Janus Living, Inc.

Healthpeak Properties raised its full-year 2026 guidance for the second time this year, now expecting diluted earnings per share of $0.48 to $0.52, up from $0.46 to $0.50, and diluted FFO as Adjusted of $1.73 to $1.77, two cents higher at the midpoint than its prior outlook. The healthcare real estate owner signed 1.6 million square feet of new and renewal leases in the quarter, lifting outpatient medical occupancy 20 basis points to 90.7% and lab occupancy 80 basis points to 78.5%. Growth was led by Janus Living, the senior housing operator Healthpeak controls with a 73.6% stake, where revenue jumped 45% year over year to $216 million and Adjusted EBITDA rose 34% to $79 million, with same-store margins expanding 250 basis points. Healthpeak funded buybacks and debt paydown largely by selling stakes in existing buildings, including July's recapitalization that sold a 49% stake in an 86-property outpatient medical portfolio to Brookfield for roughly $1.025 billion at a 5.9% cap rate, part of $1.4 billion of proceeds generated in the quarter and through August 3. Lab same-store net operating income fell 3.2%, the only one of Healthpeak's three core businesses to shrink, holding total company-wide same-store NOI growth to 1.8%.

Janus Living reported second-quarter revenue rose 45% year over year, adjusted EBITDA increased 34%, and adjusted FFO per share grew 40%, driven by organic growth and approximately $800 million of first-half acquisitions. The company raised its 2026 adjusted FFO guidance to $0.95–$0.98 per share and same-store adjusted NOI growth guidance to 13%–17%. 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. As of Aug. 3, the company had $558 million in cash, no debt, and $1.2 billion of available liquidity.

Healthpeak Properties shares have risen 28% over the past three months, outpacing the industry's 12.4% gain. The healthcare real estate company is shifting its portfolio toward lab, outpatient medical, and life plan assets in high-barrier markets, supported by strong leasing momentum and rising occupancy. In the first quarter of 2026, lab occupancy reached 77.7%, up from 77% at year-end 2025, while outpatient medical occupancy held at 91% with 5.4% cash re-leasing spreads on renewals. Senior housing same-store cash net operating income grew 13.8% year over year, and the Janus Living platform posted 35% revenue growth and 42% adjusted EBITDA expansion. Healthpeak generated $267 million from recapitalizations, dispositions, and loan repayments in the quarter, and cash and equivalents rose to $1.17 billion, partly from the Janus Living IPO, while the company also secured a new $400 million delayed-draw term loan.