CNL Property Trust Announces Plans to Acquire Five Senior Living Properties for $84 Million

---

(ORLANDO, FL) -- This past week CNL Properties Trust, a real estate investment offering focused on health care and senior living properties, announced its plan to acquire five senior living communities from affiliates of Primrose Retirement Communities, LLC ("Primrose") for approximately $84 million.

The transaction is not expected to close until the first quarter of 2012 and is still subject to due diligence completion and other factors. The acquisition would be CNL Properties Trust's first.

Upon completion of the transaction, CNL Properties Trust will own five of Primrose's 26 senior living communities, including Casper Senior Living in Casper, Wyo., Grand Island Senior Living in Grand Island, Neb., Sweetwater Senior Living in Billings, Mont., Marion Senior Living in Marion, Ohio and Mansfield Senior Living in Mansfield, Ohio. The communities will continue to be operated by Primrose under a long-term lease agreement with CNL Properties Trust. As of Dec. 1, 2011, the communities were 96 percent occupied.

"We believe this transaction is an attractive initial acquisition as we begin to build our portfolio of senior living communities within CNL Properties Trust," said Stephen H. Mauldin, president and chief operating officer of CNL Properties Trust. "Primrose has successfully developed and operated senior living communities for more than two decades, and CNL Properties Trust's investment in these high quality, stabilized properties is a fitting launch for our fund, while also assisting Primrose's expansion plans."

Founded in 1989 and headquartered in Aberdeen, S.D., Primrose prioritizes comfort, care and security for its residents and prides itself on creating developments with desirable amenities such as libraries, movie theaters, fitness centers, ice cream parlors and pubs.

"The objective of each Primrose community is to provide a healthy, happy living environment for our seniors," said Jim Thares, Primrose founder. "We know that CNL Properties Trust shares our values and priorities, and will facilitate the continued success of each location."