ORLANDO—CNL Lifestyle Properties reported third quarter earnings results. The REIT posted $176 million in revenues. That compares to $154.5 million in the year-ago period.
“CNL Lifestyle Properties’ earnings are up for the third quarter due to the company’s efforts to strengthen the overall portfolio,” Stephen Mauldin, president and CEO of CNL Lifestyle, tells GlobeSt.com. “We have continued to continuously make targeted capital improvements in our properties and, throughout this year, our operators have implemented a number of new marketing initiatives and focused significantly on cost controls which have driven earnings higher particularly in our attractions and golf properties.”
CNL Lifestyle’s portfolio includes 177 lifestyle properties. Seventy-three of those properties are wholly-owned and run by operators under long-term, triple-net leases with a weighted average lease rate of 8.5%. The remaining 53 are managed by independent operators, one of which is held for development and 50 of which are owned through unconsolidated joint venture arrangements.
Of CNL’s joint venture investments, 14 are leased and 36 are managed by independent operators. Diversification by asset class based on initial purchase price is 32.5% senior housing, 18.7% ski and mountain lifestyle, 15.6% golf, 13.4% attractions, 5.1% marinas and 14.7% in additional lifestyle properties, including lodging.
“We are also very excited about the prospects for our ski resorts this coming season with 10 of our 17 resorts already open, and season pass sales generally pacing ahead of last year,” Mauldin says. For the third quarter, revenues rose 5.9% over the year-ago period, attributed primarily to ski and mountain lifestyle, golf, attractions and additional lifestyle properties.