Orlando, Fla., Nov. 14, 2014 (GLOBE NEWSWIRE) — CNL Affairs Properties, Inc., a absolute acreage advance assurance (“we,” “our” or “us”), today appear its operating after-effects for the division concluded Sept. 30, 2014.
Third Division 2014
Nine Months Concluded Sept. 30, 2014
The abatement in FFO and FFO per allotment for the division concluded Sept. 30, 2014, is primarily due to net accident on concealment of debt from loans paid off with the accession from the auction of our golf portfolio and an admission in absorption bulk from new borrowings acquired in affiliation with the accession of chief apartment backdrop annual by added rental assets from afresh acquired busy backdrop and “same-store” advance in net operating assets from our managed properties. The admission in FFO and FFO per allotment for the nine months concluded Sept. 30, 2014, is primarily due to admission in rental assets from afresh acquired busy backdrop and “same-store” advance in net operating assets from our managed backdrop annual by the net accident on concealment of debt and college absorption expense.
Similarly, the admission in MFFO and MFFO per allotment for the division and nine months concluded Sept. 30, 2014, is primarily due to admission in hire payments from busy backdrop (rental acquirement excluding straight-line adjustments for GAAP) from afresh acquired backdrop as able-bodied as advance in “same-store” net operating assets from our managed properties. The increases were partially annual by college absorption bulk due to added borrowings fabricated afterwards Sept. 30, 2013.
The admission in Adapted EBITDA for the division and nine months concluded Sept. 30, 2014, is primarily due to the aforementioned attributions declared aloft in MFFO and MFFO per share. The admission in Adapted EBITDA for the nine months concluded Sept. 30, 2014, additionally includes the abridgement in banknote distributions accustomed from our unconsolidated collective ventures due to the auction of our interests in three unconsolidated chief apartment collective ventures in July 2013.
The afterward table presents called commensurable banking abstracts through Sept. 30, 2014:
See abundant banking advice and abounding adaptation of FFO, MFFO and Adapted EBITDA, which are Non-Generally Accustomed Accounting Principles (“Non-GAAP”) measures, on the afterward pages.
The afterward tables abridge the Company’s “same-store” acquirement and EBITDA for commensurable circumscribed backdrop that we accept endemic during the absoluteness of both periods presented, and includes advice for both busy and managed backdrop (other than for hire coverage, which includes all busy properties):
(1) Acreage operating after-effects for tenants beneath busy arrange are not included in our operating results. Property-level EBITDA aloft is appear afore hire and basal assets payments to us, as applicable.
(2) As of Sept. 30, 2014, on abaft 12-month (“TTM”) abject for backdrop accountable to charter affected as property-level EBITDA afore alternating basal expenditures disconnected by abject rent.
Third Division and Nine Months Concluded Sept. 30, 2014
The afterward table presents same-store, unaudited property-level advice of our chief apartment backdrop as of and for the division and nine months concluded Sept. 30, 2014 and 2013:
The admission in acquirement per active assemblage (“RevPOU”) of 3.6 percent and 2.9 percent for the division and nine months concluded Sept. 30, 2014, respectively, as compared to the aforementioned periods in 2013 is due to able assemblage appeal and an admission in boilerplate bulk paid by our residents.
During the nine months concluded Sept. 30, 2014, we acquired nine chief apartment communities for an accumulated acquirement bulk of $153.9 million.
In affiliation with our appraisal of cardinal alternatives to accommodate clamminess for our shareholders, during the division concluded Sept. 30, 2014, we awash 46 of our 48 golf backdrop and accustomed net sales accession of about $297.3 million. The absolute two golf backdrop are accustomed to be awash by the end of this year. The net sales accession were acclimated to retire debt.
For the nine months concluded Sept. 30, 2014, we declared and paid distributions of $103.3 actor ($0.3189 per share).
Administration Reinvestments and Redemptions
In Sept. 2014, our lath of admiral accustomed the abeyance of our administration reinvestment plan and accession plan able as of Sept. 26, 2014. As a aftereffect of the abeyance of the DRP, stockholders who were participants in the DRP accustomed banknote distributions instead of added shares in the Company.
As a aftereffect of the abeyance of the accession plan, all accession requests accustomed above-mentioned to Sept. 26, 2014, which were not adored will be placed in the accession queue. Any requests fabricated afterwards Sept. 26, 2014, will not be accustomed or candy unless the accession plan is reinstated by our Board, which is not accustomed at this time.
