126-unit property is 99.2% leased ¹

Franklin Templeton, a global investment leader and its specialist investment manager, Clarion Partners, today announced Clarion Partners Real Estate Income Fund Inc.'s (NASDAQ:CPREX) acquisition of Vitality Living Franklin, 126-room senior living property located in the rapidly-growing suburb of Franklin, TN just a few miles from downtown Nashville.

The community, built in 2014 and renovated in 2023, is one of the few senior living properties in the area. Situated three miles from Williamson Medical Center, residents also have easy access to retail, houses of worship, restaurants, and grocers, as well as outdoor amenities including golf, parks, and greenway trails. The pet-friendly property offers both assisted living and memory care services.

The community is operated by Vitality Living, a Nashville-based senior living operator with more than 35 communities across the Southeastern U.S. and Texas. Vitality Living brings a disciplined operating platform focused on data-driven performance management, clinical quality, resident experience, and team engagement. The company has led the community's strong occupancy and operational results and will continue to operate the property, ensuring continuity of leadership, care standards, and service excellence.

"The Vitality Living team has done a remarkable job managing the asset," said Senior Vice President of Healthcare Transactions Jane Zhu. "We are excited to enter into this new relationship with Vitality through the acquisition of this strong-performing asset in a high-growth market with strong fundamentals."

"We are proud of the performance our team has delivered in Franklin and the vibrant community they have built for residents and families," said Chris Guay, CEO of Vitality Living. "This partnership with Clarion Partners reflects the strength of our operating platform and our shared confidence in the long-term fundamentals of this market. We look forward to continuing to drive results while staying deeply focused on creating an exceptional experience for our residents and meaningful engagement for our team members."

Senior Housing a High-Conviction Area for Clarion; New White Paper Explains

These acquisitions reflect Clarion's continued focus on high‑quality healthcare real estate supported by durable demographic tailwinds, mission‑critical tenancy, and long‑term income visibility. For more information about what's driving Clarion's conviction in the senior housing sector, visit the Clarion Partners Research team's latest whitepaper, released this week: A Golden Opportunity for Senior Housing along with a short, informative video: Senior Housing: A Growing Opportunity for Real Estate Investors.

About Clarion Partners

Clarion Partners, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 40 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With over $73 billion in total real estate and debt assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to 500 institutional investors across the globe. For more information visit www.clarionpartners.com or LinkedIn.

About Vitality Living

Vitality Living is a senior living company based in Brentwood, Tennessee, operating communities across the southeastern United States. Our mission is to create vibrant communities where residents, families, and team members can be themselves, live purposefully, and experience a profound sense of belonging. Through innovative programming, hospitality-driven service, and values-centered culture, Vitality Living supports seniors across assisted living and memory care. Learn more at: www.MyVitalityLiving.com.

About Franklin Templeton

Franklin Resources, Inc. (NYSE:BEN) is a trusted investment partner, delivering tailored solutions that align with clients' strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnerships, forward-looking insights, and continuous innovations – providing the tools and resources to navigate change and capture opportunity.

With more than $1.7 trillion in assets under management as of January 31, 2026, Franklin Templeton operates globally in more than 35 countries. To learn more, visit franklintempleton.com and follow us on LinkedIn.

¹As of January 2026.

An institutional-grade or institutional-quality property generally refers to a property of sufficient size and stature to merit attention from large national or international investors.

The acquisition of this property represents 3.65% of the relative percentage of the holding of the entire portfolio (100%) as of February 6, 2026. Characteristics and holding weightings are based on the total portfolio and are subject to change at any time; they are provided for informational purposes only. This information should not be construed as a recommendation to purchase or sell any security. There can be no assurance that any unrealized investment described herein will prove to be profitable.

BEFORE INVESTING, CAREFULLY CONSIDER A FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES. YOU CAN FIND THIS AND OTHER INFORMATION IN EACH PROSPECTUS, AND SUMMARY PROSPECTUS, IF AVAILABLE, AT WWW.FRANKLINTEMPLETON.COM OR CONTACT YOUR FRANKLIN TEMPLETON REPRESENTATIVE. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.

Investment Risks

Past performance is no guarantee of future results. All investments involve risk, including loss of principal. Diversification does not ensure against loss. An investment should be considered long-term within a multi-asset portfolio and should not be viewed individually as a complete investment program. The Fund is subject to a high degree of risk; additional risk considerations are listed below:

Liquidity Risks:

The Fund should be viewed as a long-term investment, as it is inherently illiquid and suitable only for investors who can bear the risks associated with the limited liquidity of the Fund. Limited liquidity is provided to shareholders only through the Fund's quarterly repurchase offers for no more than 5% of the Fund's shares outstanding at net asset value. There is no guarantee these repurchases will occur as scheduled, or at all. Shareholders may not be able to sell their shares in the Fund at all or at a favorable price.

Real Estate Investment Risks:

The Fund's investments are highly concentrated in real estate investments and therefore will be subject to the risks typically associated with real estate, including but not limited to fluctuations in lease occupancy rates and operating expenses, variations in rental schedules, which in turn may be adversely affected by local, state, national or international economic conditions. Such conditions may be impacted by the supply and demand for real estate properties, zoning laws, rent control laws, real property taxes, the availability and costs of financing, and environmental laws.

Furthermore, investments in real estate are also impacted by market disruptions caused by regional concerns, political upheaval, sovereign debt crises, and uninsured losses (generally from catastrophic events such as earthquakes, floods and wars). Investments in real estate related securities, such as asset-backed or mortgage-backed securities are subject to prepayment and extension risks.

Private Market Investments Risks:

An investment in the Fund is suitable only for investors who can bear the risks associated with private market investments (such as private credit and private equity) with potential limited liquidity. Shares will not be listed on a public exchange, and no secondary market is expected to develop.

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliates companies Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

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Jennifer Shapiro: jennifer@craftandcapital.com

Clarion Partners Real Estate Investment Fund (CPREX) Adds to Senior Housing Holdings with Acquisition in Franklin, TN