Structured to Unlock the Full Potential of Healthpeak’s Senior Housing Portfolio and Enhance Long-Term Healthpeak Shareholder Value
Healthpeak Properties, Inc. (NYSE: DOC) (“Healthpeak”), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, today announced the formation and planned initial public offering (“IPO”) of Janus Living, Inc. (collectively with its subsidiaries, “Janus Living”), a real estate investment trust (“REIT”) dedicated to senior housing. Healthpeak will contribute its 34-community, 10,422-unit senior housing portfolio to Janus Living and will serve as its external manager. Immediately following the IPO, Healthpeak intends to retain a substantial majority interest in Janus Living, with new public shareholders owning the remainder.
Healthpeak also announced that it confidentially submitted a draft registration statement on Form S-11 to the United States Securities and Exchange Commission (“SEC”) in December 2025 related to the proposed Janus Living IPO. Healthpeak expects to complete the IPO in the first half of 2026, subject to market conditions, receipt of regulatory approvals, completion of the related financings, completion of the SEC’s review, and other customary conditions.
KEY ASPECTS OF THE TRANSACTION
- Dedicated Senior Housing Platform: Highlights Healthpeak’s proven senior housing track record, established industry relationships and investment management capabilities through the creation of a pure-play RIDEA-structured senior housing REIT
- Expands Strategic Flexibility: Forming Janus Living allows Healthpeak to unlock value with an alternative source of accretive capital to advance its Outpatient Medical and Lab growth strategy while creating a pathway for Healthpeak to benefit from a dedicated cost of capital at Janus Living to more effectively pursue senior housing investments
- Highly Aligned Corporate Structure: Healthpeak’s management of Janus Living will provide experienced leadership and an institutional quality back office, with strong alignment through stock ownership and a mutually beneficial management contract
- Independent and Aligned Governance: Healthpeak will structure the Janus Living Board to be majority independent, appointing two existing Healthpeak directors and nominating three additional independent directors to serve on the Janus Living Board
- Well-Positioned Balance Sheet: Healthpeak intends to strengthen its balance sheet through the transaction and position Janus Living with an expected opening Net Debt to Adjusted EBITDAre ratio of less than 1 times
“Given its relative scale within Healthpeak, it has been difficult for the public markets to recognize our senior housing platform’s capabilities and properly value the portfolio,” said Scott Brinker, President and Chief Executive Officer of Healthpeak. “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.”
Kathy Sandstrom, Chair of the Healthpeak Board, commented, “The Board and management team conducted a comprehensive and disciplined review of the full range of opportunities to unlock the value of our senior housing portfolio and platform. We believe this transaction allows Healthpeak shareholders to capture value immediately while also benefiting from the portfolio’s future performance.”
An investor presentation regarding the transaction can be found on the Investor Relations section of Healthpeak’s website, ir.healthpeak.com
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