NYSE: JAN
Janus Living, Inc.CIK 0002100805 · SIC 6798 · Real Estate Investment Trusts
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Janus Living prices 16M-share IPO at $29.00, raising $446.6M net to fund senior housing acquisitions
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Janus Living debuts with $1B+ acquisitions, and first dividend
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Janus Living prices 25M-share IPO at $25, raising $600.1M net for acquisitions
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Latest financial statements
From 10-Q filed Aug 5, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues: | ||||
| Resident fees and services | 216,456 | 148,855 | 416,801 | 297,782 |
| Total revenues | 216,456 | 148,855 | 416,801 | 297,782 |
| Costs and expenses: | ||||
| Operating | 158,786 | 111,787 | 303,384 | 222,425 |
| Depreciation and amortization | 56,473 | 31,191 | 107,871 | 63,990 |
| General and administrative | 1,334 | 2,382 | 4,292 | 5,514 |
| General and administrative related party management fee | 2,472 | — | 2,800 | — |
| Interest expense | 350 | 949 | 701 | 1,897 |
| Transaction costs | 4,278 | — | 22,788 | — |
| Total costs and expenses | 223,693 | 146,309 | 441,836 | 293,826 |
| Other income (expense): | ||||
| Gain (loss) on sales of real estate, net | 3,884 | — | 3,884 | — |
| Gain (loss) upon change of control, net | — | — | 46,270 | — |
| Gain (loss) on debt extinguishments | — | — | (403) | — |
| Other income (expense), net | 16,465 | (4,029) | 17,281 | (6,409) |
| Total other income (expense), net | 20,349 | (4,029) | 67,032 | (6,409) |
| Income (loss) before income taxes and equity income (loss) from unconsolidated joint venture | 13,112 | (1,483) | 41,997 | (2,453) |
| Income tax benefit (expense) | 1,746 | (2,096) | 624 | (4,687) |
| Equity income (loss) from unconsolidated joint venture | — | 1,009 | 111 | 2,460 |
| Net income (loss) | 14,858 | (2,570) | 42,732 | (4,680) |
| Noncontrolling interests’ share in earnings | (4,135) | — | (677) | — |
| Net income (loss) attributable to Janus Living, Inc. | 10,723 | (2,570) | 42,055 | (4,680) |
| Participating securities’ share in earnings | (4) | — | (4) | — |
| Net (income) loss pre-IPO | — | — | (39,888) | — |
| Net income (loss) applicable to common shares | 10,719 | — | 2,163 | — |
| Earnings per common share: | ||||
| Basic | 0.05 | — | 0.01 | — |
| Diluted | 0.05 | — | 0.01 | — |
| Weighted average shares outstanding: | ||||
| Basic | 195,011 | — | 194,310 | — |
| Diluted | 271,033 | — | 270,228 | — |
Consolidated Balance Sheets (Unaudited)
(In thousands, except share and per share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Real estate: | ||
| Buildings and improvements | 2,688,705 | 1,940,808 |
| Construction in progress | 62,012 | 41,678 |
| Land and improvements | 379,920 | 176,475 |
| Accumulated depreciation | (536,625) | (505,297) |
| Net real estate | 2,594,012 | 1,653,664 |
| Investment in unconsolidated joint venture | — | 312,709 |
| Accounts receivable, net of allowance of $3,523 and $2,018 | 24,076 | 19,431 |
| Cash and cash equivalents | 1,557,655 | 19,652 |
| Restricted cash | 88,887 | 64,609 |
| Intangible assets | 196,721 | 26,670 |
| Deferred tax assets | 116,472 | 107,074 |
| Goodwill | 3,849 | 3,849 |
| Other assets | 128,538 | 134,557 |
| Total assets | 4,710,210 | 2,342,215 |
| LIABILITIES AND EQUITY | ||
| Mortgage debt | — | 102,688 |
| Accounts payable, accrued liabilities, and other liabilities | 306,146 | 284,210 |
| Deferred revenue | 699,245 | 673,007 |
| Total liabilities | 1,005,391 | 1,059,905 |
| Commitments and contingencies (Note 10) | ||
| Parent’s net investment | — | 1,282,310 |
| Class A-1 common stock, $0.01 par value: 1,500,000,000 and no shares authorized; 215,972,996 and no shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 2,160 | — |
| Class A-2 common stock, $0.01 par value: 100,000,000 and no shares authorized; 75,917,780 and no shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 759 | — |
| Additional paid-in capital | 2,767,474 | — |
| Cumulative dividends in excess of earnings | (31,774) | — |
| Total stockholders’ equity | 2,738,619 | 1,282,310 |
| Common units of Janus OP, LLC, held by Healthpeak Properties, Inc. | 963,255 | — |
| Other noncontrolling interests | 2,945 | — |
| Total noncontrolling interests | 966,200 | — |
| Total equity | 3,704,819 | 1,282,310 |
| Total liabilities and equity | 4,710,210 | 2,342,215 |
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income (loss) | 42,732 | (4,680) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization of real estate and in-place resident contract intangibles | 107,871 | 63,990 |
| Stock-based compensation amortization expense | 391 | — |
| Stock-based compensation issued as part of initial public offering | 4,872 | — |
| Amortization of deferred financing costs and debt discounts (premiums) | 73 | (364) |
| Amortization of non-refundable entrance fees | (55,010) | (47,658) |
| Equity loss (income) from unconsolidated joint venture | (111) | (2,460) |
| Deferred income tax expense (benefit) | (1,421) | 3,702 |
| Loss (gain) on sales of real estate, net | (3,884) | — |
| Loss (gain) on debt extinguishments | 403 | — |
| Loss (gain) upon change of control, net | (46,270) | — |
| Casualty-related loss (recoveries), net | (5,707) | 6,221 |
| Other non-cash items | 224 | — |
| Changes in: | ||
| Decrease (increase) in accounts receivable and other assets | 6,481 | 3,493 |
| Increase (decrease) in accounts payable, accrued liabilities, and other liabilities | (12,571) | (23,493) |
| Increase (decrease) in deferred revenue | 74,813 | 71,544 |
| Net cash provided by (used in) operating activities | 112,886 | 70,295 |
| Cash flows from investing activities: | ||
| Acquisitions of real estate | (516,713) | — |
| Joint venture buyout, net | (295,808) | — |
| Capital expenditures | (45,880) | (53,846) |
| Proceeds from sales of real estate, net | 22,652 | 1,000 |
| Distributions in excess of earnings from unconsolidated joint venture | — | 8,560 |
| Proceeds from insurance recovery | 13,360 | — |
| Net cash provided by (used in) investing activities | (822,389) | (44,286) |
| Cash flows from financing activities: | ||
| Issuance of Class A-1 common stock in connection with public offerings, net of underwriting fees | 1,592,524 | — |
| Issuance of Class A-2 common stock in connection with initial public offering | 759 | — |
| Repayments of mortgage debt | (102,011) | (1,403) |
| Payments for debt extinguishment and deferred financing costs | (2,965) | — |
| Payments of offering costs | (6,789) | — |
| Net contributions from (distributions to) Parent | 836,737 | (14,687) |
| Dividends paid on common stock | (33,941) | — |
| Distributions to and purchase of noncontrolling interests | (12,530) | — |
| Net cash provided by (used in) financing activities | 2,271,784 | (16,090) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 1,562,281 | 9,919 |
| Cash, cash equivalents, and restricted cash, beginning of period | 84,261 | 79,066 |
| Cash, cash equivalents, and restricted cash, end of period | 1,646,542 | 88,985 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except per share data); (In thousands, except share and per share data); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