Healthpeak Moves Closer To Launch Of Senior Housing Reit Spinoff Janus Living

Healthpeak Properties (NYSE: DOC) is putting the pieces together to launch its senior housing spinoff in the first quarter of this year.

Earlier this year, Healthpeak announced the formation of Janus Living, a publicly traded senior housing real estate investment trust (REIT) launching with a 34-community, 10,422-unit senior housing portfolio in 10 states. The new REIT is planning an initial public offering (IPO) as part of the launch.

Janus is set to own all of its properties in a RIDEA operational structure and Healthpeak – which will hold a substantial ownership stake in Janus – is acting as its external manager.

Healthpeak management is currently putting the pieces in place to spin off Janus. Healthpeak has already bought the remaining interest in a joint-venture owning a 19-community portfolio valued at $314 million and carrying a current occupancy rate of nearly 82% in the fourth quarter of 2025. Pegasus Senior Living is slated to manage 11 communities in the portfolio and Ciel Senior Living is taking on eight of them. According to Healthpeak, the portfolio’s net operating income (NOI) has grown 9.5% since 2020.

Healthpeak has a $360 million senior living pipeline moving toward closing in Orlando and Atlanta. 

Healthpeak CEO Scott Brinker said the company’s operational results spurred it to spin off Janus Living given that those assets are “largely ignored inside Healthpeak, given its relative scale.”

Occupancy for the REIT’s life plan community portfolio, spanning 7,067 independent living, assisted living and memory care units, registered at 87.4% in the fourth quarter of 2025.

“We have significant expertise and relationships in the sector to valuable resources that were being underutilized over the past several quarters,” Healthpeak CEO Scott Brinker said during the company’s Feb. 3 earnings call with investors and analysts. “The planned IPO is a unique and creative way to capture value in the near term through a higher multiple on our senior housing NOI, and as a significant shareholder in Janus Living, to participate in future value creation from internal and external growth.”

Brinker is, as CEO, leading Janus. Supporting him is a team that includes Senior Vice President of Asset Management Patrick Cheng; Jonathan Hughes, who recently joined Healthpeak as senior vice president of finance and investor relations; Senior Vice President and General Counsel Jeff Miller and Daniel Bruce, vice president of investments and business development.

The Janus Living board will include two members from Healthpeak and three elected independent directors.

Healthpeak is through the IPO seeking to fund its investment pipeline, repay debt and fund other general corporate purposes. Once the spinoff and IPO are done, Janus will pay Healthpeak an annual management fee of $10 million, adjusted for new investments and dispositions.

Healthpeak’s stock price closed at $16.45, down 2.8% from the previous close.

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