8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 31, 2015

CNL Lifestyle Properties, Inc.

(Exact name of registrant as specified in its charter)

Maryland	000-51288	20-0183627
(State or other jurisdiction of incorporation)	(Commission file number)	(IRS employer identification no.)

450 South Orange Avenue, Orlando, Florida	32801
(Address of principal executive offices)	(Zip code)

Registrant’s telephone number, including area code: 407-650-1000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On March 31, 2015, CNL Lifestyle Properties, Inc. (the “Company”) issued a press release announcing its operating results for the fourth quarter ended December 31, 2014, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 7.01 Regulation FD Disclosure

On March 31, 2015, the Company will discuss its results of operations and financial condition for the fourth quarter ended December 31, 2014 during a conference call that will include a presentation, the text of which is set forth in Exhibit 99.2 and incorporated by reference herein.

The information furnished pursuant to Item 2.02 and Item 7.01 of this Current Report, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in Item 2.02 and Item 7.01, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1	Press release dated March 31, 2015.
99.2	Presentation of fourth quarter 2014 earnings results, dated March 31, 2015.

Cautionary Note Regarding Forward-Looking Statements

Statements contained herein that are not statements of historical or current fact may constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbor created by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are statements that do not relate strictly to historical or current facts, but reflect management’s current understandings, intentions, beliefs, plans, expectations, assumptions and/or predictions regarding the future of the Company’s business and its performance, the economy, and other future conditions and forecasts of future events and circumstances. Forward-looking statements are typically identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” “continues,” “pro forma,” “may,” “will,” “seeks,” “should,” “could” and words and terms of similar substance in connection with discussions of future operating or financial performance, business strategy and portfolios, projected growth prospects, cash flows, costs and financing needs, legal proceedings, amount and timing of anticipated future distributions, estimates of per share net asset value of the Company’s common stock, and/or other matters. The Company’s forward-looking statements are not guarantees of future performance. While the Company’s management believes its forward-looking statements are reasonable, such statements are inherently susceptible to uncertainty and changes in circumstances. As with any projection or forecast, forward-looking statements are necessarily dependent on assumptions, data and/or methods that may be incorrect or imprecise, and may not be realized. The Company’s forward-looking statements are based on management’s current expectations and a variety of risks, uncertainties and other factors, many of which are beyond the Company’s ability to control or accurately predict. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, the Company’s actual results could differ materially from those set forth in the forward-looking statements due to a variety of risks, uncertainties and other factors. Given these uncertainties, the Company cautions you not to place undue reliance on such statements.

For further information regarding risks and uncertainties associated with the Company’s business, and important factors that could cause the Company’s actual results to vary materially from those expressed or implied in its forward-looking statements, please refer to the factors listed and described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the “Risk Factors” sections of the Company’s documents filed from time to time with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s quarterly reports on Form 10-Q and the Company’s annual report of Form 10-K, copies of which may be obtained from the Company’s website at http://www.cnllifestylereit.com.

All written and oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by this cautionary note. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to, and expressly disclaims any obligation to, publicly release the results of any revisions to its forward-looking statements to reflect new information, changed assumptions, the occurrence of unanticipated subsequent events or circumstances, or changes to future operating results over time, except as otherwise required by law.

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 31, 2015	CNL LIFESTYLE PROPERTIES, INC.
	a Maryland Corporation
	By:	/s/ Joseph T. Johnson
		Joseph T. Johnson Chief Financial Officer, Senior Vice President and Treasurer

EX-99.1

Exhibit 99.1

News Release

For information contact:

Sherry Magee

Senior Vice President Communications

CNL Financial Group

407-650-1223

CNL LIFESTYLE PROPERTIES ANNOUNCES FOURTH QUARTER 2014 RESULTS

— Total revenues increased 0.6 percent quarter-over-quarter to $61.7 million —

(ORLANDO, Fla.) March 31, 2015 — CNL Lifestyle Properties, Inc., a real estate investment trust (“we,” “our” or “us”), today announced its operating results for the fourth quarter ended Dec. 31, 2014.

Fourth Quarter 2014

• Total revenues increased $0.4 million, or 0.6 percent, as compared to the fourth quarter of 2013.

• Total expenses increased $38.5 million, or 51.0 percent, as compared to the fourth quarter of 2013.

• Net loss decreased $158.4 million, or 62.8 percent, as compared to the fourth quarter of 2013, primarily due to the reduction in impairment provisions recorded on our properties. During the fourth quarter of 2014, impairment provisions were recorded on 19 properties (17 marinas, one attraction and one unimproved land) as compared to 51 properties (45 golf properties, three marinas, two attractions and one multi-family residential property) during the fourth quarter of 2013.

• Funds from Operations (“FFO”) and FFO per share increased $43.6 million, or 100.7 percent and $0.13 per share, respectively, as compared to the fourth quarter of 2013.

• Modified Funds from Operations (“MFFO”) and MFFO per share decreased $9.1 million, or 69.5 percent and $0.03 per share, respectively, as compared to the fourth quarter of 2013.

• Adjusted Earnings before Interest, Taxes, Depreciation and Amortization from Continuing Operations (“Adjusted EBITDA from Continuing Operations”) decreased $3.4 million, or 20.9 percent, as compared to the fourth quarter of 2013.

Year Ended Dec. 31, 2014

• Total revenues increased $10.8 million, or 3.0 percent, as compared to the year ended Dec. 31, 2013.

• Total expenses decreased $4.8 million, or 1.2 percent, as compared to the year ended Dec. 31, 2013.

Page 2 /CNL Lifestyle Properties announces fourth quarter 2014 results

• Net loss decreased $160.4 million, or 63.5 percent, as compared to the year ended Dec. 31, 2013. Similar to the fourth quarter of 2014, the decrease for the year ended Dec. 31, 2014, is primarily due to a reduction in impairment provisions recorded on our properties. During the year ended Dec. 31, 2014, impairment provisions were recorded on 21 properties (17 marinas, one attraction, one golf, one multi-family residential and one unimproved land) as compared to 53 properties (45 golf, three marinas, three attractions, one multi-family residential property and one unimproved land) for the year ended Dec. 31, 2013.

• FFO and FFO per share increased $49.3 million or 73.4 percent and $0.15 per share, respectively, as compared to the year ended Dec. 31, 2013.

• MFFO and MFFO per share increased $11.7 million or 9.5 percent and $0.02 per share, respectively, as compared to the year ended Dec. 31, 2013.

• Adjusted EBITDA from Continuing Operations increased $1.2 million or 0.9 percent as compared to the year ended Dec. 31, 2013.

The increase in FFO and FFO per share for the quarter and year ended Dec. 31, 2014, is primarily attributable to an increase in rental income from leased properties acquired in 2013 and 2014 as well as “same-store” growth in rental income from leased properties and net operating income from our managed properties. The increase was also due to a reduction in write-offs of deferred rents from straight-lining adjustments, lease incentives and asset management fees. The increases were partially offset by the net loss on extinguishment of debt as a result of prepayment penalties paid on several loans, higher interest expense and loan cost amortization, and a reduction in rental income and net operating income from leased and managed properties due to the sale of our golf portfolio and our multi-family residential property. In addition, for the year ended Dec. 31, 2014, the increases were also offset by a decrease in interest income on mortgage notes receivable due to the collection of $83.5 million of principal outstanding that matured in 2014 and a decrease in equity in earnings from unconsolidated entities due to the July 2013 sale of our interests in 42 senior housing properties held through three unconsolidated joint ventures.

