DENVER — Healthcare real estate owner, operator and developer Healthpeak Properties (NYSE: DOC) has announced the formation and planned initial public offering (IPO) of a new seniors housing REIT, Janus Living. The publicly traded REIT will feature a RIDEA structure.
Healthpeak will contribute its 34-community, 10,422-unit seniors housing portfolio to Janus Living and serve as its external manager, with a $10 million annual management fee. Immediately following the IPO, Healthpeak plans to retain a substantial majority interest in the REIT, with public shareholders owning the remainder. Scott Brinker, president and CEO of Healthpeak, will lead Janus Living. The Janus Living board will feature two existing Healthpeak directors, as well as three additional independent directors.
Completion of the IPO is scheduled for the first half of this year, subject to market conditions, regulatory approvals, completion of related financings and other customary conditions.
“Given its relative scale within Healthpeak, it has been difficult for the public markets to recognize our senior housing platform’s capabilities and properly value the portfolio,” said Brinker in a statement. “This IPO is intended to enable Healthpeak to unlock that value, leverage our industry expertise, and more effectively pursue our active pipeline of senior housing acquisition opportunities, including approximately $675 million of investments already under signed letters of intent or purchase agreements.”
Healthpeak shares closed at $16.50 Jan. 6, down from $18.62 on Jan. 7 of last year.