Janus Living (NASDAQ: JAN) lifts 2026 guidance after Q2 revenue jumps 45%

Q: What were Janus Living (JAN) Q2 2026 earnings and revenue?

Janus Living reported diluted EPS of $0.05 for Q2 2026, versus $(0.02) a year earlier, with net income attributable to the company of $10.7 million . Consolidated revenues were $216 million , representing 45% year-over-year growth.

Q: How did Janus Living (JAN) FFO and non-GAAP metrics perform in Q2 2026?

Q2 2026 diluted FFO as Adjusted was $0.24 per share , up 40% year over year. Adjusted EBITDAre reached $79 million , up 34%, while same-store adjusted NOI grew 19.2% and margin expanded 250 basis points .

Q: What portfolio growth and acquisitions did Janus Living (JAN) report?

In Q2 2026, Janus Living acquired $105 million of senior housing assets (414 units) and completed about $1.8 billion of acquisitions year-to-date. After quarter-end it closed another $1.0 billion of acquisitions and has a $59 million deal under contract.

Q: What is Janus Living (JAN) 2026 guidance after the August 2026 update?

For 2026, management now guides to diluted EPS of $0.34–$0.37 and FFO as Adjusted per share of $0.95–$0.98 . Same-store adjusted NOI growth is projected at 13–17% , 200 basis points higher at the midpoint than prior guidance.

Q: What does Janus Living’s (JAN) balance sheet look like after its follow-on offering?

As of June 30, 2026, Janus Living held $1.6 billion of unrestricted cash and had no outstanding debt . A June 2026 public offering of Class A-1 common stock generated approximately $690 million in net proceeds to support acquisitions and general corporate purposes.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Janus Living, Inc. reported second-quarter 2026 results with diluted EPS of $0.05, compared with $(0.02) a year earlier, and net income attributable to the company of $10.7 million. Consolidated revenues were $216 million, up 45% year over year. Diluted FFO as Adjusted was $0.24 per share, a 40% increase, and Adjusted EBITDAre reached $79 million, up 34%. Same-store adjusted NOI grew 19.2%, with margin expanding 250 basis points, driven by 8.4% same-store revenue growth, 260 basis points of average occupancy growth, and 5.1% RevPOR growth.

Janus Living expanded its senior housing portfolio, completing $105 million of acquisitions in the quarter and approximately $1.8 billion year-to-date, plus about $1.0 billion of acquisitions after quarter-end and a $59 million acquisition under contract. A June follow-on offering generated approximately $690 million in net proceeds, contributing to $1.6 billion of unrestricted cash and no debt at June 30, 2026. The board declared a monthly dividend of $0.0475 per share for each month of the third quarter, an annualized $0.57 per share. Management raised full-year 2026 guidance, increasing diluted EPS to $0.34–$0.37, FFO as Adjusted per share to $0.95–$0.98, and same-store adjusted NOI growth to 13–17%.

Positive

Q2 2026 diluted FFO as Adjusted per share was $0.24, up 40% year over year, with consolidated revenues up 45% to $216 million and Adjusted EBITDAre up 34% to $79 million.
2026 diluted EPS guidance was raised to $0.34–$0.37 per share, and FFO as Adjusted per share guidance to $0.95–$0.98, increasing midpoints by $0.11 and $0.02, respectively; same-store adjusted NOI growth guidance rose to 13–17%.
At June 30, 2026, Janus Living reported $1.6 billion of unrestricted cash and no outstanding debt, supported by a June equity offering that generated approximately $690 million in net proceeds.

Negative

None.

Filing Explained

By August 3, completed acquisitions had reduced unrestricted cash to approximately $558 million while leaving Janus Living debt-free.

The August 4, 2026 Form 8-K furnishes Janus Living’s results for the three and six months ended June 30, 2026 and related supplemental reports, placing the disclosure in the material-event reporting framework.

The filing records the June public offering as completed and reports 215,972,996 Class A-1 common shares issued and outstanding at June 30, 2026, versus no issued and outstanding shares at December 31, 2025.

Because issuing additional shares increases the total share count and reduces an existing holder’s percentage ownership absent offsetting changes, the completed offering is a dilutive structural change for existing common holders.

Unrestricted cash was approximately $1.6 billion at June 30, 2026, then approximately $558 million at August 3, 2026 after the acquisitions completed through that date; the company reported no outstanding debt at both dates.

A further approximately $59 million senior housing acquisition remains under purchase agreement and is anticipated to close during the third quarter of 2026, subject to closing conditions.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 diluted EPS: $0.05 per share Q2 2026 consolidated revenues: $216 million Q2 2026 Adjusted EBITDAre: $79 million +5 more

8 metrics

Q2 2026 diluted EPS $0.05 per share Diluted earnings per common share for the quarter ended June 30, 2026

Q2 2026 consolidated revenues $216 million Consolidated revenues for Q2 2026, up 45% year over year

Q2 2026 Adjusted EBITDAre $79 million Adjusted EBITDAre for Q2 2026, a 34% year-over-year increase

Q2 2026 diluted FFO as Adjusted per share $0.24 per share Diluted FFO as Adjusted per share in Q2 2026, up 40% year over year

Same-store adjusted NOI growth 19.2% Year-over-year same-store adjusted NOI increase in Q2 2026; margin +250 bps

Unrestricted cash balance $1.6 billion Unrestricted cash at June 30, 2026, with no outstanding debt

June 2026 follow-on net proceeds $690 million Net proceeds from public offering of Class A-1 common stock

2026 diluted EPS guidance range $0.34–$0.37 per share Updated full-year 2026 diluted EPS guidance as of August 4, 2026

Key Terms

Adjusted EBITDAre, FFO as Adjusted, Same-Store Adjusted NOI, RevPOR, +1 more

5 terms

Adjusted EBITDAre financial

"Consolidated revenues of $216 million increased 45% and Adjusted EBITDAre of $79 million increased 34%"

Adjusted EBITDA is a measure of a company's earnings that shows its profitability by focusing on core operations, excluding certain expenses or income that are unusual or not part of normal business activities. It provides investors with a clearer picture of how well the company is performing day-to-day, much like evaluating a restaurant's regular sales without counting special event or one-time expenses. This helps investors compare companies more fairly and assess their ongoing financial health.

FFO as Adjusted financial

"FFO as Adjusted of $0.24 per share increased 40%"

Funds From Operations (FFO) as adjusted is a non-GAAP measure that shows the cash-generating power of a property-owning business after removing accounting items that don’t reflect ongoing operations, such as property depreciation, one-time gains or losses, and other unusual items. Think of it like a homeowner’s monthly rent income after excluding one-off repairs and accounting quirks; investors use it to judge recurring cash flow and dividend sustainability, and to compare operating performance across periods or peers.

Same-Store Adjusted NOI financial

"Same-store adjusted NOI increased 19.2% and margin expanded 250 basis points"

Same-store adjusted NOI is the operating income generated by a consistent group of properties or assets after removing income from recent purchases or sales and one-time items, so performance is compared on an apples-to-apples basis. For investors, it shows the underlying health and trend of core operations—like checking how the same set of stores performed this year versus last—making it easier to spot real growth or decline independent of expansion activity or unusual gains.

RevPOR financial

"5.1% revenue per occupied room ("RevPOR") growth"

RIDEA regulatory

"communities, all of which are owned and operated under REIT Investment Diversification and Empowerment Act of 2007 ("RIDEA") structures"

Earnings Snapshot

Q2 2026 diluted EPS: $0.05 · Guidance included

Three and six months ended June 30, 2026

Q2 2026 diluted EPS $0.05 Compared with $(0.02) diluted EPS in Q2 2025.

Q2 2026 consolidated revenues $216 million Increased 45% versus Q2 2025.

Q2 2026 diluted FFO as Adjusted per share $0.24 Increased 40% year over year.

Q2 2026 Adjusted EBITDAre $79 million Increased 34% compared with Q2 2025.

Q2 2026 same-store adjusted NOI growth 19.2% Same-store margin expanded 250 basis points.

2026 diluted EPS guidance range $0.34–$0.37 Midpoint raised by $0.11 versus prior 2026 guidance.

2026 FFO as Adjusted per share guidance range $0.95–$0.98 Midpoint raised by $0.02 versus prior 2026 guidance.

Guidance

For 2026, Janus Living now expects diluted EPS of $0.34–$0.37, diluted FFO as Adjusted per share of $0.95–$0.98, and same-store adjusted NOI growth of 13–17%, reflecting higher expected earnings and property-level performance than in prior guidance.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →

Available on EDGAR 08/04/2026 - 04:18 PM Accepted by SEC EDGAR 08/04/2026 - 04:17 PM

FAQ

What were Janus Living (JAN) Q2 2026 earnings and revenue?

