Filed pursuant to 424(b)(3)
Registration No. 333-146457
CNL LIFESTYLE PROPERTIES, INC.
STICKER SUPPLEMENT DATED DECEMBER 16, 2008
TO PROSPECTUS DATED APRIL 9, 2008
This Sticker Supplement is part of, and should be read in conjunction with, our prospectus dated April 9, 2008, Supplement dated October 9, 2008 and Sticker Supplement dated November 14, 2008. Capitalized terms have the same meaning as in the prospectus unless otherwise stated herein. The terms “we,” “our,” “us” and “CNL Lifestyle Properties” include CNL Lifestyle Properties, Inc. and its subsidiaries.
EXPLANATORY NOTE
The attached page replaces page F-3, the Unaudited Pro Forma Condensed Consolidated Statement of Operations for the Six Months ended June 30, 2008, of our Supplement dated October 9, 2008. In the Supplement as filed, we inadvertently presented amounts in the column labeled “Historical” that reflected the three-month period ending June 30, 2008. We have corrected the “Historical” column with amounts for the six-month period ending June 30, 2008 and extended new corresponding results in the column labeled “Pro Forma Results.”
CNL LIFESTYLE PROPERTIES, INC.
AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2008
(in thousands, except per share data)
Historical (1) | Pro Forma Adjustments | Pro Forma Results | ||||||||||
Revenues: | ||||||||||||
Rental income from operating leases | $ | 99,547 | $ | 1,131 | (2) | $ | 101,117 | |||||
439 | (3) | |||||||||||
Interest income on mortgages and other notes receivable | 2,712 | — | 2,712 | |||||||||
Total revenues | 102,259 | 1,570 | 103,829 | |||||||||
Expenses: | ||||||||||||
Asset management fee to Advisor | 10,635 | 121 | (6) | 10,756 | ||||||||
General and administrative | 6,069 | — | 6,069 | |||||||||
Ground lease and permit fees | 4,524 | 439 | (3) | 4,963 | ||||||||
Repairs and maintenance | 779 | — | 779 | |||||||||
Other operating expenses | 2,196 | — | 2,196 | |||||||||
Depreciation and amortization | 48,003 | 697 | (7) | 48,700 | ||||||||
Total expenses | 72,206 | 1,257 | 73,463 | |||||||||
Operating income | 30,053 | 313 | 30,366 | |||||||||
Other income (expense): | ||||||||||||
Interest and other income | 3,144 | — | 3,144 | |||||||||
Interest expense and loan cost amortization | (15,661 | ) | (94 | )(9) | (15,755 | ) | ||||||
Equity in earnings of unconsolidated entities | 1,491 | — | 1,491 | |||||||||
Total other income (expense) | (11,026 | ) | (94 | ) | (11,120 | ) | ||||||
Net income | $ | 19,027 | $ | 219 | $ | 19,246 | ||||||
Earnings Per Share of Common Stock | ||||||||||||
(Basic and Diluted) | $ | 0.09 | $ | 0.10 | ||||||||
Weighted Average Number of Shares of Common Stock Outstanding (Basic and Diluted) | 200,776 | (10) | 200,776 | |||||||||
See accompanying notes to unaudited pro forma condensed consolidated financial statements