ORLANDO—CNL Lifestyle Properties, Inc. reports that in the first quarter its total revenues increased by $8 million or nearly 9% and its net loss narrowed by $2.9 million to $20.4 million, a 12.6% decline from the same period a year ago.
The company in its first quarter earnings announcement released on Wednesday reported that as of May 6, 2014, the REIT owned 145 lifestyle properties, of which 54 are being held for sale, including its portfolio of 48 golf courses. The company in its earnings report estimated that its assets held for sale was valued at more than $417 million as of March 31, 2014.
Its Funds from Operations and FFO per share increased in the first quarter by $2.6 million and $0.01 per share respectively as compared to a year earlier the company says mainly from an increase in rental income leased properties it acquired back in the first quarter of 2013.
However its Adjusted Earnings before Interest Taxes, Depreciation and Amortization decreased by 21% or $7.4 million due primarily to the July 2013 sale of its interest in 42 properties that were held in three unconsolidated entities.
Other highlights from the announcement include that the company back in March of this year retained global investment banking and advisory firm Jeffries LLC to help the company evaluate various strategic opportunities that could include the sale of the company or its assets, potential merger opportunities and the listing of its common stock.