Janus Living reported diluted EPS of $0.05 for Q2 2026, versus $(0.02) a year earlier, with net income attributable to the company of $10.7 million. Consolidated revenues were $216 million, representing 45% year-over-year growth.

How did Janus Living (JAN) FFO and non-GAAP metrics perform in Q2 2026?

Q2 2026 diluted FFO as Adjusted was $0.24 per share, up 40% year over year. Adjusted EBITDAre reached $79 million, up 34%, while same-store adjusted NOI grew 19.2% and margin expanded 250 basis points.

What portfolio growth and acquisitions did Janus Living (JAN) report?

In Q2 2026, Janus Living acquired $105 million of senior housing assets (414 units) and completed about $1.8 billion of acquisitions year-to-date. After quarter-end it closed another $1.0 billion of acquisitions and has a $59 million deal under contract.

What is Janus Living (JAN) 2026 guidance after the August 2026 update?

For 2026, management now guides to diluted EPS of $0.34–$0.37 and FFO as Adjusted per share of $0.95–$0.98. Same-store adjusted NOI growth is projected at 13–17%, 200 basis points higher at the midpoint than prior guidance.

What dividend will Janus Living (JAN) pay for the third quarter of 2026?

The board declared a monthly dividend of $0.0475 per share for July, August, and September 2026. This equates to an annualized dividend of $0.57 per share, payable on scheduled dates to stockholders of record each month.

What does Janus Living’s (JAN) balance sheet look like after its follow-on offering?

As of June 30, 2026, Janus Living held $1.6 billion of unrestricted cash and had no outstanding debt. A June 2026 public offering of Class A-1 common stock generated approximately $690 million in net proceeds to support acquisitions and general corporate purposes.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

August 4, 2026

Date of Report (Date of earliest event reported)

Janus Living, Inc.

(Exact name of registrant as specified in its charter)

Maryland

001-43206

41-2996951

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

4600 South Syracuse Street, Suite 500

Denver, CO 80237

(Address of principal executive offices) (Zip Code)

(720) 428-5050

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A-1 Common Stock, $0.01 par value	JAN	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 4, 2026, Janus Living, Inc., a Maryland corporation (“Janus Living”), issued a press release setting forth its financial results for the three and six months ended June 30, 2026. The press release refers to the Discussion and Reconciliation of Janus Living’s Non-GAAP Financial Measures, which is available in the Investor Relations section of Janus Living’s website, free of charge, at http://ir.janusreit.com/financials/quarterly-results/. The press release and Discussion and Reconciliation of Janus Living’s Non-GAAP Financial Measures are furnished herewith as Exhibits 99.1 and 99.3, respectively, and are incorporated by reference herein.

The information set forth in this Item 2.02 of this Current Report on Form 8-K and the related information in Exhibits 99.1 and 99.3 attached hereto are being furnished herewith, and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference therein.

Item 7.01 Regulation FD Disclosure.

A supplemental report containing financial results and related information of Janus Living for the three and six months ended June 30, 2026 is furnished as Exhibit 99.2 hereto and incorporated by reference herein. The supplemental report is also available in the Investor Relations section of Janus Living’s website, free of charge, at http://ir.janusreit.com/financials/quarterly-results/.

The information set forth in this Item 7.01 of this Current Report on Form 8-K and the related information in Exhibit 99.2 attached hereto is being furnished herewith, and shall not be deemed filed for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing with the Securities and Exchange Commission under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference therein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are being furnished herewith:


No.						Description

99.1						Press Release dated August 4, 2026.

99.2						June 30, 2026, Supplemental Report.

99.3						June 30, 2026, Discussion and Reconciliation of Janus Living's Non-GAAP Financial Measures.

104						Cover Page Interactive Data File (embedded within the inline XBRL document and contained in Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: August 4, 2026
	Janus Living, Inc.



	By:	/s/ Kelvin O. Moses
		Kelvin O. Moses
		Chief Financial Officer

Exhibit 99.1

Janus Living Reports Second Quarter 2026 Results and Increases Full Year 2026 Guidance

DENVER, August 4, 2026 - Janus Living, Inc. (NYSE: JAN) (“Janus Living”), a pure-play senior housing real estate investment trust (REIT), announced results for the quarter ended June 30, 2026.

SECOND QUARTER 2026 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS

(all percentage changes compare second quarter 2026 to second quarter 2025 unless otherwise noted)

–Net income of $0.05 per share

–Consolidated revenues of $216 million increased 45% and Adjusted EBITDAre of $79 million increased 34%

–FFO as Adjusted of $0.24 per share increased 40%

–Same-store adjusted NOI increased 19.2% and margin expanded 250 basis points ("bps")

•Same-store revenues increased 8.4% driven by 260 bps of average occupancy growth and 5.1% revenue per occupied room ("RevPOR") growth

•Second quarter non-refundable entrance fee sales of $41 million

–Completed a public offering of Class A-1 common stock generating approximately $690 million in net proceeds to pursue acquisition and investment opportunities

–Acquired two senior housing communities for approximately $105 million

–Subsequent to quarter end, and through August 3, 2026, completed approximately $1.0 billion of senior housing acquisitions

•Year-to-date, completed approximately $1.8 billion of senior housing acquisitions

–As of August 3, 2026, subsequent to completing the acquisitions referenced above, the Company had approximately $558 million of unrestricted cash and no outstanding debt

–Under purchase agreement for approximately $59 million incremental senior housing acquisition

SECOND QUARTER COMPARISON


	Three Months Ended June 30,
	2026		2025

	Per Share		Per Share
Diluted Net income (loss) applicable to common shares	$	0.05	$	(0.02)

Diluted FFO as Adjusted	0.24		0.17

SENIOR HOUSING TRANSACTIONS AND PIPELINE

During the second quarter 2026, we completed approximately $105 million of senior housing acquisitions across two communities in the Tucson and Seattle MSAs. The acquisitions represent 414 units on a combined basis and will be operated by two leading operators well known to Janus Living under management contracts with strong alignment. Janus Living is targeting 8.5% to 9.5% cash NOI yields upon stabilization across these investments.

During the second quarter 2026, one senior housing community disposition was completed for approximately $23 million. The trailing cash NOI yield was (1.3%) as the property had negative NOI.

Subsequent to quarter end, and through August 3, 2026, we completed a total of approximately $1.0 billion of senior housing acquisitions across six transactions and six different operating partners for 18 communities. The acquisitions represent 2,475 units on a combined basis and will be operated by leading operators well known to Janus Living under management contracts with strong alignment. Janus Living is targeting 7.5% to 8.5% cash NOI yields upon stabilization across these investments.

Janus Living has an approximately $59 million senior housing acquisition under purchase agreement anticipated to close during the third quarter of 2026. Janus Living is targeting a 7.5% to 8.5% cash NOI yield upon stabilization.

JUNE FOLLOW-ON OFFERING

In June 2026, Janus Living completed a public offering of its Class A-1 common stock generating approximately $690 million in net proceeds. Janus Living expects to use the net proceeds received from the offering to pursue acquisition and investment opportunities that meet its investment criteria and for general corporate purposes.

Page 1

BALANCE SHEET

As of June 30, 2026, the Company had approximately $1.6 billion of unrestricted cash and no outstanding debt.

As of August 3, 2026, subsequent to completing the acquisitions referenced above, the Company had approximately $558 million of unrestricted cash and no outstanding debt.

DIVIDEND

On July 8, 2026, Janus Living's Board of Directors declared a monthly common stock cash dividend of $0.0475 per share for the third quarter of 2026, payable on the payment dates set forth in the table below to stockholders of record as of the close of business on the corresponding record date in the table below. The monthly dividend reflects an annualized dividend amount of $0.57 per share of common stock. Future dividends are at the discretion of Janus Living's Board of Directors.


Record Date	Payment Date	Amount
July 17, 2026	July 29, 2026	$0.0475 per common share
August 14, 2026	August 26, 2026	$0.0475 per common share
September 11, 2026	September 23, 2026	$0.0475 per common share

GUIDANCE

Janus Living's 2026 guidance ranges are updated as follows:


Full Year 2026	As of 5/4/26			As of 8/4/26			Mid-Point Change
Diluted earnings per common share	$0.23	-	$0.27	$0.34	-	$0.37	+$0.11
Diluted FFO as Adjusted per share	$0.93	-	$0.97	$0.95	-	$0.98	+$0.02
Same-Store Adjusted NOI Growth	11%	-	15%	13%	-	17%	+200 bps

These estimates are based on our current view of existing market conditions, transaction timing, and other assumptions for the year ending December 31, 2026. For additional details and assumptions, please see page 9 in our corresponding Supplemental Report and the Discussion and Reconciliation of Non-GAAP Financial Measures, both of which are available in the Investor Relations section of our website at http://ir.janusreit.com.

CONFERENCE CALL INFORMATION

Janus Living has scheduled a conference call and webcast for Wednesday, August 5, 2026, at 12:00 p.m. Eastern Time.

