JAN

Image source: The Motley Fool. Wednesday, Aug. 5, 2026 at 12:00 p.m. ET Senior Vice President, Finance and Investor Relations - Jonathan Hughes President - Scott Brinker Chief Financial Officer - Kelvin Moses Asset Management - Patrick Cheng Operator: Good morning, and welcome to the Janus Living, Inc. Second Quarter 2026 Conference Call. [Operator Instructions] Please note this event is being recorded. I would like to now turn the conference over to Jonathan Hughes, Senior Vice President, Finance and Investor Relations. Please go ahead. Jonathan Hughes: Thank you. Today's conference call will contain certain forward-looking statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, these statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations. A discussion of risks and risk factors is included in our press release and detailed in our filings with the SEC. We do not undertake a duty to update any forward-looking statements. Certain non-GAAP financial measures will be discussed on this call. In an exhibit of the 8-K we furnished with the SEC yesterday, we have reconciled all non-GAAP financial measures to the most directly comparable GAAP measure in accordance with Reg G requirements. The exhibit is also available on our website at janusreit.com. I will now turn the call over to our President. Scott Brinker: Okay. Thanks, Jonathan. Good morning, and welcome to the Janus Living second quarter earnings call. And thank you to our operating partners on the ground who work hard every day to deliver a great experience for the seniors who live in our communities. It's a 24-hour job every day of the year, and they are the most important driver of Janus' performance. There'll be plenty of discussion today about the numbers from the quarter, but we'll never lose sight that this is a people business, the residents, the staff and the families. Okay. It was late last summer, about a year ago that we were building the business plan for Janus Living. Certainly, there are other REITs that invest in senior housing, but JAN was designed and built to be a unique and differentiated growth story. Strong internal growth from a 100% SHOP portfolio that's concentrated in high-growth, business-friendly states with low taxes, deep relationships to drive proprietary deal flow, the cleanest balance sheet in the entire REIT sector with 0 debt and an asset base big enough to be public, but small enough that we can really move the needle with acquisitions. Thanks to a lot of hard work by our team and a resounding response from operators in the Street, we're outperforming that business plan in both speed and scale. We're on pace to double the size of the portfolio this year without compromising on asset quality or returns. Essentially, all of it is sourced directly from our target operating partners. Year-to-date, we've closed $1.8 billion of acquisitions with a significant pipeline behind that. We're growing Janus Living by acquiring single assets and small portfolios, picking and choosing every property that comes into the portfolio. The year 1 yield is expected to be in the low 6s, improving to 7.5% or better by year 3. The yields are very accretive to our cost of capital, and our basis is well below replacement cost. In just 4 months since going public, we've increased the number of operating partners from 2 to 10, all handpicked as companies with strong cultures, track records and capabilities. That growth would not be possible without the Healthpeak team who brings the relationships and sector expertise to execute quickly and at scale. And with an equity stake in Janus Living worth more than $6 billion, there's enormous alignment of interest between the 2 companies. Operationally, we had an outstanding 2Q, including significant growth in occupancy, rate and margin. And most important, our communities are providing value to the residents they serve, which allows us to grow revenue. We're only 4 months in as a public company, but Janus Living has some real momentum. I'll turn it to Jonathan to share color on our 2Q results and our improved earnings outlook. Jonathan Hughes: Thank you, Scott. We had another strong quarter on both the operational and capital allocation front. For the second quarter 2026, consolidated revenues increased 45% year-over-year. Adjusted EBITDA increased 34% and FFO as adjusted per share increased 40%. This is driven by strong organic growth and the accretion from $800 million of senior housing acquisitions completed in the first and second quarter. Moving to performance, same-store revenues increased 8.4% year-over-year. This was driven by 260 basis points year-over-year more than $6 billion led by independent living consolidating into a 350 basis points increase. Sequentially, same-store occupancy increased 10 basis points, which is an improvement from last year's performance, and we expect continued occupancy gains given the favorable supply-demand dynamics. RevPOR increased 5.1% year-over-year, reflecting the value proposition at our Life Plan communities and high-quality resident experience provided by our operators. Same-store expenses increased 4.8% year-over-year and on an expense per occupied unit or ExPOR basis increased 1.7%. As occupancy grows, we expect to show continued operating leverage given the large scale of our Life Plan communities and more independent living focus. Same-store NOI increased 19.2% year-over-year, and margin expanded by 250 basis points. Within the non-same-store portfolio, occupancy was approximately 80.5% and primarily reflects lease-up opportunity in the 18 transition communities. The operator transitions position the communities to capture embedded occupancy and NOI growth from improved operational performance. Our current and prior guidance incorporates temporary occupancy and expense headwinds as part of normal course transition disruptions. The properties are in great shape and the new operators are in place to deliver a better resident experience, which should translate to improved occupancy. Shifting to the balance sheet and capital allocation. In June, we completed a follow-on offering of Class A-1 common stock, generating $690 million in net proceeds to pursue acquisition and investment opportunities. Despite a competitive environment, we're having no problem sourcing opportunities from our deep network of relationships. During the second quarter, we acquired 2 senior housing communities for $105 million and disposed of 1 community generating $23 million of gross proceeds. Subsequent to quarter end and through August 3, we completed an additional $1 billion of acquisitions. Year-to-date, we have completed $1.8 billion of acquisitions and have another $59 million under purchase agreement. Initial yields across completed acquisitions are in the low 6s, improving towards 7.5% or higher by year 3. As of August 3 and subsequent to the completed acquisitions I just referenced, we had $558 million of unrestricted cash and no outstanding debt, leaving us with $1.2 billion of available liquidity. And ending with guidance, we are increasing our 2026 FFO as adjusted guidance range to $0.95 to $0.98 per share, up from $0.93 to $0.97 per share. We are also increasing our same-store adjusted NOI growth guidance range by 200 basis points to 13% to 17%. The updated range is 500 basis points higher than the initial guidance range provided by Healthpeak for the same portfolio in February, driven by outperformance. Our guidance also includes $1.6 billion of net capital sources from our IPO and follow-on offering. We expect to deploy that capital into acquisitions through year-end. Our guidance incorporates an earnings drag from cash on the balance sheet until that capital is fully deployed. Wrapping up, the team remains highly energized. We are focused on growing and collaborating with our operating partners to help them improve the resident experience and acquiring high-quality durable real estate to outperform in all cycles. We continue to build the asset management and investment teams for the long term and creating value for our shareholders. We also have Kelvin Moses, Chief Financial Officer, on with us and available for questions. With that, operator, please open the line for Q&A. Operator: [Operator Instructions] Your first question comes from the line of Farrell Granath with Bank of America. Farrell Granath: My question is largely around the ramping of your operators, especially when thinking about Janus' original IPO, very limited number. And as you've been building this pipeline as well as executing on these acquisitions, we've noticed that your number of operators has been increasing. So I wanted to know if you could dive deeper on how you think about scaling [Technical Difficulty]. Sorry -- and continue to manage these relationships going forward. Scott Brinker: You kind of cut out. I don't know if that was on your end or on our end. I think you were asking about scaling the number of operators. Farrell Granath: Yes. Yes. Scott Brinker: Yes. Yes. So I mean, part of the business plan was to develop relationships with 10 or more high-quality operators that we had existing track records with. They've been in the business for a long time, history of success, great integrity, culture to really drive performance over the long term, and we've had great success converting that business plan into reality. We started the year with essentially 2 partners, one of them being LCS, who was plus or minus 90% of the portfolio. They do a fantastic job. I mean they have been incredible partners for the last 6 years since they took over the Life Plan portfolio. They just crushed it in every way, most importantly on kind of resident satisfaction inside the buildings, which is really driving revenue. And yet to grow the business, obviously, we had to diversify. We're still doing things with LCS. We prefer -- we would like to grow that relationship as well. But senior housing is unique in that the operators really control a lot of the deal flow. And part of the business plan, of course, is external growth that's accretive. So we needed multiple partners to really maximize the opportunity set. And that's what you're seeing. I mean, year-to-date, we've closed $1.8 billion of accretive acquisitions. That's with 8 separate operating partners, 12 separate transactions. So it's really asset by asset, which is allowing us to, I think, get really great pricing, but also to handpick exactly which buildings come into the portfolio and which operators. And we have future