Healthpeak Properties Inc. (NYSE: DOC), a Denver-headquartered owner-operator and developer of healthcare real estate, announced the formation and planned initial public offering (IPO) of Janus Living Inc., a real estate investment trust (REIT) dedicated to senior housing.
Healthpeak plans to contribute its 34-community, 10,422-unit senior housing portfolio to Janus Living and will serve as its external manager. After the IPO, Healthpeak will retain a substantial majority interest in Janus Living, with new public shareholders owning the remainder.
Healthpeak added that the IPO should be completed during the first half of the year, subject to market conditions and regulatory approvals.
“Given its relative scale within Healthpeak, it has been difficult for the public markets to recognize our senior housing platform’s capabilities and properly value the portfolio,” said Scott Brinker, president and CEO of Healthpeak. “This IPO is intended to enable Healthpeak to unlock that value, leverage our industry expertise, and more effectively pursue our active pipeline of senior housing acquisition opportunities, including approximately $675 million of investments already under signed letters of intent or purchase agreements.”
