CNL Healthcare Properties Highlights 2023 Accomplishments, NAV, Outlook

In a presentation recently filed with the U.S. Securities and Exchange Commission, CNL Healthcare Properties Inc. shared 2023 highlights and its estimated net asset value.

The publicly registered non-traded limited liability company reported nine consecutive quarters of year-over-year revenue growth and six consecutive quarters of year-over-year net operating income growth.

“In 2023, we maintained a sharp focus on improving the operational and financial performance of our national portfolio of private-pay seniors housing communities, which number 69 operating assets in 26 states,” said Steve Mauldin, president and chief executive officer.

“Throughout the year we had a relentless focus on increasing occupancy rates and improving operating margins. As a result of our efforts, I am pleased to report that we made real and tangible operational progress…” added Mauldin, during presentation remarks.

As previously reported by The DI Wire, CNL Healthcare also executed the December 2023 refinancing of $600 million in corporate credit facilities six months prior to their maturity.

In terms of NAV, CNL Healthcare reported an estimated NAV of $6.28 per share as of Dec. 31, 2023. This marks a decline of $0.64, or 9.25% from the prior year.

CNL Healthcare offered shares at an original price of $10 per share between 2011 and 2015. It declared a special distribution of $2 per share in 2019 and following the distribution had reported annual NAV per share of $7.99, $7.81, $7.38, and $6.92 in each successive year through 2022.

“As of Dec. 31, 2023, we had liquidity of $106.1 million consisting of $54.1 million cash on hand and $52 million in undrawn availability under our revolving credit facility. … We remain focused on maintaining strong liquidity and financial flexibility and on managing our portfolio of 70 assets,” said Ixchell Duarte, chief financial officer and treasurer, later in the presentation.

The company, which owns 69 senior housing communities and a vacant land parcel, reported total assets of approximately $1.4 billion and total debts of approximately $579 million at the close of 2023.

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