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 progra.
