Janus Living Inc., a seniors-focused real estate investment trust, jumped nearly 18% in its trading debut Friday after the company raised $840 million in an initial public offering.
The shares opened at $23.50 each in New York, above its IPO price of $20. The trading gives the company a market value of roughly $6 billion, based on the outstanding shares.
The Denver-based REIT sold 42 million shares for $20 each, according to a statement Thursday. Janus Living, carved out of Healthpeak Properties Inc., ended up attracting demand for more than 10 times the deal's size, with interest from long-only and REIT-focused investors, according to people familiar with the matter.
The offering, which began marketing on Monday, was increased from an initial 37 million shares and by Wednesday investors were urged to bid at the top end of the starting range of $18 to $20.
The company invests in health-care related real estate properties including senior housing, life sciences facilities, medical offices, hospitals, and skilled nursing homes.
Favorable demographic trends underpinned the investment case for Janus Living as the aging baby boomer generation increasingly seeks eldercare housing.
With occupancy of senior housing communities above prepandemic levels, rent growth is outpacing costs, while demand exceeds supply amid high construction costs and long-term interest rates. That's led other larger REITs focused on senior housing, such as Welltower Inc. and Ventas Inc., to outperform the broader market.
Yet, it's one of only a handful of U.S. REIT IPOs in recent years, including SmartStop Self Storage REIT's $931.5 million IPO in April and data center REIT Fermi Inc.'s $784.9 million debut in October.
Janus Living's initial portfolio includes 34 senior housing communities in 10 states, with 69% of units in Florida and Texas, split between life plan communities, known as continuing care retirement communities, and traditional rental senior housing.
Healthpeak expects to keep a more than 80% stake in Janus Living following the offering.
The IPO was led by Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Barclays Plc, Goldman Sachs Group, Royal Bank of Canada and Morgan Stanley. The shares trade on the New York Stock Exchange under the symbol "JAN."
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