The conference call can be accessed in the following ways:

•Janus Living’s website: https://ir.janusreit.com/events-and-presentations

•Webcast: https://events.q4inc.com/attendee/343259717. Joining via webcast is recommended for those who will not be asking questions.

•Telephone: The participant dial-in number is (833) 461-5787. The international dial-in is (585) 542-9983. The conference ID number is 343259717.

A webcast replay will be available on Janus Living’s website for 30 days.

ABOUT JANUS LIVING

Janus Living, Inc. is a pure-play senior housing real estate investment trust (REIT) that owns high-quality communities across the United States that support residents with thoughtfully designed, highly amenitized environments.

Page 2

NON-GAAP FINANCIAL MEASURES

Nareit FFO, FFO as Adjusted, Same-Store Adjusted NOI, Adjusted EBITDAre, and Net Debt to Adjusted EBITDAre are supplemental non-GAAP financial measures that we believe are useful in evaluating the operating performance and financial position of real estate investment trusts. See "June 30, 2026 Discussion and Reconciliation of Non-GAAP Financial Measures" for definitions, discussions of their uses and inherent limitations, and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP, available in the Investor Relations section of our website at https://ir.janusreit.com/financials/quarterly-results. See also the "Funds From Operations" section of this release for additional information.

FORWARD-LOOKING STATEMENTS

Statements contained in this release that are not historical facts are "forward-looking statements" within the

meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements regarding our and our officers' intent, belief or expectation as identified by the use of words such as "may," "will," "project," "expect," "believe," "intend," "anticipate," "seek," "target," "forecast," "plan," "potential," "estimate," "could," "would," "should" and other comparable and derivative terms or the negatives thereof. Examples of forward-looking statements include, among other things: (i) statements regarding timing, outcomes and other details relating to current, pending or contemplated acquisitions, dispositions, developments, redevelopments, joint venture transactions, rental activity and commitments, financing activities, or other transactions discussed in this release; (ii) the payment of dividends; and (iii) the information presented under the heading " 2026 Guidance." Pending acquisitions, dispositions, joint venture transactions, rental activity, and financing activity, including those subject to binding agreements, remain subject to closing conditions and may not be completed within the anticipated timeframes or at all.

Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could significantly affect our future financial condition and results of operations. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Further, we cannot guarantee the accuracy of any such forward-looking statement contained in this release, and such forward-looking statements are subject to known and unknown risks and uncertainties that are difficult to predict. As more fully set forth under “Risk Factors” in our prospectus filed on June 3, 2026 with the Securities and Exchange Commission (“SEC”), as part of our Registration Statement on Form S-11 (File No. 333-296384), these risks and uncertainties include, but are not limited to: macroeconomic trends that may increase labor, construction, and other operating or administrative costs or impact prospective residents’ willingness or ability to move into our communities; entrance fee refund obligations and related actuarial assumptions; our dependence on the performance of our operators; our dependence on a limited number of operators; factors adversely affecting our operators’ ability to meet their financial and other contractual obligations to us; our ability to identify and secure new or replacement operators; the transition of management of certain of the properties in our senior housing portfolio to new operators; delays by seniors in moving to senior housing communities; our concentration of real estate investments in the senior housing sector, which makes us more vulnerable to an economic downturn or slowdown in that specific sector than if we invested across multiple sectors; the illiquidity of our real estate investments; operational risks associated with our communities, all of which are owned and operated under REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as “RIDEA”) structures; the failure of our operators to comply with federal, state, and local laws and regulations, including resident health and safety requirements, as well as licensure, certification, and inspection requirements; changes to regulatory, funding, staffing, trade, and other policies and actions; the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid; required regulatory approvals to transfer our senior housing properties; compliance with the American with Disabilities Act and fire, safety, and other regulations; economic conditions, natural disasters, weather, and other events or conditions that negatively affect the geographic areas where we have concentrated investments; uninsured or underinsured losses, which could result in a significant loss of our capital invested in a property, lower than expected future revenues, and unanticipated expenses; our property development and redevelopment, which can render a project less profitable or unprofitable and delay or prevent its undertaking or completion; competition for suitable properties to grow our initial portfolio; any requirement that we recognize reserves, allowances, credit losses, or impairment charges; investment of substantial resources and time in investments or transactions that are not consummated; our ability to successfully integrate or operate acquisitions; the potential impact of unfavorable resolution of litigation or disputes and resulting rising liability and insurance costs; environmental compliance costs and liabilities associated with our real estate investments; epidemics, pandemics, or other infectious disease outbreaks, and health and safety measures intended to reduce their spread; potential government and financial audits, enforcement actions and recovery activity as a result of our predecessor’s receipt of Coronavirus Aid, Relief, and Economic Security Act Provider Relief Fund funds; net losses in future periods; our and our external manager’s reliance on information technology and any material failure, inadequacy, interruption, or security failure of that technology; the use of, or inability to use, artificial intelligence or other disruptive new technologies by us, our external manager, our operators, our vendors, and our investors; our ability to implement and maintain an effective

Page 3

system of internal control over financial reporting; our ability to implement and maintain effective disclosure controls and procedures; volatility, disruption, or uncertainty in the financial markets; increased interest rates and borrowing costs, which could impact our business and ability to refinance existing debt, sell properties, and conduct investment activities; the availability of external capital on favorable terms or at all; an increase in our level of indebtedness; covenants in our debt instruments, which may limit our operational flexibility, and breaches of these covenants; our ability to maintain our qualification as a REIT; Healthpeak’s failure to qualify as a real estate investment trust (“REIT”) during certain periods prior to our initial public offering; our taxable REIT subsidiaries being subject to corporate level tax; tax imposed on any net income from “prohibited transactions”; changes to U.S. federal income tax laws; increased taxable gains due to acquisitions of property in tax-deferred transactions; potential deferred and contingent tax liabilities from corporate acquisitions, including certain of our acquisitions from Healthpeak; calculating non-REIT tax earnings and profits; provisions in Maryland law and our charter and bylaws that may delay, defer or prevent an acquisition of our Class A-1 common stock or a change in control; conflicts of interest between the interests of our stockholders and the interests of holders of common units; provisions in the operating agreement of our operating company or other agreements that may delay or prevent unsolicited acquisitions of us and certain other transactions; our dependence on our external manager and its personnel and our ability to find a suitable replacement for our external manager if the management agreement is terminated or if personnel of our external manager leave the employment of our external manager; conflicts of interest with our external manager and its affiliates, including Healthpeak Properties, Inc.; cash available for distribution to stockholders and our ability to make dividend distributions at expected levels; and other risks and uncertainties described from time to time in our SEC filings.

Moreover, other risks and uncertainties of which we are not currently aware may also affect our forward-looking statements, and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by us on our website or otherwise. We do not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.

CONTACT

Jonathan Hughes, CFA

Senior Vice President – Finance and Investor Relations

720-428-5050

Page 4

Janus Living, Inc.

Combined and Consolidated Balance Sheets

In thousands, except share and per share data


	June 30, 2026		December 31, 2025
ASSETS
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	—		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	$	—	$	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

Parent’s net investment	—		1,282,310

Class A-1 common stock, $0.01 par value: 1,500,000,000 and no shares authorized; 215,972,996 and no shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	2,160		—
Class A-2 common stock, $0.01 par value: 100,000,000 and no shares authorized; 75,917,780 and no shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	759		—
Additional paid-in capital	2,767,474		—
Cumulative dividends in excess of earnings	(31,774)		—
Total stockholders’ equity	2,738,619		1,282,310
Common units of Janus OP, LLC, held by Healthpeak Properties, Inc.	963,255		—
Other noncontrolling interests	2,945		—
Total noncontrolling interests	966,200		—
Total equity	3,704,819		1,282,310

Total liabilities and equity	$	4,710,210	$	2,342,215

Page 5

Janus Living, Inc.

Combined and Consolidated Statements of Operations

In thousands, except per share data


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Revenues:
Resident fees and services	$	216,456	$	148,855	$	416,801	$	297,782
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
General and administrative	1,334		2,382		4,292		5,514
General and administrative - related party management fee	2,472		—		2,800		—
Interest expense	350		949		701		1,897
Transaction costs	4,278		—		22,788		—
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		—		3,884		—
Gain (loss) upon change of control, net	—		—		46,270		—
Gain (loss) on debt extinguishments	—		—		(403)		—
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	—		1,009		111		2,460
Net income (loss)	14,858		(2,570)		42,732		(4,680)
Noncontrolling interests’ share in earnings	(4,135)		—		(677)		—
Net income (loss) attributable to Janus Living, Inc.	10,723		(2,570)		42,055		(4,680)
Participating securities’ share in earnings	(4)		—		(4)		—

Net (income) loss - pre-IPO	—		—		(39,888)		—
Net income (loss) applicable to common shares	$	10,719	$	—	$	2,163	$	—

Earnings per common share:
Basic	$	0.05	$	—	$	0.01	$	—
Diluted	$	0.05	$	—	$	0.01	$	—
Weighted average shares outstanding:
Basic	195,011		—		194,310		—
Diluted	271,033		—		270,228		—

Page 6

Janus Living, Inc.