The decrease in MFFO and MFFO per share for the quarter ended Dec. 31, 2014, is primarily due to a reduction in rental payments from leased properties (rental revenue excluding straight-line adjustments for GAAP) due to the sale of our golf portfolio and our multi-family residential property, a decrease in interest income on mortgage notes receivable due to the collection of principal outstanding that matured in 2014, and higher interest expense and loan cost amortization. The decrease was partially offset by an increase in rental payments from leased properties acquired in 2013 and 2014 as well as “same-store” growth in rental payments from leased properties and net operating income from our managed properties. In addition, the decrease was also partially offset by a reduction in asset management fees. The increase in MFFO and MFFO per share for the year ended Dec. 31, 2014, is primarily due to an increase in rental payments from leased properties (rental revenue excluding straight-line adjustments for GAAP) from recently acquired properties as well as growth in “same-store” net operating income from our managed properties and a reduction in asset management fees. The increases were partially offset by a reduction in rental payments from leased properties and net operating income from our managed properties due to the sale of our golf portfolio and our multi-family residential property, a decrease in interest income on mortgage notes receivable due to the collection of principal that matured in 2014, an increase in interest expense and loan cost amortization and a decrease in equity in earnings from unconsolidated entities due to the July 2013 sale of our interests in 42 senior housing properties held through three unconsolidated joint ventures.

Page 3 /CNL Lifestyle Properties announces fourth quarter 2014 results

Adjusted EBITDA from Continuing Operations for the quarter and year ended Dec. 31, 2014, was negatively impacted due to a decrease in interest income on mortgage notes receivable due to the collection of principal that matured in 2014. Adjusted EBITDA from Continuing Operations for the year ended Dec. 31, 2014, was also negatively impacted by a decrease in cash distributions from unconsolidated entities due to the July 2013 sale of our interests in 42 senior housing properties held through three unconsolidated joint ventures. Adjusted EBITDA from Continuing Operations for the quarter and year ended Dec. 31, 2014, was positively impacted by an increase in rental payments from leased properties acquired in 2013 and 2014, “same-store” growth in rental payments from leased properties and net operating income from our managed properties, and a reduction in asset management fees.

The following table presents selected comparable financial data through Dec. 31, 2014.

SUMMARY FINANCIAL RESULTS

(Millions except ratios and per share data)

	Quarter Ended Dec. 31,						Year Ended Dec. 31,
	2014			2013			2014			2013
Total revenues	$	61.7		$	61.3		$	373.3		$	362.5
Total expenses		114.0			75.5			383.7			388.5
Operating loss		(52.3	)		(14.2	)		(10.4	)		(26.0	)
Net loss		(93.9	)		(252.3	)		(92.1	)		(252.5	)
Net loss per share		(0.29	)		(0.79	)		(0.28	)		(0.79	)
FFO		0.3			(43.3	)		116.5			67.2
FFO per share		0.00			(0.13	)		0.36			0.21
MFFO		4.0			13.1			134.6			122.9
MFFO per share		0.01			0.04			0.41			0.39
Adjusted EBITDA from Continuing Operations		12.9			16.3			142.2			141.0
Cash flows from operating activities								126.9			135.5
As of Dec. 31, 2014:
Total assets							$	2,284.2
Total debt								1,019.9
Leverage ratio								44.6	%

* 48.7% including our share of unconsolidated assets and debts

See detailed financial information and full reconciliation of FFO, MFFO and Adjusted EBITDA from Continuing Operations, which are not considered Generally Accepted Accounting Principles (“GAAP”) measures, to their nearest GAAP measures on the following pages.

Page 4 /CNL Lifestyle Properties announces fourth quarter 2014 results

Portfolio Highlights

The following tables summarize the Company’s “same-store” revenue and EBITDA for comparable consolidated properties that we have owned during the entirety of both periods presented, and includes information for both leased and managed properties (other than for rent coverage, which includes all leased properties) (in thousands):

			Quarter Ended Dec. 31,
	Number		2014					2013					Increase/(Decrease)
	of Properties		Revenue		EBITDA (1)			Revenue		EBITDA (1)			Revenue			EBITDA
Ski and mountain lifestyle		17	$	105,930	$	17,997		$	103,398	$	12,790			2.4	%		40.7	%
Attractions		21		26,036		(8,476	)		24,322		(6,228	)		7.0	%		-36.1	%
Senior housing		20		18,116		5,403			17,672		5,501			2.5	%		-1.8	%
Marinas		17		6,780		1,686			6,562		1,718			3.3	%		-1.9	%
		75	$	156,862	$	16,610		$	151,954	$	13,781			3.2	%		20.5	%

			Year Ended Dec. 31,														TTM
	Number		2014				2013				Increase/(Decrease)						Rent
	of Properties		Revenue		EBITDA (1)		Revenue		EBITDA (1)		Revenue			EBITDA			Coverage (2)
Ski and mountain lifestyle		17	$	437,924	$	108,085	$	442,689	$	109,371		-1.1	%		-1.2	%		1.40x
Attractions		21		261,592		66,501		241,720		58,643		8.2	%		13.4	%		1.61x
Senior housing		20		70,945		21,457		68,941		22,422		2.9	%		-4.3	%		1.11x
Marinas		17		33,353		10,222		33,905		11,652		-1.6	%		-12.3	%		n/a
		75	$	803,814	$	206,265	$	787,255	$	202,088		2.1	%		2.1	%		1.41x

FOOTNOTES:

⁽¹⁾  Property operating results for tenants under leased arrangements are not included in our operating results. Property-level EBITDA above is disclosed before rent and capital reserve payments to us, as applicable.

⁽²⁾  As of Dec. 31, 2014, on trailing 12-month (“TTM”) basis for properties subject to lease calculated as property-level EBITDA before recurring capital expenditures divided by base rent.

Fourth Quarter and Year Ended Dec. 31, 2014

• Property-level revenue increased 3.2 percent and 2.1 percent, respectively, and property-level EBITDA increased 20.5 percent and 2.1 percent, respectively, as compared to the quarter and year ended Dec. 31, 2013.

• Our ski and mountain lifestyle properties experienced an increase in revenue for the fourth quarter of 2014 due to favorable snow and snowmaking temperatures at many of our ski properties at the start of the 2014/2015 ski season. For the year ended Dec. 31, 2014, revenues at our ski and mountain lifestyle properties decreased primarily due to low snow levels in the Pacific West (specifically in California), where our properties were challenged with snow levels that were significantly below historic norms during the latter portion of the 2013/2014 ski season as a result of unseasonably warm temperatures and drought conditions. Unfortunately, poor weather conditions in the Pacific West have continued and expanded to impact the Pacific Northwest during the 2014/2015 ski season. Season to date through February 2015, our operators reported that property operating revenue was down 1.4 percent.

• Capital improvements and our manager’s efforts to promote and drive attendance at our attractions properties resulted in an increase in season pass and group sales and in-park spending as compared to prior year. In addition, visitation at our attractions properties increased by 11.0 percent year-over-year.

