JAN

Janus Living is a newly formed senior-housing REIT that completed its IPO on March 23, 2026 at $20.00 per share, raising roughly $966 million in gross proceeds (less $65 million of underwriting fees). It was carved out of Healthpeak through formation transactions in which Healthpeak received large share/unit issuances, and the company is externally managed by Healthpeak Investment Management under a management and exclusivity agreement. As a result, there are no annual XBRL fundamentals to evaluate — no revenue, earnings, margins, or balance sheet — and the proceeds are earmarked to 'pursue acquisition and investment opportunities,' meaning the portfolio is still being assembled.

The structure adds layers of risk a fundamental investor cannot yet quantify. The communities are owned and operated under RIDEA structures, so results flow through and depend heavily on a limited number of third-party operators meeting their obligations — the 10-Q risk factors emphasize operator dependence, operator transitions, sector concentration in senior housing, entrance-fee refund obligations, Medicare/Medicaid reimbursement exposure, and the explicit possibility of 'net losses in future periods.' The Class A-2 structure also concentrates voting power with Healthpeak.