Funds From Operations

In thousands, except per share data


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Net income (loss)	$	14,858	$	(2,570)	$	42,732	$	(4,680)
Real estate related depreciation and amortization	56,473		31,191		107,871		63,990
Janus Living’s share of real estate related depreciation and amortization from unconsolidated joint venture	—		4,778		602		9,504


Loss (gain) on sales of depreciable real estate, net	(3,884)		—		(3,884)		—


Loss (gain) upon change of control, net(1)	—		—		(46,270)		—
Taxes associated with real estate dispositions	(1,863)		—		(1,863)		—



Nareit FFO	65,584		33,399		99,188		68,814
Participating securities share in Nareit FFO	(7)		—		(17)		—
Diluted Nareit FFO	$	65,577	$	33,399	$	99,171	$	68,814
Diluted Nareit FFO per common share	$	0.24	$	0.16	$	0.40	$	0.32
Weighted average shares outstanding - Diluted Nareit FFO(2)	271,070		214,734		245,464		214,734
Impact of adjustments to Nareit FFO:
Transaction and restructuring-related costs(3)	$	3,828	$	—	$	21,702	$	—


Loss (gain) on debt extinguishments	—		—		302		—

Casualty-related charges (recoveries), net(4)	(5,452)		2,814		(5,451)		4,208

Recognition (reversal) of valuation allowance on deferred tax assets(5)	—		—		(1,890)		—

Total adjustments	(1,624)		2,814		14,663		4,208
FFO as Adjusted	63,960		36,213		113,851		73,022
Participating securities share in FFO as Adjusted	—		—		(3)		—
Diluted FFO as Adjusted	$	63,960	$	36,213	$	113,848	$	73,022
Diluted FFO as Adjusted per common share	$	0.24	$	0.17	$	0.46	$	0.34
Weighted average shares outstanding - Diluted FFO as Adjusted(2)	271,070		214,734		245,464		214,734

Other operating data:
Non-refundable entrance fee sales in excess of (less than) the related GAAP amortization	$	12,866	$	19,042	$	20,621	$	23,738
Deferred income taxes	143		2,656		3,265		5,315
Stock-based compensation amortization expense	340		—		373		—


AFFO capital expenditures	(5,275)		(3,279)		(8,673)		(3,565)

Amortization of deferred financing costs and debt discounts (premiums)	126		(183)		73		(364)
Other items(6)	(1)		(1,744)		(7)		(2,715)

_______________________________________

(1)The six months ended June 30, 2026 includes a gain upon change of control related to the acquisition of the joint venture partner’s 46.5% interest in the JV which held 19 senior housing properties.

(2)For the three and six months ended June 30, 2026, represents the weighted-average shares outstanding from the close date of our initial public offering through June 30, 2026. For the three and six months ended June 30, 2025, represents the number of shares outstanding as of the closing date of our initial public offering.

(3)The three and six months ended June 30, 2026 includes transaction costs comprised of legal, advisory, and other professional fees, transfer taxes, formation and organization costs, and expense related to one-time fully vested equity awards associated with our initial public offering.

(4)Casualty-related charges (recoveries), net are recognized in other income (expense), net and equity income (loss) from unconsolidated joint venture in the Combined and Consolidated Statements of Operations.

(5)The six months ended June 30, 2026 includes the income tax impact related to the change in tax status of certain entities in connection with our initial public offering.

(6)The three and six months ended June 30, 2025 includes our proportionate share of AFFO capital expenditures from the JV.

Page 7

Exhibit 99.3

Discussion and

Reconciliation of Janus Living's Non-GAAP

Financial Measures

June 30, 2026

(Unaudited)


Definitions

Adjusted Fixed Charge Coverage Fixed Charge Coverage Adjusted EBITDAre divided by Fixed Charges. Adjusted Fixed Charge Coverage is a supplemental measure of liquidity and our ability to meet interest payments on our outstanding debt and pay dividends to our preferred stockholders, if applicable. Our various debt agreements contain covenants that require us to maintain ratios similar to Adjusted Fixed Charge Coverage and credit rating agencies utilize similar ratios in evaluating and determining the credit rating on certain of our debt instruments. Adjusted Fixed Charge Coverage is subject to the same limitations and qualifications as Fixed Charge Coverage Adjusted EBITDAre and Fixed Charges.

EBITDAre, Adjusted EBITDAre, and Fixed Charge Coverage Adjusted EBITDAre EBITDAre, or EBITDA for Real Estate, is a supplemental performance measure defined by the National Association of Real Estate Investment Trusts (“Nareit”) and intended for real estate companies. It represents earnings before interest expense, income taxes, depreciation and amortization, gains or losses from sales of depreciable property (including gains or losses on change in control), and impairment charges (recoveries) related to depreciable property. Adjusted EBITDAre is defined as EBITDAre excluding other impairments (recoveries) and other losses (gains), transaction and restructuring-related costs, prepayment costs (benefits) associated with early retirement or payment of debt, litigation costs (recoveries), casualty-related charges (recoveries), stock-based compensation amortization expense, and non-refundable entrance fees collected in excess of (less than) the related amortization, adjusted to reflect the impact of transactions that occurred during the period as if the transactions occurred at the beginning of the period. Fixed Charge Coverage Adjusted EBITDAre is defined as Adjusted EBITDAre excluding the adjustment to reflect the impact of transactions that occurred during the period as if the transactions occurred at the beginning of the period. EBITDAre, Adjusted EBITDAre, and Fixed Charge Coverage Adjusted EBITDAre include our pro rata share of our unconsolidated JV presented on the same basis.

Enterprise Gross Assets The carrying amount of total assets, excluding investments in our unconsolidated JV, after adding back accumulated depreciation and amortization, as reported in our combined and consolidated financial statements, plus our pro rata share of total gross assets from our unconsolidated JV, after adding back accumulated depreciation and amortization.

Entrance Fees Certain of our Senior Housing communities have residency agreements which require the resident to pay an upfront entrance fee prior to taking occupancy at the community. For net income, NOI, Adjusted NOI, Nareit FFO, and FFO as Adjusted (as defined below), the non-refundable portion of the entrance fee is recorded as deferred entrance fee revenue and amortized over the estimated stay of the resident based on an actuarial valuation. The refundable portion of a resident’s entrance fee is generally refundable within a certain number of months or days following contract termination or upon the sale of the unit. All refundable amounts due to residents at any time in the future are classified as liabilities.

Financial Leverage Consolidated debt divided by Enterprise Gross Assets. Financial Leverage is a supplemental measure of our financial position, which enables both management and investors to analyze our leverage and to compare our leverage to that of other companies.

Fixed Charges Total interest expense plus capitalized interest plus preferred stock dividends (if applicable). Fixed Charges also includes our pro rata share of the interest expense plus capitalized interest plus preferred stock dividends (if applicable) of our unconsolidated JV. Fixed Charges is a supplemental measure of our interest payments on outstanding debt and dividends to preferred stockholders for purposes of presenting Fixed Charge Coverage and Adjusted Fixed Charge Coverage. Fixed Charges is subject to limitations and qualifications, as, among other things, it does not include all contractual obligations.

Funds From Operations (“Nareit FFO”) FFO, as defined by the National Association of Real Estate Investment Trusts (“Nareit”), is net income (loss) (computed in accordance with U.S. generally accepted accounting principles (“GAAP”)), excluding gains or losses from sales of depreciable property, including any current and deferred taxes directly associated with sales of depreciable property, impairments of, or related to, depreciable real estate or land held for development, plus real estate-related depreciation and amortization, and adjustments to compute our share of Nareit FFO from the JV prior to the JV Buyout. Adjustments for the JV are calculated to reflect our pro rata share. We reflect our share of Nareit FFO for the JV by applying our actual ownership percentage for the period to the applicable reconciling items. Our pro rata share information is prepared on a basis consistent with the comparable consolidated amounts, is intended to reflect our proportionate economic interest in the operating results of properties in our portfolio and is calculated by applying our actual ownership percentage for the period. Prior to the JV Buyout, we did not control the JV, and the pro rata presentations of reconciling items included in Nareit FFO do not represent our legal claim to such items during periods prior to the JV Buyout. We and our JV partner were entitled to profit or loss allocations and distributions of cash flows according to the joint venture agreement, which provided for such allocations generally according to its invested capital.

The presentation of pro rata information has limitations, which include, but are not limited to, the following: (i) the amounts shown were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities or the revenues and expenses; and (ii) other companies in our industry may calculate their pro rata interest differently, limiting the usefulness as a comparative measure. Because of these limitations, the pro rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro rata financial information as a supplement.

