Healthpeak forms Janus Living for senior housing IPO; Q4 FFO $0.47, same-store NOI +3.9%

HEALTHPEAK PROPERTIES, INC.

Planned IPO of Janus Living, a dedicated senior housing REIT, to unlock value; Healthpeak to retain ownership stake.
Announced $1B capital recycling plan in 2026 via asset sales, recapitalizations, loan repayments.
Q4 2025: Net income $0.16/sh, FFO as Adj $0.47, AFFP $0.40; Total same-store NOI +3.9%.
Acquired 1.4M sq ft South San Francisco campus for $600M; JV interest in 19-community senior housing for $314M.
Net debt to Adjusted EBITDAre at 5.2x; Q1 2026 dividend $0.305/sh ($1.22 annualized).

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