opportunity with every one of them. They control a pretty big footprint of real estate that over time, they'll either be recapping or looking for acquisitions in their local markets that our expectation is they would come to us first of those opportunities, which is exactly what's happening. So it's mutually rewarding. Their business grows, our business grows. It's really a positive relationship for both companies. So I don't think you'll see us get to 50 operators. We really don't need to just given our scale, but we knew that we wouldn't be able to maximize our business plan with just the 2. Operator: Your next question comes from the line of Ronald Kamdem with Morgan Stanley. Ronald Kamdem: Just on the -- you talked about the same-store guidance up 500 basis points since the initial guide, which is pretty impressive. I guess I'd love to hear some thoughts as you're sort of looking at the business, where you guys are thinking that peak occupancy is for your portfolio for this industry versus maybe at the start of the year, given what you've seen? And if you could add some comments of what you think that means in terms of pricing and margins as well as you're thinking about this business over the next 3 to 5? Scott Brinker: Ron, we're in the mid-80s today across the total portfolio, but obviously trending higher at 200-plus basis points year-over-year. We certainly think we can get into the 90s over the next couple of years, just given the demand is growing 4%, 5% per year, depending on the market, given the population growth. and supply is less than 1%. Eventually, that will pick up, it will take several years. So just the math alone would suggest there's a lot of occupancy upside. I think our buildings are in great condition to attract residents, and I definitely believe we have great operators on the ground delivering that experience for the residents to capture market share. So into the 90s for sure, generally speaking, we're doing our underwriting at kind of 93%, plus or minus as a stabilized occupancy. Is it possible to do better? Of course. I mean we've acquired some assets year-to-date that are essentially 100% full, but we're not underwriting that as an expectation. Jonathan, anything to add? Jonathan Hughes: Yes, Ron, I'll say just on the margin question, obviously, as occupancy surpasses 90%, that incremental flow-through margin improves. We saw a delta NOI margin expansion this year of 250 bps. The delta between RevPOR and ExPOR is expected to be pretty similar going forward. And so as occupancy continues to grow and given our more IO focus with lower labor intensity, that incremental margin profile should only improve. Operator: Your next question comes from the line of John Kilichowski with Wells Fargo. John Kilichowski: Jonathan, you gave some helpful color in the opening remarks. Could you just talk us through the NOI margins, both for the same-store and the total portfolio pools here? We saw a step down quarter-over-quarter. The year-over-year number looks great. But I'm just curious what's driving that? I know there's some seasonality in the Life Plan portfolio and then you have the Brookdale transition. Could you just kind of walk us through both what we should be expecting going forward from a seasonality perspective in the same-store pool? And then on the total portfolio side, how that Brookdale transition should progress? Jonathan Hughes: Yes. Thanks, John. So on same-store NOI, that did decrease sequentially, margin compressed 40 bps. That's driven by typical seasonality due to timing of labor increases in April, more expense days and lower sales. Occupancy increased 10 bps sequentially, but IL occupancy actually increased 50 basis points. Both of those are an improvement from last year's performance. Yet a SNF occupancy declined sequentially. That's typical due to the seasonally lower summer months and some lower hospital census. The margin trend was also an improvement from last year's performance. Our Life Plan communities typically see strong occupancy growth in 4Q and 1Q. That's kind of the opposite of a traditional rental senior housing. But the resident lead pipeline remains robust, positions the business well to achieve 2026 sales objectives. And then I think on the transition portfolio, keep in mind, those were completed April 1. Both operators are making significant progress there. I laid out the occupancy of the non-same-store pool in my prepared remarks. But we think that the new operators and the capital plans that are underway are positioned to deliver a better resident and staff experience that should drive improved occupancy. When LCS came into our Life Plan portfolio, it was a similar sequencing and playbook. That portfolio track record since then speaks for itself, and we expect a similar trajectory here of 50-plus percent NOI growth potential over the next 2 to 3 years. Hopefully, that's helpful. Operator: Your next question comes from the line of Austin Wurschmidt with KeyBanc Capital Markets. Austin Wurschmidt: I was just wondering about your thoughts around deploying capital today and just whether the funding options in front of you between debt and equity, clearly, liquidity isn't a limiting factor. But is there anything that's kind of holding back the acquisition pace from even accelerating versus the $400 million incremental that you have assumed in the back half of the year or the quality of opportunities in front of you? Just kind of speak to how you're thinking about funding and the willingness, I guess, to lean into that debt capacity today. Kelvin Moses: Austin, this is Kelvin. I'll start. I think we've done a pretty exceptional job to start the year. It's only been 4 months, and we've been able to deploy the cash that we've raised through the IPO and a good chunk of it from the follow-on offering into accretive acquisitions. So the acquisition pipeline is very healthy. The opportunity set is pretty significant, as Scott had mentioned earlier. And we'll continue to think about our sources of capital based on what's the most accretive deployment for the platform. Right now, the cash that we have on balance sheet is certainly highly accretive to deploy into acquisitions with going-in yields in the low 6s or around 6%, and we'll continue to utilize that source of capital while we have it. We have a substantial amount of available capacity on balance sheet. Today, we have about $500 million revolver that can be upsized with an accordion feature to $1.5 billion. We have a $100 million delayed draw term loan that is currently undrawn. So access to ample liquidity in addition to the cash on balance sheet, which Jonathan mentioned is about $400-plus million after you account for the one asset that we have under contract. So continue to be prudent with the balance sheet here, having no debt is an advantage, and we'll utilize it strategically as we see the need to do so over time. Scott Brinker: Yes. So that's the capital raising side. And then on the deployment side, I would just add to that, Austin, that the biggest mistakes are made when the sector is on fire. We've seen that through history in senior housing and in other sectors. So we're being extremely disciplined. In my view, I told the team, we'd rather do $1 billion of super high quality deals rather than $5 billion of some marginal deals. And that's the approach that we're taking on all these transactions. So we're not in a hurry. Our small denominator allows us to be super disciplined and still really move the needle with acquisitions. Operator: Your next question comes from the line of Rich Hightower with Barclays. Richard Hightower: I guess just to back up on the -- maybe the long-term supply question. Do you have an estimate of where that spread between sort of current market rents and the level that would be required to justify new construction, especially in the sort of higher growth, but easier to build Sun Belt type markets? Scott Brinker: Yes, happy to take that. There's no simple answer. I think most of the new supply, at least the initial wave is going to be more at the super high end. Luxury end of the product continuum where you can charge or at least on a piece of paper, you can charge the super high rental rates. Obviously, the demand pool at those extreme levels gets a little bit tighter, but those are the ones that make sense today, at least on a piece of paper again. So I think that's where you're going to see the first wave of development, but it's going to take time. It's a process to get the entitlements, to buy the land, to do all the drawings and then to actually build it. And by the way, you've got to find the debt and equity, which is not easy. It's getting easier, but it's not easy. So I think you're still several years away from any meaningful amount of new supply being delivered. In the meantime, demand is still growing at 4% to 5%, but certainly, as occupancy grows, rates grow, arguably cap rates come down, although we'll see with interest rates. The development math starts to make more sense, but it's still not easy for a lot of reasons. But where do rents need to grow? -- that's harder to answer by market. It could be anywhere from 10% to 30%. It just depends on the situation. But in any event, it's higher than where in-place rents are. Operator: Your next question comes from the line of Michael Carroll with RBC Capital Markets. Michael Carroll: Scott, how has, I guess, Janus' investment strategy evolved, I guess, since -- I mean the IPO, I know that was only a handful of months ago. But I know the cost of capital has improved pretty meaningfully. I mean, does this allow Janus to go after newer, bigger buildings in primary markets? I know that you've always been looking at the bigger buildings in primary markets. But does this allow you to go up the next realm to kind of get up some of those higher-quality type assets? Scott Brinker: Yes, I don't think the investment strategy has really changed. I mean it just makes it more profitable, which is good. But in terms of what we're targeting, the operators, the markets, the product type hasn't really changed. The return profile hasn't really changed. Discount to replacement cost hasn't changed. So no, I don't think anything has changed other than the spread on investment is just more positive. Operator: Your next question comes from the line of Michael Stroyeck with Green Street. Michael Stroyeck: RevPOR growth, excluding nonrefundable entrance fees, it did tick down a bit sequentially. Can you just provide some