Healthpeak Properties has filed a draft registration statement on Form S-11 with the SEC for the planned initial public offering of Janus Living, a pure-play, RIDEA-structured senior housing REIT. The transaction will contribute Healthpeak’s 34-community, 10,422-unit senior housing portfolio to Janus Living. Upon completion in the first half of 2026, Healthpeak will retain a substantial majority interest and will serve as external manager, while new public shareholders will own the remaining stake.

The contributed portfolio comprises 34 communities totaling 10,422 units, representing one of the largest asembled senior housing platforms in the RIDEA structure. Janus Living is expected to begin operations with an opening Net Debt to Adjusted EBITDAre ratio below 1.0x. Healthpeak anticipates collecting an annual management fee of $10 million, with all supporting personnel employed by Healthpeak, and has a signed acquisition pipeline of approximately $675 million under letters of intent or purchase agreements.

By spinning out Janus Living, Healthpeak aims to unlock the embedded value of its senior housing assets and secure a dedicated cost of capital for future investments. Net proceeds from the IPO will be allocated to pending acquisitions within the outpatient medical and laboratory segments, debt repayment, and general corporate purposes. This move provides an alternative source of accretive capital to advance Healthpeak’s broader healthcare real estate growth strategy while preserving its ownership and management upside in senior housing.

Janus Living’s board will feature five members, including two current Healthpeak directors and three additional independent directors to ensure majority independence. Healthpeak’s executive leadership—led by CEO Scott Brinker—along with senior vice presidents in asset management, finance, legal, and investments, will drive day-to-day operations. The externally managed structure aligns incentives through equity ownership and a performance-based management contract, leveraging Healthpeak’s institutional back-office capabilities.