ORLANDO, FL—CNL Lifestyle Properties, Inc. reports that in the fourth quarter, ended Dec. 31, 2013, it posted a net loss of $252.3 million.
The company attributes the fourth quarter loss to an impairment provision of $205.8 million based on its decision to market and sell its golf portfolio. Revenues for the REIT increased $6.7 million to $101.1 million in the fourth quarter, a 7.1% increase from revenues posted at the end of the fourth quarter of 2012.
As of March 14, 2014, CNL Lifestyle owned a portfolio of 145 lifestyle properties. A total of 73 are wholly-owned and run by operators under long-term, triple-net leases with a weighted average, straight-line lease rate of 8.6%; 63 are managed by independent operators; one property is an unimproved land parcel and eight are owned through unconsolidated joint ventures. All of the properties owned through joint ventures are leased.
The company's portfolio by asset class based on initial purchase price consists of: ski and mountain lifestyle (25%), attractions (22%), golf (19%), senior housing (16%), additional lifestyle properties (12%) and marinas (6%).
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