Janus Living Raises 2026 Cash-Earnings Outlook As Acquisitions Lift Quarterly Revenue 78%
The senior housing REIT posted a $0.02 per-share loss on heavy depreciation, yet lifted its full-year forecast for FFO as adjusted.
Janus Living, a senior housing real estate investment trust, said Monday that third-quarter revenue rose 78% to $268 million after a run of acquisitions, and it raised its 2026 forecast for a cash-earnings measure. The company still reported a net loss of $0.02 per share, against a $0.01 profit a year earlier.
Buying spree, bigger numbers
Adjusted EBITDAre, a property-level earnings gauge, climbed 101% to $105 million. Funds from operations as adjusted, a REIT cash-earnings measure, reached $0.25 per share, up 46% from $0.17.
Same-store adjusted net operating income, which tracks communities owned throughout both periods, rose 25.9%, and margin widened 360 basis points. Same-store revenue grew 9.8%, driven by 300 basis points of average occupancy growth and 6.5% growth in revenue per occupied room. Record third-quarter non-refundable entrance fee sales reached $47 million.
The company bought 33 communities for about $1.75 billion in the quarter: roughly $1.0 billion from July 1 through August 3 and about $743 million from August 4 through September 30. Another roughly $370 million closed from quarter end through October 30, bringing the year-to-date total to about $2.9 billion.
Profit forecast up, EPS forecast down
Janus now expects 2026 FFO as adjusted of $0.97 to $0.99 per share, up from $0.95 to $0.98 set on August 4. Same-store adjusted NOI growth guidance rose to 16% to 19% from 13% to 17%.
Forecast diluted earnings per share fell to $0.08 to $0.10 from $0.34 to $0.37. The company attributed that mainly to depreciation and amortization on acquisitions closed in the third quarter and through October 30, items excluded from FFO as adjusted. Depreciation and amortization in the quarter was $78.7 million, versus $30.9 million a year earlier.
A landlord for senior housing
Janus is a REIT that owns senior housing communities run by independent operators under management contracts. Healthpeak, its largest stockholder, is its external manager's parent. As of June 30, 2026, it held 41 communities with 11,420 units, 64% of them in Florida and Texas.
In August, it completed a follow-on stock offering that raised about $513 million in net proceeds. It also upsized its unsecured revolving credit facility to $1.25 billion in September. It held about $338 million of unrestricted cash and no debt at September 30, and about $1.2 billion of liquidity as of October 30.
Next: a call and $82 million more
Janus has binding agreements for about $82 million of further acquisitions that it expects to close in the fourth quarter. It targets low-6% first-year cash yields on the recent purchases, rising to 7.5% to 8.5% at stabilization. The company's market value was $6.7 billion in Monday trading.
Management hosts its earnings call on Tuesday at 12:00 p.m. Eastern.