color as to what's causing that? And do you still expect that figure to reaccelerate towards the longer-term average of CPI plus 200 bps or so? Jonathan Hughes: Yes. I think the important thing to notice is that our view on RevPOR is unchanged. You're still going to see that mid-single digits type of growth on a year-over-year basis. Sequential comparisons get a little wonky due to seasonality to a degree. But the demand is there, the value that our communities provide to residents is still there. That hasn't changed. Our updated outlook for the year I wish I could say it was driven by one thing in particular, but it was across everything, RevPOR, occupancy, expenses all were a little bit better, which drove the increase. So I think there's really no change in that seasonal comparison makes it difficult sequentially. Operator: Your next question comes from the line of David Rodgers with Raymond James. David Rodgers: You mentioned a couple of times on the call the focus on kind of the independent living, IL side of the business. And I know that's where you've been historically with Life Plan. It sounds like that's where you want to continue to be much more like IL-centric. So I guess if that's the case, are you seeing more acquisition opportunities versus peers by being a little bit more IL-centric, would you say? Are you seeing more or less deal flow versus maybe some of the AL-centric peers? And then maybe just to tie on to independent living would be, do you see an ultimately better margin opportunity there as well? And do you kind of have any terminal margins in mind as you look forward in the business for IL? Scott Brinker: Yes. We do have a unique portfolio in that 70% or so of the units are independent living. That's really driven by the entry fee portfolio just because it's such a big part of the base for Deana Living. Most of what we're buying is it's more that we like the continuum. It's not that we're emphasizing just independent living. The vast, vast majority of what we own -- and what we continue to acquire has a continuum of some sort, preferably all 3 product types, but at a minimum, 2 of the product types. But year-to-date on the $1.8 billion, plus or minus 60% of that is independent living. So that is the majority, but I wouldn't characterize it as we're only looking to do independent living. That's not really the case. It's more that we like the bigger buildings. We like the continuum. It's more market-driven and operator-driven are the other kind of criteria in addition to, obviously, returns and price per unit. Operator: Your next question comes from the line of Julien Blouin with Goldman Sachs. Julien Blouin: It's been a busy couple of days for you guys. As you bring on new operators on board, how long do you give them in terms of assessing their performance before deciding whether it's time to pivot? And then when operators bring you deals, does that generally impact the kind of management contract termination rights you have at those properties? Or those cases, do the operators have more negotiating leverage? Scott Brinker: Yes. Thanks for the question, Julien. I'll comment and Patrick Cheng, who runs Asset Management, may have comments as well. But across the board, we're trying to structure contracts with great alignment with our partners so that their fee is primarily driven by the performance at the property over time so that there's mutual alignment to create a great long-term environment to live in, to generate revenue. and obviously, profit opportunity as well. So that's a given across all the contracts. There are, of course, performance expectations, but it's a volatile business. There are going to be things that move around from quarter-to-quarter, if not month-to-month, just given the operational intensity. So we'll try to find the right balance between day-to-day performance and just acknowledging the reality that there is going to be some variability in the business. But certainly, if somebody is underperforming for a period of time, we would always have contractual rights to make a change if we thought it made sense. Patrick, do you want to comment? Patrick Cheng: Yes. On the piece of alignment, I think that's the key of it here. It's like these are principles and operators -- principles of these operators and operators who have alignment with us in creating a great resident and staff experience. And part of that, too, is also a question of how long do we give them to evaluate. These are folks as part of that operator underwriting process in addition to alignment culture, integrity, innovation, but also success in the markets and specifically the products in those markets that they've done, right, whether that's Life Plan, independent living, AO memory care, like they already have success in these markets. So it's an evaluation of them that was done not just when they took over the asset, but they have a track record of that success. Operator: Your next question comes from the line of Mike Mueller with JPMorgan. Michael Mueller: I dropped briefly. I apologize if this was asked already. But I'm curious, what was the story behind the asset that you sold in the quarter with negative NOI? And is there anything else like that, that could be an imminent sale in the future? Scott Brinker: Michael, no, that was a one-off. It's just a unique property. In Houston, it had some skilled nursing. It's a high rise. Brookdale had been managing it. It has not been profitable for a long time. Unfortunately, they haven't been able to turn it around despite a lot of effort. So we thought it made more sense to just sell it. We had -- it would not have been easy to find another operator for that particular product type. So we just sold it. And I think we got a great price, certainly relative to the NOI that's in place or what's been in place for the last 10 years. So that should be a good outcome for us. But no, there's really nothing else in the portfolio that we're looking to monetize. Operator: This concludes the question-and-answer session of the conference call. Thank you for your participation. You may now disconnect. 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Interested in Healthpeak Properties, Inc.? Here are five stocks we like better. Healthpeak raised its full-year adjusted FFO guidance by $0.02 to $1.73–$1.77 per share after reporting $0.46 in second-quarter adjusted FFO per share, supported by improved expectations for lab and senior housing NOI. Outpatient medical leasing remained solid, with 1.2 million square feet leased during the quarter and occupancy rising to 90.7%. A Brookfield recapitalization generated $1 billion in cash while Healthpeak retained a 51% stake in the 5.6 million-square-foot portfolio. Lab occupancy increased to 78.5% as leasing activity continued, particularly in San Diego and the Bay Area. Healthpeak also strengthened its balance sheet, repaid $900 million of debt, and expanded senior housing through $1.8 billion of acquisitions, with Janus Living reporting strong revenue, EBITDA and NOI growth. Catching the AI Wave: DigitalOcean Reels in AI Whales Healthpeak Properties (NYSE:DOC) reported second-quarter adjusted funds from operations of $0.46 per share and raised its full-year adjusted FFO guidance by $0.02 to a range of $1.73 to $1.77 per share, citing improved same-store net operating income expectations in its lab and senior housing businesses. Chief Executive Officer Scott Brinker said the company’s strategy during the life science downturn—including a $5 billion merger, a $1 billion IPO and additions to its operating platform—has positioned Healthpeak to benefit as sector fundamentals improve. He said the company has also internalized property management in much of its portfolio and is rolling out an agentic operating platform. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth 3 Tech ETFs That Could Bounce Back After the AI Selloff “As the life science pendulum finally starts to swing back in our favor,” Brinker said, the company is stronger and has additional capabilities to pursue growth. Healthpeak reported continued strength in its outpatient medical portfolio. During the second quarter, the company executed 1.2 million square feet of leases, including about 327,000 square feet of new leasing, bringing year-to-date leasing volume to 2.3 million square feet. Tenant retention was 80%, while cash re-leasing spreads were 5%. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling DigitalOcean’s AI Surge: How Far Can This Rally Go? Total outpatient medical occupancy increased 20 basis points sequentially to 90.7%. Since July 1, Healthpeak has executed another 204,000 square feet of leases and has about 882,000 square feet under letters of intent, according to Chief Financial Officer Kelvin Moses. The company also announced another development agreement with Northside in Atlanta for a new outpatient medical project. It will be the fifth project Healthpeak has undertaken with Northside, with the projects totaling approximately 565,000 square feet. