First Quarter 2015 Update

May 18, 2015

Exhibit 99.2

CNL Lifestyle Properties, Inc.

Owning

America’s

Lifestyle

®

2

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.

Recent Highlights

Ongoing evaluation of strategic alternatives with the REIT’s Board of

Directors and advisors for the balance of the portfolio

Invested over $7.2 million of owner capital into various portfolio assets in Q1

2015

Sold the REIT’s 81.98 percent interest in the Dallas Market Center

partnership for $140 million in April 2015

Entered

into

a

purchase

and

sale

agreement

in

April

2015

for

the

sale

of

the

REIT’s unimproved land in Granby, CO for $5.5 million

Entered into a purchase and sale agreement in May 2015 for the sale of the

marinas portfolio for approximately the carrying value of the assets

3

Recent Highlights

Sold 37 of the 38 senior housing properties in May 2015 to SNH for an

aggregate sales price of $763 million 

The remaining senior housing asset is expected to close before the end of

2015

Net sales proceeds were used to fully pay down related senior housing

debt, the corporate line of credit, and the secured debt on Elitch Gardens

and Mountain High, altogether totaling approximately $445 million

The remaining proceeds may be used to repay other outstanding secured debt,

fund a special distribution, and/or make necessary capital expenditures at

existing assets

In May 2015, initiated the process to call all of the senior unsecured notes

with the outstanding amount of $318 million at a premium of 103.625%

The repurchase of these notes is expected to be complete in June

2015

4

The current portfolio remains diversified yet reflects the

Company’s liquidity strategy efforts

Sector Diversification

As of May 13, 2015

By Initial Purchase Price

5

45%

40%

1%

11%

3%

Ski & Mountain Lifestyle (24)

Attractions (24)

Senior Housing (1)

Marinas (17)

Additional Lifestyle Properties (1)

Sector Performance

6

Ski & Mountain

24 properties

Attractions

24 properties

Senior Housing and

Additional Lifestyle

2 properties

Marinas

17 properties

67 properties as of May 13, 2015

Source: CNL Lifestyle Properties, Inc. March 31, 2015, Form 10-Q

Past performance is not indicative of future returns.

Revenue and EBITDA down due to warm

temperatures and drought conditions in the

Pacific West resulting in historically low

snowfall levels, partially offset by strong

performance in the Northeast due to

numerous winter storms.

Higher revenue and EBITDA for

senior housing portfolio due to

higher occupancy and higher

revenue per occupied unit and

expense containment in Q1 2015. 

Steady performance continued at

Dallas Market Center, up to its sale.

Higher revenue and EBITDA due to

season pass sales, improved

market penetration and favorable

weather at select locations that

have year round operations.

Revenue and EBITDA were both

up compared to Q1 2014.  The

portfolio experienced lower sales

and higher expenses associated

with the transition of property

managers during 2014 as a result

of the former tenants defaulting

under their leases.

Same-Store Property Performance

7

Note: Includes results for comparable consolidated leased and managed properties 

Source: CNL Lifestyle Properties, Inc. March 31, 2015, Form 10-Q

Ski and Mountain Lifestyle -

Record-breaking drought conditions continued for the third straight season and

unusually low snowfall and warm temperatures at our properties in the Pacific West (specifically in California). 

Results were partially offset by ample snowfall and cold temperatures in the Northeast from numerous winter storms

driving strong visitation through March 2015.

Attractions -

While most of our major attraction properties were closed in Q1, performance at our six amusement

parks and one waterpark that operate year round met or exceeded expectations.  Revenue increases were the result

of season pass sales, market penetration and favorable weather, all which have generated early season momentum

for the full portfolio.

Senior Housing -

Revenue and EBITDA increased due to higher occupancy and revenue per occupied unit.  Income

also was higher due to a reduction of certain expenses that occurred in Q1 2014 which did not reoccur in Q1 2015.

Marinas -

Revenue and EBITDA are both up due to the fact that revenues and EBITDA during 2014 reflected lower

sales and higher expenses related to transitioning these properties under property managers during 2014 as a result

of the former tenants defaulting under their leases. 

# of

Properties

Revenue

EBITDA

TTM Rent

Coverage

Ski and Mountain Lifestyle

17

-9.3%

-14.8%

1.12

Attractions

24

13.2%

12.6%

2.31

Senior Housing

29

5.0%

7.2%

1.06

Marinas

17

11.7%

17.6%

n/a

Total

87

-5.8%

-12.8%

1.23

Three Months Ended March 31, 2015, Compared to Same Period 2014

Full Year Financial Summary (in Millions)

FFO

Adjusted EBITDA*

8

MFFO

Source: CNL Lifestyle Properties, Inc. December 31, 2014, Form 10-K and March 31, 2015, Form 10-Q

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.

* Adjusted EBITDA excludes results from discontinued operations

$97.7

$67.2

$116.5

$112.4

$-

$25.0

$50.0

$75.0

$100.0

$125.0

$150.0

2012

2013

2014

TTM Mar  2015

$114.3

$122.9

$134.6

$133.8

$-

$25.0

$50.0

$75.0

$100.0

$125.0

$150.0

2012

2013

2014

TTM Mar 2015

$133.6

$141.0

$142.2

$142.1

$-

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

$140.0

2012

2013

2014

TTM Mar 2015

Trailing

12

month

FFO

lower

due

to

a

loan

loss

provision

recorded

on

one

of

our

mortgage

notes

receivables.

