ORLANDO-CNL Lifestyle Properties is running par for the specialty REIT course with its latest earnings report, with a mix of strong and poor results. The REIT reported $106.5 million in revenue for the second quarter of 2011, a 49% increase from the year-ago period.
“I am very encouraged by the gains that CNL Lifestyle Properties made as we ended the second quarter, particularly in June, which we believe will continue into the third quarter as our attractions hit their peak operating season,” Joe Johnson, senior vice president and CFO of CNL Lifestyle Properties, said in a statement. CNL attributes some of the revenue gains to attractions that were converted from leased properties to managed properties.
CNL Lifestyle Property’s portfolio includes 155 lifestyle properties. The portfolio includes 23% ski, 20% golf, 17% senior living, 15% attractions, 6% marinas and 19% of other lifestyle property types, including lodging. Total assets exceed $2.9 billion.
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