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Healthpeak completed an outpatient medical recapitalization with Brookfield, retaining a 51% interest in a 5.6 million-square-foot portfolio while raising $1 billion in cash proceeds. Moses said the transaction represented a trailing cash capitalization rate of 5.9%. After seven years, Healthpeak will have a limited number of rights to repurchase Brookfield’s noncontrolling interest at a price designed to provide Brookfield with a 6.5% unlevered return. Healthpeak will continue to provide asset management, property management and leasing services for the portfolio. Brinker said the Brookfield partnership and a separate arrangement with Blackstone expand the company’s alternative sources of equity capital. Healthpeak holds a 20% interest in its Blackstone venture, compared with 51% in the Brookfield venture. Brinker said he expects Healthpeak to pursue further opportunities with both partners. Healthpeak’s lab portfolio executed 381,000 square feet of leases during the quarter, with about 60% representing new leasing and 30% involving vacant space. Total occupancy increased 80 basis points sequentially to 78.5%, up 140 basis points from year-end 2025. Since July, the company has entered leases for about 20,000 square feet and has another 480,000 square feet under letters of intent. Moses said Healthpeak expects a modest improvement in total lab occupancy by year-end from its June 30 level, as anticipated commencements in the second half exceed expirations. Management emphasized that it is focused on total occupancy and total NOI rather than the timing of same-store NOI turning positive. Brinker said higher total occupancy is the key driver of earnings growth in the segment. Healthpeak cited particular progress in the Torrey Pines lab submarket in San Diego. Including executed leases and letters of intent, the company’s leased percentage in the submarket has risen to 97% from approximately 65% at the end of 2025. Moses said demand has been strongest in the Bay Area and San Diego, while Boston remains the company’s most challenged market because of supply. In Boston’s Route 128 West market, Brinker said overall vacancy is about 30%, while Healthpeak’s assets are 11% vacant. Chief Development Officer and Head of Lab Scott Bohn said tenant demand has been more concentrated in the 25,000- to 75,000-square-foot range. Moses said lease rates have generally remained in line with portfolio averages, while free rent has typically ranged from one to two months per lease year, depending on the property and required investment. Brinker said Healthpeak is evaluating lab acquisition opportunities in core markets where it has local operating capabilities. He said the company expects most potential investments to be fee-simple acquisitions, though it may consider loan structures with paths to ownership in select situations. Healthpeak ended the second quarter with net debt to adjusted EBITDA of 4.7 times and $4.1 billion of available liquidity. Moses said the company expects to generate $1.9 billion of gross proceeds from capital recycling initiatives through year-end. Through Aug. 4, Healthpeak had repaid $900 million of debt, including $650 million of senior unsecured notes in July. The company also completed $1 billion of acquisitions and buybacks. Brinker said Healthpeak repurchased $100 million of stock in April when shares traded below $17 and the company saw an FFO yield above 10%. In senior housing, Healthpeak said its ownership interest in Janus Living reached 74%, representing approximately $6.5 billion of equity value. Janus Living posted 45% total revenue growth and 34% adjusted EBITDA growth in the second quarter, while ending the period with cash on its balance sheet and no debt. Brinker said Janus Living’s same-store portfolio delivered 260 basis points of occupancy growth and 19% NOI growth. Healthpeak has closed $1.8 billion of senior housing acquisitions since Jan. 1 and expects its senior housing portfolio to nearly double in size this year. Healthpeak Properties, Inc is a real estate investment trust (REIT) specializing in healthcare-related real estate. Headquartered in Irvine, California, the company owns, develops and acquires a diversified portfolio of properties that cater to the evolving needs of the healthcare industry. Its investments span life science research facilities, medical office buildings and senior housing communities, positioning Healthpeak as a key provider of specialized real estate assets. Within its life science segment, Healthpeak develops and leases laboratory and research space to biotechnology, pharmaceutical and other life science companies. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Healthpeak Properties Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Interested in JAN? Here are five stocks we like better. Strong second-quarter results: Revenue rose 45% year over year, adjusted EBITDA increased 34%, and adjusted FFO per share grew 40%, supported by organic growth and approximately $800 million of first-half acquisitions. Operational momentum and aggressive expansion: Same-store NOI climbed 19.2%, with occupancy and margins improving, while Janus completed $1.8 billion of year-to-date acquisitions and expanded its operating-partner network from two to 10. Higher outlook and substantial liquidity: The company raised 2026 adjusted FFO guidance to $0.95–$0.98 per share and same-store adjusted NOI growth guidance to 13%–17%; as of Aug. 3, it had $558 million in cash, no debt and $1.2 billion of available liquidity. JAN (NYSE:JAN) reported higher second-quarter revenue, adjusted EBITDA and funds from operations as the senior housing real estate investment trust benefited from organic growth and acquisitions completed during the first half of 2026. Janus Living said consolidated revenue increased 45% year over year in the second quarter, while adjusted EBITDA rose 34% and FFO as adjusted per share increased 40%. Senior Vice President of Finance and Investor Relations Jonathan Hughes attributed the results to organic growth and the accretion from approximately $800 million of senior housing acquisitions completed in the first and second quarters. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Chief Executive Officer Scott Brinker said the company is pursuing a growth strategy focused on a 100% SHOP portfolio, direct relationships with operating partners and a debt-free balance sheet. The company has closed $1.8 billion of acquisitions year to date and expects to nearly double the size of its portfolio during 2026, according to Brinker. Same-store revenue increased 8.4% from a year earlier and 60 basis points sequentially, driven in part by 260 basis points of year-over-year occupancy growth. Independent living occupancy increased 350 basis points year over year, Hughes said. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Same-store occupancy increased 10 basis points sequentially, while revenue per occupied room, or RevPOR, increased 5.1% from a year earlier. Same-store expenses rose 4.8% year over year, though expenses per occupied unit increased 1.7%. Same-store net operating income increased 19.2% year over year, and NOI margin expanded 250 basis points. Hughes said the company expects further operating leverage as occupancy grows, citing the scale of its life plan communities and its independent-living concentration. → No Hangover: Revisiting Microsoft One Week After Earnings Sequential same-store NOI margin declined 40 basis points during the quarter, which Hughes attributed to normal seasonality, including April labor increases, more expense days and lower sales. He said independent living occupancy increased 50 basis points sequentially, while skilled nursing facility occupancy declined during seasonally softer summer months and amid lower hospital census. Brinker said the total portfolio is currently in the mid-80% occupancy range and that the company believes it can reach occupancy in the 90% range over the next several years. Janus underwrites stabilized occupancy at approximately 93%, he said, while noting that some acquired assets are nearly full. During the second quarter, Janus Living acquired two senior housing communities for $105 million and sold one community for $23 million of gross proceeds. Subsequent to quarter-end through Aug. 3, the company completed an additional $1 billion of acquisitions and had another $59 million under purchase agreement. The company said initial yields on completed acquisitions are in the low-6% range and are expected to improve to 7.5% or more by the third year. Brinker said the company is acquiring individual assets and small portfolios, allowing it to select properties and operators on an asset-by-asset basis. Janus Living has expanded its operating-partner roster to 10 from two since going public four months ago. Brinker said the company does not expect to expand to dozens of operators, but sought to diversify beyond its initial concentration with LCS in order to broaden its access to acquisition opportunities. “Senior housing is unique in that the operators really control a lot of the deal flow,” Brinker said. He said the company has completed its year-to-date acquisitions through eight operating partners and 12 separate transactions. The non-same-store portfolio was approximately 80.5% occupied, primarily reflecting lease-up potential in 18 transition communities. Hughes said the operator transitions include temporary occupancy and expense headwinds but are intended to improve resident and staff experiences and support occupancy and NOI growth. He said Janus expects the transition portfolio to have more than 50% NOI growth potential over the next two to three years. In June, Janus Living completed a follow-on offering of Class A1 common stock that generated $690 million of net proceeds for acquisitions and investments. As of Aug. 3, after accounting for completed acquisitions, the company had $558 million of unrestricted cash, no outstanding debt and $1.2 billion of available liquidity. Chief Financial Officer Kelvin Moses said the company also has a roughly $500 million revolving credit facility that can be increased to $1.5 billion through an accordion feature, along with an undrawn $100 million delayed-draw term loan. Brinker said the company intends to remain disciplined despite a strong acquisition pipeline. “We’d rather do $1 billion at super high quality deals rather than $5 billion of some marginal deals,” he said. Janus Living raised its 2026 FFO as adjusted guidance to a range of $0.95 to $0.98 per share, from prior guidance of $0.93 to $0.97 per share. It also raised its same-store adjusted NOI growth outlook by 200 basis points to 13% to 17%. Hughes said the revised guidance includes expected deployment of $1.6 billion of net capital raised through the company’s initial public offering and follow-on offering through the end of the year. The forecast also includes an earnings drag from cash remaining on the balance sheet until it is deployed. Upon completion of this offering, we will be the only U.S. publicly traded REIT focused exclusively on the senior housing sector and the only U.S. publicly traded REIT whose entire portfolio is owned and operated under RIDEA structures. We have an initial portfolio consisting of 34 senior housing communities, comprised of 10,422 units as of December 31, 2025. Our communities are located primarily in major retirement markets across 10 states, with units in Florida and Texas representing 69% of the total units as of December 31, 2025. