Janus Living, Inc. (JAN)

This company will be the only U.S. publicly traded REIT focused exclusively on the senior housing sector and the only one whose entire portfolio is owned and operated under RIDEA structures, with an initial portfolio of 34 senior housing communities comprising 10,422 units as of December 31, 2025, located across 10 states with Florida and Texas representing 69% of total units. Of these, 15 communities (7,067 units) are life plan communities offering a full continuum of care—independent living, assisted living, memory care, and skilled nursing—operated under an entrance fee model requiring a one-time upfront fee plus monthly resident fees, while the remaining 19 communities (3,355 units) are primarily independent living properties with some offering assisted living, memory care, and/or skilled nursing. All properties are leased to a TRS and managed by independent third-party operators under RIDEA structures, with services paid primarily by residents rather than government reimbursement programs; key operating partners include LCS and Sunrise, with management transitions underway to Pegasus Senior Living and Ciel Senior Living for certain properties.

The company will be externally managed by Healthpeak Investment Management, LLC, a subsidiary of Healthpeak (an S&P 500 healthcare REIT and the company's largest stockholder post-offering), which provides sourcing, underwriting, asset management, and operational oversight capabilities. Its target customers are seniors, particularly affluent retirees in high-growth retirement markets such as Tampa, Houston, Philadelphia, and Orlando, where demographic trends show above-average projected growth in the 80+ population and higher median home values supporting residents' ability to pay entrance fees and monthly service fees. Growth strategies include disciplined acquisitions (having completed a $672 million JV Buyout and additional property acquisitions in early 2026, plus a pending Seattle-area acquisition), expansion and redevelopment of existing life plan campuses (including planned independent living unit additions in Houston and The Villages), and continued leveraging of the entrance fee model, which generated $152.7 million and $142.7 million in non-refundable entrance fee sales for 2025 and 2024, respectively.

The company reported Adjusted NOI of $175.7 million for 2025, average occupancy of 85.6%, and maintains a conservative, unencumbered capital structure with $1.4 billion in total liquidity as of December 31, 2025 on a pro forma basis.