Healthpeak Announces Formation Of New Publicly Traded Senior Housing Reit Janus Living

A formerly bigger player in the senior living industry has announced the formation of a new real estate investment trust (REIT) focused on senior housing properties.

On Wednesday morning, Healthpeak Properties (NYSE: DOC) announced the formation of Janus Living, a REIT dedicated to senior housing. The company is planning an initial public offering (IPO) for the new REIT, after which it will serve as its external manager and hold “substantial majority interest” in it. Healthpeak expects to complete the IPO in the first half of 2026.

The Janus REIT is launching with a 34-community, 10,422-unit senior housing portfolio that Healthpeak has culled and cultivated over the years.

Healthpeak CEO and President Scott Brinker said Healthpeak’s scale has made it “difficult for the public markets to recognize our senior housing platform’s capabilities and properly value the portfolio.”

“This IPO is intended to enable Healthpeak to unlock that value, leverage our industry expertise, and more effectively pursue our active pipeline of senior housing acquisition opportunities, including approximately $675 million of investments already under signed letters of intent or purchase agreements,” he said in a press release.

The move to turn its collective eye back toward senior housing is significant for Healthpeak, which along with Welltower (NYSE: WELL) and Ventas (NYSE: VTR) has long formed the “big three” of health care REITs.

In the aftermath of the Covid-19 pandemic, Healthpeak sold off substantially all of its triple-net and senior housing operating (SHOP) portfolios. But it never fully left the industry, and in the following years, the REIT managed a portfolio of more than a dozen continuing care retirement communities (CCRCs.) In 2024, the company merged with Physicians Realty Trust and took on the DOC stock ticker.

This is a developing story that will be updated.

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