Healthpeak Launches Janus Living IPO With 37 Million Shares in Senior Housing Real Estate Acquisition Play

Healthpeak, Inc. (NYSE: DOC) and Janus Living, Inc. announced the launch of Janus Living's initial public offering of 37,000,000 shares of Class A-1 common stock, with an expected price range of $18.00 to $20.00 per share, according to a registration statement on Form S-11 filed with the Securities and Exchange Commission.

Janus Living, a pure-play senior housing real estate investment trust that owns communities across the United States, expects its Class A-1 common stock to be approved for listing on the New York Stock Exchange under the ticker symbol "JAN," subject to official notice of issuance.

Real Estate Acquisition Pipeline to Drive Use of Proceeds

Janus Living stated it expects to use net proceeds from the offering to pursue real estate acquisition and investment opportunities that meet its investment criteria, as well as for general corporate purposes. Specific details regarding identified acquisition targets, pipeline size, or signed agreements were not disclosed in the announcement.

The underwriters have been granted a 30-day option to purchase up to an additional 5,550,000 shares of Class A-1 common stock to cover overallotments, if any.

Healthpeak Retains Majority Economic Interest in Janus Living

Following completion of the IPO, Healthpeak will own a combined total of approximately 214,734,000 shares of Janus Living Class A-1 common stock and common units, representing an approximately 85.3% economic interest in Janus Living. If the underwriters' overallotment option is exercised in full, that interest would decrease to approximately 83.4%.

Healthpeak Properties is a fully integrated REIT and S&P 500 company that owns, operates, and develops real estate focused on healthcare discovery and delivery. Janus Living was formed as a dedicated senior housing platform, owning high-quality communities that support residents with amenitized environments across the United States.

Broad Underwriting Syndicate Assembled for the Offering

BofA Securities and J.P. Morgan are acting as lead book-running managers for the offering. Wells Fargo, Barclays, Goldman Sachs, RBC Capital Markets, and Paul Stanley are serving as bookrunners. BNP Paribas Real Estate, Credit Agricole CIB, KeyBanc Capital Markets, PNC Capital Markets LLC, Scotiabank, TD Securities, and Truist Securities are acting as senior co-managers. BTIG, Capital One Securities, Huntington Capital Markets, M&T Securities, Raymond James, Regions Securities LLC, Santander, and SMBC Nikko are acting as co-managers.

Copies of the preliminary prospectus, when available, may be obtained from BofA Securities, Attention: Prospectus Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, or by email at dg.prospectus_requests@bofa.com. Prospectus copies are also available from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com.

The registration statement on Form S-11 has been filed with the SEC but has not yet been declared effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement is declared effective. This announcement does not constitute an offer to sell or a solicitation of an offer to buy these securities.

Sources: Healthpeak Properties Investor Relations