$JAN

Janus Living, Inc.

CIK:0002100805|SEC Filings

COMBINED AND CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 216,456	$ 148,855	$ 416,801	$ 297,782
Costs and expenses:
Operating	158,786	111,787	303,384	222,425
Depreciation and amortization	56,473	31,191	107,871	63,990
Interest expense	350	949	701	1,897
Transaction costs	4,278	0	22,788	0
Total costs and expenses	223,693	146,309	441,836	293,826
Other income (expense):
Gain (loss) on sales of real estate, net	3,884	0	3,884	0
Gain (loss) upon change of control, net	0	0	46,270	0
Gain (loss) on debt extinguishments	0	0	(403)	0
Other income (expense), net	16,465	(4,029)	17,281	(6,409)
Total other income (expense), net	20,349	(4,029)	67,032	(6,409)
Income (loss) before income taxes and equity income (loss) from unconsolidated joint venture	13,112	(1,483)	41,997	(2,453)
Income tax benefit (expense)	1,746	(2,096)	624	(4,687)
Equity income (loss) from unconsolidated joint venture	0	1,009	111	2,460
Net income (loss)	14,858	(2,570)	42,732	(4,680)
Noncontrolling interests’ share in earnings	(4,135)	0	(677)	0
Net income (loss) attributable to Janus Living, Inc.	10,723	(2,570)	42,055	(4,680)
Less: Participating securities’ share in earnings	(4)	0	(4)	0
Net (income) loss - pre-IPO	0	0	(39,888)	0
Net income (loss) applicable to common shares	$ 10,719	$ 0	$ 2,163	$ 0
Earnings per common share:
Basic (in dollars per share)	$ 0.05	$ 0	$ 0.01	$ 0
Diluted (in dollars per share)	$ 0.05	$ 0	$ 0.01	$ 0
Weighted average shares outstanding:
Basic (in shares)	195,011	0	194,310	0
Diluted (in shares)	271,033	0	270,228	0
Nonrelated Party
Costs and expenses:
General and administrative	$ 1,334	$ 2,382	$ 4,292	$ 5,514
Related Party Management Fee
Costs and expenses:
General and administrative	2,472	0	2,800	0
Resident Fees and Services
Revenues:
Total revenues	$ 216,456	$ 148,855	$ 416,801	$ 297,782

COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net income (loss)	$ 14,858		$ (2,570)	$ 42,732	$ (4,680)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization of real estate and in-place resident contract intangibles	56,473		31,191	107,871	63,990
Stock-based compensation amortization expense				391	0
Stock-based compensation issued as part of initial public offering				4,872	0
Amortization of deferred financing costs and debt discounts (premiums)				73	(364)
Amortization of non-refundable entrance fees	28,000		(24,000)	(55,010)	(47,658)	$ (98,912)
Equity loss (income) from unconsolidated joint venture				(111)	(2,460)
Deferred income tax expense (benefit)				(1,421)	3,702
Loss (gain) on sales of real estate, net				(3,884)	0
Loss (gain) on debt extinguishments	0		0	403	0
Loss (gain) upon change of control, net	0		0	(46,270)	0
Casualty-related loss (recoveries), net				(5,707)	6,221
Other non-cash items				224	0
Changes in:
Decrease (increase) in accounts receivable and other assets				6,481	3,493
Increase (decrease) in accounts payable, accrued liabilities, and other liabilities				(12,571)	(23,493)
Increase (decrease) in deferred revenue				74,813	71,544
Net cash provided by (used in) operating activities				112,886	70,295
Cash flows from investing activities:
Acquisitions of real estate				(516,713)	0
Joint venture buyout, net				(295,808)	0
Capital expenditures				(45,880)	(53,846)
Proceeds from sales of real estate, net				22,652	1,000
Distributions in excess of earnings from unconsolidated joint venture				0	8,560
Proceeds from insurance recovery				13,360	0
Net cash provided by (used in) investing activities				(822,389)	(44,286)
Cash flows from financing activities:
Repayments of mortgage debt				(102,011)	(1,403)
Payments for debt extinguishment and deferred financing costs				(2,965)	0
Payments of offering costs		$ (8,000)		(6,789)	0
Net contributions from (distributions to) Parent				836,737	(14,687)
Dividends paid on common stock				(33,941)	0
Distributions to and purchase of noncontrolling interests				(12,530)	0
Net cash provided by (used in) financing activities				2,271,784	(16,090)
Net increase (decrease) in cash, cash equivalents, and restricted cash				1,562,281	9,919
Cash, cash equivalents, and restricted cash, beginning of period		$ 84,261		84,261	79,066	79,066
Cash, cash equivalents, and restricted cash, end of period	$ 1,646,542		$ 88,985	1,646,542	88,985	$ 84,261
Class A-1 Shares
Cash flows from financing activities:
Issuance of common stock in connection with initial public offering, net of underwriting fees				1,592,524	0
Class A-2 Shares
Cash flows from financing activities:
Issuance of common stock in connection with initial public offering, net of underwriting fees				$ 759	$ 0

COMBINED AND CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate:
Buildings and improvements	$ 2,688,705	$ 1,940,808
Construction in progress	62,012	41,678
Land and improvements	379,920	176,475
Accumulated depreciation	(536,625)	(505,297)
Net real estate	2,594,012	1,653,664
Investment in unconsolidated joint venture	0	312,709
Accounts receivable, net of allowance of $3,523 and $2,018	24,076	19,431
Cash and cash equivalents	1,557,655	19,652
Restricted cash	88,887	64,609
Intangible assets	196,721	26,670
Deferred tax assets	116,472	107,074
Goodwill	3,849	3,849
Other assets	128,538	134,557
Total assets	4,710,210	2,342,215
LIABILITIES AND EQUITY
Mortgage debt	0	102,688
Accounts payable, accrued liabilities, and other liabilities	306,146	284,210
Deferred revenue	699,245	673,007
Total liabilities	1,005,391	1,059,905
Commitments and contingencies (Note 10)
Parent’s net investment	0	1,282,310
Additional paid-in capital	2,767,474	0
Cumulative dividends in excess of earnings	(31,774)	0
Total stockholders’ equity	2,738,619	1,282,310
Common units of Janus OP, LLC, held by Healthpeak Properties, Inc.	963,255	0
Other noncontrolling interests	2,945	0
Total noncontrolling interests	966,200	0
Total equity	3,704,819	1,282,310
Total liabilities and equity	4,710,210	2,342,215
Class A-1 Shares
LIABILITIES AND EQUITY
Common stock, value	2,160	0
Class A-2 Shares
LIABILITIES AND EQUITY
Common stock, value	$ 759	$ 0