Healthpeak (DOC) is being valued as a mix between medical offices and labs. By property value, however, it is fully 25% senior housing. Senior housing values have dramatically expanded in recent periods, yet this value has not shown up in DOC’s stock price. In response, DOC is spinning off its senior housing into Janus Living (JAN) which, upon its IPO, should force the market to directly value its senior housing assets. I believe the IPO will reveal the true value of DOC’s senior housing as $4.25B rather th ...