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.