CHANHASSEN, Minn.,
May 29,
2024 /PRNewswire/ -- Life Time Group Holdings, Inc.
("Life Time" or the "Company") (NYSE: LTH) announced that it closed
on a sale-leaseback transaction for approximately $40 million in gross proceeds today, Wednesday, May 29, 2024. The transaction involved
one property with an institutional real estate investor that owns
another Life Time destination. The transaction terms were not
disclosed.
Sale-leaseback proceeds will be used by the Company to support
growth and strengthen its balance sheet. Life Time will continue to
evaluate the sale-leaseback market for additional opportunities
moving forward.
"As we have communicated previously, we look at sale-leaseback
transactions opportunistically in support of our future growth
opportunities and commitment to further strengthen our balance
sheet," said Life Time Founder, Chairman, and CEO, Bahram
Akradi. "We have tremendous relationships with our partners and are
grateful for their ongoing interest in our real estate portfolio.
We are very pleased to complete this sale-leaseback on terms and
conditions that are very similar to recent transactions."
About Life Time
Life Time (NYSE: LTH) empowers people
to live healthy, happy lives through its portfolio of more than 170
athletic country clubs across the United
States and Canada. The health and wellness pioneer also
delivers a range of healthy way of life programs and information
via its complimentary Life Time Digital app. The Company's healthy
living, healthy aging, healthy entertainment communities and
ecosystem serve people 90 days to 90+ years old and is supported by
a team of more than 39,000 dedicated professionals. In addition to
delivering the best programs and experiences through its clubs,
Life Time owns and produces nearly 30 of the most iconic athletic
events in the country.
Forward-Looking Statements
This press release includes
"forward-looking statements" within the meaning of federal
securities regulations, including the Company's plans and
strategies with respect to sale-leaseback transactions. These
statements are based on the beliefs and assumptions of the
Company's management. Forward-looking statements are inherently
subject to risks, uncertainties and assumptions and actual results
may differ materially. Generally, statements that are not
historical facts, including statements concerning the Company's
possible or assumed future actions and business strategies are
forward-looking statements. Any forward-looking statement that the
Company makes in this press release speaks only as of the date of
such statement. Except as required by law, the Company does not
have any obligation to update or revise, or to publicly announce
any update or revision to, any of the forward-looking statements,
whether as a result of new information, future events or
otherwise.
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SOURCE Life Time Group Holdings, Inc.