Life Time Signs Letters of Intent for $78 million in Sale-Leaseback Transactions
Life Time Group Holdings (NYSE: LTH) announced the signing of non-binding letters of intent for the sale-leaseback of two properties, totaling approximately $78 million. The first transaction is expected to close by March 31, 2023, for about $33 million, while the second, currently under construction, aims for completion by September 30, 2023, with gross proceeds of $45 million. These transactions are part of Life Time's strategy to enhance its balance sheet and support growth opportunities, leveraging established relationships with institutional investors.
- Expected gross proceeds of $78 million from sale-leaseback transactions.
- First property closure planned by March 31, 2023, enhancing immediate liquidity.
- Second property to close by September 30, 2023, supporting future growth.
- None.
Proceeds to support new growth opportunities and strengthen balance sheet
CHANHASSEN, Minn.,
The parties intend for the sale and leaseback of the first property to be completed by
Terms for both deals are consistent with the Company's past transactions.
Life Time Founder, Chairman, and CEO,
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
Forward-Looking Statements
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
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FAQ
What is the significance of Life Time's $78 million sale-leaseback transactions?
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