CNL Lifestyle Announces Final Liquidating Distribution
December 12, 2017 | James Sprow | Blue Vault
In a December 11 press release, CNL Lifestyle Properties announced the final liquidating distribution, marking the full-cycle event for the REIT which launched its IPO on June 23, 2004. The REIT raised $3.3 billion, issuing shares at $10.00 per share from June 2004 to April 2011. Over the life of the REIT, early investors received $10.37 in total cash distributions. Investors in 2011 will have received $6.50 in total cash distributions as of the final liquidation.
In April of this year, the REIT closed on the sale of its remaining real estate assets 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 per CNL Lifestyle Properties common share to shareholders. This distribution was a combination of freely tradeable EPR common shares and cash: $0.10 per share in cash and $2.07 per share in EPR common stock with a value of $76.00 based on the average of the high and low EPR trading prices on April 20, 2017, the date of the distribution.
Final Distribution
On December 11, the REIT announced that it had concluded all post-closing matters and obligations, plus reconciled all expenses related to the company’s liquidation and dissolution. As a result, it will be paying approximately $0.16 per share in cash to shareholders as a final liquidating distribution. Inclusive of the interim distribution in April, the aggregate liquidating distribution per share paid in the calendar year 2017 is approximately $2.33. It expects to make the final distribution to shareholders on or about Dec. 15, 2017.
The final liquidating cash distribution of approximately $0.16 compares favorably to the $0.10 per share estimated net asset value of the company announced on April 20, 2017. The approximately $2.33 per share (noted above) exceeds the high-end of the REIT’s aggregate liquidation range of $2.25 per share that was previously communicated.
Learn more about CNL Financial Group on the Blue Vault Sponsor Focus page.
Corporate Capital Trust II to Suspend Offering, May Change Advisor
CNL’s BDC Corporate Capital Trust Plans Listing on NYSE
CNL Growth Properties Full-Cycle Results Impressive, But Hardly 80%, as written by DI Wire
