Life Time Closes on $65 Million in Sale-Leaseback Transactions
Posted: September 30, 2024 in Chains
Life Time – The Healthy Way Of Life Company
CHANHASSEN, MN – Life Time Group Holdings, Inc. (“Life Time,” “we,” “our,” “us,” or the “Company”) (NYSE: LTH) announces that it has closed on two sale-leaseback transactions for two properties for approximately $65 million in gross proceeds. Terms were similar to recent transactions. Additional details were not disclosed.
These transactions bring the Company’s total gross proceeds from sale-leasebacks to approximately $213 million year-to-date.
Erik Weaver, Executive Vice President and Chief Financial Officer, stated: “We’re pleased to have completed these two additional sale-leaseback transactions, which will support both our future growth opportunities and our commitment to strengthening our balance sheet and further reducing net leverage. After achieving our initial net leverage milestone of 3.0 times at the end of the second quarter, which was ahead of schedule by six months, we are committed to a path of de-levering to less than 2.5 times. We believe these transactions, combined with our positive free cash flow, will accelerate the timing of reaching this important milestone. We remain excited about the strength of our business and the opportunities in front of us.”
