The board of CNL Healthcare Properties II Inc., a publicly registered non-traded real estate investment trust, has approved a final liquidating distribution of $9.32 per share to shareholders as part of the company’s plan of liquidation and dissolution. Shareholders approved the plan at the annual meeting in September 2019.
Earlier this month, the REIT sold its two remaining senior assisted living facilities for nearly $48.9 million to affiliates of Waypoint Residential LLC, a real estate investment firm primarily focused on the U.S. rental housing sector.
The properties were originally purchased for a combined $45.7 million, and after closing costs, repayment of related debt, prorations and other adjustments net proceeds totaled approximately $42.1 million.
Shares originally sold for $10.00 each, and the final distribution is within the previously announced range of $8.80 to $9.83 per share. Shareholders of record as of March 19, 2020 should receive the distribution payment around March 24th.
CNL Healthcare Properties II commenced its $1.75 billion initial public offering in March 2016 and raised approximately $50 million in investor equity before closing in October 2018. The company expects to be dissolved by the end of March 2020.