed about USD 743 million across five transactions with four operating partners, covering 15 communities and 1,432 units.

After quarter end and through October 30, it completed about USD 370 million across three transactions with three operating partners, covering six communities and 792 units. Year to date as of October 30, acquisitions total about USD 2.9 billion, and binding purchase agreements cover roughly USD 82 million more, anticipated to close in the fourth quarter at returns consistent with earlier deals.

Properties are operated under management contracts by operators well known to the company. Management targets low-6% year-one cash NOI yields and 7.5% to 8.5% yields at stabilization across these investments.

Funding and Balance Sheet

In August the company completed a follow-on offering of Class A-1 common stock generating about USD 513 million of net proceeds, used for acquisitions meeting its investment criteria and general corporate purposes. In September it upsized its unsecured revolving credit facility to USD 1.25 billion, increasing total commitments from USD 600 million by adding USD 750 million of revolving commitments and terminating the prior USD 100 million unsecured delayed-draw term loan. The facility initially matures in March 2030 and can be extended through two six-month options.

As of October 30 the company had about USD 1.2 billion of liquidity, including unrestricted cash and available credit capacity. By our calculation, the USD 513 million Equity raise equals roughly 28% of the USD 1.75 billion acquired in the quarter, so most of the buying was funded through other sources.

Capital and Pipeline Indicators

Revenue growth of 78% sits well above the 9.8% same-store figure, which shows that acquisitions rather than existing communities drove most of the increase in the reported total. Items to track include the integration of recently acquired communities, the pace at which new buildings approach the stabilization Yield range, entrance fee sales trends, and the mix of equity and Debt used for further purchases.