CNL Healthcare Properties Announces $9.75 NAV
CNL Healthcare Properties Inc., a publicly registered non-traded real estate investment trust, announced that its board of directors unanimously approved $9.75 as the estimated net asset value per share of the company’s common stock, as of December 31, 2015. The shares were originally sold for $10 each.
Effective the first quarter of 2016, the purchase price for shares under the company’s DRIP will be $9.75 per share. Monthly distributions will remain unchanged during the first quarter at $0.0353 per share. Expressed as a percentage of the estimated NAV, the distribution represents an annualized, or 4.34 percent of the NAV per share. The company will pay first quarter distributions on April 8, 2016.
To assist the board and the valuation committee, the REIT engaged CBRE Capital Advisors, Inc., an independent investment banking firm, which provided a valuation analysis that included a range of $9.20 to $10.25 per share.
The board determined the company’s estimated 2015 NAV to be approximately $1.7 billion, or $9.75 per share, based on a share count of approximately 175.3 million shares issued, including restricted shares to the company’s advisor and property manager.
The company announced two previous NAVs of $9.52 per share and $9.13 per share as of September 30, 2014 and September 30, 2013, respectively.
In a letter to stockholders, the company indicated that 2015 was its most active year yet, investing approximately $1.02 billion to acquire or develop 44 new properties.
CNL Healthcare Properties real estate portfolio consists of interests in 144 assets, including 72 senior housing communities, 59 medical office buildings, 11 post-acute care facilities and two vacant land parcels. Five of the senior housing communities and one of the post-acute care properties are development projects.
The REIT focuses on acquiring properties in the seniors housing and healthcare sectors, including stabilized, value-add and development assets, as well as other income-producing properties, real-estate related securities and loans. As of December 31, 2015, the company has invested the majority of the proceeds from its common stock offering and acquired or committed to invest in more than $3 billion of healthcare real estate.
