Janus Living, a senior housing REIT being carved out of Healthpeak Properties, announced terms for its IPO on Monday.
The Denver, CO-based company plans to raise $703 million by offering 37 million shares at a price range of $18 to $20. Certain cornerstone investors intend to purchase $300 million worth of shares in the offering (43% of the deal). At the midpoint of the proposed range, Janus Living would command a fully diluted market value of $4.8 billion.
Janus Living is a senior housing real estate investment trust that owns 34 senior living communities across 10 states, primarily in Florida and Texas. Its properties are operated under RIDEA structures, meaning operating income is largely derived from resident-paid services rather than government reimbursement programs. Following the offering, the company will be externally managed by an affiliate of Healthpeak, a healthcare-focused REIT.
Janus Living was founded in 2025 and booked $604 million in revenue for the 12 months ended December 31, 2025. It plans to list on the NYSE under the symbol JAN. BofA Securities, J.P. Morgan, Wells Fargo Securities, Barclays, Goldman Sachs, RBC Capital Markets, and Morgan Stanley are the joint bookrunners on the deal. It is expected to price during the week of March 16, 2026.
