Life Time Group Holdings, Inc. reported it closed on a sale-leaseback transaction for approximately $45 million in gross proceeds on April 20. The transaction involved one property with an institutional real estate investor who completed multiple sale-leaseback transactions with Life Time.
As previously announced, the company signed letters of intent for the sale-leaseback of three properties in transactions totaling approximately $123 million. Life Time closed on the first transaction for $33 million in gross proceeds, effective March 1. The transaction for the third property, which is currently under construction, is expected to be completed by September 30, 2023, for approximately $45 million.
The company said it is well-positioned and remains on track to complete $300 million in sale-leaseback transactions in 2023.
The company reported it would use sale-leaseback transaction proceeds to support new growth opportunities and strengthen its balance sheet.
