Life Time Closes $175M in Sale-Leaseback Deals
The company will use the proceeds from the two transactions to strengthen its balance sheet and fund new growth opportunities.
CHANHASSEN, MN – Life Time Group Holdings Inc. has closed on two sale-leaseback transactions, involving its four of owned properties, totaling $175 million.
The first sale and leaseback transaction, involving two of Life Time’s properties, was completed on March 31, 2022 for a total of $80 million in gross proceeds to Life Time. The sale and leaseback of the additional two properties closed on May 13, 2022 for a total of $95 million in gross proceeds to Life Time.
Life Time will utilize the proceeds to strengthen its balance sheet and fund new growth opportunities.
The company is also evaluating opportunities to monetize up to an additional $500 million in real estate prior to September 30 of this year. The firm announced its Q1 2022 fiscal results on May 11.