Healthpeak Properties and Janus Living Announce Pricing of Upsized $840 Million Janus Living Initial Public Offering

Key Terms

initial public offering financial

An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.

underwriters financial

Underwriters are financial professionals or institutions that help companies raise money by selling new securities, such as stocks or bonds, to investors. They assess the risk and determine the price at which these securities should be sold, acting like a bridge between the company and the investors. Their role helps ensure that the company raises the needed funds while providing investors with options that reflect the level of risk involved.

underwriting discount financial

The underwriting discount is the fee that investment banks or broker-dealers keep when they buy securities from an issuer and resell them to the public; it’s the difference between the price paid to the company and the public offering price, shown per share or as a percentage. It matters to investors because it reduces the cash the company actually raises and is a cost built into the deal—like a sales commission—so a larger discount can mean higher issuance costs, tighter returns for new investors, and a signal about how much effort underwriters must expend to sell the offering.

prospectus regulatory

A prospectus is a detailed document that explains a company's plans for offering new shares or investments to the public. It’s important because it provides potential investors with key information about the company’s business, risks, and how they might make money, helping them decide whether to invest. Think of it as a guidebook for understanding what you're buying into.

registration statement on Form S-11 regulatory

A registration statement on Form S-11 is a detailed disclosure document filed with the U.S. Securities and Exchange Commission when certain real estate companies or similar issuers offer securities to the public. It lays out the company’s business, properties, financial statements, risks, and the terms of the offering — like a product label or instruction sheet — so investors can judge the investment’s nature and safety before deciding to buy.

common stock financial

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

NYSE regulatory

A large, regulated marketplace where stocks and other securities are listed and traded, acting like a global auction house that matches buyers and sellers and helps determine share prices. It matters to investors because listing and trading there provide liquidity, price discovery, and regulatory oversight—making it easier to buy or sell holdings and giving companies a visible platform that can affect credibility and access to capital.

co-managers financial

Co-managers are individuals or entities that share responsibility for overseeing and managing an investment or financial fund. They work together to make decisions about buying or selling assets, much like a team of leaders guiding a shared project. This collaborative approach can help ensure diverse expertise and perspectives, which may benefit investors by potentially improving the fund’s performance and risk management.

DENVER--(BUSINESS WIRE)-- Healthpeak Properties, Inc. (NYSE: DOC) (“Healthpeak”) and Janus Living, Inc. (“Janus Living”) announced the pricing of Janus Living’s upsized initial public offering (“IPO”) of 42,000,000 shares of Janus Living Class A-1 common stock at a price to the public of $20.00 per share. In addition, Janus Living has granted the underwriters a 30-day option to purchase up to an additional 6,300,000 shares of its Class A-1 common stock at the initial public offering price, less the underwriting discount. Janus Living’s Class A-1 common stock is expected to begin trading on the New York Stock Exchange on March 20, 2026 under the ticker symbol “JAN.” The IPO is expected to close on March 23, 2026, subject to customary closing conditions.

Janus Living expects to use the net proceeds received from the IPO to pursue acquisition and investment opportunities that meet its investment criteria and for general corporate purposes.

After completion of the IPO, Healthpeak will own approximately 214,734,000 shares of common stock of Janus Living, representing an approximately 83.6% voting interest in Janus Living (81.6% if the underwriters’ option is exercised in full).

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

The offering is being made only by means of a prospectus. Copies of the final prospectus relating to the offering, 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 to dg.prospectus_requests@bofa.com; and 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.

A registration statement on Form S-11, including a prospectus, relating to these securities has been declared effective by the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

ABOUT HEALTHPEAK PROPERTIES

Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates and develops high-quality real estate focused on healthcare discovery and delivery.

ABOUT JANUS LIVING

Janus Living, Inc. is a pure-play senior housing real estate investment trust (REIT) that owns high-quality communities across the United States that support residents with thoughtfully designed, highly amenitized environments.

FORWARD-LOOKING STATEMENTS

Statements contained in this release that are not historical facts are “forward-looking statements.” Forward-looking statements include, among other things, statements regarding Janus Living’s intent, belief or expectation as identified by the use of words such as “may,” “will,” “project,” “expect,” “believe,” “intend,” “anticipate,” “seek,” “target,” “forecast,” “plan,” “potential,” “estimate,” “could,” “would,” “should” and other comparable and derivative terms or the negatives thereof. Examples of forward-looking statements include, among other things, Janus Living’s expectations regarding the completion and timing of its initial public offering and listing. Forward-looking statements reflect Janus Living’s current expectations and views about future events and are subject to risks and uncertainties. While forward-looking statements reflect Janus Living’s good faith belief and assumptions Janus Living believes to be reasonable based upon current information, Janus Living can give no assurance that its expectations or forecasts will be attained. Further, Janus Living cannot guarantee the accuracy of any such forward-looking statement contained in this release, and such forward-looking statements are subject to known and unknown risks and uncertainties that are difficult to predict. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by Janus Living on its website or otherwise. Janus Living does not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.

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Andrew Johns, CFA

Senior Vice President – Finance and Investor Relations

720-428-5400

Jonathan Hughes, CFA

Senior Vice President – Finance and Investor Relations

720-428-5050

Source: Healthpeak Properties, Inc.