We believe Nareit FFO is an important supplemental non-GAAP measure of operating performance for a REIT. Because the historical cost accounting convention used for real estate assets utilizes straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. Because real estate values instead have historically risen and fallen with market conditions, presentations of operating results for a REIT that use historical cost accounting for depreciation could be less informative. The term Nareit FFO was designed by the REIT industry to address this issue.

Nareit FFO does not represent cash generated from operating activities in accordance with GAAP, is not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to net income (loss). We compute Nareit FFO in accordance with the current Nareit definition; however, other REITs may report Nareit FFO differently or have a different interpretation of the current Nareit definition from ours.

FFO As Adjusted In addition, we present Nareit FFO on an adjusted basis before the impact of non-comparable items, including, but not limited to, transaction and restructuring-related costs, prepayment costs (benefits) associated with early retirement or payment of debt, litigation costs (recoveries), casualty-related charges (recoveries), deferred tax asset valuation allowances and changes in tax legislation, and other impairments (recoveries) and other losses (gains), as applicable (“FFO as Adjusted”). These adjustments are net of tax, when applicable, and are


			2


Definitions

reflective of our share of the JV prior to the JV Buyout. Adjustments for the JV are calculated to reflect our pro rata share. We reflect our share of FFO as Adjusted for the JV by applying our actual ownership percentage for the period to the applicable reconciling items. Our pro rata share information is prepared on a basis consistent with the comparable consolidated amounts, is intended to reflect our proportionate economic interest in the operating results of properties in our portfolio and is calculated by applying our actual ownership percentage for the period. Prior to the JV Buyout, we did not control the JV, and the pro rata presentations of reconciling items included in FFO as Adjusted do not represent our legal claim to such items during periods prior to the JV Buyout. We and our JV partner were entitled to profit or loss allocations and distributions of cash flows according to the joint venture agreement, which provided for such allocations generally according to its invested capital.

Transaction and restructuring-related costs include expenses incurred as a result of acquisitions, operator transitions, severance, and other investment pursuit costs. Prepayment costs (benefits) associated with early retirement of debt include the write-off of unamortized deferred financing fees, or additional costs, expenses, discounts, make-whole payments, penalties or premiums incurred as a result of early retirement or payment of debt. Management believes that FFO as Adjusted provides a meaningful supplemental measurement of our FFO run-rate and is frequently used by stockholders, potential investors, and financial analysts in the evaluation of our performance as a REIT. At the same time that Nareit created and defined its FFO measure for the REIT industry, it also recognized that “management of each of its member companies has the responsibility and authority to publish financial information that it regards as useful to the financial community.” We believe stockholders, potential investors, and financial analysts who review our operating performance are best served by an FFO run-rate earnings measure that includes certain adjustments to net income (loss), in addition to adjustments made to arrive at the Nareit defined measure of FFO. FFO as Adjusted is used by management in analyzing our business and the performance of our properties and we believe it is important that stockholders, potential investors, and financial analysts understand this measure used by management. We use FFO as Adjusted to: (i) evaluate our performance in comparison with expected results and results of previous periods, relative to resource allocation decisions; (ii) evaluate the performance of our Manager; (iii) budget and forecast future results to assist in the allocation of resources; (iv) assess our performance as compared with similar real estate companies and the industry in general; and (v) evaluate how a specific potential investment will impact our future results. Other REITs or real estate companies may use different methodologies for calculating an adjusted FFO measure, and accordingly, our FFO as Adjusted may not be comparable to those reported by other REITs.

Guidance Ranges Guidance Ranges represent management's forward-looking expectations for certain non-GAAP financial measures. A reconciliation of the forward-looking non-GAAP financial measure of Same-Store Cash (Adjusted) NOI growth to the most directly comparable GAAP financial measure cannot be provided without unreasonable effort, as certain items included in the comparable GAAP measure cannot be reasonably predicted with respect to their occurrence or financial impact. These items may include, among others, gains or losses on dispositions of real estate, impairment charges, casualty gains or losses, and other non-recurring or infrequent items that are not indicative of ongoing operations. The variability, timing, and potential significance of these items are dependent on future events and market conditions that are outside of management's control. As a result, providing a reconciliation could imply a degree of precision that may be misleading to investors.

Net Operating Income ("NOI") and Adjusted NOI NOI and Adjusted NOI are non-GAAP supplemental financial measures used to evaluate the performance of our business. NOI represents resident fees and services less property level operating expenses. Adjusted NOI is calculated as NOI after eliminating the effects of operator transition costs and actuarial reserves for insurance claims that have been incurred but not reported. NOI and Adjusted NOI exclude all other financial statement amounts included in net income (loss). NOI and Adjusted NOI are calculated as NOI and Adjusted NOI, respectively, from our properties, using our share of NOI and Adjusted NOI, respectively, from the JV (calculated by applying our actual ownership percentage for the period) and excluding noncontrolling interests’ share from consolidated joint ventures (calculated by applying our actual ownership percentage for the period) of NOI and Adjusted NOI, respectively. Prior to the JV Buyout, we utilized our share of NOI and Adjusted NOI in assessing our performance as the JV contributed to our performance. Our share of NOI and Adjusted NOI should not be considered a substitute for, and should only be considered together with and as a supplement to, our financial information presented in accordance with GAAP. Our pro rata share information is prepared on a basis consistent with the comparable consolidated amounts, is intended to reflect our proportionate economic interest in the operating results of properties in our portfolio and is calculated by applying our actual ownership percentage for the period. Prior to the JV Buyout, we did not control the JV, and the pro rata presentations of reconciling items included in NOI and Adjusted NOI do not represent our legal claim to such items during periods prior to the JV Buyout. We and our JV partner were entitled to profit or loss allocations and distributions of cash flows according to the joint venture agreement, which provided for such allocations generally according to its invested capital.

Adjusted NOI is often referred to as “Cash NOI.” Management believes NOI and Adjusted NOI are important supplemental measures because they reflect only income and operating expense items that are incurred at the property level and present them on an unlevered basis. We use Adjusted NOI to make decisions about resource allocations, to assess and compare property level performance and to evaluate our Same-Store performance, as described below. We believe that net income (loss) is the most directly comparable GAAP measure to NOI and Adjusted NOI. NOI and Adjusted NOI should not be viewed as alternative measures of operating performance to net income (loss) as defined by GAAP because they do not reflect various excluded items. Further, our definitions of NOI and Adjusted NOI may not be comparable to the definitions used by other REITs or real estate companies, as they may use different methodologies for calculating NOI and Adjusted NOI.

Net Debt Consolidated debt less the carrying amount of cash and cash equivalents, restricted cash, as reported in our combined and consolidated financial statements and our pro rata share of cash and cash equivalents and restricted cash from our unconsolidated JV.


			3


Definitions

Net Debt to Adjusted EBITDAre Net Debt divided by Adjusted EBITDAre is a supplemental measure of our ability to decrease our debt. Because we may not be able to use our cash to reduce our debt on a dollar-for-dollar basis, this measure may have material limitations.

RevPOR The 3-month average resident fees and services per occupied unit for the most recent period available. REVPOR excludes newly developed assets, assets sold, acquired or converted to a new operating structure during the relevant period, assets in redevelopment, assets that are held for sale, and assets that experienced a casualty event that significantly impacted operations. All facility occupancy data was derived solely from information provided by operators without independent verification by us.

RIDEA A structure whereby a taxable REIT subsidiary is permitted to rent a healthcare facility from its parent REIT and hire an independent contractor to operate the facility.

Same-Store NOI and Same-Store Adjusted NOI Properties are included in Same-Store once they are fully operating for the entirety of the comparative periods presented. A property is removed from Same-Store when it is classified as held for sale, sold, placed into redevelopment, or experiences a casualty event or has a planned operator transition that significantly impacts operations. This information allows our stockholders, potential investors, and financial analysts to evaluate the performance of our property portfolio under a consistent population by eliminating changes in the composition of our portfolio of properties. We include properties from our portfolio, including properties owned by the JV, in NOI and Adjusted NOI (see the NOI and Adjusted NOI definitions above for further discussion regarding our use of pro rata share information and its limitations). Same-Store NOI and Same-Store Adjusted NOI exclude certain non-property specific operating expenses that are allocated to our operating segment.

Same-Store NOI and Same-Store Adjusted NOI are not measurements of financial performance under GAAP. In addition, other REITs or real estate companies may not define Same-Store or calculate Same-Store NOI and Same-Store Adjusted NOI in a manner consistent with our definition or calculation. Same-Store NOI and Same-Store Adjusted NOI should be considered as supplements, but not as alternatives, to our results calculated in accordance with GAAP.

