Janus Living Raises 2026 Adjusted FFO Guidance to $0.97–$0.99 per Share
Key Facts
Janus Living reported on November 2 results for the quarter ended September 30, 2026, and raised its guidance range for adjusted FFO per share and same-store adjusted NOI growth for the fiscal year, while lowering diluted EPS guidance. Consolidated revenue was $268 million, up 78% year over year, while adjusted EBITDA rose 101% to $105 million. The company said adjusted FFO was $0.25 per share, up 46% from the year-earlier period. The results come as the company expands its senior housing portfolio through acquisitions. The revisions show a divergence between improving operating metrics and FFO on one hand, and projected accounting earnings per share on the other.
At existing properties, adjusted NOI rose 25.9% year over year, and the margin expanded 360 basis points. Same-store revenue increased 9.8%, driven by a 300-basis-point rise in average occupancy and 6.5% growth in revenue per occupied room. These metrics point to simultaneous improvement in occupancy and returns from occupied rooms across the existing portfolio. Total revenue growth also exceeded same-store revenue growth, as acquisitions added new assets. The company said sales of non-refundable entrance fees reached a record $47 million in the quarter.
Janus Living raised its 2026 adjusted FFO guidance to a range of $0.97–$0.99 per share, compared with its previous range of $0.95–$0.98 under guidance issued on August 4. It also raised its forecast for same-store adjusted NOI growth to 16%–19%, from 13%–17%. By contrast, it lowered its diluted EPS guidance range to $0.08–$0.10 from $0.34–$0.37. The company attributed the cut mainly to depreciation and amortization related to acquisitions of senior housing, and said it does not change its adjusted FFO guidance. The divergence between the two measures reflects the effect of accounting treatment for acquired assets on earnings per share, while the adjusted FFO outlook remained separate from it.
During the quarter, the company acquired 33 senior housing communities for approximately $1.75 billion. After the quarter ended and through October 30, it completed additional acquisitions of about $370 million. The expansion follows the company’s second-quarter report of 45% year-over-year growth in consolidated revenue and a 40% increase in adjusted FFO per share. In that quarter, diluted net income was $0.05 per share, compared with a loss of $0.02 in the second quarter of 2025; in the third quarter, it returned to a diluted net loss of $0.02 per share, compared with income of $0.01 a year earlier. The company had targeted a cash yield on NOI of between 7.5% and 8.5% once acquisitions completed through August 3 stabilized.
The company supported the expansion with a follow-on offering of A-1 shares that generated net proceeds of about $513 million in August, and by increasing its unsecured revolving credit facility to $1.25 billion in September. Liquidity was about $1.2 billion as of October 30, including unrestricted cash and available capacity under the facility. The credit facility initially matures in March 2030, with two six-month extension options. These resources provide funding for announced acquisitions, while completion of some additional deals depends on closing on the expected dates. The company also declared a monthly cash distribution of $0.0475 per share for the fourth quarter, equivalent to $0.57 annually, with future distributions remaining subject to a decision by the board of directors.
Janus Living has binding purchase agreements for additional acquisitions totaling about $82 million, which it expects to close during the fourth quarter of 2026. The company is scheduled to hold a conference call to discuss and webcast its results on November 3, 2026, at 12:00 p.m. Eastern time. A recording of the webcast will also be available on its website through December 3, 2026. The call follows the results announcement on November 2, giving the company an opportunity to present details on performance and updated guidance. If completed on the announced schedule, the pending deals will add to the acquisition wave during the quarter and through October 30.