As of March 1, 2023, Firm Has Closed on $33 Million of the $123 Million in Introduced Deliberate Transactions
CHANHASSEN, Minn., March 2, 2023 /PRNewswire/ — Life Time Group Holdings, Inc. (“Life Time” or the “Firm”) (NYSE: LTH) as we speak introduced that the Firm has entered right into a non-binding letter of intent for the sale-leaseback of 1 property in a transaction totaling roughly $45 million in gross proceeds. The proposed transaction is with an institutional actual property investor that has accomplished a number of sale-leaseback transactions with Life Time beforehand. The events intend for the sale and leaseback of the property to be accomplished in Could 2023. Phrases are in step with the Firm’s previous transactions.
As introduced on January 31, 2023, the Firm signed letters of intent for the sale-leaseback of two properties in transactions totaling roughly $78 million. Life Time has closed on the primary transaction for $33 Million in gross proceeds, efficient March 1, 2023. The transaction for the second property, which at the moment is underneath building, is predicted to be accomplished by September 30, 2023, for roughly $45 million.
The Firm is effectively positioned and stays on monitor to finish $300 million in sale-leaseback transactions in 2023. Sale-leaseback transaction proceeds will likely be utilized by the Firm to help new development alternatives and strengthen its steadiness sheet.
About Life Time
Life Time (NYSE: LTH) empowers folks to stay wholesome, completely satisfied lives by its portfolio of greater than 160 athletic nation golf equipment throughout america and Canada. The Firm’s wholesome lifestyle communities and ecosystem deal with all elements of wholesome residing, wholesome getting older and wholesome leisure for folks 90 days to 90+ years previous. Supported by a group of greater than 30,000 devoted professionals, Life Time is dedicated to offering the most effective applications and experiences by its golf equipment, iconic athletic occasions and complete digital platform.
Ahead-Trying Statements
Sure statements contained on this press launch represent forward-looking statements, together with with respect to the anticipated execution of definitive agreements for the sale-leaseback transactions and the profitable closing of those transactions (together with the pricing and timing thereof) in addition to Life Time’s expectations, steerage or future working outcomes, and different statements recognized by phrases comparable to “estimates,” “expects,” “initiatives,” “plans,” “intends,” “outlook” and comparable expressions. Administration has primarily based these forward-looking statements on its present expectations, assumptions, estimates and projections. Whereas they consider these expectations, assumptions, estimates and projections are cheap, such forward-looking statements are solely predictions and contain recognized and unknown dangers and uncertainties, lots of that are past administration’s management.
These statements contain dangers and uncertainties that will trigger Life Time’s precise outcomes, efficiency or achievements to vary materially from any future outcomes, efficiency or achievements expressed or implied by these forward-looking statements, together with with respect to the flexibility to execute definitive agreements, fulfill closing circumstances and shut the proposed sale-leasebacks on a well timed foundation or in any respect, the likelihood that modifications to the pricing and phrases of the transactions could also be required, enterprise disruption and different threat components regarding the enterprise or business as detailed once in a while within the Firm’s studies filed with the Securities and Alternate Fee. Ahead-looking statements communicate solely as of the date they’re made. Readers are cautioned to not put undue reliance on forward-looking statements, and, besides as required by legislation, Life Time assumes no obligation and doesn’t intend to replace or revise these forward-looking statements, whether or not on account of new data, future occasions, or in any other case.
SOURCE Life Time Group Holdings, Inc.
