They come to support new growth opportunities and strengthen the balance sheet
CHANHASSEN, Minn., January 31, 2023 /PRNewswire/ — Life Time Group Holdings, Inc . (“Life Time” or the “Company”) (NYSE: LTH) today announced that the Company has entered into non-binding letters of intent for the sale-leaseback of two properties. in total transactions of approx 78 million dollars with institutional real estate investors who have previously completed multiple sale-leaseback transactions with Life Time.
The parties intend to sell and lease back the first property to be completed March 31, 2023for approx 33 million dollars In total income for Life Time. The sale and leaseback of the second property, which is currently under construction, is expected to be completed by today September 30, 2023for approx 45 million dollars.
The terms of both transactions are consistent with the Company’s past transactions.
Founder, Chairman and CEO of Life Time, Bahram Akradi“These additional planned sale-leaseback transactions will support both our future growth opportunities and our commitment to further strengthen the Company’s balance sheet. We are fortunate to have great relationships with our partners and are grateful for their continued interest in our real estate portfolio.”
About life time
Life Time (NYSE: LTH) empowers people to live healthy, happy lives through its portfolio of more than 160 athletic country clubs. United States and Canada. The company’s healthy lifestyle communities and ecosystem cover all aspects of healthy living, healthy aging and healthy entertainment for people from 90 days to 90+ years. Backed by a team of over 30,000 dedicated professionals, Life Time is committed to delivering the best programs and experiences through clubs, iconic sporting events and a comprehensive digital platform.
Certain statements in this press release constitute forward-looking statements, including the expected execution of definitive agreements for sale-leaseback transactions and the successful closing (including price and timing) of such transactions, as well as Life Time expectations. , guidance or future operating results and other statements defined by words such as “estimates”, “expects”, “projects”, “plans”, “intentions”, “thoughts” and similar expressions. Management has based these forward-looking statements on current expectations, assumptions, estimates and projections. Although they believe that these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management’s control. These statements involve risks and uncertainties that could cause Lifetime’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements, including the fulfillment of definitive agreements. , regarding the ability to provide. closing conditions and the timing or closure of proposed sale-leasebacks, the possibility that changes to pricing and operating terms may be required, business disruption and other business or industry risk factors are detailed from time to time in the Company’s filings with the Securities and Exchange Commission. time in reports. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on forward-looking statements and, except as required by law, Life Time undertakes no obligation and does not intend to update or revise these forward-looking statements. events or otherwise.
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SOURCE Life Time Group Holdings, Inc.