Healthpeak’s senior housing REIT Janus Living sets terms for $703 million IPO
IPO Overview
Janus Living, a senior housing REIT being carved out of Healthpeak Properties, announced terms for its IPO on Monday.
The Denver, CO-based company plans to raise $703 million by offering 37 million shares at a price range of $18 to $20. Certain cornerstone investors intend to purchase $300 million worth of shares in the offering （43% of the deal）。 At the midpoint of the proposed range, Janus Living would command a fully diluted market value of $4.8 billion.
Janus Living is a senior housing real estate investment trust that owns 34 senior living communities across 10 states, primarily in Florida and Texas. Its properties are operated under RIDEA structures, meaning operating income is largely derived from resident-paid services rather than government reimbursement programs. Following the offering, the company will be externally managed by an affiliate of Healthpeak, a healthcare-focused REIT.
Janus Living was founded in 2025 and booked $604 million in revenue for the 12 months ended December 31, 2025. It plans to list on the NYSE under the symbol JAN. BofA Securities, J.P. Morgan, Wells Fargo Securities, Barclays, Goldman Sachs, RBC Capital Markets, and Morgan Stanley are the joint bookrunners on the deal. It is expected to price during the week of March 16, 2026.
About the Company
Upon completion of this offering, we will be the only U.S. publicly traded REIT focused exclusively on the senior housing sector and the only U.S. publicly traded REIT whose entire portfolio is owned and operated under RIDEA structures. We have an initial portfolio consisting of 34 senior housing communities, comprised of 10,422 units as of December 31, 2025. Our communities are located primarily in major retirement markets across 10 states, with units in Florida and Texas representing 69% of the total units as of December 31, 2025. All of our communities are owned and operated under RIDEA structures. Services provided by our operators under a RIDEA structure are primarily paid for directly by the residents, rather than governmental reimbursement programs, which provides us with greater visibility into operating cash flow from our communities. We will be externally managed by Healthpeak Investment Management, LLC, an indirect subsidiary of Healthpeak, which will be our largest stockholder following the completion of this offering and the formation transactions. Healthpeak is an S&P 500 REIT that invests in and manages real estate focused on healthcare discovery and delivery in the United States. Although our Manager was recently formed, Healthpeak has been a public company and an active investor in healthcare real estate for over 40 years.
