When real-estate investment trusts (REITs) come to mind, most people think of office buildings or industrial facilities, says a recent REIT.com article, not entertainment-themed assets and senior living facilities.
However, one REIT, CNL Lifestyle Properties, is making a wide variety of investments that reflect peoples’ activities outside their vocations, and has even branched out to peoples’ needs after their vocations, i.e., retirement. REIT.com filmed a video clip with CNL’s president and CEO, Byron Carlock, to talk about the company’s recent investment moves and the types of properties it’s looking to invest in.
Among CNL’s numerous golf courses, ski resorts, country clubs, and marinas are a number of senior living properties. The REIT.com article says these senior living assets are CNL’s latest addition to its portfolio, and make up about 14% of the company’s portfolio by asset value. Managed and partly owned by Sunrise Senior Living, Inc., the 29 properties are scattered across the United States in 12 states, with concentrations in California and Illinois.
“There’s a very valid position in our economy for these types of properties,” Carlock says in the video, adding that CNL focuses on expansion through acquisition, with a focus on making money for its investors.
While Carlock says there are many opportunities to acquire both entertainment-themed and senior living properties, he also mentions a desire to tap into two new demographics: outdoor living and spas, wellness, and fitness.
He also says in the video that while this fund is closed to new subscriptions, the company has a new fund (CNL Properties Trust) in registration that will also focus on demographically oriented real estate such as more health care, lodging and additional lifestyle properties.
Read the original article and view the video here.
Written by Alyssa Gerace