Life Time Closes on $45 Million Sale-Leaseback Transaction
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.