• Higher average rates paid by residents at our senior housing properties resulted in an increase in revenue, but EBITDA decreased due to higher resident care expenses, repair and maintenance expenses, and other operating expenses.

Page 5 /CNL Lifestyle Properties announces fourth quarter 2014 results

• Our marinas properties experienced a decrease in revenue due to our ongoing operator transitions. Additionally, in December 2013 and the winter of 2014, record-breaking cold temperatures and ice storms damaged several of our marinas, which has impacted operating results and required extensive repairs. EBITDA at our marinas was further impacted by the introduction of third-party management fees as we transitioned all of our marinas from leased to managed properties.

The following table presents “same-store” unaudited property-level information of our senior housing properties as of and for the quarters and years ended Dec. 31, 2014, and 2013 (in thousands):

	Number		Occupancy
	of		As of Dec. 31,						Increase/
	Properties		2014			2013			(Decrease)
Senior housing		20		95.4	%		96.0	%		(0.6	%)

			RevPOU
	Number		Quarter Ended							Year Ended
	of		Dec. 31,				Increase/			Dec. 31,				Increase/
	Properties		2014		2013		(Decrease)			2014		2013		(Decrease)
Senior housing		20	$	4,026	$	3,832		5.1	%	$	3,927	$	3,794		3.5	%

The increase in revenue per occupied unit (“RevPOU”) of 5.1 percent and 3.5 percent for the quarter and year ended Dec. 31, 2014, respectively, as compared to the same periods in 2013 is due to strong unit demand and our managers’ and tenants’ resultant ability to drive rate increases at the properties.

Acquisition Activity

During the year ended Dec. 31, 2014, we acquired nine senior housing properties, located in various states, and paid $128.4 million (net of debt assumed).

Dispositions and Repayments of Notes Receivable

During the year ended Dec. 31, 2014, we completed the sale of our entire golf portfolio, which consisted of 48 properties, and our sole multi-family residential property and received aggregate net sales proceeds of $384.3 million. In connection with the sales, we recorded an aggregate net gain of $4.1 million. Additionally, during the year we were repaid $83.5 million in the ordinary course of business from two third-party borrowers for notes receivable that had matured.

Assets Held for Sale

As of Dec. 31, 2014, we classified 55 properties (38 senior housing and 17 marinas properties) and one village retail property held in our unconsolidated joint ventures as assets held for sale. In late-December 2014, we entered into a definitive agreement to sell our entire senior housing portfolio, which consists of 38 properties, for $790.0 million and we anticipate the transaction will close late in the second quarter of 2015.

Page 6 /CNL Lifestyle Properties announces fourth quarter 2014 results

Distributions

For the year ended Dec. 31, 2014, we declared and paid distributions of approximately $137.9 million ($0.4252 per share). On March 6, 2015, our board of directors approved the reduction of the quarterly cash distributions for the first quarter of 2015 to $0.05 per share.

Net Asset Value (“NAV”) per Share

In accordance with our valuation policy and in order to assist brokers in providing information on customer account statements consistent with the requirements of NASD Notice 01-08 and Financial Industry Regulatory Authority (“FINRA”) Rule 2340, we evaluate the Company’s NAV on annual basis. On March 6, 2015, our board of directors approved an updated estimated NAV per share of $5.20.

Page 7 /CNL Lifestyle Properties announces fourth quarter 2014 results

CNL LIFESTYLE PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands except per share data)

	Dec. 31,
	2014			2013
ASSETS
Real estate investment properties, net (including $158,589 and $184,306 related to consolidated variable interest entities, respectively)	$	1,136,451		$	2,068,973
Assets held for sale, net (including $13,694 and $0 related to consolidated variable interest entities, respectively)		699,816			90,794
Cash		136,985			71,574
Investments in unconsolidated entities		127,102			132,324
Deferred rent and lease incentives		47,649			57,378
Restricted cash		39,097			51,335
Other assets		36,639			52,310
Accounts and other receivables, net		23,086			21,080
Mortgages and other notes receivable, net		19,361			117,963
Intangibles, net		18,026			36,922
Total Assets	$	2,284,212		$	2,700,653
LIABILITIES AND STOCKHOLDERS’ EQUITY
Mortgages and other notes payable (including $30,412 and $87,095 related to non-recourse debt of consolidated variable interest entities, respectively)	$	550,504		$	760,192
Senior notes, net of discount		316,846			394,419
Line of credit		152,500			50,000
Other liabilities		60,478			76,816
Accounts payable and accrued expenses		46,005			49,823
Due to affiliates		489			1,025
Total Liabilities		1,126,822			1,332,275
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $.01 par value per share 200 million shares authorized and unissued		—			—
Excess shares, $.01 par value per share 120 million shares authorized and unissued		—			—
Common stock, $.01 par value per share
One billion shares authorized; 349,084 and 345,114 shares issued and 325,184 and 322,627 shares outstanding as of Dec. 31, 2014 and 2013, respectively		3,252			3,226
Capital in excess of par value		2,863,839			2,846,265
Accumulated deficit		(494,129	)		(401,985	)
Accumulated distributions		(1,211,302	)		(1,073,422	)
Accumulated other comprehensive loss		(4,270	)		(5,706	)
Total Stockholders’ Equity		1,157,390			1,368,378
Total Liabilities and Stockholders’ Equity	$	2,284,212		$	2,700,653

Page 8 /CNL Lifestyle Properties announces fourth quarter 2014 results

CNL LIFESTYLE PROPERTIES, INC.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands except per share data)

	Quarter Ended Dec. 31,						Year Ended Dec. 31,
	2014			2013			2014			2013
Revenues:
Rental income from operating leases	$	30,386		$	29,216		$	128,023		$	115,414
Property operating revenues		30,952			29,044			236,860			233,956
Interest income on mortgages and other notes receivable		368			3,085			8,412			13,120
Total revenues		61,706			61,345			373,295			362,490
Expenses:
Property operating expenses		36,554			33,642			190,165			187,581
Asset management fees to advisor		4,478			4,980			18,651			23,060
General and administrative		3,965			4,822			17,136			17,233
Ground lease and permit fees		2,319			2,059			10,162			9,838
Acquisition fees and costs		145			835			664			2,467
Other operating expenses		1,470			630			5,328			4,471
Bad debt expense		257			18			291			54
Impairment provision		30,428			4,842			30,428			50,033
(Gain) loss on lease terminations		8,914			(3,850	)		8,914			(3,850	)
Loan loss provision		—			3,104			3,270			3,104
Depreciation and amortization		25,484			24,421			98,664			94,459
Total expenses		114,014			75,503			383,673			388,450
Operating loss		(52,307	)		(14,158	)		(10,378	)		(25,960	)
Other income (expense):
Interest and other income		387			34			838			559
Interest expense and loan cost amortization (includes $460 loss on termination of cash flow hedges for the year ended Dec. 31, 2014)		(12,879	)		(13,391	)		(57,260	)		(55,769	)
(Gain) loss on extinguishment of debt		425						(1,391	)		—
Bargain purchase gain		—			—			—			2,653
Gain from sale of unconsolidated entities		—			—			—			55,394
Equity in earnings of unconsolidated entities		804			2,518			7,753			11,701
Total other income (expense)		(11,263	)		(10,839	)		(50,060	)		14,538
Loss from continuing operations		(63,571	)		(24,997	)		(60,438	)		(11,422	)
Loss from discontinued operations (includes $0 and $3,027 amortization of loss on termination of cash flow hedges for the quarter and year ended Dec. 31, 2014, and $414 and $1,655 amortization of loss on termination of cash flow hedges for the quarter and year ended Dec. 31, 2013, respectively.)		(30,338	)		(227,331	)		(31,706	)		(241,117	)
Net loss	$	(93,909	)	$	(252,328	)	$	(92,144	)	$	(252,539	)
Loss per share of common stock (basic and diluted):
Continuing operations	$	(0.20	)	$	(0.08	)	$	(0.18	)	$	(0.03	)
Discontinued operations		(0.09	)		(0.71	)		(0.10	)		(0.76	)
	$	(0.29	)	$	(0.79	)	$	(0.28	)	$	(0.79	)
Weighted average number of shares of common stock outstanding (basic and diluted)		325,214			321,063			324,451			318,742

