CNL Properties Trust Breaks Escrow, Powers Ahead on Road to Investment

CNL Properties Trust, Inc., a non-traded real estate investment trust (REIT) focused on healthcare and senior living, recently announced it has raised enough funds to break escrow through its continuous public offering.

CNL, headquartered in Orlando, Fla., has accepted subscription funds of more than $2 million, and has issued approximately 227,000 shares to its initial investors, who were admitted as stockholders; new stockholders will now be admitted daily.

“We are pleased with the early and high level of interest CNL Properties Trust has received from investors,” said Thomas K. Sittema, CEO of CNL Properties Trust, in a statement. “We believe that our diversified yet carefully targeted investment strategy for this REIT is yielding attractive market opportunities and we are looking forward to putting shareholders’ money to work.”

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CNL’s board of directors consequently expects to declare a monthly cash distribution of $0.03333 and a monthly stock distribution of 0.002500 shares on each outstanding share of common stock on Nov. 1, 2011, and on the first day of each following month, in keeping with its recently adopted distribution policy.

The cash and stock distributions equate to an annualized distribution rate of 4% and 3%, respectively, for a total annualized distribution of 7% based on the $10 offering price.

Since its inception in 1973, CNL and/or its affiliates have formed or acquired companies with more than $25 billion in assets.

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Written by Alyssa Gerace