Name Change and an Objective Change

CNL Properties Trust today announced that it not only changed its name, but its investment objectives, too.  It is now CNL Healthcare Trust, and will focus on:

The real estate investment offering intends to build a portfolio containing senior housing facilities and a range of healthcare properties, potentially including assisted living and memory care facilities, medical office buildings and continuing care retirement communities as well as it may also acquire other income-producing assets.

The REIT previously was targeting lifestyle and lodging assets, in addition to senior housing.  The REIT specified its first property acquisitions in late December 2011, a portfolio of five senior housing properties, but this transaction has not yet closed.

CNL Healthcare Trust directly enters the competitive healthcare non-traded REIT market, and will compete for assets with American Realty Capital Healthcare Trust and Griffin-American Healthcare REIT II.  Other non-traded REITs seem to keep buying healthcare assets, too, even though healthcare is not their primary target asset class.  In addition, Healthcare Trust of America is still a presence in the market place.