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HomeInvestmentsLife Time Closes on $40 Million Sale-Leaseback Transaction

Life Time Closes on $40 Million Sale-Leaseback Transaction

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.

SOURCE Life Time Group Holdings, Inc.

Originally published at https://www.prnewswire.com/news-releases/life-time-closes-on-40-million-sale-leaseback-transaction-302158472.html
Images courtesy of https://pixabay.com

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