Page 9 /CNL Lifestyle Properties announces fourth quarter 2014 results

Non-GAAP Supplemental Financial Measures

The Company computes its financial results in accordance with GAAP. Although FFO, MFFO and Adjusted EBITDA from Continuing Operations are non-GAAP financial measures, the Company believes FFO, MFFO, and Adjusted EBITDA from Continuing Operations calculations are helpful to stockholders and are widely recognized measures of real estate investment trust (“REIT”) operating performance. Pursuant to the requirements of Regulation G, the Company has provided reconciliations to these non-GAAP measures to the most directly comparable GAAP measures.

The Company calculates and reports FFO in accordance with the definitional and interpretive guidelines established by the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as net income or loss computed in accordance with GAAP, excluding gains or losses from sales of property and real estate impairment write-downs, plus depreciation and amortization, and after similar adjustments for unconsolidated partnerships and joint ventures. The Company’s FFO calculation complies with NAREIT’s guidance described above. The Company believes that FFO, together with the GAAP measure of net income (loss), provides useful information to investors regarding the Company’s operating performance because it is a measure of the Company’s operations without regard to specific non-cash items, such as depreciation and amortization and asset impairment write-downs.

The Company calculates and reports MFFO in accordance with the Investment Program Association’s (“IPA”) Guideline 2010-01, Supplemental Performance Measure for Publicly Registered, Non-Listed REITs: Modified Funds from Operations, (the “Practice Guideline”), issued by the IPA in November 2010. The Practice Guideline defines MFFO as FFO further adjusted for the following items, as applicable, included in the determination of GAAP net income (loss): acquisition fees and expenses; amounts relating to the write-off of deferred rent receivables and other lease-related assets as well as amortization of above and below market leases and liabilities (which are adjusted in order to remove the impact of GAAP straight-line adjustments from rental revenues); accretion of discounts and amortization of premiums on debt investments; mark-to-market adjustments included in net income (loss); nonrecurring gains or losses included in net income (loss) from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan; elimination of adjustments relating to contingent purchase price obligations where such adjustments have been included in the derivation of GAAP net income (loss); unrealized gains or losses resulting from consolidation from, or deconsolidation to, equity accounting; and after adjustments for consolidated and unconsolidated partnerships and joint ventures, with such adjustments calculated to reflect MFFO on the same basis. The Company believes that MFFO is useful to investors in evaluating its performance because the exclusion of certain recurring and nonrecurring items described above provide useful supplemental information regarding its ongoing performance, and that MFFO, when combined with the primary GAAP measure of income (loss), is beneficial to a complete understanding of its operating performance.

Presentation of this information is intended to provide useful information to investors as they compare the operating performance of different REITs, although it should be noted that not all REITs calculate FFO and MFFO the same way. Accordingly, comparisons with other REITs may not be meaningful. FFO and MFFO are not necessarily indicative of cash flow available to fund cash needs and should not be considered as an alternative to net income (loss) or income (loss) from continuing operations as an indication of our performance, as an alternative to cash flows from operations or as an indication of its liquidity, or indicative of funds available to fund our cash needs including our ability to make

Page 10 /CNL Lifestyle Properties announces fourth quarter 2014 results

distributions to our stockholders. Stockholders and investors should not rely on FFO and MFFO as a substitute for any GAAP measure. MFFO has limitations as a performance measure in an offering such as the Company’s where the price of a share of common stock is a stated value or based on an estimated net asset value. MFFO is useful in assisting management and investors in assessing the sustainability of operating performance in future operating periods, and, in particular, after the offering and acquisition stages are complete and net asset value is disclosed. FFO and MFFO are not useful measures in evaluating net asset value because impairments are taken into account in determining net asset value but not in determining FFO and MFFO.

The Company defines Adjusted EBITDA from Continuing Operations as net income (loss), less discontinued operations and other income, plus (i) net interest expense and loan cost amortization and (ii) depreciation and amortization, as further adjusted for the impact of equity in earnings (loss) of our unconsolidated entities, straight-line adjustment for leased properties and mortgages and other rents receivable, cash distributions from unconsolidated entities, and certain other nonrecurring items that the Company does not consider indicative of its ongoing operating performance. These further adjustments are itemized in the table below. You are encouraged to evaluate these adjustments and the reasons the Company considers them appropriate for supplemental analysis. In evaluating Adjusted EBITDA from Continuing Operations, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of Adjusted EBITDA from Continuing Operations should not be construed as an inference that its future results will be unaffected by unusual or nonrecurring items.

The Company presents Adjusted EBITDA from Continuing Operations because it believes it assists investors and analysts in comparing its performance across reporting periods on a consistent basis by excluding items that it does not believe are indicative of its core operating performance.

For additional information, please refer to the Company’s discussion of FFO, MFFO and Adjusted EBITDA from Continuing Operations included in Management’s Discussion and Analysis of Financial Condition and Results of Operations in its Annual Report on Form 10-K for the year ended Dec. 31, 2014, filed with the United States Securities and Exchange Commission on March 30, 2015.

