CNL Lifestyle Properties to Distribute EPR Stock and Cash
April 13, 2017 | by James Sprow | Blue Vault
As previously reported on April 6, 2017, CNL Lifestyle Properties, Inc., consummated the sale of its remaining real estate properties to EPR Properties, a Maryland real estate investment trust (“EPR”), and Ski Resort Holdings LLC, a Delaware limited liability company owned by funds affiliated with Och-Ziff Real Estate. The sale closed on April 6, 2017, and the Company received aggregate consideration of approximately $153.2 million in cash (net of prorations and other adjustments) and 8,851,264 common shares of beneficial interest of EPR.
On April 11, 2017, the Company’s board of directors authorized an interim distribution to the stockholders of record of the Company as of March 31, 2017 of the share consideration, based on a ratio of 2.7219 shares of EPR common stock for each 100 shares of Company common stock, and cash in the amount of $0.10 per share of Company common stock. The Board anticipates that the interim distribution will occur on or around April 20, 2017.
EPR Properties common stock closed on the NYSE at $75.67 per share on April 11, 2017, which would make the share consideration based on a ratio of 2.7219 shares per 100 shares of CNL Lifestyle Properties equal an estimated value of $2.06. Together with the cash of $0.10 per share the interim distribution has an estimated value of approximately $2.16 per share.
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