Healthpeak Properties and Janus Living announced the launch of Janus Living’s initial public offering, offering 37 million shares of Class A‑1 common stock at a price range of $18.00 to $20.00 per share. The offering includes an overallotment option for an additional 5.55 million shares, allowing the underwriters to purchase up to 42.55 million shares in total.
Upon completion, Healthpeak will retain an estimated 85.3 % economic interest in Janus Living, giving it a controlling stake. If the underwriters exercise the full overallotment, Healthpeak’s ownership would fall to 83.4 %. The shares will trade on the New York Stock Exchange under the ticker “JAN”.
Janus Living, founded in 2025, reported $604 million in revenue for the 12 months ended December 31 2025, reflecting strong demand for its senior‑living communities. The IPO is expected to raise up to $5 billion, with proceeds earmarked for acquisitions, debt repayment, and general corporate purposes.
The spin‑off aligns with Healthpeak’s strategy to focus on outpatient medical and life‑science assets while unlocking value in its senior‑housing portfolio. CEO Scott Brinker said the IPO “unlocks that value, leverages our industry expertise, and more effectively pursues our active pipeline of senior housing acquisition opportunities.” The move also positions Janus Living as a dedicated RIDEA‑structured REIT, which can capture operational upside from resident‑paid services.
Market interest has been strong, with cornerstone investors such as CenterSquare, DWS, MFS, and PGIM indicating willingness to purchase up to $300 million of shares. The pricing range of $18‑$20 per share and a target valuation of up to $5 billion signal confidence in the senior‑housing sector’s growth prospects driven by demographic trends.
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