Healthpeak Spinoff Reit Janus Living Launches Ipo With $740m Target

Janus Living, the spinoff real estate investment trust (REIT) of Healthpeak Properties (NYSE: DOC), has launched an initial public offering months after its formation earlier this year.

Janus Living is targeting an IPO of $18 and $20 per share, which would total between $660 million and $740 million under the company’s 37 million share offering. Janus plans to use the funds from the IPO to further its acquisition and investment strategy.

Overall, the company’s IPO places it at a value of up to $5 billion. Post-IPO, the company is slated to trade under the symbol JAN on the New York Stock Exchange.

Healthpeak President and CEO Scott Brinker was unable to comment due to the mandated silent period by the Securities and Exchange Commission.

Upon the close of the IPO, Healthpeak Properties will own a total of 214.7 million shares of Janus Living Class A-1 common stock and common units, representing an ownership share of 85.3%.

Janus Living represents a return to senior living investment and ownership for Healthpeak Properties. The Denver, Colorado-based real estate investment trust is launching Janus with a 34-property portfolio and $675 million of investments under signed letters of intent or purchase agreements, Brinker stated. All of its investments will be under a RIDEA structure, according to a 2025 annual shareholder report.

Healthpeak has maintained a small presence in the senior housing industry by maintaining 15 continuing care retirement communities, 13 of which are managed by LCS. The majority of its rent is brought in from health systems such as HCA Healthcare, CommonSpirit Health and McKesson Corporation.

Upon Janus Living’s official launch, Brinker will lead the company as its CEO, and its board will include two members from Healthpeak and three elected independent directors.

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