Third Quarter 2026
Filed Nov 2, 2026Janus Living Reports Third Quarter 2026 Results and Increases Full Year 2026 Guidance
Consolidated revenues increased 78%, Adjusted EBITDAre increased 101%, FFO as Adjusted per share increased 46%, same-store adjusted NOI increased 25.9%, and full-year FFO as Adjusted and same-store adjusted NOI growth guidance were increased. GAAP results remained a net loss of $(0.02) per share, reflecting substantial depreciation and amortization associated with acquisitions.
Actuals vs. the company’s prior outlook
from its previous release| Metric | Guided | Reported | Verdict |
|---|---|---|---|
| Full Year 2026 diluted earnings per common share | $0.34 - $0.37 | $ (0.02) | n/a |
| Full Year 2026 diluted FFO as Adjusted per share | $0.95 - $0.98 | $ 0.25 | n/a |
| Full Year 2026 Same-Store Adjusted NOI Growth | 13% - 17% | 25.9% | n/a |
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Three Months Ended September 30, 2026: Total revenuesGAAP | $268.3M | – | 78% |
| Three Months Ended September 30, 2026: Resident fees and servicesGAAP | $268.3M | – | – |
| Three Months Ended September 30, 2026: Operating expensesGAAP | $193.4M | – | – |
| Three Months Ended September 30, 2026: Depreciation and amortizationGAAP | $78.68M | – | – |
| Three Months Ended September 30, 2026: General and administrativeGAAP | $1.53M | – | – |
| Three Months Ended September 30, 2026: General and administrative - related party management feeGAAP | $3.78M | – | – |
| Three Months Ended September 30, 2026: Interest expenseGAAP | $486K | – | – |
| Three Months Ended September 30, 2026: Transaction costsGAAP | $3.4M | – | – |
| Three Months Ended September 30, 2026: Total costs and expensesGAAP | $281.3M | – | – |
| Three Months Ended September 30, 2026: Other income (expense), netGAAP | $8.28M | – | – |
| Three Months Ended September 30, 2026: Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventureGAAP | −$4.72M | – | – |
| Three Months Ended September 30, 2026: Income tax benefit (expense)GAAP | −$891K | – | – |
| Three Months Ended September 30, 2026: Equity income (loss) from unconsolidated joint ventureGAAP | — | – | – |
| Three Months Ended September 30, 2026: Net income (loss)GAAP | −$5.61M | – | – |
| Three Months Ended September 30, 2026: Net income (loss) attributable to Janus Living, Inc.GAAP | −$4.32M | – | – |
| Three Months Ended September 30, 2026: Net income (loss) applicable to common sharesGAAP | −$4.32M | – | – |
| Three Months Ended September 30, 2026: Diluted net income (loss) applicable to common shares per shareGAAP | $ (0.02) | – | – |
| Three Months Ended September 30, 2026: Basic earnings per common shareGAAP | $ (0.02) | – | – |
| Three Months Ended September 30, 2026: Diluted earnings per common shareGAAP | $ (0.02) | – | – |
| Three Months Ended September 30, 2026: Weighted average shares outstanding - basicGAAP | 226.0M | – | – |
| Three Months Ended September 30, 2026: Weighted average shares outstanding - dilutedGAAP | 226.0M | – | – |
| Three Months Ended September 30, 2026: Nareit FFOnon-GAAP | 73.07M | – | – |
| Three Months Ended September 30, 2026: Diluted Nareit FFOnon-GAAP | $73.07M | – | – |
| Three Months Ended September 30, 2026: Diluted Nareit FFO per common sharenon-GAAP | $ 0.24 | – | – |
| Three Months Ended September 30, 2026: FFO as Adjustednon-GAAP | 75.85M | – | – |
| Three Months Ended September 30, 2026: Diluted FFO as Adjustednon-GAAP | $75.85M | – | – |
| Three Months Ended September 30, 2026: Diluted FFO as Adjusted per common sharenon-GAAP | $ 0.25 | – | 46% |
| Three Months Ended September 30, 2026: Weighted average shares outstanding - Diluted FFO as Adjustednon-GAAP | 302.2M | – | – |
| Three Months Ended September 30, 2026: Adjusted EBITDArenon-GAAP | $105M | – | 101% |
| Three Months Ended September 30, 2026: Same-store adjusted NOI growthnon-GAAP | 25.9% | – | 25.9% |
| Three Months Ended September 30, 2026: Same-store adjusted NOI margin expansionnon-GAAP | 360 basis points | – | 360 basis points |
| Three Months Ended September 30, 2026: Same-store revenues growthnon-GAAP | 9.8% | – | 9.8% |
| Three Months Ended September 30, 2026: Average occupancy growthother | 300 bps | – | 300 bps |