Secured Debt Ratio Mortgage debt secured by real estate, as reported in our combined and consolidated financial statements divided by Enterprise Gross Assets. Secured Debt Ratio is a supplemental measure of our financial position, which enables both management and investors to analyze our leverage and to compare our leverage to that of other companies.

Share of Consolidated Joint Ventures ("JVs") Noncontrolling interests' pro rata share information is prepared by applying noncontrolling interests' actual ownership percentage for the period and is intended to reflect noncontrolling interests' proportionate economic interest in the financial position and operating results of properties in our portfolio.

Share of Unconsolidated Joint Ventures Our pro rata share information is prepared by applying our actual ownership percentage for the period prior to our buyout of the JV and is intended to reflect our proportionate economic interest in the financial position and operating results of properties in our portfolio.


			4


Reconciliations

Funds From Operations

In thousands, except per share data


	Three Months Ended
	June 30, 2025		September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026
Net income (loss)	$	(2,570)	$	1,412	$	9,617	$	27,874	$	14,858
Real estate related depreciation and amortization	31,191		30,885		31,481		51,398		56,473
Janus Living’s share of real estate related depreciation and amortization from unconsolidated joint venture	4,778		4,772		4,821		602		—


Loss (gain) on sales of depreciable real estate, net	—		—		—		—		(3,884)


Loss (gain) upon change of control, net(1)	—		—		—		(46,270)		—
Taxes associated with real estate dispositions	—		—		—		—		(1,863)



Nareit FFO	33,399		37,069		45,919		33,604		65,584
Participating securities share in Nareit FFO	—		—		—		(2)		(7)
Diluted Nareit FFO	$	33,399	$	37,069	$	45,919	$	33,602	$	65,577

Weighted average shares outstanding - Diluted Nareit FFO	214,734		214,734		214,734		219,575		271,070

Impact of adjustments to Nareit FFO:
Transaction costs(2)	$	—	$	—	$	1,607	$	17,874	$	3,828

Loss (gain) on debt extinguishments	—		—		—		302		—

Casualty-related charges (recoveries), net(3)	2,814		(261)		(6,561)		—		(5,452)

Recognition (reversal) of valuation allowance on deferred tax assets(4)	—		—		—		(1,890)		—

Total adjustments	$	2,814	$	(261)	$	(4,954)	$	16,286	$	(1,624)

FFO as Adjusted	$	36,213	$	36,808	$	40,965	$	49,890	$	63,960
Participating securities share in FFO as Adjusted	—		—		—		(5)		—
Diluted FFO as Adjusted	$	36,213	$	36,808	$	40,965	$	49,885	$	63,960

Weighted average shares outstanding - Diluted FFO as Adjusted	214,734		214,734		214,734		219,575		271,070

Funds From Operations


	Three Months Ended
	June 30, 2025		September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026
Diluted earnings per common share	$	(0.02)	$	0.01	$	0.04	$	0.13	$	0.05
Depreciation and amortization	0.18		0.16		0.17		0.23		0.21
Loss (gain) on sales of depreciable real estate, net	—		—		—		—		(0.01)
Loss (gain) upon change of control, net	—		—		—		(0.21)		—
Taxes associated with real estate dispositions	—		—		—		—		(0.01)

Diluted Nareit FFO per common share	$	0.16	$	0.17	$	0.21	$	0.15	$	0.24
Transaction costs	—		—		0.01		0.09		0.02

Loss (gain) on debt extinguishments	—		—		—		—		0.00

Casualty-related charges (recoveries), net	0.01		—		(0.03)		—		(0.02)

Recognition (reversal) of valuation allowance on deferred tax assets	—		—		—		(0.01)		—

Diluted FFO as Adjusted per common share	$	0.17	$	0.17	$	0.19	$	0.23	$	0.24

______________________________________

(1)In January 2026, the Company acquired its JV partner’s 46.5% interest in SH 2019 Ventures, LLC for $312 million (the “JV Buyout”) and recognized a gain upon change of control of $46 million.

(2)The three months ended December 31, 2025, March 31, 2026, and June 30, 2026 includes transaction costs comprised of legal, advisory, and other professional fees, transfer taxes, formation and organization costs, and expenses related to one-time fully vested equity awards associated with our initial public offering.

(3)Casualty-related charges (recoveries), net are recognized in other income (expense), net, equity income (loss) from unconsolidated joint ventures, and noncontrolling interests’ share in (earnings) losses in the Combined and Consolidated Statements of Operations.

(4)The three months ended March 31, 2026 includes the income tax impact related to the change in tax status of certain entities in connection with our initial public offering.


			5


Reconciliations

Funds From Operations

In thousands, except per share data


	Six Months Ended June 30,
		2026		2025
Net income (loss)		$	42,732	$	(4,680)
Real estate related depreciation and amortization		107,871		63,990
Janus Living’s share of real estate related depreciation and amortization from unconsolidated joint venture		602		9,504


Loss (gain) on sales of depreciable real estate, net		(3,884)		—


Loss (gain) upon change of control, net(1)		(46,270)		—
Taxes associated with real estate dispositions		(1,863)		—

Nareit FFO		99,188		68,814
Participating securities share in Nareit FFO		(17)		—
Diluted Nareit FFO		$	99,171	$	68,814

Weighted average shares outstanding - Diluted Nareit FFO		245,464		214,734
Impact of adjustments to Nareit FFO:
Transaction and restructuring-related costs(2)		$	21,702	$	—

Loss (gain) on debt extinguishments		302		—

Casualty-related charges (recoveries), net(3)		(5,451)		4,208

Recognition (reversal) of valuation allowance on deferred tax assets(4)		(1,890)		—

Total adjustments		14,663		4,208
FFO as Adjusted		113,851		73,022
Participating securities share in FFO as Adjusted		(3)		—
Diluted FFO as Adjusted		$	113,848	$	73,022

Weighted average shares outstanding - Diluted FFO as Adjusted		245,464		214,734

Funds From Operations


	Six Months Ended June 30,
		2026		2025
Diluted earnings per common share		$	0.17	$	(0.03)
Depreciation and amortization		0.44		0.35
Loss (gain) on sales of depreciable real estate, net		(0.01)		—
Loss (gain) upon change of control, net		(0.19)		—
Taxes associated with real estate dispositions		(0.01)		—

Diluted Nareit FFO per common share		$	0.40	$	0.32
Transaction and restructuring-related costs		0.08		—

Loss (gain) on debt extinguishments		0.00		—

Casualty-related charges (recoveries), net		(0.02)		0.02



Diluted FFO as Adjusted per common share		$	0.46	$	0.34

______________________________________

(2)The six months ended June 30, 2026 includes transaction costs comprised of legal, advisory, and other professional fees, transfer taxes, formation and organization costs, and expense related to one-time fully vested equity awards associated with our initial public offering.

(3)Casualty-related charges (recoveries), net are recognized in other income (expense), net and equity income (loss) from unconsolidated joint venture in the Combined and Consolidated Statements of Operations.

(4)The six months ended June 30, 2026 includes the income tax impact related to the change in tax status of certain entities in connection with our initial public offering.


			6


Reconciliations

2026 Guidance(1)

Per share data


	2026 Guidance Ranges
	Low		High
Diluted earnings per common share	$	0.34	$	0.37
Real estate related depreciation and amortization	0.74		0.74



Loss (gain) on sales of depreciable real estate, net	(0.01)		(0.01)

Loss (gain) upon change of control, net	(0.17)		(0.17)
Taxes associated with real estate dispositions	(0.01)		(0.01)
Diluted Nareit FFO per common share	$	0.89	$	0.92

Transaction and restructuring-related costs	$	0.09	$	0.09
Valuation allowance on deferred tax assets	(0.01)		(0.01)
Loss (gain) on extinguishment of debt	0.00		0.00
Casualty-related charges (recoveries), net	(0.02)		(0.02)
Diluted FFO as Adjusted per common share	$	0.95	$	0.98

______________________________________

(1)The foregoing projections reflect management's view of current and future market conditions as of August 4, 2026 including assumptions with respect to rental rates, occupancy levels, development items, and the earnings impact of the events referenced in our earnings press release that was issued on August 4, 2026. However, these projections do not reflect the impact of unannounced future transactions, except as described herein. Our actual results may differ materially from the projections set forth above. Except as otherwise required by law, management assumes no, and hereby disclaims any, obligation to update any of the foregoing projections as a result of new information or new or future developments.


