Janus Living, Inc. Class A-1

Good morning and welcome to the Janus Living Incorporated first quarter 2026 conference call. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchstone phone. To withdraw your question, please press star then 1 again. Please note, this event is being recorded. I would now like to turn the conference over to Jonathan Hughes, Senior Vice President, Finance and Investor Relations. Please go ahead.

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 8K we furnished with the SEC yesterday, we've 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 JanusReed.com. I will now turn the call over to our President and Chief Executive Officer, Scott Brinker.

Okay, thank you, Jonathan. It's great to be on the inaugural Janus Living Earnings Call for the first quarter of 2026. I'll start with appreciation for our deal team and advisors who dedicated six months of their time to create such a great outcome. The IPO is a unique and creative transaction that unlocks value and creates a differentiated company that's built for growth. 100% shop, a balance sheet with $1 billion of cash and no debt, and an asset base big enough to be public but small enough that we can really move the needle with external growth. Across the entire REIT universe, the earnings growth potential at Janus Living should compare favorably. We also own a differentiated portfolio within the senior housing sector, primarily large-scale communities with unmatched amenities and a focus on wellness, hospitality, and an active lifestyle. The entry fee business outperformed the traditional rental business through the cycle because of higher barriers to entry and longer length of stay. It's just not on investors' radar because the vast majority of entropy communities are nonprofits. Investors can now get access to this unique and attractive business through Janus Living. We're a new REIT, but we're certainly not a new entrant. In fact, no one in the sector has done shop for longer. We have deep relationships and expertise to drive growth. The operating track record of the seed portfolio is strong, with more than 900 basis points of occupancy growth over the past five years. yet there's plenty of upside left to capture with current occupancy at just 86%. Operationally, we could not have asked for a better start as a standalone company, with incredible results in 1Q ahead of forecast on occupancy, rate, margin, and entry fee. Jonathan will cover the details on the first quarter and our improved 2026 outlook. We're seeing compelling acquisition opportunities. We completed more than $700 million before the IPO closed, and we have $400 million under signed contract. The pipeline is several multiples of that amount, essentially all direct with target partners. We're focused on single assets and small portfolios, which still move the needle given our scale. We can be highly disciplined about every property that comes into our portfolio. In the last 45 days, we've already added three targeted operators to the portfolio, with two more under contract and several more in the pipeline. These partners will help us drive both internal and external growth. Our selection criteria focuses on integrity, culture, alignment, track record, and capabilities. Geographically, we're focused on the US, nothing international. We're prioritizing states with low income tax rates and business-friendly environments that drive senior in-migration and population growth. The blended state income tax rate in our portfolio is less than 2%, even when measured at the highest marginal tax rate. That's a small fraction of the population-weighted national average. With projected senior population growth substantially above the national average, our footprint is set up for strong demand moving forward. Janus Living will not take ownership stakes in operators, which can create unwanted distraction, conflicts, and liability. We are not the operator, and we do not make staffing or healthcare decisions. Senior housing is obviously in a virtuous cycle today. and that cycle has legs given the aging population and the high cost of new construction. Nothing in real estate grows to the sky, though, so we'll be very thoughtful and disciplined about who we do business with, the prices we pay, and the promises we make. I'll turn it to Jonathan to review our first quarter results in 2026 Outlook.