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "JAN Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. FFO as Adjusted: $0.46 per share for the second quarter. Net Debt-to-EBITDA: 4.7 times at the end of the second quarter. Outpatient Medical Leasing: Executed 1.2 million square feet of leases, including 327,000 square feet of new leasing. Outpatient Medical Tenant Retention: 80% for the quarter. Outpatient Medical Cash Re-leasing Spreads: 5% for the quarter. Outpatient Medical Occupancy: Total occupancy increased 20 basis points sequentially to 90.7%. Lab Leasing: Executed 381,000 square feet of leases, with approximately 60% new leasing and 50% on vacant space. Lab Occupancy: Total occupancy increased 80 basis points sequentially to 78.5%, a 140 basis point increase since year-end 2025. Senior Housing Same-Store NOI Growth: 19% for the quarter. Senior Housing Same-Store Occupancy Growth: 260 basis points for the quarter. Janus Living Revenue Growth: 45% for the second quarter. Janus Living Adjusted EBITDA Growth: 34% for the second quarter. Capital Recycling Proceeds: Expected to generate $1.9 billion of gross proceeds through year-end. Acquisitions and Buybacks: Completed $1 billion to date. Debt Repayment: Repaid $900 million of debt as of August 4, including $650 million of senior unsecured notes in July. Available Liquidity: $4.1 billion at the end of the second quarter. FFO as Adjusted Guidance: Raised by $0.02 to a range of $1.73 to $1.77 per share. Same-Store NOI Guidance: Increased by 75 basis points at the midpoint, including a 200 basis point increase in both lab and senior housing. Warning! GuruFocus has detected 10 Warning Signs with DOC. Is DOC fairly valued? Test your thesis with our free DCF calculator. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Healthpeak Properties Inc (NYSE:DOC) reported strong outpatient medical leasing with 5% cash re-leasing spreads and modest tenant improvements, outperforming pre-merger averages. The company successfully completed a $1 billion Brookfield joint venture, strengthening its balance sheet and providing alternative equity capital for growth. Life science portfolio showed significant improvement, with total occupancy up 140 basis points since year-end 2025 and strong leasing momentum in key markets like Torrey Pines. Senior housing portfolio is on track to double in size this year, with $1.8 billion in acquisitions closed and strong NOI growth of 19%. The company raised its FFO guidance by $0.02 per share, driven by improved same-store NOI expectations across lab and senior housing segments. Life science same-store NOI is still negative, and the company cannot predict when it will inflect positively, indicating ongoing sector challenges. Boston lab market remains challenged due to supply overhang, which could pressure leasing and pricing in that region. Outpatient medical cash re-leasing spreads decelerated slightly in Q2, partly due to a competitive lease renewal in Boston. Elevated borrowing costs are prompting the company to manage debt maturities carefully, limiting near-term capital deployment flexibility. The company's stock buyback activity is limited, as current prices are not sufficiently below intrinsic value, reducing shareholder return options. Q: When will the lab portfolio's same-store NOI inflect to positive, given the improving occupancy and leasing pipeline? A: Kelvin Moses (EVP - Investments and Portfolio Management) noted that the focus is on capturing more than their share of demand and driving net absorption, which has increased total occupancy from 77% at the start of the year to 78.5%. They raised lab same-store guidance by 200 basis points at the midpoint. Scott Brinker (CEO) added that total occupancy and total NOI growth are the key metrics, not same-store, and progress is already being made in the first half of the year. Q: What is the current competitive environment for lab leasing regarding rates, free rent, and build-out costs, and has the size of tenants changed? A: Kelvin Moses stated the pipeline remains robust at 2 million square feet, with 500,000 square feet under LOI. Demand is disproportionately for wet lab space from biotech tenants seeking core assets. Rates are in line with portfolio averages, and free rent is trending at one to two months per year of lease term. Scott Brinker added that they are seeing more tenants in the 25,000 to 75,000 square foot range as the funding environment improves. Q: Is the distressed lab acquisition opportunity becoming more attractive, and what does the opportunity set look like? A: Scott Brinker confirmed the building blocks for sector recovery are in place, and they are focused on core markets and situations where their platform can add value. The pipeline is active, and they are working on a number of situations, including the Gateway acquisition which is performing well with 125,000 square feet of leases or LOIs signed. He expects Healthpeak to be a consolidator over the next 24 months. Q: Can you provide a sense of the difference between leased versus occupied lab space and the commencement schedule for signed leases? A: Kelvin Moses explained that commencements in the back half of the year exceed expirations, and they expect modest improvement in total occupancy. Some recent executions and LOIs have the potential to commence in 2026 and into 2027, but he declined to give specific forward occupancy guidance. Q: Has the conversion timeline for lab tenants changed given the amount of available space? A: Scott Brinker noted that tenants remain cautious, and the timeline from initial tour to execution can range from 3 to 9 months depending on the deal's size and complexity. This has been relatively consistent over the past 12 months. Q: How much CapEx should be expected for second-generation lab leasing and known move-outs? A: Kelvin Moses stated that capital costs have been kept low to obtain occupancy, with modest capital costs for most availabilities. Elevated capital is only needed for redevelopment assets occupied by a single tenant for decades. Scott Brinker provided a rule of thumb: around 10% of rent for renewals and 20% to 25% for new leasing. Q: Is the 100 basis point occupancy increase for Life Science still the full-year target, given the 150 basis point increase in the first half? A: Kelvin Moses clarified that the 100 basis point target was off year-end occupancy of 77%, which has already been exceeded. They anticipate modest improvement in total occupancy through year-end from the current 78.5%, with potential for incremental gains despite possible quarterly lumpiness. Q: What led to the deceleration in outpatient cash re-leasing spreads, and what is the mark-to-market opportunity? A: Scott Brinker explained that the slight deceleration was due to one large lease in Boston, which was still a strong 10-year renewal win. He emphasized that the plus 5% spreads are up 50% from the last decade's average, achieved with modest TIs and 3% escalators, making it a phenomenal result. Q: What is the appetite for more outpatient JVs like the Brookfield recap, and what led to that transaction? A: Scott Brinker stated they expect to do more with both Brookfield and Blackstone, as both are great partners with huge balance sheets. The Brookfield deal, where Healthpeak retains 51% ownership and a call option to repurchase at a 6.5% unlevered return, provides strong upfront pricing and future acquisition opportunities while maintaining control of hospital relationships. Q: Which lab markets are seeing the strongest demand, and where is pricing power holding up best? A: Kelvin Moses identified the Bay Area and San Diego (specifically Torrey Pines) as the strongest markets, with Boston being the most challenged due to supply. Scott Brinker added that in Boston, Q2 market activity was 80% of all 2025 activity, and their relative position in Route 128 West is strong despite the submarket being 30% vacant. Their portfolio scale provides pricing power on off-market deals. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

DENVER, August 04, 2026--(BUSINESS WIRE)--Janus Living, Inc. (NYSE: JAN) ("Janus Living"), a pure-play senior housing real estate investment trust (REIT), announced results for the quarter ended June 30, 2026. SECOND QUARTER 2026 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS(all percentage changes compare second quarter 2026 to second quarter 2025 unless otherwise noted) Net income of $0.05 per share Consolidated revenues of $216 million increased 45% and Adjusted EBITDAre of $79 million increased 34% FFO as Adjusted of $0.24 per share increased 40% Same-store adjusted NOI increased 19.2% and margin expanded 250 basis points ("bps") Completed a public offering of Class A-1 common stock generating approximately $690 million in net proceeds to pursue acquisition and investment opportunities Acquired two senior housing communities for approximately $105 million Subsequent to quarter end, and through August 3, 2026, completed approximately $1.0 billion of senior housing acquisitions As of August 3, 2026, subsequent to completing the acquisitions referenced above, the Company had approximately $558 million of unrestricted cash and no outstanding debt Under purchase agreement for approximately $59 million incremental senior housing acquisition SECOND QUARTER COMPARISON SENIOR HOUSING TRANSACTIONS AND PIPELINE During the second quarter 2026, we completed approximately $105 million of senior housing acquisitions across two communities in the Tucson and Seattle MSAs. The acquisitions represent 414 units on a combined basis and will be operated by two leading operators well known to Janus Living under management contracts with strong alignment. Janus Living is targeting 8.5% to 9.5% cash NOI yields upon stabilization across these investments. During the second quarter 2026, one senior housing community disposition was completed for approximately $23 million. The trailing cash NOI yield was (1.3%) as the property had negative NOI. Subsequent to quarter end, and through August 3, 2026, we completed a total of approximately $1.0 billion of senior housing acquisitions across six transactions and six different operating partners for 18 communities. The acquisitions represent 2,475 units on a combined basis and will be operated by leading operators well known to Janus Living under management contracts with strong alignment. Janus Living is targeting 7.5% to 8.5% cash NOI yields upon stabilization across these investments. Janus Living has an approximately $59 million senior housing acquisition under purchase agreement anticipated to close during the third quarter of 2026. Janus Living is targeting a 7.5% to 8.5% cash NOI yield upon stabilization. JUNE FOLLOW-ON OFFERING In June 2026, Janus Living completed a public offering of its Class A-1 common stock generating approximately $690 million in net proceeds. Janus Living expects to use the net proceeds received from the offering