CNL Healthcare Properties is a non-traded REIT that owns seniors housing real estate. Its portfolio consists of 70 properties — 69 seniors housing communities and one vacant land parcel — across 26 states. The portfolio covers independent living, assisted living, memory care, and continuing care retirement communities. CNL Healthcare Properties does not operate its facilities directly. Instead, roughly 18% of the portfolio by investment value is structured as triple-net leases, where third-party tenants pay rent and bear operating costs. The remaining 82% operates under the RIDEA structure, where properties are leased to wholly owned taxable REIT subsidiaries that engage independent third-party managers, giving CNL Healthcare Properties direct exposure to occupancy, staffing costs, and resident pricing. CNL Healthcare Properties is externally managed by CNL Healthcare Corp., an affiliate of CNL Financial Group, and has no employees of its own. As a REIT, CNL Healthcare Properties distributes at least 90% of taxable income to stockholders, limiting retained earnings and making the company reliant on debt and asset sales for capital needs. The company has been in a prolonged wind-down and liquidity process since 2017, exploring options including a stock listing, asset sales, or a merger. It previously sold 70 non-core properties and the remaining portfolio is now entirely seniors housing. Stockholder share redemptions have been suspended since 2018, leaving stockholders without a mechanism to exit outside of a strategic transaction.