| Three Months Ended September 30, 2026: Revenue per occupied room growthother | 6.5% | – | 6.5% |
| Three Months Ended September 30, 2026: Non-refundable entrance fee sales in excess of the related GAAP amortizationnon-GAAP | $16.71M | – | – |
| Three Months Ended September 30, 2026: AFFO capital expendituresnon-GAAP | −$7.16M | – | – |
| Nine Months Ended September 30, 2026: Total revenuesGAAP | $685.1M | – | – |
| Nine Months Ended September 30, 2026: Total costs and expensesGAAP | $723.1M | – | – |
| Nine Months Ended September 30, 2026: Net income (loss)GAAP | $37.12M | – | – |
| Nine Months Ended September 30, 2026: Net income (loss) applicable to common sharesGAAP | −$2.16M | – | – |
| Nine Months Ended September 30, 2026: Diluted earnings per common shareGAAP | $ (0.01) | – | – |
| Nine Months Ended September 30, 2026: Diluted FFO as Adjustednon-GAAP | $189.7M | – | – |
| Nine Months Ended September 30, 2026: Diluted FFO as Adjusted per common sharenon-GAAP | $ 0.72 | – | – |
| Nine Months Ended September 30, 2026: AFFO capital expendituresnon-GAAP | −$15.83M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Full Year 2026 As of 11/2/26 outlook
- NoteDiluted earnings per common share: $0.08 - $0.10
- NoteDiluted FFO as Adjusted per share: $0.97 - $0.99
- NoteSame-Store Adjusted NOI Growth: 16% - 19%
Capital returns
- Monthly common stock cash dividend of $0.0475 per share for the fourth quarter of 2026.
- Annualized dividend amount of $0.57 per share of common stock.
- October 16, 2026 record date, October 28, 2026 payment date: $0.0475 per common share.
- November 12, 2026 record date, November 23, 2026 payment date: $0.0475 per common share.
- December 18, 2026 record date, December 29, 2026 payment date: $0.0475 per common share.
What drove it
- Same-store revenues increased 9.8%, driven by 300 bps of average occupancy growth and 6.5% revenue per occupied room growth.
- Record third quarter non-refundable entrance fee sales were $47 million.
- From July 1 through August 3, 2026, the Company completed approximately $1.0 billion of senior housing acquisitions across six transactions for 18 communities and 2,475 units.
- From August 4 through September 30, 2026, the Company completed approximately $743 million of senior housing acquisitions across five transactions for 15 communities and 1,432 units.
- Subsequent to quarter end and through October 30, 2026, the Company completed approximately $370 million of senior housing acquisitions across three transactions for six communities and 792 units.
- Year-to-date as of October 30, the Company completed approximately $2.9 billion of senior housing acquisitions.
- The Company is targeting low-6% year 1 cash NOI yields and 7.5% to 8.5% yields upon stabilization across these investments.
Concerns
- The Company reported a GAAP net loss of $ (5,608) (in thousands) and diluted earnings per common share of $ (0.02) for the third quarter.
- Depreciation and amortization was $ 78,682 (in thousands) in the quarter, compared with $ 30,885 (in thousands) in the prior-year quarter.
- The decrease in diluted earnings per common share guidance is primarily due to depreciation and amortization associated with senior housing acquisitions closed during the third quarter and through October 30, 2026.
- The Company has approximately $82 million of senior housing acquisitions under binding purchase agreements anticipated to close during the fourth quarter of 2026, which remain subject to closing conditions.
- The filing identifies dependence on operators, acquisition integration, labor and other operating costs, entrance fee refund obligations, regulatory requirements, and access to external capital among its risks.
What to watch
- Closing and integration of approximately $82 million of acquisitions under binding purchase agreements anticipated during the fourth quarter of 2026.
- Execution against the targeted low-6% year 1 cash NOI yields and 7.5% to 8.5% yields upon stabilization on acquired communities.
- Whether same-store occupancy and RevPOR continue to support same-store adjusted NOI growth.
- The effect of acquisition-related depreciation and amortization on GAAP earnings per common share.
