CNL's Mauldin Talks Hospitality Revenues

ORLANDO—CNL Lifestyle Properties announced operating results for the first quarter. Total revenues increased $17.2 million or 19.3% and expenses increased $12.1 million or 12.3% for the quarter ended March 31, 2013, as compared to the year-ago period. Net loss was $23.3 million for the quarter. That compares to net loss of $24.7 million for the year-ago period.

"Overall, our portfolio has performed very well,"Stephen Mauldin, president and CEO of CNL Lifestyle Properties, tells GlobeSt.com. "CNL Lifestyle Properties saw increased revenue of 19.3% in the first quarter, due in large part to the strong performance of our ski and mountain portfolio.”

As of May 3, the REIT owns a portfolio of 177 lifestyle properties. Seventy-one CNL Lifestyle properties are wholly-owned and run by operators under long-term, triple-net leases with a weighted average straight-line lease rate of 8.6%.

“The combination of a solid 2012-13 ski season and significant capital investments in our ski portfolio contributed to the first quarter revenue increase,” Mauldin says. “We continue to make strategic capital investments in well-performing sectors to drive additional cash flow generation from the portfolio."

Another 55 properties 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 33% senior housing, 19% ski and mountain lifestyle, 15% golf, 13% attractions, 5% marinas and 15% in additional lifestyle properties, including lodging.