CHANHASSEN, Minn., Sept. 30,
2024 /PRNewswire/ -- Life Time Group Holdings, Inc.
("Life Time," "we," "our," "us," or the "Company") (NYSE: LTH)
today announced 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."
About Life Time
Life Time (NYSE: LTH) empowers people
to live healthy, happy lives through its portfolio of more than 175
athletic country clubs across the United
States and Canada. The
health and wellness pioneer also delivers a range of healthy way of
life programs and information via its complimentary Life Time
Digital app. The Company's healthy living, healthy aging, healthy
entertainment communities and ecosystem serve people 90 days to 90+
years old and is supported by a team of more than 42,000 dedicated
professionals. In addition to delivering the best programs and
experiences through its clubs, Life Time owns and produces nearly
30 of the most iconic athletic events in the country.
Forward-Looking Statements
This press release includes
"forward-looking statements" within the meaning of federal
securities regulations. Forward-looking statements in this press
release include, but are not limited to, the Company's plans,
strategies and prospects, both business and financial, including
its priorities for 2024, growth, improvements to its balance sheet,
net debt and leverage ratio (including the timing thereof) and free
cash flow. These statements are based on the beliefs and
assumptions of the Company's management. Forward-looking statements
are inherently subject to risks, uncertainties and assumptions.
Generally, statements that are not historical facts, including
statements concerning the Company's possible or assumed future
actions, business strategies, events or results of operations, are
forward-looking statements. These statements may be preceded by,
followed by or include the words "believe," "expect," "anticipate,"
"intend," "plan," "estimate" or similar expressions. In addition,
any statements or information that refer to expectations, beliefs,
plans, projections, objectives, performance or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking.
Factors that could cause actual results to differ materially
from those forward-looking statements included in this press
release include, but are not limited to, risks relating to our
business operations and competitive and economic environment, risks
relating to our brand, risks relating to the growth of our
business, risks relating to our technological operations, risks
relating to our capital structure and lease obligations, risks
relating to our human capital, risks relating to legal compliance
and risk management and risks relating to ownership of our common
stock and the other important factors discussed under the caption
"Risk Factors" in the Company's Annual Report on Form 10-K for the
year ended December 31, 2023, filed
with the Securities and Exchange Commission (the "SEC") on
February 28, 2024, (File No.
001-40887), as such factors may be updated from time to time in the
Company's other filings with the SEC, which are accessible on the
SEC's website at www.sec.gov. These and other important factors
could cause actual results to differ materially from those
indicated by the forward-looking statements made in this press
release. Any forward-looking statement that the Company makes in
this press release speaks only as of the date of such statement.
Except as required by law, the Company does not have any obligation
to update or revise, or to publicly announce any update or revision
to, any of the forward-looking statements, whether as a result of
new information, future events or otherwise.
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SOURCE Life Time Group Holdings, Inc.