- Use of approximately $1.2 billion of liquidity as of October 30, 2026 and the undrawn $1.25 billion revolving credit facility.
Balance sheet and cash flow
- As of September 30, 2026, cash and cash equivalents were $ 338,064 (in thousands), compared with $ 19,652 (in thousands) at December 31, 2025.
- As of September 30, 2026, restricted cash was $ 86,559 (in thousands), compared with $ 64,609 (in thousands) at December 31, 2025.
- As of September 30, 2026, net real estate was $ 4,097,142 (in thousands), compared with $ 1,653,664 (in thousands) at December 31, 2025.
- As of September 30, 2026, total assets were $ 5,219,987 (in thousands), compared with $ 2,342,215 (in thousands) at December 31, 2025.
- As of September 30, 2026, mortgage debt was $ —, compared with $ 102,688 (in thousands) at December 31, 2025.
- As of September 30, 2026, the Company had approximately $338 million of unrestricted cash and no outstanding debt.
- As of October 30, 2026, the Company had approximately $1.2 billion of liquidity including unrestricted cash and available credit facility capacity.
- The unsecured revolving credit facility was upsized to $1.25 billion, initially matures in March 2030, and was undrawn at closing.
- The August 2026 follow-on offering of Class A-1 common stock generated approximately $513 million in net proceeds.
- Operating cash flow and free cash flow were not reported.
Analysis
Janus Living reported a strong operating quarter, led by scale from acquisitions and continued same-store improvement. Consolidated revenues were $ 268,300 (in thousands), up 78%, while Adjusted EBITDAre was $105 million, up 101%. Same-store adjusted NOI increased 25.9% and margin expanded 360 basis points. Same-store revenues increased 9.8%, driven by 300 bps of average occupancy growth and 6.5% RevPOR growth. The company also reported record third quarter non-refundable entrance fee sales of $47 million.
The core non-GAAP earnings measure accelerated. Diluted FFO as Adjusted per common share was $ 0.25 versus $ 0.17 in the prior-year quarter, an increase of 46%. Diluted FFO as Adjusted was $ 75,847 (in thousands), compared with $ 36,808 (in thousands). In contrast, the company recorded a GAAP net loss of $ (5,608) (in thousands) and diluted earnings per common share of $ (0.02). Depreciation and amortization rose to $ 78,682 (in thousands) from $ 30,885 (in thousands), and the company specifically attributed the reduced full-year diluted earnings per common share outlook to depreciation and amortization associated with acquisitions.
Portfolio growth was the central source of revenue and earnings expansion. Janus Living acquired 33 senior housing communities for approximately $1.75 billion during the quarter, including approximately $1.0 billion of acquisitions through August 3 and approximately $743 million from August 4 through September 30. Subsequent to quarter end and through October 30, it completed approximately $370 million of additional acquisitions. Year-to-date acquisitions as of October 30 totaled approximately $2.9 billion, while approximately $82 million remained under binding purchase agreements. Management is targeting low-6% year 1 cash NOI yields and 7.5% to 8.5% yields upon stabilization across these investments.
The balance sheet was positioned to fund the acquisition program. As of September 30, the company had approximately $338 million of unrestricted cash and no outstanding debt. It upsized its unsecured revolving credit facility to $1.25 billion, and the facility was undrawn at closing. A follow-on offering generated approximately $513 million in net proceeds in August. As of October 30, liquidity was approximately $1.2 billion, including unrestricted cash and available credit facility capacity.
Full-year guidance was mixed on a GAAP versus non-GAAP basis. Diluted earnings per common share guidance was reduced to $0.08 - $0.10 from $0.34 - $0.37, a $0.27 decrease. However, diluted FFO as Adjusted per share guidance increased to $0.97 - $0.99 from $0.95 - $0.98, and same-store adjusted NOI growth guidance increased to 16% - 19% from 13% - 17%. The revised outlook highlights that operating performance and acquisition-driven FFO are improving while acquisition-related depreciation and amortization weighs on GAAP earnings.
Not in the filing
stated, not guessed- GAAP gross profit and gross margin were not reported.
- GAAP operating income (loss) was not reported.
- Segment revenue and segment profitability were not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Share repurchases were not reported.
- Revenue, gross margin, operating expense, and tax-rate guidance were not reported.
- A directly comparable full-year actual result is not available for the prior-guidance comparisons because the filing reports third-quarter actual results and full-year guidance.
- Named executive quotes were not included in the filing text.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.