See our annual address on Form 10-Q for the division and nine months concluded Sept. 30, 2014 on our website at www.CNLLifestyleREIT.com for added information.
CNL LIFESTYLE PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per allotment data)
CNL LIFESTYLE PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per allotment data)
Non-GAAP Added Banking Measures
The Company computes its banking after-effects in accordance with GAAP. Although FFO, MFFO and Adapted EBITDA are non-GAAP banking measures, the Company believes FFO, MFFO, and Adapted EBITDA calculations are accessible to stockholders and are broadly accustomed measures of absolute acreage advance assurance (“REIT”) operating performance. Pursuant to the requirements of Regulation G, the Company has provided reconciliations to these non-GAAP measures to the best anon commensurable GAAP measures.
The Company calculates and letters FFO in accordance with the definitional and analytic guidelines accustomed by the National Association of Absolute Acreage Advance Trusts (“NAREIT”). NAREIT defines FFO as net assets or accident computed in accordance with GAAP, excluding assets or losses from sales of acreage and absolute acreage crime write-downs, added abrasion and amortization, and afterwards agnate adjustments for unconsolidated partnerships and collective ventures. The Company’s FFO abacus complies with NAREIT’s advice declared above. The Company believes that FFO, calm with the GAAP admeasurement of net assets (loss), provides advantageous advice to investors apropos the Company’s operating achievement because it is a admeasurement of the Company’s operations afterwards attention to specific non-cash items, such as abrasion and acquittal and asset crime write-downs.
The Company calculates and letters MFFO in accordance with the Advance Program Association’s (“IPA”) Guideline 2010-01, Added Achievement Admeasurement for About 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 added adapted for the afterward items, as applicable, included in the assurance of GAAP net assets (loss): accession fees and expenses; amounts apropos to the write-off of deferred hire receivables and added lease-related assets as able-bodied as acquittal of aloft and beneath bazaar leases and liabilities (which are adapted in acclimation to aish the appulse of GAAP straight-line adjustments from rental revenues); accession of discounts and acquittal of premiums on debt investments; mark-to-market adjustments included in net assets (loss); nonrecurring assets or losses included in net assets (loss) from the concealment or auction of debt, hedges, adopted exchange, derivatives or balance backing area trading of such backing is not a axiological aspect of the business plan; aishment of adjustments apropos to accidental acquirement bulk obligations area such adjustments accept been included in the ancestry of GAAP net assets (loss); abeyant assets or losses constant from alliance from, or deconsolidation to, disinterestedness accounting; and afterwards adjustments for circumscribed and unconsolidated partnerships and collective ventures, with such adjustments affected to reflect MFFO on the aforementioned basis. The Company believes that MFFO is advantageous to investors in evaluating its achievement because the exclusion of assertive alternating and nonrecurring items declared aloft accommodate advantageous added advice apropos its advancing performance, and that MFFO, aback accumulated with the primary GAAP admeasurement of assets (loss), is benign to a complete compassionate of its operating performance.
Presentation of this advice is advised to accommodate advantageous advice to investors as they analyze the operating achievement of altered REITs, although it should be acclaimed that not all REITs annual FFO and MFFO the aforementioned way. Accordingly, comparisons with added REITs may not be meaningful. FFO and MFFO are not necessarily apocalyptic of banknote breeze accessible to armamentarium banknote needs and should not be advised as an another to net assets (loss) or assets (loss) from continuing operations as an adumbration of our performance, as an another to banknote flows from operations or as an adumbration of its liquidity, or apocalyptic of funds accessible to armamentarium our banknote needs including our adeptness to accomplish distributions to our stockholders. Stockholders and investors should not await on FFO and MFFO as a acting for any GAAP measure. MFFO has limitations as a achievement admeasurement in an alms such as the Company’s area the bulk of a allotment of accepted banal is a declared bulk or based on an estimated net asset value. MFFO is advantageous in acceptable administration and investors in assessing the sustainability of operating achievement in approaching operating periods, and, in particular, afterwards the alms and accession stages are complete and net asset bulk is disclosed. FFO and MFFO are not advantageous measures in evaluating net asset bulk because impairments are taken into annual in free net asset bulk but not in free FFO and MFFO.
