CNL Reports Second Quarter Revenues Increase

ORLANDO, FL—CNL Lifestyle Properties Inc. reports that its second quarter total revenues increased 10.1% or by $11.4 million to $222.4 million as compared to the same period last year.

The REIT reports that its second quarter Funds from Operations and FFO per share increased $4.4 million, or 16.9% and $0.01 per share, respectively, as compared to the second quarter of 2013. The company's net loss decreased significantly from $55.2 million in the second quarter of 2013 to $8.5 million during the second quarter of this year. The company attributed the steep decline to primarily a nonrecurring impairment provision recorded in June 2013.

The company notes that property level revenue and property level EBITDA increased 5.9% and 35.3%, respectively, as compared to the second quarter of 2013.

The REIT's ski and mountain lifestyle properties experienced an increase in revenue and EBITDA due to what it termed were favorable late-season conditions in certain locations, allowing some of its ski and mountain lifestyle properties to remain in operation through April.

In its second quarter operating results announcement, CNL Lifestyle states that its early season efforts to drive activity and visitation to its attractions properties bore fruit and resulted in a significant increase in season pass sales. In addition, favorable weather at certain of its attractions properties in the West contributed to an increase in attendance and strong early season operating results in a number of its attractions properties.

In terms of acquisitions and dispositions, last month the company completed the sale of its only multifamily residential property and received net sales proceeds of approximately $73.5 million. The net sales proceeds were used to retire debt. During the six months ended June 30, 2014, CNL acquired four senior housing communities for an aggregate purchase price of $53.1 million.