CHANHASSEN, Minn., Feb. 9, 2022 /PRNewswire/ -- Life Time Group Holdings, Inc. ("Life Time" or the "Company") (NYSE: LTH) today announced that Life Time has entered into a non-binding letter of intent for the sale-leaseback of four properties in transactions valued at $175 million with an institutional real estate investor that has entered into multiple sale-leaseback transactions with the Company previously.
The parties intend for the sale and leaseback of the first two properties to be completed on or before March 31, 2022, for approximately $80 million in gross proceeds to Life Time. The sale and leaseback of the two additional properties is expected to be completed prior to September 30, 2022, for approximately $95 million. Additional details were not disclosed.
Life Time Chairman, Chief Executive Officer and Founder, Bahram Akradi, said "We are grateful for and look forward to expanding the long-term relationship we have with this investor. These transactions will allow us to continue to strengthen our balance sheet and fund the incredible growth opportunities we have in front of us."
About Life Time®
Over nearly 30 years, Life Time has reshaped the way consumers approach their health through omnichannel, healthy way of life communities that address all aspects of healthy living, healthy aging and healthy entertainment. More than 30,000 Life Time professionals are dedicated to providing the best programs and experiences at more than 150 Life Time athletic resort destinations in the United States and Canada, and via a complementary, comprehensive digital platform and portfolio of iconic athletic events – all with the objective of inspiring healthier, happier lives.
Certain statements contained in this press release constitute forward-looking statements, including with respect to the expected execution of definitive agreements for the sale-leaseback transactions and the successful closing of these transactions (including the pricing and timing thereof) as well as Life Time's expectations, guidance or future operating results, and other statements identified by words such as "estimates," "expects," "projects," "plans," "intends," "outlook" and similar expressions. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe 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 may cause Life Time'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 with respect to the ability to execute definitive agreements, satisfy closing conditions and close the proposed sale-leasebacks on a timely basis or at all, the possibility that modifications to the pricing and terms of the transactions may be required, business disruption and other risk factors relating to the business or industry as detailed from time to time in the Company's reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, Life Time assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
SOURCE Life Time, Inc.