to pursue acquisition and investment opportunities that meet its investment criteria and for general corporate purposes. BALANCE SHEET As of June 30, 2026, the Company had approximately $1.6 billion of unrestricted cash and no outstanding debt. As of August 3, 2026, subsequent to completing the acquisitions referenced above, the Company had approximately $558 million of unrestricted cash and no outstanding debt. DIVIDEND On July 8, 2026, Janus Living's Board of Directors declared a monthly common stock cash dividend of $0.0475 per share for the third quarter of 2026, payable on the payment dates set forth in the table below to stockholders of record as of the close of business on the corresponding record date in the table below. The monthly dividend reflects an annualized dividend amount of $0.57 per share of common stock. Future dividends are at the discretion of Janus Living's Board of Directors. GUIDANCE Janus Living's 2026 guidance ranges are updated as follows: These estimates are based on our current view of existing market conditions, transaction timing, and other assumptions for the year ending December 31, 2026. For additional details and assumptions, please see page 9 in our corresponding Supplemental Report and the Discussion and Reconciliation of Non-GAAP Financial Measures, both of which are available in the Investor Relations section of our website at http://ir.janusreit.com. CONFERENCE CALL INFORMATION Janus Living has scheduled a conference call and webcast for Wednesday, August 5, 2026, at 12:00 p.m. Eastern Time. The conference call can be accessed in the following ways: Janus Living’s website: https://ir.janusreit.com/events-and-presentations Webcast: https://events.q4inc.com/attendee/343259717. Joining via webcast is recommended for those who will not be asking questions. Telephone: The participant dial-in number is (833) 461-5787. The international dial-in is (585) 542-9983. The conference ID number is 343259717. A webcast replay will be available on Janus Living’s website for 30 days. ABOUT JANUS LIVING Janus Living, Inc. is a pure-play senior housing real estate investment trust (REIT) that owns high-quality communities across the United States that support residents with thoughtfully designed, highly amenitized environments. NON-GAAP FINANCIAL MEASURES Nareit FFO, FFO as Adjusted, Same-Store Adjusted NOI, Adjusted EBITDAre, and Net Debt to Adjusted EBITDAre are supplemental non-GAAP financial measures that we believe are useful in evaluating the operating performance and financial position of real estate investment trusts. See "June 30, 2026 Discussion and Reconciliation of Non-GAAP Financial Measures" for definitions, discussions of their uses and inherent limitations, and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP, available in the Investor Relations section of our website at https://ir.janusreit.com/financials/quarterly-results. See also the "Funds From Operations" section of this release for additional information. FORWARD-LOOKING STATEMENTS Statements contained in this release that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements regarding our and our officers' intent, belief or expectation as identified by the use of words such as "may," "will," "project," "expect," "believe," "intend," "anticipate," "seek," "target," "forecast," "plan," "potential," "estimate," "could," "would," "should" and other comparable and derivative terms or the negatives thereof. Examples of forward-looking statements include, among other things: (i) statements regarding timing, outcomes and other details relating to current, pending or contemplated acquisitions, dispositions, developments, redevelopments, joint venture transactions, rental activity and commitments, financing activities, or other transactions discussed in this release; (ii) the payment of dividends; and (iii) the information presented under the heading "2026 Guidance." Pending acquisitions, dispositions, joint venture transactions, rental activity, and financing activity, including those subject to binding agreements, remain subject to closing conditions and may not be completed within the anticipated timeframes or at all. Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could significantly affect our future financial condition and results of operations. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Further, we cannot guarantee the accuracy of any such forward-looking statement contained in this release, and such forward-looking statements are subject to known and unknown risks and uncertainties that are difficult to predict. As more fully set forth under "Risk Factors" in our prospectus filed on June 3, 2026 with the Securities and Exchange Commission ("SEC"), as part of our Registration Statement on Form S-11 (File No. 333-296384), these risks and uncertainties include, but are not limited to: macroeconomic trends that may increase labor, construction, and other operating or administrative costs or impact prospective residents’ willingness or ability to move into our communities; entrance fee refund obligations and related actuarial assumptions; our dependence on the performance of our operators; our dependence on a limited number of operators; factors adversely affecting our operators’ ability to meet their financial and other contractual obligations to us; our ability to identify and secure new or replacement operators; the transition of management of certain of the properties in our senior housing portfolio to new operators; delays by seniors in moving to senior housing communities; our concentration of real estate investments in the senior housing sector, which makes us more vulnerable to an economic downturn or slowdown in that specific sector than if we invested across multiple sectors; the illiquidity of our real estate investments; operational risks associated with our communities, all of which are owned and operated under REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as "RIDEA") structures; the failure of our operators to comply with federal, state, and local laws and regulations, including resident health and safety requirements, as well as licensure, certification, and inspection requirements; changes to regulatory, funding, staffing, trade, and other policies and actions; the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid; required regulatory approvals to transfer our senior housing properties; compliance with the American with Disabilities Act and fire, safety, and other regulations; economic conditions, natural disasters, weather, and other events or conditions that negatively affect the geographic areas where we have concentrated investments; uninsured or underinsured losses, which could result in a significant loss of our capital invested in a property, lower than expected future revenues, and unanticipated expenses; our property development and redevelopment, which can render a project less profitable or unprofitable and delay or prevent its undertaking or completion; competition for suitable properties to grow our initial portfolio; any requirement that we recognize reserves, allowances, credit losses, or impairment charges; investment of substantial resources and time in investments or transactions that are not consummated; our ability to successfully integrate or operate acquisitions; the potential impact of unfavorable resolution of litigation or disputes and resulting rising liability and insurance costs; environmental compliance costs and liabilities associated with our real estate investments; epidemics, pandemics, or other infectious disease outbreaks, and health and safety measures intended to reduce their spread; potential government and financial audits, enforcement actions and recovery activity as a result of our predecessor’s receipt of Coronavirus Aid, Relief, and Economic Security Act Provider Relief Fund funds; net losses in future periods; our and our external manager’s reliance on information technology and any material failure, inadequacy, interruption, or security failure of that technology; the use of, or inability to use, artificial intelligence or other disruptive new technologies by us, our external manager, our operators, our vendors, and our investors; our ability to implement and maintain an effective system of internal control over financial reporting; our ability to implement and maintain effective disclosure controls and procedures; volatility, disruption, or uncertainty in the financial markets; increased interest rates and borrowing costs, which could impact our business and ability to refinance existing debt, sell properties, and conduct investment activities; the availability of external capital on favorable terms or at all; an increase in our level of indebtedness; covenants in our debt instruments, which may limit our operational flexibility, and breaches of these covenants; our ability to maintain our qualification as a REIT; Healthpeak’s failure to qualify as a real estate investment trust ("REIT") during certain periods prior to our initial public offering; our taxable REIT subsidiaries being subject to corporate level tax; tax imposed on any net income from "prohibited transactions"; changes to U.S. federal income tax laws; increased taxable gains due to acquisitions of property in tax-deferred transactions; potential deferred and contingent tax liabilities from corporate acquisitions, including certain of our acquisitions from Healthpeak; calculating non-REIT tax earnings and profits; provisions in Maryland law and our charter and bylaws that may delay, defer or prevent an acquisition of our Class A-1 common stock or a change in control; conflicts of interest between the interests of our stockholders and the interests of holders of common units; provisions in the operating agreement of our operating company or other agreements that may delay or prevent unsolicited acquisitions of us and certain other transactions; our dependence on our external manager and its personnel and our ability to find a suitable replacement for our external manager if the management agreement is terminated or if personnel of our external manager leave the employment of our external manager; conflicts of interest with our external manager and its affiliates, including Healthpeak Properties, Inc.; cash available for distribution to stockholders and our ability to make dividend distributions at expected levels; and other risks and uncertainties described from time to time in our SEC filings. Moreover, other risks and uncertainties of which we are not currently aware may also affect our forward-looking statements, and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by us on our website or otherwise. We do not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made. View source version on businesswire.com: https://www.businesswire.com/news/home/20260804480073/en/ Contacts Jonathan Hughes, CFASenior Vice President – Finance and Investor Relations720-428-5050

