CNL Lifestyle Properties Inc., a public registered non-traded real estate investment trust, authorized a $422.7 million, or $1.30 per share, special cash distribution. The distribution is payable to the company’s stockholders of as of the close of business on December 4th, and will be paid on or around December 10th.
According to a filing with the Securities and Exchange Commission, the special distribution will be funded from the net proceeds of earlier property dispositions and other recently sold assets.
A significant portion of the net sales proceeds from the year’s asset sales was used to retire more than $681 million in debt, including its corporate senior unsecured notes. As a result of debt repayments, the company’s current leverage ratio, or total debt to total assets, was 11.6 percent, as of September 30, 2015.