Denver Landlord Spins Off Senior Living Business in $703M IPO

Healthpeak Properties is separating its senior housing assets into a new publicly traded company called Janus Living.

Mar. 17, 2026 at 11:18pm

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Denver-based Healthpeak Properties is spinning off 34 of its senior housing communities with around 10,422 units across 10 states into a new publicly traded company called Janus Living. Janus Living has filed for an IPO aiming to raise around $703 million, with plans to list on the New York Stock Exchange. Healthpeak says the move will allow it to focus on higher-growth life science and outpatient medical real estate while maintaining an ownership stake in Janus Living.

Why it matters

The spinoff of Healthpeak's senior housing assets into Janus Living is a strategic move to unlock value in that business segment, which Healthpeak says the market is currently discounting. It will provide Healthpeak with capital to reinvest in its preferred growth areas of life science and outpatient medical properties, while still allowing it to retain an ownership stake in the new senior housing REIT.

The details

Janus Living will include 34 senior housing communities with around 10,422 units across 10 states, primarily concentrated in Florida and Texas. The new company has filed for an IPO aiming to raise around $703 million, with plans to list on the New York Stock Exchange under the ticker symbol "JAN." Healthpeak says the spinoff will free up cash to plow into higher-growth life-science and outpatient medical real estate, and it has a senior-housing pipeline of about $675 million already under letters of intent.

  • Healthpeak filed the Janus Living registration statement with the SEC on February 27, 2026.
  • Janus Living intends to list its Class A-1 shares on the New York Stock Exchange.

The players

Healthpeak Properties

A Denver-based real estate investment trust that is spinning off its senior housing business into a new publicly traded company called Janus Living.

Janus Living

The new publicly traded company that will include Healthpeak's 34 senior housing communities with around 10,422 units across 10 states, primarily concentrated in Florida and Texas.

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What’s next

The Janus Living IPO cannot move forward until the SEC declares the registration statement effective, and the offering is still subject to market conditions, regulatory approvals and other standard closing requirements.

The takeaway

Healthpeak's spinoff of its senior housing assets into Janus Living is a strategic move to unlock value in that business segment and raise capital to reinvest in its preferred growth areas of life science and outpatient medical properties, while still maintaining an ownership stake in the new senior housing REIT.