NYSE: JAN
Janus Living, Inc.CIK 0002100805 · SIC 6798 · Real Estate Investment Trusts
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Janus Living closes public offering of 30.2M Class A-1 shares, including full underwriter option
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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 Nov 3, 2026 (period ending Sep 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 September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|---|---|
| Revenues: | ||||
| Resident fees and services | 268,300 | 150,458 | 685,101 | 448,240 |
| Total revenues | 268,300 | 150,458 | 685,101 | 448,240 |
| Costs and expenses: | ||||
| Operating | 193,419 | 114,262 | 496,803 | 336,687 |
| Depreciation and amortization | 78,682 | 30,885 | 186,553 | 94,875 |
| General and administrative | 1,527 | 2,267 | 5,819 | 7,781 |
| General and administrative related party management fee | 3,779 | — | 6,579 | — |
| Interest expense | 486 | 950 | 1,187 | 2,847 |
| Transaction costs | 3,400 | — | 26,188 | — |
| Total costs and expenses | 281,293 | 148,364 | 723,129 | 442,190 |
| Other income (expense): | ||||
| Gain (loss) on sales of real estate, net | — | — | 3,884 | — |
| Gain (loss) upon change of control, net | — | — | 46,270 | — |
| Gain (loss) on debt extinguishments | — | — | (403) | — |
| Other income (expense), net | 8,276 | (98) | 25,557 | (6,507) |
| Total other income (expense), net | 8,276 | (98) | 75,308 | (6,507) |
| Income (loss) before income taxes and equity income (loss) from unconsolidated joint venture | (4,717) | 1,996 | 37,280 | (457) |
| Income tax benefit (expense) | (891) | (1,576) | (267) | (6,263) |
| Equity income (loss) from unconsolidated joint venture | — | 992 | 111 | 3,452 |
| Net income (loss) | (5,608) | 1,412 | 37,124 | (3,268) |
| Noncontrolling interests’ share in earnings | 1,287 | — | 610 | — |
| Net income (loss) attributable to Janus Living, Inc. | (4,321) | 1,412 | 37,734 | (3,268) |
| Participating securities’ share in earnings | (3) | — | (7) | — |
| Net (income) loss pre-IPO | — | — | (39,888) | — |
| Net income (loss) applicable to common shares | (4,324) | — | (2,161) | — |
| Earnings per common share: | ||||
| Basic | (0.02) | — | (0.01) | — |
| Diluted | (0.02) | — | (0.01) | — |
| Weighted average shares outstanding: | ||||
| Basic | 225,973 | — | 209,482 | — |
| Diluted | 225,973 | — | 209,482 | — |
Consolidated Balance Sheets (Unaudited)
(In thousands, except share and per share data)
| Description | September 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Real estate: | ||
| Buildings and improvements | 4,030,139 | 1,940,808 |
| Construction in progress | 85,145 | 41,678 |
| Land and improvements | 555,533 | 176,475 |
| Accumulated depreciation | (573,675) | (505,297) |
| Net real estate | 4,097,142 | 1,653,664 |
| Investment in unconsolidated joint venture | — | 312,709 |
| Accounts receivable, net of allowance of $3,994 and $2,018 | 25,406 | 19,431 |
| Cash and cash equivalents | 338,064 | 19,652 |
| Restricted cash | 86,559 | 64,609 |
| Intangible assets | 419,260 | 26,670 |
| Deferred tax assets | 115,929 | 107,074 |
| Goodwill | 3,849 | 3,849 |
| Other assets | 133,778 | 134,557 |
| Total assets | 5,219,987 | 2,342,215 |
| LIABILITIES AND EQUITY | ||
| Mortgage debt | — | 102,688 |
| Accounts payable, accrued liabilities, and other liabilities | 376,502 | 284,210 |
| Deferred revenue | 718,394 | 673,007 |
| Total liabilities | 1,094,896 | 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; 234,372,996 and no shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 2,344 | — |
| 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 September 30, 2026 and December 31, 2025, respectively | 759 | — |
| Additional paid-in capital | 3,211,906 | — |
| Cumulative dividends in excess of earnings | (102,029) | — |
| Total stockholders’ equity | 3,112,980 | 1,282,310 |
| Common units of Janus Living OP, LLC, held by Healthpeak Properties, Inc. | 1,009,009 | — |
| Other noncontrolling interests | 3,102 | — |
| Total noncontrolling interests | 1,012,111 | — |
| Total equity | 4,125,091 | 1,282,310 |
| Total liabilities and equity | 5,219,987 | 2,342,215 |
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income (loss) | 37,124 | (3,268) |
| 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 | 186,553 | 94,875 |
| Stock-based compensation amortization expense | 751 | — |
| Stock-based compensation issued as part of initial public offering | 4,872 | — |
| Amortization of deferred financing costs and debt discounts (premiums) | 282 | (550) |
| Amortization of non-refundable entrance fees | (84,812) | (71,813) |
| Equity loss (income) from unconsolidated joint venture | (111) | (3,452) |
| Deferred income tax expense (benefit) | (878) | 4,892 |
| 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 | (6,059) | 6,247 |
| Other non-cash items | 354 | — |
| Changes in: | ||
| Decrease (increase) in accounts receivable and other assets | 5,593 | (6,548) |
| Increase (decrease) in accounts payable, accrued liabilities, and other liabilities | 7,036 | (34,948) |
| Increase (decrease) in deferred revenue | 123,764 | 108,590 |
| Net cash provided by (used in) operating activities | 224,718 | 94,025 |
| Cash flows from investing activities: | ||
| Acquisitions of real estate and deposits | (2,279,120) | — |
| Joint venture buyout, net | (295,893) | — |
| Capital expenditures | (82,746) | (92,746) |
| Proceeds from sales of real estate, net | 22,395 | 1,000 |
| Distributions in excess of earnings from unconsolidated joint venture | — | 13,910 |
| Proceeds from insurance recovery | 13,360 | 8,550 |
| Other investments | (60) | — |
| Net cash provided by (used in) investing activities | (2,622,064) | (69,286) |
| Cash flows from financing activities: | ||
| Issuance of Class A-1 common stock in connection with public offerings, net of underwriting fees | 2,107,448 | — |
| Issuance of Class A-2 common stock in connection with initial public offering | 759 | — |
| Repayments of mortgage debt | (102,011) | (2,103) |
| Payments for debt extinguishment and deferred financing costs | (6,839) | — |
| Payments for offering costs | (8,534) | — |
| Net contributions from (distributions to) Parent | 836,737 | (18,823) |
| Dividends paid on common stock | (66,472) | — |
| Distributions to and purchase of noncontrolling interests | (23,380) | — |
| Net cash provided by (used in) financing activities | 2,737,708 | (20,926) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 340,362 | 3,813 |
| Cash, cash equivalents, and restricted cash, beginning of period | 84,261 | 79,066 |
| Cash, cash equivalents, and restricted cash, end of period | 424,623 | 82,879 |
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 ↗