Page 11 /CNL Lifestyle Properties announces fourth quarter 2014 results

Funds from Operations and Modified Funds from Operations

	Quarter Ended Dec. 31,						Year Ended Dec. 31,
	2014			2013			2014			2013
Net loss	$	(93,909	)	$	(252,328	)	$	(92,144	)	$	(252,539	)
Adjustments:
Depreciation and amortization
Continuing Operations		25,484			24,421			98,664			94,459
Discontinued Operations		8,307			14,725			36,709			55,852
Impairment of real estate assets (7)
Continuing Operations		30,428			4,842			30,428			50,033
Discontinued Operations		33,403			161,410			37,867			161,410
(Gain) loss on sale of real estate investment
Continuing Operations		19			24			19			24
Discontinued Operations		(5,052	)		(323	)		(8,935	)		(2,408	)
Gain on sale of unconsolidated entites (6)
Continuing Operations		—			—			—			(55,394	)
Net effect of FFO adjustment from unconsolidated entities (1)		1,649			3,932			13,857			15,752
Total funds from operations		329			(43,297	)		116,465			67,189
Acquisition fees and expenses (2)
Continuing Operations		145			835			664			2,467
Discontinued Operations		(57	)		384			1,937			674
Straight-line adjustments on leases and notes receivable (3)
Continuing Operations		(3,243	)		(1,535	)		(2,171	)		(3,597	)
Discontinued Operations		(935	)		(977	)		(3,554	)		(2,417	)
Amortization of above/below market intangible assets and liabilities
Continuing Operations		4			(2	)		16			(5	)
Discontinued Operations		123			355			583			1,388
Loss (gain) from early extinguishment of debt (4)
Continuing Operations		(431	)		—			1,851			—
Discontinued Operations		(871	)		—			7,157			—
(Gains) write-off of lease related costs (5)
Continuing Operations		8,914			(3,888	)		8,914			(3,888	)
Discontinued Operations		—			58,092			—			58,092
Loan loss provision (8)
Continuing Operations		—			3,104			3,270			3,104
Contingent purchase consideration (9)
Discontinued Operations		—			—			(665	)		—
Accretion of discounts/amortization of premiums for debt investments
Continuing Operations		1			3			51			12
MFFO adjustments from unconsolidated entities (1)
Straight-line adjustments for leases and notes receivable (3)
Continuing Operations		53			15			228			(160	)
Amortization of above/below market intangible assets and liabilities
Continuing Operations		(41	)		13			(157	)		52
Modified funds from operations	$	3,991		$	13,102		$	134,589		$	122,911
Weighted average number of shares of common stock outstanding (basic and diluted)		325,214			321,063			324,451			318,742
FFO per share (basic and diluted)	$	0.00		$	(0.13	)	$	0.36		$	0.21
MFFO per share (basic and diluted)	$	0.01		$	0.04		$	0.41		$	0.39

FOOTNOTES:

(1) This amount represents our share of the FFO or MFFO adjustments allowable under the NAREIT or IPA definitions, respectively, multiplied by the percentage of income or loss recognized under the HLBV method.

Page 12 /CNL Lifestyle Properties announces fourth quarter 2014 results

(2) In evaluating investments in real estate, management differentiates the costs to acquire the investment from the operations derived from the investment. By adding back acquisition fees and expenses relating to business combinations, management believes MFFO provides useful supplemental information of its operating performance and will also allow comparability between real estate entities regardless of their level of acquisition activities. Acquisition fees and expenses include payments to our advisor or third parties. Acquisition fees and expenses relating to business combinations under GAAP are considered operating expenses and as expenses included in the determination of net income (loss) and income (loss) from continuing operations, both of which are performance measures under GAAP. All paid and accrued acquisition fees and expenses will have negative effects on returns to investors, the potential for future distributions, and cash flows generated by us, unless earnings from operations or net sales proceeds from the disposition of properties are generated to cover the purchase price of the property.

(3) Under GAAP, rental receipts are allocated to periods using various methodologies. This may result in income recognition that is significantly different than underlying contract terms. By adjusting for these items (to reflect such payments from a GAAP accrual basis to a cash basis of disclosing the rent and lease payments), MFFO provides useful supplemental information on the realized economic impact of lease terms and debt investments, providing insight on the contractual cash flows of such lease terms and debt investments, and aligns results with management’s analysis of operating performance.

(4) (Gain) loss of extinguishment of debt includes legal fees incurred with the transaction, prepayment penalty fees and write-off of unamortized loan costs, as applicable.

(5) Management believes that adjusting for gains or write-offs of lease-related assets is appropriate because they are nonrecurring, noncash adjustments that may not be reflective of our ongoing operating performance. In 2013, we recorded an impairment provision totaling $58.1 million for deferred rent from prior GAAP straight-lining adjustments and lease incentives which resulted from a change in our expected holding periods for those properties.

(6) In July 2013, we completed the sale of our interests in 42 senior housing properties held through three unconsolidated joint ventures.

(7) The add back for impairment of real estate assets to arrive at FFO does not include approximately $58.1 million in impairments of deferred rent from prior GAAP straight-lining adjustments and lease incentives described in Footnote (5) above. While impairment charges are excluded from the calculation of FFO, investors are cautioned that due to the fact that impairments are based on estimated future undiscounted cash flows and the relatively limited term of our operations, it could be difficult to recover any impairment charges.

(8) We recorded loan loss provisions on our mortgages and other notes receivable as a result of uncertainty related to the collectability of these notes receivables.

(9) Management believes that the elimination of the contingent purchase price consideration adjustment, which represents the Yield Guarantee as mentioned above, included in interest and other income (expense) for GAAP purposes is appropriate because the adjustment is a nonrecurring, noncash adjustment that is not reflective of our ongoing operating performance and aligns results with management’s analysis of operating performance.

Page 13 /CNL Lifestyle Properties announces fourth quarter 2014 results

Set forth below is a reconciliation of Adjusted EBITDA from Continuing Operations to net loss (in thousands):

	Quarter Ended Dec. 31,						Year Ended Dec. 31,
	2014			2013			2014			2013
Net loss	$	(93,909	)		(252,328	)	$	(92,144	)	$	(252,539	)
Loss from discontinued operations		30,338			227,331			31,706			241,117
Interest and other (income) expense		(387	)		(34	)		(838	)		(559	)
Bargain purchase gain on acquisition of real estate (4)		—			—			—			(2,653	)
Interest expense and loan cost amortization		12,879			13,391			57,260			55,769
Equity in earnings of unconsolidated entities (1)		(804	)		(2,518	)		(7,753	)		(11,701	)
Cash distribution from unconsolidated entities (1)		3,601			3,479			13,497			26,769
Gain on sale of unconsolidated entities (3)		—			—			—			(55,394	)
(Gain) loss from early extinguishment of debt		(425	)		—			1,391			—
Depreciation and amortization		25,484			24,421			98,664			94,459
Loan loss provision		—			3,104			3,270			3,104
(Gain) loss on lease terminations		8,914			(3,850	)		8,914			(3,850	)
Impairment provision		30,428			4,842			30,428			50,033
Straight-line rent adjustments for leases and notes receivables (2)		(3,243	)		(1,535	)		(2,171	)		(3,597	)
Adjusted EBITDA from Continuing Operations	$	12,876		$	16,303		$	142,224		$	140,958

FOOTNOTES:

(1) Investments in our unconsolidated joint ventures are accounted for under the HLBV method of accounting. Under this method, we recognize income or loss based on the change in liquidating proceeds we would receive from a hypothetical liquidation of our investments based on depreciated book value. We adjust EBITDA for equity in earnings (loss) of our unconsolidated entities because we believe this is not reflective of the joint ventures’ operating performance or cash flows available for distributions to us. We believe cash distributions from our unconsolidated entities, exclusive of any financing transactions, are reflective of their operating performance and its impact to us and have been added back to Adjusted EBITDA from Continuing Operations above. For the year ended Dec. 31, 2013, cash distributions from unconsolidated entities excludes approximately $5.3 million in return of capital. For the year ended Dec. 31, 2014, cash distributions from unconsolidated entities did not result in a return of capital.

(2) We believe that adjusting for straight-line adjustments for leased properties and mortgages and other notes receivable is appropriate because they are non-cash adjustments and reflect the actual cash receipts received by us from our tenants and borrowers.

