Here are 1-3 brief analogies for Janus Living:

• Like Healthpeak's dedicated REIT for senior living, specializing in comprehensive 'life plan communities'.
• The Four Seasons or Ritz-Carlton for long-term senior residency, offering a full continuum of care.
• Like a hospitality REIT (e.g., Host Hotels & Resorts) but exclusively for senior living with integrated care services.

• Life Plan Community Services: Comprehensive senior living solutions offering a full continuum of care, including independent living, assisted living, memory care, and skilled nursing, typically under an entrance fee model.
• Rental Senior Housing Services: Primarily independent living accommodations, with some communities also offering assisted living, memory care, and/or skilled nursing, provided as apartment-like residences.

Janus Living (JAN) primarily serves individual residents directly, rather than other companies. Based on the types of senior housing communities it operates, its major customers can be categorized as:

• Seniors residing in Life Plan Communities: These customers are typically individuals in their late 70s or early 80s seeking an active lifestyle and a full continuum of care, including independent living, assisted living, memory care, and skilled nursing, all available on a single campus. They generally pay a one-time entrance fee in addition to monthly fees, valuing the peace of mind of integrated services, lifestyle choice, and avoiding future moves as they age.
• Seniors residing in other Senior Housing Communities (primarily independent living): These customers are individuals looking for amenitized, apartment-like private residences primarily for independent living. While the focus is on independent living, certain communities also offer access to assisted living, memory care, and/or skilled nursing services.

Healthpeak Investment Management, LLC (an indirect subsidiary of Healthpeak, symbol: PEAK)

Scott M. Brinker, Chief Executive Officer

Scott Brinker has served as President and Chief Executive Officer of Healthpeak Properties, Inc. since 2022 and is also a member of its Board of Directors. He leads Janus Living, which is externally managed by Healthpeak Investment Management, LLC. Mr. Brinker joined Healthpeak in 2018, having previously served as its Chief Investment Officer and President. Before joining Healthpeak, he held various roles at Welltower Inc. (NYSE: WELL) from 2001 to 2017, ultimately serving as Executive Vice President and Chief Investment Officer. He has extensive experience in investing and asset managing across the healthcare real estate sector, including senior housing, life science, and hospitals. Mr. Brinker also serves on the Executive Board and Governance Committee of the National Association of Real Estate Investment Trusts® (Nareit).

Jonathan Hughes, Senior Vice President of Finance and Investor Relations

Jonathan Hughes recently joined Healthpeak Properties, Inc. as Senior Vice President of Finance and Investor Relations, and in this role, he is part of the team supporting Janus Living.

Patrick Cheng, Senior Vice President of Asset Management

Patrick Cheng serves as Senior Vice President of Asset Management at Healthpeak Properties, Inc. and is a member of the team supporting Janus Living's operations.

Jeff Miller, Senior Vice President and General Counsel

Jeff Miller holds the position of Senior Vice President and General Counsel at Healthpeak Properties, Inc. and is part of the management team supporting Janus Living.

Daniel Bruce, Vice President of Investments and Business Development

Daniel Bruce is the Vice President of Investments and Business Development at Healthpeak Properties, Inc. and contributes to the team supporting Janus Living.

Key Risks to Janus Living (JAN)

1. Geographic Concentration: Approximately 69% of Janus Living's units are concentrated in Florida and Texas as of December 31, 2025. This high geographic concentration exposes the company to significant risks from regional economic downturns, natural disasters (such as hurricanes), and adverse changes in local regulations or demographic patterns within these specific states.
2. External Management and Potential Conflicts of Interest: Janus Living will be externally managed by Healthpeak Investment Management, LLC, an indirect subsidiary of Healthpeak, which will also be its largest stockholder. This external management structure inherently creates a potential for conflicts of interest, where decisions made by the manager may not always prioritize the best interests of Janus Living's public stockholders over those of Healthpeak or the manager itself.
3. Dependence on Favorable Demographic Trends and Residents' Private Pay Capacity: The company's business model is exclusively focused on the senior housing sector, relying on the expectation of favorable demographic trends. Services are primarily paid for directly by residents through entrance fees and monthly fees rather than governmental reimbursement programs. This model makes the company vulnerable if demographic trends shift unfavorably, or if economic conditions deteriorate, thereby impacting the financial capacity of seniors to afford the costs associated with Janus Living's communities.

Advanced in-home care technologies and services could emerge as a significant threat. Innovations in remote monitoring, telehealth, AI-powered assistance, and personalized in-home care solutions may increasingly enable seniors to age in place longer and more safely, reducing the demand for traditional senior housing communities, particularly independent and assisted living facilities. This shift could impact occupancy rates and revenue for Janus Living's portfolio, offering an alternative solution to the care and lifestyle needs currently met by their communities.

Janus Living (JAN) operates exclusively within the U.S. senior housing sector, focusing on a diverse portfolio that includes life plan communities and other senior housing options such as independent living, assisted living, memory care, and skilled nursing. The addressable markets for these services are substantial within the United States.

The overall U.S. senior living market was valued at approximately $923.20 billion in 2023 and is projected to grow to about $1.22 trillion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 4.16%. Other estimates place the U.S. senior living market at USD 943.90 billion in 2025, with an expectation to reach USD 1.33 trillion by 2033, growing at a CAGR of 4.47% from 2026 to 2033. Another source indicates the U.S. senior living market size was USD 923.75 billion in 2023 and is projected to reach approximately USD 1,391.23 billion by 2033, with a CAGR of 4.18% between 2024 and 2033.

For life plan communities, which are a significant part of Janus Living's portfolio, the U.S. market is also experiencing considerable growth. This segment is expected to reach US$ 231.42 billion by 2032, up from US$ 115.78 billion in 2025, growing at a CAGR of 10.4%. North America is anticipated to hold the largest share of this market, accounting for over 40% in 2025. Another assessment estimates the life plan communities market in the U.S. at US$ 94.99 billion in 2023, with a projection to reach US$ 187.48 billion by 2030 at a CAGR of 10.2%.

Here are 3-5 expected drivers of future revenue growth for Janus Living (JAN) over the next 2-3 years:

1. Expansion of its Senior Housing Portfolio: Janus Living intends to grow its initial portfolio by leveraging its Manager's (Healthpeak Investment Management, LLC) origination and sourcing capabilities and established relationships to pursue attractive investment opportunities in the senior housing sector.
2. Increased Occupancy and Rental/Service Revenue in Existing Communities: The company expects to benefit from favorable demographic trends in the senior housing sector. Its life plan communities, in particular, are anticipated to exhibit consistently resilient occupancy due to high barriers to entry and low new supply, leading to stable and potentially growing monthly resident fees for both independent living and care services.
3. Growth in Entrance Fee Revenue from Life Plan Communities: A significant portion of Janus Living's portfolio consists of life plan communities that operate under an entrance fee model. As these communities maintain high occupancy and welcome new residents, the one-time entrance fees will contribute to revenue growth. Favorable supply and demand dynamics for these specialized communities suggest potential for sustained entrance fee income.
4. Pricing Power for Entrance Fees and Monthly Charges: Due to the "favorable supply and demand fundamentals" and "high barriers to entry" for its life plan communities, as well as the robust demand driven by demographic trends, Janus Living is likely to have the ability to implement price increases for both the one-time entrance fees and the recurring monthly resident fees across its portfolio.