The Company defines Adapted EBITDA as net assets (loss), beneath discontinued operations and added income, added (i) net absorption bulk and accommodation bulk acquittal and (ii) abrasion and amortization, as added adapted for the appulse of disinterestedness in balance (loss) of our unconsolidated entities, straight-line acclimation for busy backdrop and mortgages and added rents receivable, banknote distributions from unconsolidated entities, and assertive added non-recurring items that the Company does not accede apocalyptic of its advancing operating performance. These added adjustments are itemized in the table below. You are encouraged to appraise these adjustments and the affidavit the Company considers them adapted for added analysis. In evaluating Adapted EBITDA, you should be acquainted that in the approaching the Company may admission costs that are the aforementioned as or agnate to some of the adjustments in this presentation. The Company’s presentation of Adapted EBITDA should not be construed as an inference that its approaching after-effects will be artless by abnormal or non-recurring items.
The Company presents Adapted EBITDA because it believes it assists investors and analysts in comparing its achievement beyond advertisement periods on a constant abject by excluding items that it does not accept are apocalyptic of its bulk operating performance.
For added information, amuse accredit to the Company’s altercation of FFO, MFFO and Adapted EBITDA included in Management’s Altercation and Assay of Banking Condition and After-effects of Operations in its Annual Address on Form 10-Q for the division concluded Sept. 30, 2014, filed with the United States Balance and Barter Commission on Nov. 13, 2014.
Funds from Operations and Modified Funds from Operations
(1) This bulk represents our allotment of the FFO or MFFO adjustments acceptable beneath the NAREIT or IPA definitions, respectively, assorted by the allotment of assets or accident accustomed beneath the HLBV method.
(2) In evaluating investments in absolute estate, administration differentiates the costs to admission the advance from the operations acquired from the investment. By abacus aback accession fees and bulk apropos to business combinations, administration believes MFFO provides advantageous added advice of its operating achievement and will additionally acquiesce allegory amid absolute acreage entities behindhand of their akin of accession activities. Acquisition fees and costs accommodate payments to our adviser or third parties. Accession fees and costs apropos to business combinations beneath GAAP are advised operating costs and as costs included in the assurance of net assets (loss) and assets (loss) from continuing operations, both of which are achievement measures beneath GAAP. All paid and accrued accession fees and costs will accept abrogating furnishings on allotment to investors, the abeyant for approaching distributions, and banknote flows generated by us, unless balance from operations or net sales accession from the disposition of backdrop are generated to awning the acquirement bulk of the property.
(3) Beneath GAAP, rental receipts are allocated to periods application assorted methodologies. This may aftereffect in assets acceptance that is decidedly altered than basal arrangement terms. By adjusting for these items (to reflect such payments from a GAAP accretion abject to a banknote abject of advice the hire and charter payments), MFFO provides advantageous added advice on the accomplished bread-and-er appulse of charter agreement and debt investments, accouterment acumen on the acknowledged banknote flows of such charter agreement and debt investments, and aligns after-effects with management’s assay of operating performance.
(4) (Gain) accident from aboriginal concealment of debt includes bandy accident fees, write-off of unamortized accommodation costs and reclassification of accident on abortion of banknote breeze hedges from added absolute assets (loss) into absorption expense.
(5) We recorded a accommodation accident accouterment on one of our mortgages and added addendum receivable as a aftereffect of ambiguity accompanying to the collectability of the agenda receivable.
(6) Administration believes that the aishment of the accidental acquirement bulk application adjustment, which represents crop guarantee, included in absorption and added assets (expense) for GAAP purposes is adapted because the acclimation is a non-recurring, non-cash acclimation that is not cogitating of our advancing operating achievement and aligns after-effects with management’s assay of operating performance.
Set alternating beneath is a adaptation of Adapted EBITDA to net assets (loss) (in thousands):
(1) Investments in our unconsolidated collective ventures are accounted for beneath the HLBV acclimation of accounting. Beneath this method, we admit assets or accident based on the change in liquidating accession we would accept from a academic defalcation of our investments based on attenuated book value. We acclimatize EBITDA for disinterestedness in balance (loss) of our unconsolidated entities because we accept this is not cogitating of the collective ventures’ operating achievement or banknote flows accessible for distributions to us. We accept banknote distributions from our unconsolidated entities, absolute of any costs transactions, are cogitating of their operating achievement and its appulse to us and accept been added aback to adapted EBITDA above. For the division and nine months concluded Sept. 30, 2013, banknote distributions from unconsolidated entities excludes about $5.3 actor in acknowledgment of capital.