(3) In July 2013, we completed the sale of our interests in 42 senior housing properties held through three unconsolidated joint ventures.

(4) In connection with an acquisition of an attraction property, we recorded a bargain purchase gain as a result of the fair value of the net assets acquired exceeding the consideration transferred.

About CNL Lifestyle Properties

CNL Lifestyle Properties, Inc. is a real estate investment trust that owns a portfolio of 105 properties in the United States and Canada in the lifestyle sectors. Headquartered in Orlando, Florida, CNL Lifestyle Properties specializes in the acquisition of ski and mountain lifestyle, attractions, marinas, senior housing and additional lifestyle properties. For more information, visit CNLLifestyleREIT.com.

Page 14 /CNL Lifestyle Properties announces fourth quarter 2014 results

About CNL Financial Group

CNL Financial Group (CNL) is a leading private investment management firm providing global real estate and alternative investments. Since inception in 1973, CNL and/or its affiliates have formed or acquired companies with more than $29 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit CNL.com.

Caution Concerning Forward-Looking Statements

Statements contained herein that are not statements of historical or current fact may constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbor created by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are statements that do not relate strictly to historical or current facts, but reflect management’s current understandings, intentions, beliefs, plans, expectations, assumptions and/or predictions regarding the future of the Company’s business and its performance, the economy, and other future conditions and forecasts of future events and circumstances. Forward-looking statements are typically identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” “continues,” “pro forma,” “may,” “will,” “seeks,” “should,” “could” and words and terms of similar substance in connection with discussions of future operating or financial performance, business strategy and portfolios, projected growth prospects, cash flows, costs and financing needs, legal proceedings, amount and timing of anticipated future distributions, estimates of per share net asset value of the Company’s common stock, and/or other matters. The Company’s forward-looking statements are not guarantees of future performance. While the Company’s management believes its forward-looking statements are reasonable, such statements are inherently susceptible to uncertainty and changes in circumstances. As with any projection or forecast, forward-looking statements are necessarily dependent on assumptions, data and/or methods that may be incorrect or imprecise, and may not be realized. The Company’s forward-looking statements are based on management’s current expectations and a variety of risks, uncertainties and other factors, many of which are beyond the Company’s ability to control or accurately predict. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, the Company’s actual results could differ materially from those set forth in the forward-looking statements due to a variety of risks, uncertainties and other factors. Given these uncertainties, the Company cautions you not to place undue reliance on such statements.

For further information regarding risks and uncertainties associated with the Company’s business, and important factors that could cause the Company’s actual results to vary materially from those expressed or implied in its forward-looking statements, please refer to the factors listed and described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the “Risk Factors” sections of the Company’s documents filed from time to time with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s quarterly reports on Form 10-Q and the Company’s annual report of Form 10-K, copies of which may be obtained from the Company’s website at http://www.cnllifestylereit.com.

All written and oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by this cautionary note. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to, and expressly disclaims any obligation to, publicly release the results of any revisions to its forward-looking statements to reflect new information, changed assumptions, the occurrence of unanticipated subsequent events or circumstances, or changes to future operating results over time, except as otherwise required by law.

###

EX-99.2

Exhibit 99.2

CNL Lifestyle Properties, Inc.

Owning America’s Lifestyle®

Fourth Quarter 2014 Update

March 31, 2015

Forward Looking Statements

Certain statements in this document may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the

“Securities Act”) and of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). CNL Lifestyle Properties, Inc. (herein also referred to as the “Company”) intends that all such forward-looking statements be covered by the safe-harbor provisions for forward-looking statements of Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable.

All statements, other than statements that relate solely to historical facts, including, among others, statements regarding the Company’s future financial position, business strategy, projected levels of growth, projected costs and projected financing needs, are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of the management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should,” “continues,” “pro forma” or similar expressions. Forward-looking statements are not guarantees of future performance and actual results may differ materially from those contemplated by such forward-looking statements due to a variety of risks, uncertainties and other factors, including but not limited to, the factors detailed in our Annual Report on Form 10-K for the year ended December 31, 2014, and other documents filed from time to time with the Securities and Exchange Commission.

Many of these factors are beyond the Company’s ability to control or predict. Such factors include, but are not limited to: changes in general economic conditions in the

U.S. or globally (including financial market fluctuations); risks associated with our investment strategy; risks associated with the real estate markets in which the

Company invests; risks of doing business internationally and global expansion, including unfamiliarity with new markets and currency risks; risks associated with the use of debt to finance the Company’s business activities, including refinancing and interest rate risk and the Company’s failure to comply with its debt covenants; the Company’s failure to obtain, renew or extend necessary financing or to access the debt or equity markets; competition for properties and/or tenants in the markets in which the Company engages in business; the impact of current and future environmental, zoning and other governmental regulations affecting the Company’s properties; the Company’s ability to make necessary improvements to properties on a timely or cost-efficient basis; risks related to development projects or acquired property value-add conversions, if applicable (including construction delays, cost overruns, the Company’s inability to obtain necessary permits and/or public opposition to these activities); defaults on or non-renewal of leases by tenants; failure to lease properties at all or on favorable terms; unknown liabilities in connection with acquired properties or liabilities caused by property managers or operators; the Company’s failure to successfully manage growth or integrate acquired properties and operations; material adverse actions or omissions by any joint venture partners; increases in operating costs and other expense items and costs, uninsured losses or losses in excess of the Company’s insurance coverage; the impact of outstanding or potential litigation; risks associated with the Company’s tax structuring; the Company’s failure to qualify and maintain its status as a real estate investment trust and the Company’s ability to protect its intellectual property and the value of its brand. Management believes these forward-looking statements are reasonable; however, such statements are necessarily dependent on assumptions, data or methods that may be incorrect or imprecise and the Company may not be able to realize them. Investors are cautioned not to place undue reliance on any forward-looking statements which are based on current expectations. All written and oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by these cautionary statements. Further, forward-looking statements speak only as of the date they are made and the Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time unless otherwise required by law.

2

Summary REIT Information

Non-listed REIT with total assets of $2.3 billion on a GAAP basis

105 lifestyle-oriented real estate assets

34 states and 2 Canadian provinces

Diversified by asset type, geography and operator

Iconic real estate assets and industry-leading operators

The board of directors will endeavor to provide liquidity on or before December 31, 20151

1There is no assurance this timeframe will be met.