			7


Reconciliations


NOI, Adjusted NOI, and SS Adjusted NOI

In thousands


	Three Months Ended
	June 30, 2025		September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026
Net income (loss)	$	(2,570)	$	1,412	$	9,617	$	27,874	$	14,858


Depreciation and amortization	31,191		30,885		31,481		51,398		56,473
General and administrative	2,382		2,267		2,768		2,958		1,334
General and administrative - related party management fee	—		—		—		328		2,472
Interest expense	949		950		950		351		350
Transaction costs	—		—		1,607		18,510		4,278

(Gain) loss on sales of real estate, net	—		—		—		—		(3,884)
(Gain) loss on debt extinguishments	—		—		—		403		—
Gain (loss) upon change of control, net	—		—		—		(46,270)		—
Other (income) expense, net	4,029		98		(7,370)		(816)		(16,465)

Income tax (benefit) expense	2,096		1,576		5,076		1,122		(1,746)
Equity (income) loss from unconsolidated joint ventures	(1,009)		(992)		(616)		(111)		—
Janus Living's share of unconsolidated joint venture NOI	6,020		5,639		5,274		748		—


NOI	$	43,088	$	41,835	$	48,787	$	56,495	$	57,670
Adjustments to NOI(1)	(881)		(22)		(1,564)		—		—
Adjusted NOI	$	42,207	$	41,813	$	47,223	$	56,495	$	57,670
Non-SS Adjusted NOI	(5,589)		(5,225)		(4,991)		(12,482)		(14,010)
SS Adjusted NOI	$	36,618	$	36,588	$	42,232	$	44,013	$	43,660

_____________________________________

(1)Adjustments to NOI eliminates the effects of actuarial reserves for insurance claims that have been incurred but not reported.


Janus Living's Share of Unconsolidated Joint Venture NOI

In thousands


	Three Months Ended
	June 30, 2025		September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026

Equity income (loss) from unconsolidated joint ventures	$	1,009	$	992	$	616	$	111	$	—
Depreciation and amortization	4,778		4,772		4,821		602		—
General and administrative	6		46		18		17		—

Other (income) expense, net	(15)		(317)		(43)		(3)		—
Income tax (benefit) expense	242		146		(138)		21		—

Janus Living's share of unconsolidated joint venture NOI	$	6,020	$	5,639	$	5,274	$	748	$	—


			8


Reconciliations


Property Count Reconciliations


	June 30, 2025	September 30, 2025	December 31, 2025	March 31, 2026	June 30, 2026
Prior Quarter Total Portfolio Property Count	34	34	34	34	40
Acquisitions	—	—	—	6	2
Assets sold	—	—	—	—	(1)





Current Quarter Total Property Count	34	34	34	40	41
Recent acquisitions	—	—	—	(6)	(8)


Operator transition	(19)	(19)	(19)	(19)	(18)







Three-Month SS Property Count	15	15	15	15	15










Six-Month SS Property Count	15	NA	NA	NA	15


			9


Reconciliations


Net Income to Adjusted EBITDAre and Annualized Adjusted EBITDAre

In thousands


	Three Months Ended
	June 30, 2025		September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026
Net income (loss)	$	(2,570)	$	1,412	$	9,617	$	27,874	$	14,858
Interest expense	949		950		950		351		350
Income tax expense (benefit)	2,096		1,576		5,076		1,122		(1,746)
Depreciation and amortization	31,191		30,885		31,481		51,398		56,473
Loss (gain) on sales of real estate, net	—		—		—		—		(3,884)
Loss (gain) upon change of control	—		—		—		(46,270)		—

Share of unconsolidated JV:

Income tax expense (benefit)	242		146		(138)		21		—
Depreciation and amortization	4,778		4,772		4,821		602		—
EBITDAre	$	36,686	$	39,741	$	51,807	$	35,098	$	66,051
Transaction-related items	—		—		1,607		18,510		4,278

Loss (gain) on debt extinguishments	—		—		—		403		—

Casualty-related charges (recoveries)	3,800		(254)		(7,796)		—		(5,707)
Non-refundable entrance fee sales in excess of the related GAAP amortization	19,042		12,711		17,356		7,756		12,866
Stock-based compensation amortization expense	—		—		—		34		340
Impact of transactions closed during the period (1)	—		—		—		3,355		1,664
Adjusted EBITDAre	$	59,528	$	52,198	$	62,974	$	65,156	$	79,492
Impact of transactions during the period (1)	—		—		—		(3,355)		(1,664)
Fixed Charge Coverage Adjusted EBITDAre (2)	$	59,528	$	52,198	$	62,974	$	61,801	$	77,828

Annualized Adjusted EBITDAre (3)	$	238,112	$	208,792	$	251,896	$	260,624	$	317,968


Adjusted Fixed Charge Coverage

In thousands


	Three Months Ended
	June 30, 2025		September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026
Interest expense	$	949	$	950	$	950	$	351	$	350

Fixed Charges	$	949	$	950	$	950	$	351	$	350

Adjusted Fixed Charge Coverage (2)	62.7 x		54.9 x		66.3 x		176.1 x		222.4 x

______________________________________

(1)Adjustment reflects the impact of transactions that occurred during the period as if the transactions occurred at the beginning of the period.

(2)Fixed Charge Coverage Adjusted EBITDAre is utilized in the calculation of Adjusted Fixed Charge Coverage and excludes the impact of transactions that occurred during the period for consistency with the calculation of Fixed Charges.

(3)Represents the quarter Adjusted EBITDAre multiplied by a factor of four.


			10


Reconciliations


Consolidated Debt and Net Debt

In thousands


	June 30, 2025		September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026


Mortgage debt	$	104,480	$	103,594	$	102,688	$	—	$	—
Consolidated debt	$	104,480	$	103,594	$	102,688	$	—	$	—
Cash and cash equivalents	(22,571)		(19,449)		(19,652)		(948,822)		(1,557,655)
Share of unconsolidated JV cash and cash equivalents	(9,225)		(9,829)		(12,328)		—		—
Restricted cash	(66,414)		(63,430)		(64,609)		(88,971)		(88,887)

Net debt	$	6,270	$	10,886	$	6,099	$	(1,037,793)	$	(1,646,542)

Enterprise Gross Assets

In thousands


	June 30, 2025		September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026
Consolidated total assets(1)	$	2,330,374	$	2,326,985	$	2,342,215	$	4,023,745	$	4,710,210
Investments in and advances to unconsolidated joint ventures	(316,451)		(312,093)		(312,709)		—		—
Accumulated depreciation and amortization of real estate	467,937		487,022		505,297		532,738		536,625
Accumulated amortization of real estate intangibles	287,526		244,198		254,686		234,851		156,252
Consolidated Gross Assets	$	2,769,386	$	2,746,112	$	2,789,489	$	4,791,334	$	5,403,087
Share of unconsolidated JV total gross assets	503,721		506,303		512,854		—		—
Enterprise Gross Assets	$	3,273,107	$	3,252,415	$	3,302,343	$	4,791,334	$	5,403,087

______________________________________

(1)Consolidated total assets represents total assets on the Combined and Consolidated Balance Sheet as of June 30, 2026 presented on page 6 within the Earnings Release and Supplemental Report for the quarter ended June 30, 2026.


Financial Leverage

In thousands


	June 30, 2025		September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026
Consolidated debt	$	104,480	$	103,594	$	102,688	$	—	$	—
Enterprise Gross Assets	3,273,107		3,252,415		3,302,343		4,791,334		5,403,087
Financial Leverage	3.2%		3.2%		3.1%		—%		—%


Secured Debt Ratio

In thousands


	June 30, 2025		September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026
Mortgage debt	$	104,480	$	103,594	$	102,688	$	—	$	—
Secured Debt	$	104,480	$	103,594	$	102,688	$	—	$	—
Enterprise Gross Assets	$	3,273,107	$	3,252,415	$	3,302,343	$	4,791,334	$	5,403,087
Secured Debt Ratio	3.2%		3.2%		3.1%		—%		—%


Net Debt to Adjusted EBITDAre

In thousands


	Three Months Ended
	June 30, 2025		September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026
Net debt	$	6,270	$	10,886	$	6,099	$	(1,037,793)	$	(1,646,542)
Annualized Adjusted EBITDAre	238,112		208,792		251,896		260,624		317,968

Net Debt to Adjusted EBITDAre	0.03x		0.05x		0.02x		—		—


			11


Reconciliations


RevPOR(1)

In thousands, except per month data


	Three Months Ended
Total Portfolio RevPOR - Including NREF Amortization	June 30, 2025		September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026
Resident fees and services	$	148,855	$	150,457	$	155,750	$	200,345	$	216,456
Janus Living's share of unconsolidated joint venture resident fees and services	22,528		22,480		21,987		3,011		—
Recent acquisitions	—		—		—		(2,400)		(10,331)
Recent dispositions	—		—		—		—		(3,956)
RevPOR revenues	$	171,383	$	172,937	$	177,737	$	200,956	$	202,169

Average occupied units/month	7,533		7,597		7,646		8,802		9,004
RevPOR - Including NREF Amortization per month(2)	$	7,583	$	7,588	$	7,749	$	7,610	$	7,484


