ORLANDO—CNL Lifestyle Properties announced fourth quarter and year-end financial results for its portfolio of 170 lifestyle properties. The news is mixed.

CNL reported total revenues increased $9.5 million, or 13.9 percent, for the quarter and $119.6 million, or 39.8 percent, for the year. But expenses also rose. Total expenses increased $6.6 million, or 7.5 percent, for the quarter and $56.7 million, or 15.8 percent, for the year. The end result: a slight net loss per share for both the quarter (.10) and the year (.23).

CNL pointed to the transition of certain attractions properties that were converted from leased to managed properties as the reason for both increased revenues and expenses. Increased revenues are also attributed to an improvement in the results from CNL’s Omni Mt. Washington Resort property and its two Great Wolf waterpark resorts as well as increased revenues relating to our 2011 senior housing acquisitions.

Joe Johnson, senior vice of CNL Lifestyle Properties, tells GlobeSt.com the biggest surprise and the biggest challenge for the quarter are the same—the unusual weather experienced across the country. Only the Pacific Northwest and the northern Rockies experienced favorable winter weather. 

“The record warmth and lack of natural snowfall elsewhere challenged our ski resort tenants and operators, impacting what is typically one of our stronger sectors,” Johnson says. “We have made significant investments in high-efficiency, high-production snowmaking systems over the years, which yield both high snowmaking volume and substantial energy savings and provides advantages over many competitors, especially in winters with less than ideal natural conditions like 2011 to 2012.”

On the positive side, Johnson believes the warmer weather at least partially contributed to a significant uptick at CNL’s golf courses. That trend has continued so far into 2012.

“Some properties which are typically unplayable in the winter benefited from the warmer temperatures and lack of snow, however, even in areas like Phoenix that typically are in their high season during the winter, our tenants and operators experienced very nice growth in revenue and earnings,” Johnson says. “We are cautiously optimistic that this trend will continue which will be great for the golf business and will help strengthen our tenants and operators in the space.”