Janus Living falls on upsized $748 mln equity raise

Bank of America

05/11/2026 13:26

** Senior housing REIT Janus Living's JAN.N shares down 4.7% at $28.65 before the bell on Thurs after follow-on pricing
** JAN late Weds announced 26.25 mln shares at $28.50 for about $748.1 mln
** Offering size increased from 25 mln shares and priced at 5.2% discount to last sale
** Co expects to use net offering proceeds for acquisition and investment opportunities, debt repayment and general corp purposes
** BofA, JP Morgan, Wells Fargo and Goldman Sachs lead bookrunners
** Late Mon, JAN posted Q3 adj FFO/sh of $0.25, up 46% yr/yr, and raised 2026 adj FFO guidance slightly to $0.97-$0.99
** Externally managed by Healthpeak Properties DOC.N, JAN went public in Mar IPO priced at $20; it has ~234.37 mln shares outstanding
** 13 of 15 analysts rate the stock "strong buy" or "buy", 2 "hold"; median PT $34, per latest LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))