Janus Living raises 2026 FFO forecast as revenue tops estimates
Revenue of $268.30 million topped the $238.23 million consensus estimate compiled by Finnhub. The REIT raised its 2026 FFO as Adjusted per share forecast to 97 cents to 99 cents.
Key takeaways
- Janus Living (JAN) reported third-quarter revenue of $268.30 million, above the $238.23 million consensus estimate compiled by Finnhub. It raised its 2026 FFO as Adjusted per share forecast to 97 cents to 99 cents. Diluted EPS guidance was cut to 8 cents to 10 cents.
Janus Living (JAN) said on Nov. 2 that third-quarter revenue rose 78% to $268.30 million, topping the $238.23 million consensus estimate compiled by Finnhub. The senior housing real estate investment trust also raised its full-year FFO as Adjusted forecast while cutting its diluted earnings guidance.
The company owns senior housing communities across the United States.
Here's how the company did:
- Revenue: $268.30 million vs. $150.46 million a year earlier
- Diluted FFO as Adjusted per share: 25 cents vs. 17 cents a year earlier, up 46%
- Net loss: $5.6 million, vs. net income of $1.4 million a year earlier
- Diluted loss per share: 2 cents
Depreciation and amortization rose to $78.7 million from $30.9 million a year earlier. The company also recorded $3.4 million of transaction costs in the quarter.
2026 guidance
The company raised its 2026 diluted FFO as Adjusted per share forecast to 97 cents to 99 cents, from 95 cents to 98 cents set on Aug. 4. Its same-store adjusted NOI growth forecast is now 16% to 19%, from 13% to 17%.
It cut its diluted earnings per share forecast to 8 cents to 10 cents, from 34 cents to 37 cents. The company said the decrease is primarily due to depreciation and amortization on senior housing acquisitions closed in the third quarter and through Oct. 30. That depreciation is excluded from FFO as Adjusted, so the change does not affect the FFO forecast.
Acquisitions and financing
The company acquired 33 senior housing communities for about $1.75 billion in the third quarter. It has completed about $2.9 billion of senior housing acquisitions year to date as of Oct. 30, and has binding purchase agreements for another $82 million expected to close in the fourth quarter.
In August the company completed a follow-on offering of Class A-1 common stock that generated about $513 million in net proceeds. In September it upsized its unsecured revolving credit facility to $1.25 billion and terminated a $100 million delayed-draw term loan.
As of Sept. 30 the company had $338 million of unrestricted cash and no outstanding debt. As of Oct. 30 it had about $1.2 billion of liquidity, including unrestricted cash and available credit facility capacity.
The board declared on Sept. 11 a monthly common stock cash dividend of 4.75 cents per share for the fourth quarter, an annualized 57 cents per share.