Sidley Advises on the Upsized US$966 Million IPO of Janus Living

Sidley represented the underwriters in the upsized initial public offering (IPO) of 48,300,000 shares of Class A-1 common stock of Janus Living, Inc., a subsidiary of Healthpeak Properties, Inc (NYSE: DOC). The shares were priced at US$20.00 per share and began trading on the New York Stock Exchange on March 20, 2026, under the ticker symbol JAN. The underwriters’ option to purchase an additional 6,300,000 shares at the public offering price was exercised in full. The IPO closed on March 23, 2026.

BofA Securities, Inc. and J.P. Morgan acted as lead book-running managers for the offering. Wells Fargo Securities, Barclays, Goldman Sachs & Co. LLC, RBC Capital Markets, and Morgan Stanley acted as bookrunners for the offering.

The Sidley deal team was led by Jerry Cummins (Investment Funds/REITs), Adam M. Gross (Capital Markets/REITs), and Edward F. Petrosky (Capital Markets/REITs), and included Demetrius Watson, Jennifer R. Lin, and Angela Chow (all Capital Markets); and was supported by Sonia Gupta Barros (Capital Markets); Corey Perry (Employee Benefits and Executive Compensation); Benjamin L. Nager (Securities Enforcement and Regulatory); and Christian Brause, Dustin R. Anderson, and Patrick M. Gray (Tax).