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CNL Healthcare Schedules 2020 Share Valuation

CNL Healthcare Properties, a publicly registered non-traded real estate investment trust focused on seniors housing, plans to announce its annual net asset value per share on March 11, 2021.

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CNL Healthcare Properties, a publicly registered non-traded real estate investment trust focused on senior housing, plans to announce its annual net asset value per share on March 11, 2021, and will hold a webinar to discuss the valuation.

The REIT’s previous NAV per share was $7.81, as of December 31, 2019.

CNL Healthcare Properties has engaged Robert A. Stanger & Co. Inc. to assist the board and the REIT’s valuation committee in establishing the NAV. This will be the company’s third engagement with Stanger as a third-party valuation advisor.

In December 2020, the REIT reported in a letter to shareholders that 66 of its 71 senior housing communities were open to admitting new residents. The company said that, during the fall months, its operators received increased inquires for unit availability, tours and move-ins, but that the activity had not resulted into increased occupancy.

Since March and the onset of the pandemic, the REIT’s managed seniors housing portfolio experienced a 4.2 percent overall decline in unit occupancy resulting in a portfolio-wide trailing 3-month average occupancy rate of approximately 82.9 percent as of August 2020.

In September 2020, the REIT repaid all $80 million outstanding under its revolving credit facility, and in October it repaid an $8 million loan that was maturing. As of November 17, the company had approximately $240 million in cash, cash equivalents and available capacity under its corporate line of credit. This equates to almost 3.6 times its annual corporate operating expenses and debt service obligations based on annualized 2020 third quarter results, the REIT said. In addition, the company’s fourth quarter distribution was unchanged from pre-pandemic levels.

CNL Healthcare Properties will host a webinar on March 24, 2021 at 2:30 p.m. EST to discuss the 2020 valuation.

To register, visit the company’s website, or dial 888-788-0099 and using meeting ID 847 9672 9397. A replay of the webinar and the accompanying slide presentation will be available on the company’s website 48 hours following the completion of the webinar.

CNL Healthcare Properties closed its offering in September 2015 after raising more than $1.7 billion in investor equity. The company’s multi-billion-dollar real estate portfolio consisted of interests in 74 properties, including 71 senior housing communities, one vacant land parcel and two acute care hospitals classified as held for sale.

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