2019 Estimated Net Asset Value Presentation


The estimated net asset value (NAV) per share is only an estimate and is based on numerous assumptions and estimates with respect to industry, business, economic and regulatory conditions, all of which are subject to changes. The estimated NAV per share is based upon subjective judgments, assumptions and opinions which may or may not turn out to be correct. You should not rely upon our estimated net asset value as representative of the amount that might be paid to you for your shares in a market transaction, or in a liquidity event. The estimated NAV does not attempt to quantify any effect the novel coronavirus (COVID-19) may have on the financial condition of the company or marketability of its assets.

In determining our estimated net asset value per share, we relied upon a valuation of our portfolio of properties as of Dec. 31, 2019. Valuations and appraisals of our properties are estimates of fair value and may not necessarily correspond to realizable value upon the sale of such properties. Therefore, the estimated value to the REIT of our equity in our portfolio may not reflect the amount that would be realized upon a sale of each of our properties.

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