Leaders with Janus Living (NYSE: JAN) have more than doubled the company’s senior housing portfolio in the last 12 months with more growth ahead.
Denver-based Janus Living leaders have in 2026 closed on $2.9 billion in acquisitions, with a focus on single-site and small portfolios of communities, according to President and CEO Scott Brinker. Over the past quarter, Janus Living’s portfolio grew to 74 properties from 41, and is up from 34 properties compared to one year ago.
The company’s leaders have acquired communities at an average cost of $350,000 per unit, still “well below replacement cost,” with an average occupancy between 86% and 87%, Brinker said.
In most cases, the acquisitions are sourced by incumbent operators “looking for a recap of the building they’re already in,” Brinker said.
“Plus or minus 80% of the acquisitions year-to-date have no operator change,” Brinker told investors during the Nov. 3 earnings call. “The vast majority of the time, the operator is bringing the deal to us and staying in.”
Janus leaders shifted the company’s unit mix in assisted living and memory care, but Brinker noted Janus does not have a targeted unit mix in mind outside of focusing acquisitions on bigger communities that are at least 150 units with “at least some kind of continuum” with two or more service types.
“Today, we do have a heavier skew towards independent living than maybe most of the peers closer to 50-50, but that’s not by design. That’s just the types of projects that were presented to us that made sense from a pricing and return standpoint,” Brinker said. “We actually like both, and preferably to have both service types on one campus.”
The real estate investment trust’s (REIT) portfolio now contains 74 properties. One half is independent living, while a third is assisted living and the rest is skilled nursing.
Alongside portfolio growth, Janus is growing with the number of operators its partnering with as well, with 13 now under its umbrella. LCS, Pegasus Senior Living, Ciel Senior Living and Cedarhurst Senior Living manage the lion’s share of its portfolio, but it is also working with operators such as Sunrise Senior Living, Holbrook Life, Leisure Care, Discovery Senior Living and Stellar Senior Living. Brinker credits Janus’ growing pipeline to the increasing number of operators it is working alongside.
However, Janus has no intention of reaching an excessive number of operators, Brinker said, which leads to “diseconomies of scale, operators tripping over themselves and conflicts in local markets.”
“We’ve been pretty amazed to go from two to 13 in essentially seven months, and we have a few more by year’s end,” Brinker said.
Kelvin Moses, chief financial officer at Janus Living, told investors the REIT has been supported in equity markets, allowing for three transactions including its initial public offering. The REIT’s leadership team also upsized its credit facility up to $1.25 billion, which is set to mature in 2030. The move, according to Moses, provides “a considerable amount of flexibility on an interim basis.”
Janus Living saw a net loss of 2 cents per share for the quarter, while funds from operations saw a 46% increase to 25 cents per share, and adjusted net operating income increased 25.9% and margin expanded 360 basis points, according to supplemental financial documentation. Entrance fee sales reached record volume at $47 million.
Through the remainder of 2026, Janus Living has $82 million of senior housing acquisitions under binding purchase agreements anticipated to close during the fourth quarter.
Janus Living’s stock is priced at $29.60, up 4% from the previous close.
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