Janus Living, Inc.: 2Q26 earnings: Core FFO beat; 26e guide raised slightly above cons; KPIs accelerate; post-IPO acq guide raised +$850mn to $1.6bn

Research evidence excerpt

M

Update

August 5, 2026 02:19 AM GMT

Morgan Stanley & Co. LLC

Janus Living, Inc. | North America

Ronald Kamdem, CFA

Equity Analyst

2Q26 earnings: Core FFO beat;

26e guide raised slightly above

cons; KPIs accelerate; post-IPO

acq guide raised +$850mn to

$1.6bn

Derrick Metzler

Research Associate

Adam Kramer

Equity Analyst

Janus Living, Inc. (JAN.N, JAN US)

Real Estate Investment Trusts | United States of America

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Overweight

In-Line

$28.00

$29.91

$8,559

$32.31-22.76

AlphaSignals Earnings Reaction

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

2Q core FFO $0.24 vs cons $0.23/MSe $0.24; Total Portfolio SS-NOI 19.2% YoY

(vs +13.8% in 1Q); SS-Rev 8.4% driven by +260bps of avg occ and +5.1% RevPOR

26e guide +$0.015 to $0.965 vs cons/MSe $0.96; 26e SS-NOI guide +200bps to

+15.0%; $1.6B acq guide; $100mn retained earnings; $105mn rev enhancing capex

Completed a follow on offering of Class A-1 common stock generating ~$690mn

in net proceeds to pursue acquisition and investment opportunities

Year-to-date, completed ~$1.8 billion of senior housing acquisitions plus $59mn

under contract; guide implies incremental ~$400mn by year-end

Liquidity $2.2B, including $1.6B of cash and $0.6B of undrawn credit facilities

Additional takeaways:

• What's our view? We expect a positive stock price reaction to solid 2Q

results, 26e SS-NOI guide raised and 26e core FFO slightly ahead of cons.

The company has made better than expected progress on the external

growth opportunity with $1.8B completed YTD and an additional $59mn

under contract. Guidance implies an incremental $400mn before year-end,

bringing total '26 investments to ~$2.3B. Our conversation with the

company suggests the post-IPO SHOP acquisitions are traditional SHOP (no

CCRC) and were sourced directly from operators with expected initial yields

of low-6% and target stabilized yields of 7.5% to 8.5%. We look for

…