Janus Living, a senior housing REIT being carved out of Healthpeak Properties, raised $840 million by offering 42 million shares at $20, the high end of the range of $18 to $20. The company originally planned to offer 37 million shares. At pricing, Janus commands a fully diluted market value of $5.1 billion, 7% higher than previously anticipated.
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 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 acted as joint bookrunners on the deal.
