Janus Living, Inc. (JAN)

The company is a newly public, externally managed real estate investment trust (REIT) focused exclusively on senior housing. It says that after its offering it will be the only U.S. publicly traded REIT focused solely on the sector and the only one whose entire portfolio is owned and operated under RIDEA structures. Under RIDEA, the company leases each facility to a taxable REIT subsidiary, which engages an independent third-party operator to run day-to-day operations in exchange for management fees. The company is managed by Healthpeak Investment Management, LLC, an indirect subsidiary of Healthpeak, an S&P 500 healthcare REIT that will be its largest stockholder. The company plans to grow through acquisitions sourced via its Manager, as well as through expansion, redevelopment and densification of existing communities.

The initial portfolio had 34 senior housing communities with 10,422 units as of December 31, 2025. Fifteen are "life plan communities" with 7,067 units. These large campuses average about 48 acres and 471 units, and offer independent living, assisted living, memory care and skilled nursing. They operate on an entrance fee model, with a one-time, predominantly non-refundable fee plus monthly resident fees. The company also offers bridge financing for residents who have not yet sold their homes. The other 19 communities, with 3,355 units, are primarily independent living, and some also offer assisted living, memory care or skilled nursing. Management agreements with operators generally have remaining terms under five years, include base and incentive fees, and can typically be terminated on a year's notice or less.

Residents primarily pay for services directly rather than through governmental reimbursement programs. Life plan residents typically move in during their late 70s or early 80s and stay eight to ten years. The communities are in major retirement markets across 10 states, with Florida and Texas making up 69% of units. Top markets include Tampa, Houston, Philadelphia, Orlando, Punta Gorda, Sarasota, Denver and Washington, DC. For 2025, the company reported Adjusted NOI of $175.7 million, average occupancy of 85.6% and non-refundable entrance fee sales of $152.7 million. In January 2026 it completed a buyout of its joint venture partner's interest in 19 properties, and in March 2026 it acquired five more properties. The aggregate gross purchase price of these deals was $672 million.

Communities are run by third-party operators, mainly LCS, which manages 13 life plan communities, and Sunrise, which manages 2. In January 2026 the company agreed to transition certain properties previously managed by Brookdale Senior Living to Pegasus Senior Living and Ciel Senior Living, with transitions expected in the first half of 2026. Healthpeak's platform supplies asset management, accounting, legal, investment and technology support, and the Manager monitors operators' performance. The company cites the high barriers to developing new life plan communities, including land needs, development costs, financing difficulty and pre-leasing requirements. On a pro forma basis it had no debt and $1.4 billion of liquidity, including new credit facilities it plans to enter into.