Puffing on the Pipeline; Updating Model for Equity Follow-on, Reiterate OW

Research evidence excerpt

Puffing on the Pipeline; Updating Model for Equity Follow-on, Reiterate OW

REITs

Janus Living, Inc. (JAN)

EQUITY RESEARCH Company Update

June 11, 2026

Puffing on the Pipeline; Updating Model for Equity Price: $25.42

Price Target: $30.00 Follow-on, Reiterate OW

Rating: Overweight

We are updating our JAN to include the recent secondary offering of ~

Key Statistics: $700mm, which assumes the full overallotment is exercised. As a result of

Symbol NYSE: JAN the changes below, we are increasing our 2026 and 2027 FFO estimates (as 52-Week Range 22.76 - 28.52

defined by NAREIT) by $0.05 and $0.06 per share, respectively, to $0.93 Dividend Yield 0.0%

Debt/EBITDA 0.0x and $1.16. The company continues to describe its acquisition pipeline as

NAV/Share $17.47 very full and active, with the proceeds from this offering expected to be

Market Cap 5,581.6 deployed by year-end. Our model assumes this, and then some. As such, we

ADV (3 mo) NA reiterate our Overweight rating and $30 price target assumes a 26x multiple

EV ($M) 5,582 on our 2027 AFFO estimate. A snapshot of our revised model is provided

in Exhibit 2. Research Analysts:

Richard Anderson ●Additional Equity Issuance: We assume the 25mm share offering at

929-441-6927 $25/share plus 3.75mm shares tied to the greenshoe -- for modeling

Richard.Anderson@cantor.com purposes, ratably over 2Q26 and 3Q26. We would characterize the

Jay Kornreich offering (which had to be fully marketed) as a "part 2" re-opening of 718-865-3439

Jay.Kornreich@cantor.com the IPO, albeit at a 25% premium to the IPO price -- great execution

Jeffrey Carr all around. JAN had the benefit of a 15x over-subscribed IPO so the

929-709-0434 demand for more shares was clearly there, despite the higher price. In