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%.
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