Health Care REITs
Case studies in health care reits.
Alexandria Real Estate Equities: Capital Recycling Under Pressure
In early October, Alexandria Real Estate Equities (ARE) faced a capital-allocation question as its 2026 property-sale program moved through several stages. At June 30, its annualized net-debt-and-preferred-stock-to-Adjusted-EBITDA ratio stood at 7.0x, above management’s year-end target range. Read case
Healthpeak Properties: How fast should Janus Living grow?
Healthpeak Properties created Janus Living as a publicly traded, RIDEA-structured senior-housing REIT. Janus completed its IPO in March 2026. Healthpeak retained 73.6% of Janus’s equity at June 30 and manages the company through an indirect subsidiary; public investors held the remaining 26.4%. Read case
Ventas: A Demographic Tailwind, or a Return on Capital?
Ventas, Inc. had spent decades building a healthcare real-estate portfolio. By mid-2026, senior housing had become the center of its growth story. Occupancy and resident revenue were rising, the company had acquired dozens of communities, and management had raised its full-year senior-housing investment expectation to $4.5 billion. Read case
Welltower: Is Senior-Housing Growth Durable?
By the summer of 2026, Welltower Inc. had made senior housing the center of its growth story. The healthcare real-estate owner reported higher occupancy and resident revenue in its Seniors Housing Operating (SHO) portfolio, while also completing large acquisitions in the United States, Canada and the United Kingdom. Read case