DOC · 10-Q · 2026Q2 · Full report

Janus Living IPO Strategy

HEALTHPEAK PROPERTIES, INC. · 2026-08-05 · Importance 59 · Surprise 60 · In source text

On March 23, 2026, Janus Living completed its IPO, issuing 48.3 million Class A-1 shares and generating $966 million of gross proceeds, less $65 million of underwriting fees. Healthpeak contributed cash, senior housing communities, and development land and received 138.8 million Janus Living Class A-1 shares, 75.9 million Janus Living OP units, and corresponding Class A-2 shares for approximately $760 thousand. Healthpeak acquired its SWF SH JV partner’s 46.5% interest for $312 million in January 2026 and acquired multiple senior housing portfolios and communities for an aggregate $454 million during the first half of 2026. Healthpeak also sold an 80% interest in six outpatient medical buildings for $163 million, sold additional lab and outpatient medical assets, and formed a Brookfield JV in July 2026 by contributing 86 outpatient medical buildings at an approximately $2.1 billion gross valuation for approximately $1.025 billion of proceeds.

Key facts

• Healthpeak received 138,816,246 shares of Janus Living Class A-1 common stock and 75,917,780 common units in Janus Living OP in connection with the formation transactions related to the Janus Living IPO. source
• As of June 30, 2026, Healthpeak’s ownership of Janus Living Class A-1 and Class A-2 common shares together with common units of Janus Living OP provided Healthpeak with voting and economic rights of 73.6% of Janus Living. source
• On March 23, 2026, Janus Living completed its initial public offering issuing 48,300,000 shares of Class A-1 common stock at $20.00 per share generating total gross proceeds of $966 million, less $65 million of fees paid to the underwriters. source
• On June 4, 2026, Janus Living issued an additional 25,000,000 shares of Class A-1 common stock in the June Follow-On Offering which generated total gross proceeds of $719 million, less $28 million of fees paid to the underwriters. source
• Also in March 2026, Janus Living entered into a credit agreement providing a $500 million revolving credit facility and a $100 million term loan facility, both undrawn as of June 30, 2026. source
• Janus Living is externally managed by Healthpeak Investment Management, LLC and is consolidated by Healthpeak. source
• Janus Living granted the underwriters a 30-day option to purchase up to 3,750,000 additional shares in the June Follow-On Offering, which was exercised in full on June 22, 2026. source
• In March 2026 concurrent with the closing of the Janus Living IPO, Healthpeak executed a $400 million 2031 Term Loan which was undrawn as of June 30, 2026. source

Impact estimates