Sell CNL Healthcare Properties Shares

Investment Overview

CNL Healthcare Properties

CNL is no longer an active standalone non-traded REIT. Its former senior-housing portfolio became part of the combined Sonida platform, so the relevant issue is post-merger recordkeeping and receipt of consideration.

The standalone REIT ended after its completed merger with Sonida Senior Living.

Potential liquidity is evaluated through the issuer’s current repurchase or redemption program or, where permitted, a separately negotiated private transaction.

Investors should review the applicable share class, current NAV or merger consideration, purchase history, holding period, account registration, current issuer terms, and potential secondary market options for non-traded REIT shares.

Investment Snapshot

CNL Healthcare Properties
At A Glance

Portfolio

Portfolio Fundamentals
Can Affect Liquidity

Former senior housing and healthcare real estate exposure should be evaluated alongside occupancy or operating performance, tenant quality, asset values, sector concentration, geography, debt, financing costs, and interest rates.

These factors may affect reported NAV, distributions, issuer liquidity, merger consideration, and private-market buyer demand.

Current NAV

Understanding
CNL Healthcare NAV

CNL Healthcare Properties was acquired by Sonida Senior Living in a completed cash-and-stock merger announced March 11, 2026. The definitive merger documents and account records control the consideration due to each former holder.

After a completed merger, historical NAV is not a current redemption price. The definitive merger documents and account records control the consideration due to each holder.

A private purchaser may evaluate NAV together with share class, transferability, position size, portfolio fundamentals, leverage, expected holding period, current issuer liquidity, and required return.

Former Share Repurchase Plan

Standalone CNL Liquidity
Ended With The Merger

The standalone CNL redemption program ended with the merger. Former holders should focus on merger consideration, tax reporting, transfer-agent reconciliation, and stale account positions.

The prior program should not be treated as an available current exit route.

Recent 2026 Repurchase Activity

2026 Merger And Settlement
Conditions Matter

Sonida announced completion of its acquisition of CNL on March 11, 2026 in a cash-and-stock transaction. Former holders should retain merger notices, election materials, final statements, and evidence of consideration received.

Any mismatch among the former CNL statement, transfer agent, broker, custodian, and successor-company records should be investigated.

Distributions

Distribution Income
And Liquidity Are Separate

Historical CNL distributions should be reviewed separately from merger consideration and successor-company distributions.

Distribution history can inform total-return analysis, but distributions do not establish a current secondary-market value or guarantee recovery of invested capital.

Financial / Balance Sheet Update

Merger Accounting And
Record Reconciliation

Review final CNL and successor-company materials for transaction consideration, closing adjustments, tax reporting, and treatment of former shareholder accounts.

These factors are important inputs to issuer liquidity, private-market assessment, or post-merger record reconciliation.

Secondary Market

Can CNL Healthcare
Shares Be Sold?

A conventional secondary-market sale of standalone CNL shares should not be assumed after the completed merger. Any remaining issue is more likely to involve unprocessed consideration or account reconciliation.

Former holders should first review merger documents and contact the relevant custodian, transfer agent, or successor company.

A private transaction, where applicable, is separate from the issuer program and may involve different pricing, transfer procedures, documentation, timing, and buyer underwriting. Investors can review AIL’s guide to the non-traded REIT secondary market.

Valuation Considerations

What May Affect
CNL Healthcare Share Value?

Current NAV Or Merger Consideration

Definitive merger consideration and actual cash and stock delivered are more relevant than historical NAV.

Program Terms And Share Class

Classes or transaction types may have different fees, NAVs, holding periods, eligibility rules, repurchase limits, redemption prices, and transfer procedures.

Portfolio, Debt, And Operating Performance

Property or loan performance, tenant or borrower quality, asset values, leverage, debt maturities, interest expense, sector exposure, and refinancing conditions may influence valuation and buyer underwriting.

Transferability And Demand

Transfer restrictions, account registration, custodian requirements, position size, documentation, current issuer liquidity, and buyer return requirements may determine whether a transaction can be completed.

For additional context, see AIL’s guide on how to sell a non-traded REIT.

Documentation

Information Commonly
Requested For Review

A recent account statement is generally the most useful starting point when reviewing a CNL Healthcare Properties position.

The statement can help confirm share class, share count, purchase history, account registration, custodian, ownership structure, and current reported value or merger consideration.

Additional documentation may include purchase confirmations, distribution records, issuer correspondence, subscription documents, transfer forms, merger materials, or other ownership records.

Marketability Assessment

What Determines Whether
A CNL Record Can Be Reviewed?

A standalone CNL position should not be treated as currently marketable after the completed merger. Review may still be useful when consideration or records appear incomplete.

The practical focus is shareholder identity, former class and share count, merger election, cash and stock received, tax records, and discrepancies among records.

Confidential Investment Review

Evaluate Your CNL Healthcare
Record And Settlement Issues

Alternative Investment Liquidity reviews CNL Healthcare Properties positions or records on a case-by-case basis to help identify available liquidity pathways or unresolved record issues.

A review can consider share class, account registration, purchase history, current NAV or merger consideration, issuer-program eligibility, documentation, transferability, and potential buyer demand.

Requesting a review does not obligate an investor to sell and does not guarantee a transaction, recovery, or record correction. Investors can request a Confidential Investment Review.

Source References

CNL Healthcare Properties
Research Sources

This profile should be read with current SEC filings, prospectus supplements, NAV disclosures, repurchase or redemption materials, quarterly reports, and merger documents where applicable.

• CNL Healthcare Properties issuer or sponsor information
• CNL Healthcare Properties SEC Filings