Healthpeak Properties, Inc. DOC is slated to report its second-quarter 2026 results on Aug. 4, after market close. While the company’s quarterly results are likely to display a rise in revenues year over year, funds from operations as adjusted (FFOA) per share is expected to decline. In the last reported quarter, this healthcare real estate investment trust (REIT) posted an FFOA per share of 45 cents, which beat the Zacks Consensus Estimate by 4.7%. Results reflected better-than-anticipated revenues. The quarter’s performance benefited from steady leasing activity, along with the Janus Living IPO and active capital allocation. In the preceding four quarters, Healthpeak’s FFOA per share, surpassed the Zacks Consensus Estimate on three occasions and met in the remaining period, with the average beat being 2.83%. The graph below depicts this surprising history: Healthpeak Properties, Inc. price-eps-surprise | Healthpeak Properties, Inc. Quote Long-term growth in biopharma research and drug development supports the demand outlook for specialized lab real estate. Healthpeak’s focus on the lab segment is strategically aligned with this tailwind and may have aided its performance in the to-be-reported quarter. Moreover, the senior citizen population is on the rise, and the healthcare expenditure for this age cohort is generallly higher than that of the overall population. Healthpeak’s life plan communities, formerly known as continuing care retirement communities, are anticipated to have benefited from this positive expenditure trend, supporting the segment’s quarterly performance. However, high interest expenses during the second quarter are likely to have been a spoilsport for Healthpeak. The company’s operators contend with peers for occupancy. This would have likely hurt Healthpeak’s power to raise rents and affect revenues and profitability. The Zacks Consensus Estimate for second-quarter total revenues is pegged at $726.16 million, indicating a rise of 4.6% from the year-ago reported number. Before the second-quarter earnings release, the company’s activities were inadequate to gain analysts’ confidence. The Zacks Consensus Estimate for the quarterly FFOA per share has remained unchanged at 44 cents over the past three months. The figure suggests a 4.4% fall from the year-ago quarter’s tally. Our proven model does not conclusively predict a surprise in terms of FFOA per share for DOC this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFOA beat, which is not the case here. Healthpeak currently has an Earnings ESP of 0.00% and a Zacks Rank of #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. Here are two stocks from the broader REIT industry — Host Hotels & Resorts HST and Lamar Advertising LAMR — that you may want to consider, as our model shows that these have the right combination of elements to report a surprise this quarter. Host Hotels is slated to report quarterly numbers on Aug. 5. HST has an Earnings ESP of +1.73% and carries a Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here. LAMR is scheduled to report quarterly numbers on Aug. 6. The company has an Earnings ESP of +0.22% and a Zacks Rank of 3. Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Healthpeak Properties, Inc. (DOC) : Free Stock Analysis Report Host Hotels & Resorts, Inc. (HST) : Free Stock Analysis Report Lamar Advertising Company (LAMR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in JAN? Here are five stocks we like better. Janus Living reported a strong first quarter, with revenue up 35% year over year, Adjusted EBITDA up 42%, and same-store NOI rising 13.8% as occupancy and entrance fee sales improved. Management highlighted a debt-free balance sheet and strong liquidity, ending the quarter with about $1.5 billion available and no debt, while also setting 2026 FFO as adjusted guidance at $0.93 to $0.97 per share. The company said its acquisition pipeline remains robust, with $400 million under contract and plans to deploy about $750 million in acquisitions this year as it expands its senior housing portfolio. Janus Living Inc. JAN (NYSE:JAN) used its inaugural earnings call as a standalone public company to highlight a strong first quarter of 2026, a debt-free balance sheet and an acquisition pipeline that management said could materially expand the senior housing REIT’s portfolio. President and Chief Executive Officer Scott Brinker said the company’s initial public offering created “a differentiated company that's built for growth,” citing a portfolio that is 100% senior housing operating properties, or SHOP, along with approximately $1 billion of cash and no debt at the time of the transaction. → Beyond NVIDIA: Picks-and-Shovels AI Plays with Strong Momentum “Across the entire REIT universe, the earnings growth potential at Janus Living should compare favorably,” Brinker said. He described the company’s portfolio as focused on large-scale senior housing communities with wellness, hospitality and active-lifestyle amenities, including a significant emphasis on entry-fee life plan communities. Jonathan Hughes, senior vice president of finance and investor relations, said first-quarter consolidated revenue rose 35% year over year. Adjusted EBITDA increased 42%, while FFO as adjusted per share rose 35%. → 3 Ways to Target the Resources Powering AI and Data Centers Hughes attributed the growth to organic performance and the accretion from more than $700 million of senior housing acquisitions completed before the IPO closed. On a same-store basis, revenue increased 7.6% from a year earlier, driven by 230 basis points of occupancy growth and record first-quarter entrance fee sales. Same-store occupancy increased 110 basis points sequentially and stood at 88.5%, Hughes said. → Quantum Earnings Season Is Ramping Up—What to Watch From 2 Major Players Revenue per occupied room, or RevPOR, increased 4.7% year over year. Same-store expenses rose 5.5%, while expenses per occupied unit increased 2.6%. Same-store net operating income increased 13.8%, with margins expanding by 150 basis points. Hughes said the company expects continued operating leverage as occupancy rises, citing the scale of Janus Living’s life plan communities and their greater independent living focus. Brinker said the first quarter was particularly strong for the company’s entrance fee business, which he noted is typically weakest in the first quarter. “In 2026, I mean, we really blew away expectations,” Brinker said in response to a question from Ronald Kamdem of Morgan Stanley. He said leads and tours were “way up” and that the company was benefiting from strong underlying fundamentals, despite what he described as a housing market that was “really not being all that strong.” Brinker said the company has increased the percentage of non-refundable entrance fee plans over time, now reaching more than 80%. He said Janus Living is selling many entrance fee plans with 0% refunds, which he characterized as better for broadening the demand pool and improving the economics of the business. Patrick Cheng, senior vice president of asset management, said the company’s pricing power reflects the overall value proposition of its campuses, including amenities, continuum of care and operator execution. He said that value proposition has supported both monthly fees and entrance fees. Management said Janus Living has $400 million of acquisitions under signed contract and a broader pipeline that Brinker described as several multiples of that amount. The company completed more than $700 million of acquisitions before the IPO closed. Brinker said Janus Living is focused on single assets and small portfolios that can still be meaningful given the company’s size. He said the company has added three targeted operators to its portfolio in the past 45 days, with two more under contract and others in the pipeline. The company’s geographic strategy is focused on the United States, particularly states with low income tax rates, business-friendly environments, senior in-migration and population growth. Brinker said the blended state income tax rate in the portfolio is less than 2% when measured at the highest marginal tax rate. Brinker said the $400 million currently under contract is all rental senior housing, which he called a larger and more liquid market than life plan communities. He said Janus Living is also pursuing life plan community opportunities, though they are “fewer and far between.” Asked about yields, Brinker said the company is generally targeting unlevered returns on cost of 7.5% or better within two to three years, including for lease-up deals. Initial yields on the anticipated acquisitions are in the low-6% range, moving toward 8% within two to three years, according to Hughes. Hughes said the non-same-store portfolio has occupancy of approximately 82%, largely reflecting lease-up opportunities in a former joint venture portfolio in which Janus Living acquired its partner’s interest in 19 communities in January. Eighteen of those 19 communities were transitioned to new operators on April 1. Brinker said those transitions had gone smoothly so far, with help from Brookdale as well as new operators CL and Pegasus. He said management expected the first several months to be “a little choppy,” but performance has been “probably better than expected” to date. “We're not expecting a big ramp up in occupancy near term,” Brinker said. “Hopefully by the second half, or at least the fourth quarter of 2026, we start to capture some of that momentum.” Janus Living introduced 2026 FFO as adjusted guidance of $0.93 to $0.97 per share. The company also guided for 2026 same-store adjusted NOI growth of 11% to 15%, which Hughes said is 300 basis points higher than the original guidance Healthpeak provided for the same portfolio in February. The guidance assumes $1 billion of capital sources from IPO proceeds and a $100 million delayed draw term loan. Janus Living expects to deploy approximately $750 million into acquisitions during the year, including the $400 million under contract expected to close around June 30, $250 million expected around Sept. 30 and $100 million expected around Dec. 31. Hughes said Janus Living ended the quarter with $1.5 billion of available liquidity, including approximately $950 million of unrestricted cash and no debt. The company also closed on a $500 million unsecured revolving credit facility and a $100 million unsecured delayed draw term loan facility, both undrawn. The term loan facility is available to be drawn until December 2026. Chief Financial Officer Kelvin Moses said the company will prioritize deploying its available liquidity first, then decide whether to use debt or equity capital for future growth. He said that if Janus Living continues to have a strong equity currency, it will consider the equity market as a source of capital. Brinker said the company intends to remain disciplined as it grows. “Nothing in real estate grows to the sky,” he said, adding that Janus Living will be thoughtful about its partners, acquisition prices and commitments. Upon completion of this offering, we will be the only U.S. publicly traded REIT focused exclusively on the senior housing sector and the only U.S. publicly traded REIT whose entire portfolio is owned and operated under RIDEA structures. We have an initial portfolio consisting of 34 senior housing communities, comprised of 10,422 units as of December 31, 2025. Our communities are located primarily in major retirement markets across 10 states, with units in Florida and Texas representing 69% of the total units as of December 31, 2025. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "JAN Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Interested in Healthpeak Properties, Inc.? Here are five stocks we like better. Healthpeak raised full-year guidance after a busy first quarter that included the Janus Living IPO, a Blackstone joint venture recapitalization, and a $100 million stock buyback. The company now expects 2026 adjusted FFO of $1.71 to $1.75 per share. Outpatient medical leasing remained strong, with nearly 1.1 million square feet leased in the quarter, 5.4% cash re-leasing spreads, 79% tenant retention, and 91% occupancy. Management also said leasing costs remain below peers. Life science occupancy improved to 77.7% sequentially, and the company sees further gains ahead as its pipeline grows. Healthpeak said demand is strongest in South San Francisco and that the Gateway campus is already tracking ahead of underwriting. DigitalOcean’s AI Surge: How Far Can This Rally Go? Healthpeak Properties (NYSE:DOC) reported first-quarter 2026 adjusted funds from operations of $0.45 per share and raised its full-year FFO adjusted guidance after completing several major capital allocation moves, including the IPO of its senior housing business, a joint venture recapitalization with Blackstone and a $100 million stock repurchase. President and Chief Executive Officer Scott Brinker said the company delivered a quarter marked by “excellence and execution,” pointing to activity across life science, outpatient medical and senior housing. Chief Financial Officer Kelvin Moses said Healthpeak ended the quarter with net debt to EBITDA of 5.4 times and is now guiding for 2026 FFO adjusted of $1.71 to $1.75 per share. → Wells Fargo’s Comeback Is Real—But Not Risk-Free 5 Cloud and AI Infrastructure Stocks Powering the Next Wave of AI A central focus of the call was Healthpeak’s March IPO of Janus Living, its senior housing business. Brinker described the transaction as “unique and creative,” saying the $240 million of current-year FFO from the senior housing portfolio is being valued at a multiple roughly 20 turns higher than Healthpeak’s own valuation. Healthpeak sold about 18% of the business in the IPO, but Brinker said its senior housing exposure is “essentially unchanged” from Dec. 31 because the company completed more than $700 million of acquisitions on its balance sheet before the IPO. He said the timing was intended to capture “multiple arbitrage” for shareholders. → Rocket Lab Posts Record Q1 Revenue, Raises Q2 Guidance DigitalOcean’s AI Surge: The Cloud Underdog Swims Upstream Moses said Healthpeak owned 81.6% of Janus Living’s outstanding shares at quarter-end, representing roughly $5.7 billion of market value. For the quarter, Janus Living delivered total revenue growth of 35% and adjusted EBITDA growth of 42%, he said. Moses said the IPO will be earnings neutral to Healthpeak in 2026, with the effects of incremental public company costs and temporary drag from cash proceeds expected to be offset by senior housing outperformance and deployment of $750 million of cash into acquisitions through year-end. He said the transaction should become accretive in 2027 and beyond as acquisitions stabilize and contribute to earnings. → The Great Crypto Thaw: Regulation Ignites an Infrastructure Boom Healthpeak’s outpatient medical segment continued to show strength in the first quarter. Moses said the company executed nearly 1.1 million square feet of leases during the period, including large renewals with Baylor Scott & White, Norton Health and HCA. Across the leasing activity, Healthpeak achieved 5.4% cash re-leasing spreads on renewals, 79% tenant retention and ended the quarter at 91% total occupancy. Average annual escalators were 3%, consistent with what the company has achieved on average since its Physicians Realty merger, Moses said. Brinker said Healthpeak has signed more than 10 million square feet of outpatient medical renewals since closing the merger, with cash releasing spreads of positive 5.8%. He also emphasized that leasing costs remain below peers, saying half of renewals were completed in-house during the quarter, saving $5 million in leasing commissions. Moses highlighted the Baylor Cancer Center in Dallas as an example of the company’s execution, noting that Healthpeak completed 10-year lease renewals across the entire 458,000-square-foot campus over the last two quarters with leasing costs “minimal at just over $1 per square foot per year.” Healthpeak also said it had 318,000 square feet of outpatient medical leases executed since April and approximately 700,000 square feet under letter of intent at the time of the call. Management also pointed to improving conditions in the life science portfolio, where total occupancy increased sequentially to 77.7% in the first quarter. Moses said the company expects year-end 2026 total occupancy to increase by at least 100 basis points compared with year-end 2025. During the quarter, Healthpeak executed 141,000 square feet of lab leases, 92% of which was new leasing. Moses said the company also had approximately 355,000 square feet under letter of intent, with about 80% representing new leasing and roughly 75% tied to currently vacant space. Brinker said the company’s leasing pipeline is broad-based, including venture-backed biotech and large-cap pharmaceutical tenants. He said traditional wet lab accounts for most of the pipeline, though Healthpeak has flexibility to accommodate alternative users when appropriate. In response to analyst questions, Brinker said the Gateway campus in South San Francisco, acquired in early January, is already ahead of schedule relative to initial underwriting. He said the campus has 62,000 square feet of signed leases and letters of intent, plus 113,000 square feet of active proposals and tours. He added that rents being signed are “at or above underwriting,” though he said the earnings contribution is more likely to show up in 2027 and 2028 than in 2026. Chief Development Officer and Head of Lab Scott Bohn said demand remains strongest in South San Francisco and that Boston is still working through a supply-demand imbalance. However, he said West Cambridge has shown progress, including a lease with a large-cap pharmaceutical company during the quarter. Healthpeak also discussed its March joint venture recapitalization with Blackstone involving a fully occupied outpatient medical portfolio at a 6.1% cash capitalization rate. Brinker said the deal raised $170 million in proceeds and created a template for future recapitalizations and acquisitions with Blackstone. Brinker said the company is progressing additional transactions that could generate $700 million or more in proceeds at cap rates about 200 basis points inside what is implied by Healthpeak’s current stock price. In April, Healthpeak repurchased $100 million of stock at an implied FFO yield above 10%. Moses said the repurchase was accretive to earnings and supported the increase in full-year guidance. Brinker said the company will continue evaluating leverage-neutral stock buybacks when they drive earnings and value accretion. The company also repaid $103 million of secured mortgages on two senior housing properties in January and closed on a new $400 million senior unsecured delayed-draw term loan in March, which remains undrawn. Moses said Healthpeak has until December 2026 to draw on the term loan. Brinker said Healthpeak’s senior housing performance was “outstanding,” its outpatient platform is being validated by private-market interest, and its life science business has “massive upside” as market conditions improve. He also noted that Healthpeak paid more than $200 million in dividends to shareholders in the first quarter, which he said equates to a 7.5% annualized dividend yield, while emphasizing the company’s payout ratio. On earnings cadence, Moses said the first quarter was somewhat elevated because of senior housing acquisitions completed on balance sheet before the Janus Living IPO. He said, based on the midpoint of full-year guidance, investors should think about a run-rate average of roughly $0.43 per share of FFO, plus or minus $0.01 each quarter, with refinancing and capital recycling activity affecting the back half of the year. Healthpeak Properties, Inc is a real estate investment trust (REIT) specializing in healthcare-related real estate. Headquartered in Irvine, California, the company owns, develops and acquires a diversified portfolio of properties that cater to the evolving needs of the healthcare industry. Its investments span life science research facilities, medical office buildings and senior housing communities, positioning Healthpeak as a key provider of specialized real estate assets. Within its life science segment, Healthpeak develops and leases laboratory and research space to biotechnology, pharmaceutical and other life science companies. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Healthpeak Properties Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.