Janus Living Tees Up $400m In Senior Living Acquisitions After Ipo 

With the Janus Living (NYSE: JAN) initial public offering now in the rear-view mirror, leaders of the new spinoff see more growth immediately ahead with deals under letters of intent totaling $400 million.

The company’s larger REIT parent, Healthpeak, had an 81.6% ownership stake in Janus Living (NYSE: JAN) after the close of the public offering, representing roughly $5.7 billion in market value. The public offering targeted a share price target of $18 and $20, and in the end completed on the high end of that range with net proceeds of about $880 million. The stock quickly overperformed that range and now sits at $26.49 per share. 

The Denver, Colorado based REIT is using the positive momentum from the initial public offering to add staff in for asset management, investor relations and acquisitions, advancing technology initiatives and “attract institutional capital across the enterprise,” according to Kelvin Moses, chief financial officer. 

Healthpeak fueled Janus’ launch through $714 million in acquisitions totaling 25 communities. The acquisitions include a joint-venture for a 19-community portfolio, three communities in the Orlando metropolitan area, two communities in the Atlanta metropolitan area and one community in the Seattle metropolitan area.

Janus Living reported average occupancy for its total 40-community portfolio was 86% in the first quarter of 2026, up from the 84.2% average occupancy rate the portfolio carried one year prior.

During Janus Living’s first-quarter earnings call Wednesday, Moses noted Janus is targeting full-continuum communities with at least 100 units in “pro-business, high growth states.”

“It’s just a better product, higher barriers to entry, better product for the consumer, and you can get a better team on the ground because it’s bigger economies of scale,” Moses said.

Now, Janus Living is under contract to acquire another six communities for $400 million. The communities are all rental, “a much bigger and more liquid market,” Moses said. Janus also is targeting life plan communities, but they are “few and far between.”

In the first quarter of 2026, Janus Living reported funds from operations (FFO) at 23 cents per share. The company reported a post-IPO net loss of about five cents per share.

In January, Healthpeak announced its return to the senior living sector with the formation of Janus Living, which launched with a 34-property portfolio. According to Moses, Janus is already proving to be “extremely successful” for Healthpeak, and closed its initial public offering with $880 million in proceeds.

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