Life Time Signs Letters of Intent for $78 million in Sale-Leaseback Transactions
Posted: January 31, 2023 in Chains
Life Time – The Healthy Way Of Life Company
CHANHASSEN, MN – Life Time Group Holdings, Inc. (“Life Time” or the “Company”) (NYSE: LTH) announces that the company has entered into non-binding letters of intent for the sale-leaseback of two properties in transactions totaling approximately $78 million with institutional real estate investors that have completed multiple sale-leaseback transactions with Life Time previously.
The parties intend for the sale and leaseback of the first property to be completed by March 31, 2023, for approximately $33 million in gross proceeds to Life Time. The sale and leaseback of the second property, which currently is under construction, is expected to be completed by September 30, 2023, for approximately $45 million.
Terms for both deals are consistent with the Company’s past transactions.
Life Time Founder, Chairman, and CEO, Bahram Akradi, said “These additional planned sale-leaseback transactions will support both our future growth opportunities and commitment to further strengthen the Company’s balance sheet. We are fortunate to have tremendous relationships with our partners and grateful for their ongoing interest in our real estate portfolio.”