(2) We accept that adjusting for straight-line adjustments for busy backdrop and mortgages and added addendum receivable is adapted because they are non-cash adjustments and reflect the absolute banknote receipts accustomed by us from our tenants and borrowers.
(3) In July 2013, we completed the auction of our interests in 42 chief apartment backdrop captivated through three unconsolidated collective ventures. See “Distributions from Unconsolidated Entities” aloft for added information.
(4) In affiliation with an accession of an allure property, we recorded a arrangement acquirement accession as a aftereffect of the fair bulk of the net assets acquired beyond the application transferred as discussed above.
About CNL Affairs Backdrop
CNL Affairs Properties, Inc. is a absolute acreage advance assurance that owns a portfolio of 107 backdrop in the United States and Canada in the affairs sectors. Headquartered in Orlando, Florida, CNL Affairs Backdrop specializes in the accession of ski and abundance lifestyle, attractions, marinas, chief apartment and added affairs properties. For added information, appointment CNLLifestyleREIT.com.
About CNL Banking Accumulation
CNL Banking Accumulation (CNL) is a arch clandestine advance administration close accouterment all-around absolute acreage and another investments. Since birth in 1973, CNL and/or its affiliates accept formed or acquired companies with added than $29 billion in assets. CNL is headquartered in Orlando, Florida. For added information, appointment CNL.com.
Attention Concerning Forward-Looking Statements
The advice aloft contains “forward-looking statements” aural the acceptation of the Federal Clandestine Balance Litigation Reform Act of 1995. The Company intends that such advanced statements be accountable to the safe harbors created by Section 27A of the Balance Act of 1933, as amended, and Section 21E of the Balance Barter Act of 1934, as amended. Advanced statements are statements that do not chronicle carefully to absolute or accepted facts, but reflect management’s accepted understandings, intentions, beliefs, plans, expectations, assumptions and/or predictions apropos the approaching of the Company’s business and its performance, the economy, and added approaching altitude and forecasts of approaching events, and circumstances. Advanced statements are about articular by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” “continues,” “pro forma,” “may,” “will,” “seeks,” “should” and “could,” and words and agreement of agnate substance. Although we accept that the expectations reflected in such advanced statements are based aloft reasonable assumptions, our absolute after-effects could alter materially from those set alternating in the advanced statements due to a array of risks, uncertainties and added factors, including but not bound to, the factors abundant in our Annual Address on Form 10-K for the year concluded Dec. 31, 2013, and added abstracts filed from time to time with the U.S. Balance and Barter Commission.
Some factors that adeptness account such a aberration include, but are not bound to, the following: risks associated with our advance strategy; a deepening bread-and-er ambiance in the U.S. or globally, including banking bazaar fluctuations; risks associated with absolute acreage markets, including crumbling absolute acreage values; our abortion to obtain, renew or extend all-important costs or to admission the debt or disinterestedness markets; the use of debt to accounts our business activities, including refinancing and absorption bulk accident and our abortion to accede with debt covenants; abortion to auspiciously administer advance or accommodate acquired backdrop and operations; our adeptness to accomplish all-important improvements to backdrop on a appropriate or cost-efficient basis; antagonism for backdrop and/or tenants; defaults on or non-renewal of leases by tenants; abortion to charter backdrop on favorable agreement or at all; the appulse of accepted and approaching environmental, zoning and added authoritative regulations affecting our properties; the appulse of changes in accounting rules; the appulse of regulations acute alternate appraisal of the Company on a per allotment basis; inaccuracies of our accounting estimates; alien liabilities of acquired backdrop or liabilities acquired by acreage managers or operators; actual adverse accomplishments or omissions by any collective adventure partners; increases in operating costs and added expenses; uninsured losses or losses in balance of our allowance coverage; the appulse of outstanding and/or abeyant litigation; risks associated with our tax structuring; abortion to advance our REIT qualification; and our adeptness to assure our bookish acreage and the bulk of our brand. Given these uncertainties, we attention you not to abode disproportionate assurance on such statements. We undertake no obligation to about absolution the after-effects of any revisions to these advanced statements that may be fabricated to reflect approaching contest or affairs or to reflect the accident of hasty events.
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