Healthpeak Monetizes Senior Housing Assets Through Janus Living IPO

Core Insights - Healthpeak Properties (DOC) has announced the formation of Janus Living, Inc., a senior housing real estate investment trust (REIT), and plans for an initial public offering (IPO) [1][5] - The IPO is expected to be completed by the first half of 2026, with proceeds aimed at acquisitions, debt repayment, and general corporate purposes [2][5] Group 1: Formation and Structure - Janus Living will be managed externally by Healthpeak, which will transfer a portfolio of 34 communities comprising 10,422 senior housing units [1][3] - Healthpeak will retain major ownership of Janus Living and will receive an annual management fee of $10 million for its leadership and management services [3][5] - The governance of Janus Living will include a five-member board, with two members appointed by Healthpeak and three independent directors [4] Group 2: Financial Strategy and Growth - Healthpeak aims to position Janus Living with a Net Debt to Adjusted EBITDA ratio of less than 1 times, enhancing its financial flexibility [4] - The company has $675 million in investments under signed letters of intent or purchase agreements, indicating strong growth potential [4][5] - The formation of Janus Living is seen as a strategic move to unlock value in Healthpeak's senior housing platform while improving capital efficiency [5][7] Group 3: Market Performance - Over the past month, shares of Healthpeak have increased by 2.7%, contrasting with a 0.9% decline in the industry [6] - Analysts have revised the Zacks Consensus Estimate for Healthpeak's 2025 FFO per share upward to $1.83, reflecting positive market sentiment [6]