- Janus Living is launching a senior housing IPO, seeking to raise $666M to $740M.
- Healthpeak will retain an 85%+ stake in Janus Living after the offering.
- Janus Living will be the only US public REIT focused solely on senior housing.
- Proceeds will fund acquisitions, with $675M already under LOI or purchase agreements.
IPO Targets Senior Housing Sector Growth
McKnight’s Senior Living reports that Janus Living and its parent company, Healthpeak Properties, have launched an initial public offering. The company aims to raise between $666M and $740M through the offering.
The IPO includes 37M shares of Class A-1 stock. Janus Living expects to price the shares between $18 and $20 each. In addition, underwriters hold an option to purchase extra shares through an overallotment provision.
Healthpeak Retains Majority Ownership
Following the IPO, Healthpeak expects to own more than 80% of Janus Living, ensuring continued influence. Janus Living will operate 34 senior housing communities. The company plans to pursue additional acquisitions using IPO proceeds. The strategy also arrives as public REIT listings remain limited, with fewer new offerings reaching the market in recent periods.
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Unique Position in Senior Housing
Janus Living will be the only US REIT fully dedicated to senior housing, operating exclusively under RIDEA structures. Its portfolio includes former Brookdale-managed assets as well as continuing care communities managed by LCS and Sunrise. Recent operator transitions have also moved properties to Pegasus and Ciel Senior Living. The new REIT looks to leverage sector expertise and Healthpeak’s pipeline to drive additional transactions—$675M in investments are already under signed agreements.
What’s Next
Once approved, Janus Living will trade on the NYSE under JAN. The IPO proceeds will support ongoing acquisitions and general corporate purposes, enabling Janus Living to capitalize on opportunities and expand its senior housing platform in a consolidating market.
