Key Highlights

  • Third-quarter 2026 consolidated Revenue totaled $268 million, which is 78% above the year-earlier level.
  • On a per-share basis, FFO as adjusted rose 46% to $0.25 from $0.17.
  • Same-store adjusted NOI went up 25.9%, while Margin widened by 360 basis points.
  • On a net basis the Business ended with a $0.02 per-share loss, whereas the prior-year period had a $0.01 profit.
  • Management raised its FFO as adjusted outlook for the year to between $0.97 and $0.99 for each share, previously $0.95 to $0.98.

Senior Housing Purchases Drive a 78% Revenue Gain and a 101% Jump in Adjusted EBITDAre

Denver-based Janus Living (NYSE:JAN), a pure-play senior housing REIT, reported on Nov 2, 2026 for the period closing Sep 30, 2026. Consolidated revenue rose 78% to $268 million and adjusted EBITDAre climbed 101% to $105 million. In absolute terms, FFO as adjusted amounted to $75.8 million, compared with $36.8 million, and Nareit FFO came to $0.24 a share against $0.17.

Even so, the company ended with a net loss of $0.02 per share, while it had earned $0.01 in the earlier year. Depreciation and amortization rose from $30.9 million to $78.7 million as purchases piled up, and the net loss totaled $5.6 million, including $3.4 million of transaction costs.

Occupancy Gains, Pricing and a Third-Quarter Entrance Fee Record Lift Same-Store Results

On a same-store basis, adjusted NOI expanded 25.9% and margin rose 360 basis points. Revenue in the same-store pool advanced 9.8%, helped by average occupancy up 300 basis points and revenue per occupied room up 6.5%.

Non-refundable entrance fees reached a record for a third quarter, at $47 million. Third-party operators run these U.S. senior housing communities under management contracts. Acquisitions finalized from Jul 1 to Oct 30 number 39 communities holding 4,699 units (calculated).

Thirty-Three Communities Acquired for About $1.75 Billion Alongside a $513 Million Share Sale

In the quarter, 33 communities were bought for about $1.75 billion: approximately $1.0 billion between Jul 1 and Aug 3, and $743 million in the Aug 4 to Sep 30 window. Between Oct 1 and Oct 30, a further $370 million of transactions finished, taking year-to-date Volume near $2.9 billion. Binding agreements cover another $82 million for the fourth quarter, and the company aims for a low-6% first-year cash NOI Yield rising to 7.5% to 8.5% at stabilization.

In August, the company sold Class A-1 common stock in a follow-on deal, bringing in about $513 million net. Unrestricted cash stood at $338 million on Sep 30, 2026, with zero debt, and the unsecured revolver was enlarged to $1.25 billion in September at SOFR plus 105 basis points, with a March 2030 maturity. Liquidity was roughly $1.2 billion on Oct 30, 2026.

Higher FFO Guide Paired With a Lower EPS Range and Monthly Payouts

For 2026, FFO as adjusted is now projected at $0.97 to $0.99 for each share, up from $0.95 to $0.98 in August. The projection for same-store adjusted NOI growth moved to 16% to 19%, from 13% to 17% previously. Diluted EPS guidance, on the other hand, slid into a $0.08 to $0.10 band, previously $0.34 to $0.37; management pointed to depreciation and amortization linked to acquired communities, which FFO excludes.

The monthly distributions, $0.0475 per share or an annualized $0.57, will reach holders on Nov 23 and on Dec 29, 2026. Attention then moves to the Nov 3, 2026 call, as well as completion of the $82 million in acquisitions still pending.