Orlando, Fla., March 23, 2022 (GLOBE NEWSWIRE) — CNL Healthcare Properties, a real estate investment trust focused on senior housing, announced that its Board of Directors has unanimously approved a Net Asset Value (NAV) per share estimated at $7.37 as of December 31, 2021. The company’s previous estimated net asset value was $7.38 per share as of December 31, 2020.
The updated net asset value per share was determined by third-party appraised values for the 73 assets in CNL Healthcare Properties’ portfolio (71 senior housing assets, a parcel of land and an acute care facility ) and comparative aggregate real estate values were slightly higher than those included in the prior NAV per share.
The decrease in the company’s 2021 net asset value of $0.01 per share compared to the 2020 net asset value is partly due to a slight decrease in other assets on the balance sheet, partially offset by a decrease in estimated transaction costs. As CNL Healthcare Properties has consistently done since 2018, the estimated net asset value includes an adjustment for a current projection of approximate transaction costs in a hypothetical orderly disposal scenario.
“The economic impact of the COVID-19 pandemic, ongoing workforce and staffing challenges, and inflationary cost pressures persisted through 2021 and continued to dampen the segment’s recovery momentum. retirement homes and the operational performance of our portfolio,” said Stephen H. Mauldin, President and Chief Executive Officer. CEO of CNL Healthcare Properties. “In context, we are encouraged by the quality, resilience and stability of our portfolio, which is reflected in the overall appraised value of our asset collection. This, combined with our low level of debt and strong liquidity position as a business, has allowed us to remain financially strong in what continues to be a dynamic operating and economic environment.
The valuation was conducted by Robert A. Stanger & Co. Inc (Stanger), an independent third-party valuation firm, in accordance with the Company’s Valuation Policy and guidelines established by the Institute for Portfolio Alternatives , the leading trade association for non-listed direct investment programs. Stanger provided CNL Healthcare Properties with a net asset value range of $6.99 to $7.78 per share. The Valuation Committee, composed exclusively of independent directors, unanimously recommended $7.37 as the estimated net asset value per share, and the recommendation was unanimously adopted by the Board of Directors.
For more information on the estimated net asset value, please read the current report on Form 8-K filed on March 21, 2022 with the United States Securities and Exchange Commission. CNL Healthcare Properties will host a webinar on March 30, 2022 at 1:00 p.m. Eastern Time to review 2021 NAV. Register for the webinar at cnlhealthcareproperties.com/webinar. A replay of the webinar and accompanying slide presentation will be available within 48 business hours at cnlhealthcareproperties.com.
About CNL Healthcare Properties
CNL Healthcare Properties, Inc., is a real estate investment trust (REIT) focused on institutional quality properties in seniors housing, including stabilized, value-added and base development assets. CNL Financial Group, LLC is the limited partner of CNL Healthcare Properties. For more information, visit cnlhealthcareproperties.com.
About CNL Financial Group
CNL Financial Group (CNL) is a private investment management company offering real estate and alternative investments. Since its inception in 1973, CNL and/or its affiliates have formed or acquired businesses with over $34 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit cnl.com.