Weekly Real Estate News
Simple Content Summary: Healthpeak Properties disclosed November 2 that its majority-owned Janus Living senior housing REIT completed approximately $1.75 billion of acquisitions in the third quarter and another $370 million through October 30. The approximately $2.12 billion total spans transactions completed before today’s earnings release. Healthpeak raised its 2026 adjusted FFO guidance to $1.76–$1.78 per share while lowering its GAAP earnings forecast.
Healthpeak Properties is leaning into senior housing as its majority-owned Janus Living business expands through billions of dollars in property acquisitions, according to third-quarter results released Monday.
Janus completed approximately $1.75 billion in senior housing acquisitions during the quarter ended September 30 and another $370 million between October 1 and October 30, bringing the combined third-quarter and subsequent-period total to roughly $2.12 billion. Those purchases were completed before the November 2 announcement; the new event is their consolidated disclosure alongside updated earnings forecasts.
The $1.75 billion third-quarter total included approximately $1 billion in transactions previously announced through August 3 and another $743 million completed afterward. The acquisitions cover 33 senior housing communities during the quarter, plus six more communities acquired through October 30, according to Janus Living’s earnings release.
Acquisition push expands Janus’s footprint
Janus reported that its 33 third-quarter acquisitions represented 3,907 units, while the six properties purchased after quarter-end added 792 units. The company’s year-to-date acquisitions through October 30 totaled approximately $2.9 billion, a different time period from the $2.12 billion highlighted in this report.
Janus also had binding agreements for approximately $82 million of additional acquisitions, which had not closed as of the announcement. It described its target returns on recently acquired communities as low-6% initial cash net operating income yields, rising to 7.5% to 8.5% upon stabilization. Those are targets, not realized results.
Janus reported $268 million in quarterly revenue, up 78% from a year earlier, and $105 million of adjusted EBITDAre, up 101%. Same-store adjusted net operating income increased 25.9%. Acquisitions contributed to overall growth, so the company-wide revenue increase should not be mistaken for growth at unchanged properties.
Healthpeak lifts adjusted outlook, lowers GAAP earnings forecast
Healthpeak increased its 2026 guidance for funds from operations as adjusted to $1.76–$1.78 per share, compared with its prior $1.73–$1.77 range. The midpoint rose two cents. At the same time, it reduced its diluted GAAP earnings guidance to $0.39–$0.41 per share from $0.48–$0.52, citing additional depreciation and amortization related to the senior housing acquisitions.
The company reported third-quarter adjusted FFO of $0.44 per share and net income of $0.02 per share. The distinction matters because adjusted FFO is a non-GAAP real estate metric that excludes certain expenses included in net income.
Healthpeak said it owns approximately 69% of Janus, which is consolidated in its financial statements. The senior housing company’s reported performance therefore contributes to Healthpeak’s results, but the two publicly traded entities are not interchangeable.
Life-science investment carries occupancy risk
Outside senior housing, Healthpeak reported that it had acquired or agreed to acquire four life-science buildings totaling approximately 510,000 square feet for about $233 million. Not all of those deals have closed.
Among completed transactions, Healthpeak acquired a construction loan and the remaining equity interest in the 236,000-square-foot HQ Point lab campus in San Diego for a combined $105 million on September 30. The property was only 29% occupied at the time disclosed. It also acquired a $38 million medical training facility in Houston during October.
Two additional life-science acquisitions, in South San Francisco and Cambridge, remained under contract. Their proposed purchase prices total approximately $128 million. Healthpeak expects the transactions to close in late 2026 or early 2027, subject to conditions.
The portfolio moves show an investor allocating capital to senior housing while also seeking opportunities in partially leased laboratory properties. Both strategies depend on execution: operating performance and resident demand in senior housing, and successful leasing in the life-science market.
Primary sources: Healthpeak third-quarter earnings announcement, November 2, 2026; Janus Living third-quarter earnings announcement, November 2, 2026.
Featured photograph: Illustrative seniors in a park; not a photograph of a Janus Living property. Photo: Brad Rucker/Unsplash.
