Life Time Group Holdings does US$40 million sale and leaseback deal to fund growth
by Kath Hudson | 03 Jun 2024
Life Time Group Holdings develops residences as well as country clubs / Life Time Group Holdings
Life Time Group closes US$40 million sale-leaseback transaction
Funds will support growth and strengthen the balance sheet
Further similar opportunities might be considered going forward
The US country club operator has a strong pipeline of clubs
High-end country club operator, Life Time Group Holdings, has closed a US$40 million sale and leaseback transaction.
The company, which has a portfolio of more than 170 high-end, athletic country clubs across the United States and Canada, says the funds will be used to support growth and strengthen its balance sheet.
The transaction involved one property with an institutional real estate investor that owns another Life Time destination. Going forward, the company says it will continue to evaluate the sale and leaseback market for further opportunities to generate cashflow.
Life Time founder, chair and CEO, Bahram Akradi, says: "We look at sale and leaseback transactions opportunistically in support of our future growth and commitment to strengthen our balance sheet.
“We have tremendous relationships with our partners and are grateful for their ongoing interest in our real estate portfolio. We're very pleased to complete this sale and leaseback on terms and conditions that are very similar to recent transactions."
Last year the company achieved record levels of revenue, adjusted EBITDA, improved the balance sheet and reduced net debt leverage ratio.
On the release of the strong results, Akradi said there were plans to be cash-flow positive, after all capital expenditures, by the second quarter and reduce net debt leverage ratio to 2.0 by the year-end.
With the appointment of tennis legend, Andre Agassi, to the board earlier this year, the company is also committed to becoming the US leader in pickleball courts and programming.
Life Time Group Holdings also has a real estate arm that operates under the Life Time Living brand. The residences are developed adjacent to clubs to form health-minded communities.
Life Time Group Holdings Bahram Akradi Andre Agassi
High-end country club operator, Life Time Group Holdings, has closed a US$40 million sale and leaseback transaction. The company, which has a portfolio of more than 170 high-end, athletic country clubs across the United States and Canada, says the funds will be used to support growth and strengthen its balance sheet. The transaction involved one property with an institutional real estate investor that owns another Life Time destination. Going forward,
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