Company Has Closed on $78 Million of $123 Million in Announced Transactions as of April 20, 2023
CHANHASSEN, Minn., April 21, 2023 /PRNewswire/ -- Life Time Group Holdings, Inc. ("Life Time" or the "Company") (NYSE: LTH) today announced that the Company closed on a sale-leaseback transaction for approximately $45 million in gross proceeds on April 20, 2023. The transaction involved one property and was with an institutional real estate investor that has completed multiple sale-leaseback transactions with Life Time.
As previously announced, the Company signed letters of intent for the sale-leaseback of three properties in transactions totaling approximately $123 million. Life Time closed on the first transaction for $33 million in gross proceeds, effective March 1, 2023. The transaction for the third property, which currently is under construction, is expected to be completed by September 30, 2023, for approximately $45 million.
The Company is well positioned and remains on track to complete $300 million in sale-leaseback transactions in 2023. Sale-leaseback transaction proceeds will be used by the Company to support new growth opportunities and strengthen its balance sheet.
About Life Time
Life Time (NYSE: LTH) empowers people to live healthy, happy lives through its portfolio of more than 160 athletic country clubs across the United States and Canada. The Company's healthy way of life communities and ecosystem address all aspects of healthy living, healthy aging and healthy entertainment for people 90 days to 90+ years old. Supported by a team of more than 30,000 dedicated professionals, Life Time is committed to providing the best programs and experiences through its clubs, iconic athletic events and comprehensive digital platform.
Certain statements contained in this press release constitute forward-looking statements, including with respect to the expected closing of the third sale-leaseback transaction (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 satisfy closing conditions and close the proposed sale-leaseback on a timely basis or at all, the possibility that modifications to the pricing and terms of the transaction 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 Group Holdings, Inc.