CNL Lifestyle Properties Declares Final Cash Distribution

The board of CNL Lifestyle Properties, a publicly registered non-traded real estate investment trust, has declared a final cash distribution of nearly $53 million, which is approximately $0.16 per share to stockholders of record as of December 8, 2017. The distribution will be paid on or around December 15, 2017.

The final distribution will be the last distribution made relating to the plan of dissolution that was approved by stockholders in March 2017.

CNL Lifestyle Properties shares originally sold for $10.00 each. The REIT paid its first special distribution of $1.30 in December 2015, followed by a $0.50 special distribution in November 2016.

In April of this year, the company sold its remaining properties to EPR Properties (NYSE: EPR) and Ski Resort Holdings LLC (an affiliate of Och-Ziff Real Estate) and paid interim liquidating distributions of $2.17 share.

After the final distribution is paid, stockholders will have received total liquidating distributions of approximately $2.33 per share, which is higher than the previously estimated ranged of $2.10- $2.25 per share.

The company plans to file its articles of dissolution, effective December 31, 2017, at which time the company will be legally dissolved.

CNL Lifestyle Properties focuses on lifestyle-related industries. The offering went effective in April 2004 and raised $2.9 billion in investor equity in multiple offerings before closing in April 2011.

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