JAN Q2 Earnings Call Highlights

Strong second-quarter results: Revenue rose 45% year over year, adjusted EBITDA increased 34%, and adjusted FFO per share grew 40%, supported by organic growth and approximately $800 million of first-half acquisitions.

Operational momentum and aggressive expansion: Same-store NOI climbed 19.2%, with occupancy and margins improving, while Janus completed $1.8 billion of year-to-date acquisitions and expanded its operating-partner network from two to 10.

Higher outlook and substantial liquidity: The company raised 2026 adjusted FFO guidance to $0.95–$0.98 per share and same-store adjusted NOI growth guidance to 13%–17%; as of Aug. 3, it had $558 million in cash, no debt and $1.2 billion of available liquidity.

JAN NYSE: JAN reported higher second-quarter revenue, adjusted EBITDA and funds from operations as the senior housing real estate investment trust benefited from organic growth and acquisitions completed during the first half of 2026. Janus Living said consolidated revenue increased 45% year over year in the second quarter, while adjusted EBITDA rose 34% and FFO as adjusted per share increased 40%. Senior Vice President of Finance and Investor Relations Jonathan Hughes attributed the results to organic growth and the accretion from approximately $800 million of senior housing acquisitions completed in the first and second quarters.

Chief Executive Officer Scott Brinker said the company is pursuing a growth strategy focused on a 100% SHOP portfolio, direct relationships with operating partners and a debt-free balance sheet. The company has closed $1.8 billion of acquisitions year to date and expects to nearly double the size of its portfolio during 2026, according to Brinker.

Same-store operations show occupancy and margin gains Same-store revenue increased 8.4% from a year earlier and 60 basis points sequentially, driven in part by 260 basis points of year-over-year occupancy growth. Independent living occupancy increased 350 basis points year over year, Hughes said. Same-store occupancy increased 10 basis points sequentially, while revenue per occupied room, or RevPOR, increased 5.1% from a year earlier.

Same-store expenses rose 4.8% year over year, though expenses per occupied unit increased 1.7%. Same-store net operating income increased 19.2% year over year, and NOI margin expanded 250 basis points. Hughes said the company expects further operating leverage as occupancy grows, citing the scale of its life plan communities and its independent-living concentration.

Sequential same-store NOI margin declined 40 basis points during the quarter, which Hughes attributed to normal seasonality, including April labor increases, more expense days and lower sales. He said independent living occupancy increased 50 basis points sequentially, while skilled nursing facility occupancy declined during seasonally softer summer months and amid lower hospital census. Brinker said the total portfolio is currently in the mid-80% occupancy range and that the company believes it can reach occupancy in the 90% range over the next several years. Janus underwrites stabilized occupancy at approximately 93%, he said, while noting that some acquired assets are nearly full.

Acquisitions expand operator network During the second quarter, Janus Living acquired two senior housing communities for $105 million and sold one community for $23 million of gross proceeds. Subsequent to quarter-end through Aug. 3, the company completed an additional $1 billion of acquisitions and had another $59 million under purchase agreement. The company said initial yields on completed acquisitions are in the low-6% range and are expected to improve to 7.5% or more by the third year.