Janus Living — Third Quarter 2026 Earnings Summary

Financial Performance:

• Consolidated revenues for the quarter ended September 30, 2026, were $268 million, a 78% increase compared to the third quarter of 2025.
• Adjusted EBITDAre for the quarter was $105 million, representing a 101% increase year-over-year.
• Diluted net loss per share was $(0.02) for the quarter, compared to a diluted net income of $0.01 per share in the prior year period.
• Diluted FFO as Adjusted per share was $0.25, a 46% increase from $0.17 per share in the third quarter of 2025.
• Same-store adjusted NOI increased 25.9% year-over-year, with margins expanding by 360 basis points.
• Same-store revenues grew 9.8%, driven by a 300 basis point increase in average occupancy and 6.5% growth in revenue per occupied room (RevPOR).
• Record third-quarter non-refundable entrance fee sales totaled $47 million.
• As of September 30, 2026, the company held approximately $338 million in unrestricted cash with no outstanding debt.
• As of October 30, 2026, total liquidity (unrestricted cash and available credit facility capacity) was approximately $1.2 billion.
• Deferred revenue increased to $718.4 million as of September 30, 2026, from $673.0 million as of December 31, 2025.

Guidance and Future Outlook:

• Full-year 2026 diluted earnings per share guidance was increased to a range of $0.27 to $0.37, up from the previous midpoint of $0.34.
• Full-year 2026 diluted FFO as Adjusted per share guidance was raised to a range of $0.97 to $0.99, up from the previous midpoint of $0.95.
• Full-year 2026 same-store adjusted NOI growth guidance was increased to a range of 16% to 19%, up from the previous midpoint of 13%.
• The decrease in earnings per share guidance midpoint is attributed to depreciation and amortization associated with acquisitions closed in Q3 and through October 30, 2026; this has no impact on FFO as Adjusted guidance.
• The company targets low-6% year 1 cash NOI yields and 7.5% to 8.5% yields upon stabilization for new acquisitions.
• Approximately $82 million of senior housing acquisitions remain under binding purchase agreements, anticipated to close in Q4 2026.

Business Segments and Product Lines:

• The company acquired 33 senior housing communities for approximately $1.75 billion during the third quarter.
• Acquisitions from July 1 through August 3 included 18 communities (2,475 units) across six transactions.
• Acquisitions from August 4 through September 30 included 15 communities (1,432 units) across five transactions.
• Subsequent to quarter end through October 30, the company completed three additional transactions for six communities (792 units) totaling approximately $370 million.
• Year-to-date as of October 30, 2026, the company completed approximately $2.9 billion in senior housing acquisitions.
• All acquisitions are operated by leading operators under management contracts with strong alignment.

Market and Competitive Landscape:

• The company views the current market as providing compelling and accretive investment opportunities.
• The company operates as a pure-play senior housing REIT with a portfolio of high-quality communities across the United States.

Risks and Challenges:

• Forward-looking statements are subject to risks including macroeconomic trends, labor and construction costs, entrance fee refund obligations, and dependence on operator performance.
• Risks include potential regulatory changes, reimbursement program changes (Medicare/Medicaid), and the illiquidity of real estate investments.
• Specific risks include the concentration of investments in the senior housing sector, operational risks under RIDEA structures, and potential litigation or environmental compliance costs.
• Risks also encompass the ability to maintain REIT qualification, tax law changes, and conflicts of interest with the external manager.

Management Commentary and Tone:

• Management highlighted the completion of significant acquisition volume and the successful upsizing of the credit facility to support growth.
• The tone reflects confidence in the investment pipeline, noting the company continues to see accretive opportunities.
• The Board of Directors declared a monthly common stock cash dividend of $0.0475 per share for the fourth quarter of 2026, reflecting an annualized dividend of $0.57 per share.

Other Key Points:

• In August 2026, the company completed a follow-on offering of Class A-1 common stock generating approximately $513 million in net proceeds.
• In September 2026, the unsecured revolving credit facility was upsized to $1.25 billion (increasing commitments from $600 million), and the prior $100 million unsecured delayed-draw term loan was terminated.
• The credit facility matures in March 2030 with two six-month extension options, bears interest at SOFR plus 105 basis points, and carries a 15 basis point facility fee.
• The credit facility was undrawn at closing.
• The company holds approximately $1.2 billion in liquidity as of October 30, 2026.
• A conference call and webcast were scheduled for November 3, 2026, at 12:00 p.m. Eastern Time.