3

Recent Highlights

Completed valuation as of 12/31/2014, board approval of: an estimated net asset value (NAV) per share of the REIT’s common stock of $5.20 as of December 31, 2014 a reduction of the quarterly cash distribution for the first quarter of 2015 to $0.05 per share

Sold the remaining 2 golf properties in Q4 2014 for approximately $13.5 million Entered into a purchase and sale agreement to sell our 38-property senior housing portfolio for $790 million and we expect the transaction to be completed by June 30, 2015; Net proceeds after retiring existing senior housing debt may be used to repay the senior notes, pay a special distribution, and/or make capital expenditures at other properties

Ongoing evaluation of strategic alternatives with the REIT’s investment banking and advisory firm, Jefferies LLC, for the balance of the portfolio

4

Recent Highlights

Transitioned Darien Lake to a new manager in December 2014

Invested over $8.6 million of owner capital into various portfolio assets in Q4 2014, bringing the total for the year just under $40 million, including the Splashtown expansion

Year to date through December 31, 2014, our “same-store” attraction properties experienced an 8.2 percent increase in revenue and a 13.4 percent increase in EBITDA

Signed definitive purchase and sale agreement to sell the REIT’s interest in

Dallas Market Center for $140 million – expected to close in Q2 2015

Signed definitive purchase and sale agreement to sell an attraction property for $140 million – expected to close in Q2 2015

5

Geographic Diversification

6

Sector Diversification

As of March 13, 2015

The portfolio is broadly diversified across asset classes to mitigate against seasonality and volatility

11% Ski & Mountain Lifestyle (24)

7%

30%

Attractions (24)

25%

Senior Housing (38)

27%

Marinas (17)

Additional Lifestyle Properties (2)

By Initial Purchase Price

7

Sector Performance

105 properties as of March 13, 2015

Ski & Mountain Attractions Senior Housing 24 properties 24 properties 38 properties

- Revenue and EBITDA—Higher revenue and—Same store Revenue per down due to warm EBITDA due to capital Occupied Unit was up temperatures and drought improvements, higher 3.5% due to strong conditions in the Pacific season pass sales, higher demand which resulted in West resulting in visitation and in-park rate increases at the historically low snowfall spending. properties while levels, partially offset by occupancy was slightly strong summer operations down compared to prior (mountain biking and aerial year. As of December 31, adventures) and strong 2014, occupancy for the group and conference 38 property portfolio was business. 92.3%.

Marinas Additional Lifestyle 17 properties 2 properties

- Revenue and EBITDA were—Steady performance at down in 2014 compared to the Dallas Market Center. prior year due to property Refinanced existing transitions from leased to debt in October. managed structures and operational impact of storm damage.

Source: CNL Lifestyle Properties, Inc. December 31, 2014 Form 10-K Past performance is not indicative of future returns.

8

Same-Store Property Performance

Twelve Months Ended December 31, 2014, Compared to Same Period 2013

# of TTM Rent Properties Revenue EBITDA Coverage Ski and Mountain Lifestyle 17 -1.1% -1.2% 1.40x Attractions 21 8.2% 13.4% 1.61x Senior Housing 20 2.9% -4.3% 1.11x Marinas 17 -1.6% -12.3% n/a Total 75 2.1% 2.1% 1.41x

Ski and Mountain Lifestyle – Sector down due to historic low snowfall levels resulting from warm temperatures and drought conditions at our properties in the Pacific West (specifically in California) in both early 2014 and early 2015.

Results were partially offset by a strong summer operations season which included mountain biking and aerial adventures, as well as strong group and conference business at various resorts.

Attractions— Increase in both revenue and EBITDA due to capital improvements made and manager’s efforts to promote and drive attendance which resulted in an increase in season pass sales and in-park spending. Year-over- year visitation increased by 11.0%.

Senior Housing—Revenue increased due to higher average resident rates but was offset by higher resident care expenses, repairs and maintenance expenses and other operating costs.

Marinas—Transitioned from leased to managed structures during Q4 2013 and Q2 2014 resulting in the incurrence of management fees reducing the operating margin on the properties. In addition, record-breaking cold temperatures and ice storms at one of our largest marinas caused damage to docks which closed the marina temporarily, reducing operating results.

Note: Includes results for comparable consolidated leased and managed properties owned for the entirety of 2014 and 2013.

Source: CNL Lifestyle Properties, Inc. December 31, 2014 Form 10-K

9

Full Year Financial Summary (in Millions)

Trailing 12 month 2014 FFO, MFFO and Adjusted EBITDA from continuing Adjusted EBITDA* operations were higher primarily due to:

$141.0 $142.2

An increase in rental income from leased properties acquired in 2014 as well as $140.0 $133.6

“same-store” growth in rental income from leased properties and net operating income from our managed properties and reduction of asset management fees $120.0 due to the disposition of assets $100.0

The increases were partially offset by a reduction in rental payments from leased $80.0 properties due to the sale of our golf portfolio and our multi-family residential property and a decrease in equity in earnings from unconsolidated entities due to $60.0 the sale of our interests in 42 senior housing properties held through three $40.0 unconsolidated joint ventures in July 2013 $20.0

FFO also improved due to a reduction in write-offs of deferred rents from straight- $- lining adjustments and lease incentives

2012 2013 2014

* Adjusted EBITDA excludes results from discontinued operations

FFO MFFO $150.0 $150.0 $134.6 $116.5 $122.9 $125.0 $125.0 $114.3 $97.7 $100.0 $100.0 $75.0 $67.2 $75.0 $50.0 $50.0 $25.0 $25.0 $-

2012 2013 2014 $-

2012 2013 2014

Source: CNL Lifestyle Properties, Inc. December 31, 2014 Form 10-K

The Company believes that its presentation of historical non-GAAP financial measures provides useful supplementary information to and facilitates additional analysis by investors. These historical non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. Generally Accepted Accounting Principles. See reconciliation to GAAP net income (loss) contained in the Appendix.

Past performance is not indicative of future returns.

10

Credit Metrics

Interest Coverage (1) Net Debt / Adjusted EBITDA (2)

Year Coverage Year Coverage

2012 2.4x 2012 8.0x 2013 2.5x 2013 8.0x 2014 2.5x 2014 6.2x

Debt / GAAP Total Assets (3)

Consolidated Leverage Including Share Year Leverage of Unconsolidated Entities

2012 38.7% 45.3% 2013 44.6% 48.1% 2014 44.6% 48.7%

(1) Calculated as adjusted EBITDA divided by interest expense from continued operations

(2) Net debt is total debt less cash and adjusted EBITDA is only presented for continuing operations (3) Debt includes line of credit

Source: CNL Lifestyle Properties, Inc. December 31, 2014 Form 10-K

The Company believes that its presentation of historical non-GAAP financial measures provides useful supplementary information to and facilitates additional analysis by investors. These historical non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. Generally Accepted Accounting Principles. See reconciliation to GAAP net income (loss) contained in the Appendix.

Past performance is not indicative of future returns.

11

Key Credit Information

Weighted average interest rate is 5.11% (5.70% without JV debt) 74% fixed rate debt, 3% hedged and 23% variable rate debt

Note: As of December 31, 2014

12

Contact Information

For more information about CNL Lifestyle Properties, please contact

CNL Client Services at 866-650-0650.

13

Appendix

Appendix

14

Reconciliation of FFO and MFFO to Net Income (Loss)

Year Ended December 31,

2014 2013 2012 (1) This amount represents our share of the FFO or MFFO adjustments allowable under the NAREIT or IPA definitions, Net loss $ (92,144) $ (252,539) $ (76,073) respectively, multiplied by the percentage of income or loss recognized under the HLBV method.