Trailing

12

month

FFO

and

MFFO

were

lower

due

to

bad

debt

expense

recorded

related

to

two

ski

properties,

a

decrease

in

rental

income

due

to

the

sale

of

our

golf

portfolio

and

our

multi-family

residential

property

and

a

decrease

in

interest

income

on

mortgage

notes

receivable

that

were

repaid.

The

decreases

were

partially

offset

by

a

decrease

in

interest

expense,

an

increase

in

rental

income

from

leased

properties

acquired

after

the

first

quarter

of

2014,

an

increase

in

“same-store”

net

operating

income

from

managed

properties,

and

a

decrease

in

advisor

asset

management

fees.

Trailing

12

month

Adjusted

EBITDA

from

Continuing

Operations

is

lower

due

to

an

increase

in

bad

debt

expense

and

a

decrease

in

interest

income

on

mortgage

notes

receivable

due

to

collection.

The

decrease

was

partially

offset

by

an

increase

in

rental

income

from

leased

properties

acquired

after

Q1

2014

as

well

as

in

“same-store”

net

income

growth

from

managed

properties

and

a

reduction

of

advisor

asset

management

fees.

Credit Metrics

Interest Coverage (1)

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

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

(3) Debt includes line of credit

Net Debt / Adjusted EBITDA (2)

9

Debt / GAAP Total Assets (3)

Source: CNL Lifestyle Properties, Inc. December 31, 2014, Form 10-K and March 31, 2015, Form 10-Q

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.

Consolidated

Leverage Including Share

Year

Coverage

of Unconsolidated Entities

2012

38.7%

45.3%

2013

44.6%

48.1%

2014

44.6%

48.7%

Mar 2015

43.8%

47.3%

2012

2.4x

2013

2.5x

2014

2.5x

TTM Mar 2015

2.6x

2012

8.0x

2013

8.0x

2014

6.2x

Mar 2015

6.3x

Key Credit Information

10

Weighted average interest rate is 5.10% (5.45% without JV debt)

60% fixed rate debt, 2% hedged and 38% variable rate debt

Note: As of March 31, 2015

2015

2016

2017

2018

2019

2020

CLP Debt  Maturity Schedule

(in thousands)

Bonds

$450,000

$400,000

$350,000

$300,000

$250,000

$200,000

$150,000

$100,000

$50,000

$0

Variable

JV

LOC

Fixed/Swap

Contact Information

11

For more information about

CNL Lifestyle Properties, please contact

CNL Client Services at 866-650-0650.

Appendix

12

Appendix

Reconciliation of FFO and MFFO to Net Income

(Loss)

13

Source: CNL Lifestyle Properties, Inc. March 31, 2015, Form 10-Q

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.

Three Months Ended

March 31,

2015

2014

Net loss

$

(7,555)

$

(20,353)

Adjustments:

Gain on sale of property

Discontinued operations

(139)

—

Depreciation and amortization

Continuing

operations

23,112

24,202

Discontinued operations

—

12,657

Impairment

of

real

estate

assets

(1)

Discontinued operations

—

3,314

Net

effect

of

FFO

adjustment

from

unconsolidated

entities

(2)

2,082

1,731

Total funds from operations

17,500

21,551

Acquisition fees and expenses

(3)

Continuing operations

—

613

Discontinued operations

—

111

Straight-line

adjustments

for

leases

and

notes

receivable

(4)

Continuing operations

(3,024)

(2,545)

Discontinued operations

—

(881)

Amortization of above/below market intangible assets and liabilities

Continuing operations

(16)

18

Discontinued operations

—

358

Loan loss provision

Continuing operations

3,940

—

Accretion of discounts/amortization of premiums

Continuing operations

1

3

MFFO

adjustments

from

unconsolidated

entities:

(2)

Straight-line

adjustments

for

leases

and

notes

receivable

(4)

Continuing operations

94

14

Amortization of above/below market intangible assets and liabilities

Continuing operations

(1)

12

Modified funds from operations

$

18,494

$

19,254

Weighted average number of shares of common stock

Outstanding (basic and diluted)

325,184

322,639

FFO per share (basic and diluted)

$

0.05

$

0.07

MFFO per share (basic and diluted)

$

0.06

$

0.06

(1)  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.

(2)  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.

(3)  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

expense 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.

(4)  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.  

Reconciliation of Adjusted EBITDA to Net

Income (Loss)

14

Source: CNL Lifestyle Properties, Inc. March 31, 2015, Form 10-Q

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.

Three Months Ended

March 31,

2015

2014

Net loss

$

(7,555)

$

(20,353)

(Gain) loss from discontinued operations

(7,

052)

8,471

Interest and other (income) expense

(948

)

(167

)

Interest expense and loan cost amortization

12,009

14,164

Equity in earnings of unconsolidated entities

(1)

(3,561)

(4,299)

Depreciation and amortization

23,112

24,202

Loan loss provision

3,940

—

Straight-line adjustments for leases and notes receivables

(2)

(3,024)

(2,545)

Cash distributions from unconsolidated entities

(1)

5,570

3,120

Adjusted EBITDA from Continuing Operations

$

22,491

$

22,593

(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.  

(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.

.