Janus Living, the senior housing REIT that Healthpeak Properties took public in March, has more than doubled the size of its revolving credit facility six months after setting it up.
The company said in a Form 8-K filed Sept. 17 that it amended and restated its March 23 credit agreement, raising the revolver from $500 million to $1.25 billion. Bank of America is administrative agent. The amendment closed the same day.
The filing also terminates the $100 million delayed-draw term loan facility that sat alongside the original revolver, so total committed capacity moves from $600 million to $1.25 billion. Janus Living retains an option to expand the revolver or add incremental term loans up to an aggregate $1.75 billion, subject to securing additional lender commitments β an accordion that was capped at $1.5 billion under the original agreement.
The 8-K says the restated agreement’s terms are otherwise generally consistent with the original. Under that agreement, disclosed in the company’s second-quarter report, the revolver matures in March 2030 with two six-month extension options, bears interest at SOFR plus 105 basis points on the company’s leverage-based pricing grid, and carries a facility fee on the entire revolving commitment that was 0.15% as of June 30. There were no borrowings outstanding under the credit agreement at that date.
A balance sheet built for buying
The company has not tied the increase to a specific use, but the shape of it points to acquisition capacity rather than to refinancing. Janus Living carried roughly $1.65 billion in cash, cash equivalents and restricted cash at June 30 following its IPO and a June follow-on offering, and the credit agreement was undrawn. Adding $650 million of net new committed capacity on top of that reads as dry powder rather than liquidity repair.
The company describes itself as a pure-play senior housing REIT and, in its filings, as the only U.S. publicly traded REIT whose portfolio is owned and operated entirely under RIDEA or similar structures β arrangements in which the REIT owns the community directly and contracts with a third-party operator to run it. That structure gives the landlord the operating upside and the operating risk, rather than a fixed rent.
Its portfolio consisted of 41 senior housing communities with 11,420 units as of June 30, spread across 13 states, with Florida and Texas accounting for 64% of units. The company is externally managed by Healthpeak Investment Management, an indirect subsidiary of Healthpeak Properties.
Buying into a tightening sector
Senior housing results have been running strong. RealtyWire reported that Healthpeak raised its guidance as senior housing net operating income jumped 19.2%. On our reading, the demographics underneath those numbers β the oldest baby boomers now reaching the ages at which people typically move into these communities β are a large part of why capital keeps moving toward the sector.
Capital has followed. American Healthcare REIT agreed to buy eight Kensington Senior Living communities for $873 million, and CareTrust REIT has pushed its 2026 investments past $1.5 billion. A larger revolver puts Janus Living in position to compete for portfolios of that size without returning to the equity market first.
Janus Living reported net income of $14.9 million for the second quarter, against a $2.6 million loss a year earlier, and Nareit funds from operations of $65.6 million versus $33.4 million. Its board declared monthly common dividends of $0.0475 per share for July, August and September.
The company has not said what it intends to buy with the expanded facility, and the 8-K makes no reference to a specific transaction. Its shares trade on the New York Stock Exchange under the ticker JAN. More of RealtyWire’s coverage of the sector is in Commercial Real Estate.
