Janus Living, Inc. Class A-1

Good morning and welcome to the Janus Living, Inc. second quarter 2026 conference call. All participants will be in a 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 one. 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.

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 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 janisreit.com. I will now turn the call over to our President and Chief Executive Officer, Scott Brinker.

Hey, 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're the most important driver of Jan's 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 a 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 zero 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 one yield is expected to be in the low sixes, improving to 7.5% or better by year three. The yields are very accretive to our cost of capital, and our basis is well below replacement costs. In just four months since going public, we've increased the number of operating partners from two 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 two 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 four 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.