CNL Announces Fourth Quarter Results

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Publish Date

03/31/2014

SAM Magazine--Orlando, Fla., March 31, 2014--CNL Lifestyle Properties, Inc., a real estate investment trust (or REIT), today announced its operating results for the fourth quarter ended Dec. 31, 2013. As of March 14, 2014, CNL owned a portfolio of 145 lifestyle properties, 73 of which are wholly-owned and run by operators under long-term, triple-net leases with a weighted average, straight-line lease rate of 8.6 percent, 63 of which are managed by independent operators, one of which is an unimproved land parcel and eight of which are owned through unconsolidated joint ventures. All of the properties owned through joint ventures are leased. Diversification by asset class based on initial purchase price is 25 percent ski and mountain lifestyle, 22 percent attractions, 19 percent golf, 16 percent senior housing, 12 percent additional lifestyle properties and 6 percent marinas.

Total revenues for the quarter increased $6.7 million to $101.1 million, or 7.1 percent, as compared to the fourth quarter of 2012. Total revenues for 2013 were $512.8 million compared to $472.5 million in 2012. Total expenses for the fourth quarter increased $186.7 million, or 141.7 percent, as compared to the fourth quarter of 2012, which includes an impairment provision of $205.8 million recorded in 2013 on certain properties primarily due to the company's decision to market and sell the golf portfolio. Excluding impairment charges, total expenses decreased $19.1 million or 14.5 percent as compared to the fourth quarter of 2012.

Breaking out just its ski/mountain assets, of which there are 17, total revenue for the quarter was $103.8 million, a decrease of 9.3% over the same quarter in 2012. Total revenue for the year was $444.2 million, which was an 8.4% increase over 2012. EBITDA for this category was $14.3 million in the fourth quarter of 2013, down from $25.5 million in 2012. For the year, EBITDA in 2013 was $114.7 million compared to $94.4 million in 2012.

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