Janus Living: Model Update

Research evidence excerpt

J P M O R G A N

North America Equity Research

17 August 2026

Janus Living

Overweight

JAN, JAN US

Price (14 Aug 26):$30.63

Model Update

▲Price Target (Dec-27):$34.00

Prior (Dec-26):$30.00

We are updating our JAN model to reflect 2Q26 results. As such, we are

maintaining our 2026 as adjusted estimate at $0.97 and increasing our 2027 FFO

as adjusted estimate from $1.15 to $1.18. Additionally, we are initiating our 2028

FFO as adjusted estimate at $1.35 and raising our target price from $30 to $34.

REITs

Michael W. Mueller, CFA AC

(1-212) 622-6689

Anthony Paolone, CFA

(1-212) 622-6682

Nahom Tesfazghi

(1-212) 622 4884

Daniella De Armas Rosales

(1-212) 622-0050

J.P. Morgan Securities LLC

Quarterly Forecasts (FYE Dec)

FFO per share ($)

2025A

Q1

Q2

Q3

Q4

FY

Style Exposure

Sources for: Style Exposure – J.P. Morgan Global Markets Strategy; all other tables are company data and J.P. Morgan estimates.