	Three Months Ended
Total Portfolio RevPOR - Excluding NREF Amortization	June 30, 2025		September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026
RevPOR revenues	$	171,383	$	172,937	$	177,737	$	200,956	$	202,169
NREF Amortization	(23,652)		(24,155)		(27,099)		(27,203)		(27,808)

RevPOR revenues excluding NREF Amortization	$	147,731	$	148,782	$	150,638	$	173,753	$	174,361

Average occupied units/month	7,533		7,597		7,646		8,802		9,004
RevPOR - Excluding NREF Amortization per month(2)	$	6,537	$	6,528	$	6,568	$	6,580	$	6,455


	Three Months Ended
Same Store RevPOR - Including NREF Amortization	June 30, 2025		September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026
Resident fees and services	$	148,855	$	150,457	$	155,750	$	200,345	$	216,456
Non-SS revenues	—		—		—		(40,026)		(55,153)
SS RevPOR revenues	$	148,855	$	150,457	$	155,750	$	160,319	$	161,303

Average occupied units/month	6,074		6,121		6,179		6,255		6,260
RevPOR - Including NREF Amortization per month(2)	$	8,169	$	8,193	$	8,403	$	8,544	$	8,589


	Three Months Ended
Same Store RevPOR - Excluding NREF Amortization	June 30, 2025		September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026
SS RevPOR revenues	$	148,855	$	150,457	$	155,750	$	160,319	$	161,303
NREF Amortization	(23,652)		(24,155)		(27,099)		(27,203)		(27,787)

RevPOR revenues excluding NREF Amortization	$	125,203	$	126,301	$	128,652	$	133,116	$	133,516

Average occupied units/month	6,074		6,121		6,179		6,255		6,260
RevPOR - Excluding NREF Amortization per month(2)	$	6,871	$	6,878	$	6,941	$	7,094	$	7,109

_____________________________________

(1)May not foot due to rounding.

(2)Represents the quarter RevPOR divided by a factor of three.


			12


Reconciliations
In thousands, except per month data


Full Quarter Earnings per Share

In thousands


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income (loss)	$	14,858	$	(2,570)	$	42,732	$	(4,680)
Noncontrolling interests’ share in earnings	(4,135)		—		(677)		—
Net income (loss) attributable to Janus Living, Inc.	10,723		(2,570)		42,055		(4,680)
Less: Participating securities’ share in earnings	(4)		—		(4)		—
Net income (loss) applicable to common shares	$	10,719	$	(2,570)	$	42,051	$	(4,680)
Numerator
Net income (loss) applicable to common shares	$	10,719	$	(2,570)	$	42,051	$	(4,680)
Net income (loss) attributable to dilutive convertible units and other	4,119		—		649		—
Dilutive net income (loss) available to common shares	$	14,838	$	(2,570)	$	42,700	$	(4,680)
Denominator
Diluted weighted average common shares(1)	271,070		138,816		245,464		138,816
Earnings per common share
Diluted	$	0.05	$	(0.02)	$	0.17	$	(0.03)

______________________________________

(1)The weighted average shares for the Three and Six Months Ended June 30, 2026 represent the current dilutive impact, using the treasury stock method, of approximately 76 million OP units. No incremental shares were included in diluted weighted average shares for the Three and Six Months Ended June 30, 2025, as the effect of all potentially dilutive securities would be antidilutive due to the net loss incurred during the period.


Full Quarter Weighted Average Shares (FFO and FFO as Adjusted)

In thousands


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Common stock(1)	195,011	138,816	169,476	138,816
Common stock equivalent securities(2):
OP units	76,059	75,918	75,988	75,918
Weighted average shares outstanding - Diluted Nareit FFO	271,070	214,734	245,464	214,734
Weighted average shares outstanding - Diluted FFO as Adjusted	271,070	214,734	245,464	214,734

______________________________________

(1)The three and six months ended June 30, 2026 include the effects of the weighted average shares issued in connection with the IPO.

(2)The weighted average shares for all periods presented represent the current dilutive impact, using the treasury stock method, of approximately 76 million OP units.


			13

FORWARD-LOOKING STATEMENTS

This Discussion and Reconciliation of Non-GAAP Financial Measures may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which we operate and beliefs of and assumptions made by our management, involve uncertainties that could significantly affect our financial or operating results. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “projects,” “forecasts,” “will,” “may,” “potential,” “can,” “could,” “should,” “pro forma,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, but are not limited to, statements about our business outlook, 2026 guidance information, future acquisitions, dispositions, developments, financing activity, leasing activity, financial and operating results, plans, objectives, expectations, and intentions. All statements that address operating performance, events, or developments that Janus Living expects or anticipates will occur in the future are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Further, we cannot guarantee the accuracy of any such forward-looking statement contained herein, and such forward-looking statements are subject to known and unknown risks and uncertainties that are difficult to predict. For example, these forward-looking statements could be affected by factors including, without limitation, risks associated with: macroeconomic trends that may increase labor, construction, and other operating or administrative costs or impact prospective residents’ willingness or ability to move into our communities; entrance fee refund obligations and related actuarial assumptions; our dependence on the performance of our operators; our dependence on a limited number of operators; factors adversely affecting our operators’ ability to meet their financial and other contractual obligations to us; our ability to identify and secure new or replacement operators; the transition of management of certain of the properties in our senior housing portfolio to new operators; delays by seniors in moving to senior housing communities; our concentration of real estate investments in the senior housing sector, which makes us more vulnerable to an economic downturn or slowdown in that specific sector than if we invested across multiple sectors; the illiquidity of our real estate investments; operational risks associated with our communities, all of which are owned and operated under REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as “RIDEA”) structures; the failure of our operators to comply with federal, state, and local laws and regulations, including resident health and safety requirements, as well as licensure, certification, and inspection requirements; changes to regulatory, funding, staffing, trade, and other policies and actions; the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid; required regulatory approvals to transfer our senior housing properties; compliance with the American with Disabilities Act and fire, safety, and other regulations; economic conditions, natural disasters, weather, and other events or conditions that negatively affect the geographic areas where we have concentrated investments; uninsured or underinsured losses, which could result in a significant loss of our capital invested in a property, lower than expected future revenues, and unanticipated expenses; our property development and redevelopment, which can render a project less profitable or unprofitable and delay or prevent its undertaking or completion; competition for suitable properties to grow our initial portfolio; any requirement that we recognize reserves, allowances, credit losses, or impairment charges; investment of substantial resources and time in investments or transactions that are not consummated; our ability to successfully integrate or operate acquisitions; the potential impact of unfavorable resolution of litigation or disputes and resulting rising liability and insurance costs; environmental compliance costs and liabilities associated with our real estate investments; epidemics, pandemics, or other infectious disease outbreaks, and health and safety measures intended to reduce their spread; potential government and financial audits, enforcement actions and recovery activity as a result of our predecessor’s receipt of Coronavirus Aid, Relief, and Economic Security Act Provider Relief Fund funds; net losses in future periods; our and our external manager’s reliance on information technology and any material failure, inadequacy, interruption, or security failure of that technology; the use of, or inability to use, artificial intelligence or other disruptive new technologies by us, our external manager, our operators, our vendors, and our investors; our ability to implement and maintain an effective system of internal control over financial reporting; our ability to implement and maintain effective disclosure controls and procedures; volatility, disruption, or uncertainty in the financial markets; increased interest rates and borrowing costs, which could impact our business and ability to refinance existing debt, sell properties, and conduct investment activities; the availability of external capital on favorable terms or at all; an increase in our level of indebtedness; covenants in our debt instruments, which may limit our operational flexibility, and breaches of these covenants; our ability to maintain our qualification as a REIT; the failure of Healthpeak Properties, Inc. (“Healthpeak”) to qualify as a real estate investment trust (“REIT”) during certain periods prior to our initial public offering; our taxable REIT subsidiaries being subject to corporate level tax; tax imposed on any net income from “prohibited transactions”; changes to U.S. federal income tax laws; increased taxable gains due to acquisitions of property in tax-deferred transactions; potential deferred and contingent tax liabilities from corporate acquisitions, including certain of our acquisitions from Healthpeak; calculating non-REIT tax earnings and profits; provisions in Maryland law and our charter and bylaws that may delay, defer or prevent an acquisition of our Class A-1 common stock or a change in control; conflicts of interest between the interests of our stockholders and the interests of holders of common units; provisions in the operating agreement of our operating company or other agreements that may delay or prevent unsolicited acquisitions of us and certain other transactions; our dependence on our external manager and its personnel and our ability to find a suitable replacement for our external manager if the management agreement is terminated or if personnel of our external manager leave the employment of our external manager; conflicts of interest with our external manager and its affiliates, including Healthpeak; cash available for distribution to stockholders and our ability to make dividend distributions at expected levels; and other risks and uncertainties described from time to time in our Securities and Exchange Commission filings.

Moreover, other risks and uncertainties of which we are not currently aware may also affect our forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by us on our website or otherwise. We do not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.


			14

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