1. Organization and Nature of Business: CNL Lifestyle Properties, Inc. (the  Company ), was organized in Maryland on August 11, 2003. The Company operates and has elected to be taxed as a real estate investment trust (a  REIT ) for federal income tax purposes. Various wholly-owned subsidiaries have been and will be formed by the Company for the purpose of acquiring and owning direct or indirect interests in real estate. The Company generally invests in lifestyle properties in the United States that are primarily leased on a long-term (generally five to 20-years, plus multiple renewal options), triple-net or gross basis to tenants or operators that the Company considers to be industry leading. The Company also leases properties to taxable REIT subsidiary ( TRS ) tenants and engages independent third-party managers to operate those properties. In the event of certain tenant defaults, the Company has also engaged third-party managers to operate properties on its behalf until they are re-leased. We have engaged CNL Lifestyle Advisor Corporation (the  Advisor ) as our Advisor to provide management, acquisition, disposition, advisory and administrative services. As of March 31, 2015, the Company owned 105 lifestyle properties directly and indirectly within the following asset classes: ski and mountain lifestyle, senior housing, attractions, marinas and other lifestyle properties. Eight of these 105 properties were owned through unconsolidated joint ventures and three were located in Canada. Although these are the asset classes in which the Company has invested and are most likely to invest in the future should it make additional acquisitions, it may acquire or invest in any type of property that it believes has the potential for long-term growth and income generation. In March 2014, the Company engaged Jefferies LLC, a leading global investment banking and advisory firm, to assist the Company s management and its board of directors in actively evaluating various strategic alternatives to provide liquidity to the Compan