Adjustments:

Depreciation and amortization (2) In evaluating investments in real estate, management differentiates the costs to acquire the investment from the Continuing Operations 98,664 94,459 87,479 operations derived from the investment. By adding back acquisition fees and expenses relating to business combinations,

Discontinued Operations 36,709 55,852 48,078

(7) management believes MFFO provides useful supplemental information of its operating performance and will also allow Impairment of real estate assets comparability between real estate entities regardless of their level of acquisition activities. Acquisition fees and expenses

Continuing Operations 30,428 50,033 10 include payments to our advisor or third parties. Acquisition fees and expenses relating to business combinations under

Discontinued Operations 37,867 161,410 670

GAAP are considered operating expenses and as expenses included in the determination of net income (loss) and income (Gain) loss on sale of real estate investment (loss) from continuing operations, both of which are performance measures under GAAP. All paid and accrued acquisition

Continuing Operations 19 24 -

Discontinued Operations (8,935) (2,408) (288) fees and expenses will have negative effects on returns to investors, the potential for future distributions, and cash flows (6) generated by us, unless earnings from operations or net sales proceeds from the disposition of properties are generated to

Gain on sale of unconsolidated entites cover the purchase price of the property.

Continuing Operations — (55,394) -

(1)

Net effect of FFO adjustment from unconsolidated entities 13,857 15,752 37,862 (3) Under GAAP, rental receipts are allocated to periods using various methodologies. This may result in income Total funds from operations 116,465 67,189 97,738 recognition that is significantly different than underlying contract terms. By adjusting for these items (to reflect such

Acquisition fees and expenses (2) payments from a GAAP accrual basis to a cash basis of disclosing the rent and lease payments), MFFO provides useful Continuing Operations 664 2,467 3,224 supplemental information on the realized economic impact of lease terms and debt investments, providing insight on the

Discontinued Operations 1,937 674 1,226

(3) contractual cash flows of such lease terms and debt investments, and aligns results with management’s analysis of operating

Straight-line adjustments on leases and notes receivable performance. Continuing Operations (2,171) (3,597) (5,555) Discontinued Operations (3,554) (2,417) (9,181)

(4) (Gain) loss of extinguishment of debt includes legal fees incurred with the transaction, prepayment penalty fees and

Amortization of above/below market intangible assets and liabilities write-off of unamortized loan costs, as applicable.

Continuing Operations 16 (5) (18) Discontinued Operations 583 1,388 625

(5) Management believes that adjusting for gains or write-offs of lease-related assets is appropriate because they are

Loss (gain) from early extinguishment of debt (4) nonrecurring, noncash adjustments that may not be reflective of our ongoing operating performance. In 2013, we recorded

Continuing Operations 1,851 — 4

Discontinued Operations 7,157 — —an impairment provision totaling $58.1 million for deferred rent from prior GAAP straight-lining adjustments and lease (5) incentives which resulted from a change in our expected holding periods for those properties.

(Gains) write-off of lease related costs

Continuing Operations 8,914 (3,888) —(6) In July 2013, we completed the sale of our interests in 42 senior housing properties held through three unconsolidated

Discontinued Operations — 58,092 23,669

Loan loss provision (8) joint ventures.

Continuing Operations 3,270 3,104 1,699

Contingent purchase consideration (9)

(7) The add back for impairment of real estate assets to arrive at FFO does not include approximately $58.1 million in Discontinued Operations (665) — —impairments of deferred rent from prior GAAP straight-lining adjustments and lease incentives. While impairment charges Accretion of discounts/amortization of premiums for debt investments are excluded from the calculation of FFO, investors are cautioned that due to the fact that impairments are based on Continuing Operations 51 12 645 estimated future undiscounted cash flows and the relatively limited term of our operations, it could be difficult to recover

MFFO adjustments from unconsolidated entities (1) any impairment charges. Straight-line adjustments for leases and notes receivable (3)

Continuing Operations 228 (160) 269 (8) We recorded loan loss provisions on our mortgages and other notes receivable as a result of uncertainty related to the

Amortization of above/below market intangible assets and liabilities — —collectability of these notes receivables.

Continuing Operations (157) 52 (18)

Modified funds from operations $ 134,589 $ 122,911 $ 114,327 (9) Management believes that the elimination of the contingent purchase price consideration adjustment, which represents Weighted average number of shares of common stock outstanding (basic and diluted) 324,451 318,742 312,309 the Yield Guarantee, included in interest and other income (expense) for GAAP purposes is appropriate because the FFO per share (basic and diluted) $ 0.36 $ 0.21 $ 0.31 adjustment is a nonrecurring, noncash adjustment that is not reflective of our ongoing operating performance and aligns

MFFO per share (basic and diluted) $ 0.41 $ 0.39 $ 0.37 results with management’s analysis of operating performance.

Source: CNL Lifestyle Properties, Inc. December 31, 2014 Form 10-K

The Company believes that its presentation of historical non-GAAP financial measures provides useful supplementary information to and facilitates additional analysis by investors. These historical non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. Generally Accepted Accounting Principles. Past performance is not indicative of future returns.

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Reconciliation of Adjusted EBITDA to Net Income (Loss)

Year Ended December 31,

2014 2013 2012

Net loss $ (92,144) $ (252,539) $ (76,073) Loss from discontinued operations 31,706 241,117 39,014 Interest and other (income) expense (838) (559) (850) Bargain purchase gain on acquisition of real estate (4) — (2,653) -Interest expense and loan cost amortization 57,260 55,769 55,094 Equity in earnings of unconsolidated entities (1) (7,753) (11,701) (5,521) Cash distribution from unconsolidated entities (1) 13,497 26,769 36,743 Gain on sale of unconsolidated entities (3) — (55,394) -Loss from early extinguishment of debt 1,391 — 4 Depreciation and amortization 98,664 94,459 87,479 Loan loss provision 3,270 3,104 1,699 (Gain) loss on lease terminations 8,914 (3,850) 1,560 Impairment provision 30,428 50,033 10 Straight-line rent adjustments for leases and notes receivables (2) (2,171) (3,597) (5,555) Adjusted EBITDA $ 142,224 $ 140,958 $ 133,604

(1) Investments in our unconsolidated joint ventures are accounted for under the HLBV method of accounting. Under this method, we recognize income or loss based on the change in liquidating proceeds we would receive from a hypothetical liquidation of our investments based on depreciated book value. We adjust EBITDA for equity in earnings (loss) of our unconsolidated entities because we believe this is not reflective of the joint ventures’ operating performance or cash flows available for distributions to us. We believe cash distributions from our unconsolidated entities, exclusive of any financing transactions, are reflective of their operating performance and its impact to us and have been added back to Adjusted EBITDA above. For the years ended December 31, 2013 and 2012, cash distributions from unconsolidated entities excludes approximately $5.3 million and $3.4 million in return of capital, respectively. For the year ended December 31, 2014, cash distributions from unconsolidated entities did not result in a return of capital.

(2) We believe that adjusting for straight-line adjustments for leased properties and mortgages and other notes receivable is appropriate because they are non-cash adjustments and reflect the actual cash receipts received by us from our tenants and borrowers.

(3) In July 2013, we completed the sale of our interests in 42 senior housing properties held through three unconsolidated joint ventures.

(4) In connection with an acquisition of an attraction property, we recorded a bargain purchase gain as a result of the fair value of the net assets acquired exceeding the consideration transferred.

Source: CNL Lifestyle Properties, Inc. December 31, 2014 Form 10-K

The Company believes that its presentation of historical non-GAAP financial measures provides useful supplementary information to and facilitates additional analysis by investors. These historical non-GAAP

financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. Generally Accepted Accounting Principles. Past performance is not indicative of future returns.

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