CNL Healthcare Properties Inc.'s board declared a special cash distribution of $2.00 per share, or about $350.6 million in the aggregate.
The special distribution is payable from a portion of the net proceeds from the nontraded healthcare real estate investment trust's recently completed $1.25 billion sale of 55 medical office and outpatient facilities to Welltower Inc.
CNL will pay the distribution on or about May 28 to its common stockholders of record as of the close of business May 22.
The company's board also declared a second-quarter cash distribution of 5.12 cents per share, reflecting a 6.52-cent-per-share cut from its prior regular quarterly cash distribution.
The company will pay the regular quarterly dividend on or about June 11 to shareholders of record as of the close of business June 1.