DOC · 10-Q · 2026Q3 · Full report

Janus Living IPO and Follow-On Offering

HEALTHPEAK PROPERTIES, INC. · 2026-11-03 · Importance 59 · Surprise 60

Janus Living completed its IPO on March 23, 2026, issuing 48.3 million Class A-1 shares for $966 million gross proceeds, less $65 million of underwriting fees. In connection with the formation transactions, Healthpeak transferred cash, senior housing communities, and land for future development and received 138,816,246 Janus Living Class A-1 shares and 75,917,780 Janus Living OP common units. Janus Living raised a further $719 million gross in its June 2026 follow-on offering and $534 million gross in its August 2026 follow-on offering, less underwriting fees of $28 million and $19 million, respectively. As of September 30, 2026, Healthpeak’s shares and operating-partnership units provided voting and economic rights of 69.2% of Janus Living, which Healthpeak externally manages and consolidates.

Key facts

• Healthpeak purchased approximately $760 thousand of Janus Living Class A-2 shares, equivalent in amount to its Janus Living OP common units, to obtain voting rights corresponding to those units. source
• Healthpeak received 138,816,246 Janus Living Class A-1 shares and 75,917,780 Janus Living OP common units in connection with the Janus Living IPO formation transactions. source
• As of September 30, 2026, Healthpeak’s Janus Living shares and Janus Living OP units provided 69.2% voting and economic rights in Janus Living; Janus Living was externally managed by a Healthpeak indirect subsidiary and consolidated by Healthpeak. source
• Net income for the nine months ended September 30, 2026 benefited from interest earned on proceeds from the Janus Living IPO and Follow-On Offerings. source