Item 2. Properties
Item 2. PROPERTIES
We operate distinctive, resort-like athletic destinations in both affluent suburban and urban locations centered around major metropolitan areas in the United States and Canada. As of December 31, 2021, we operated 151 centers in 29 states and one Canadian province, 63 of which were owned (including ground leases) and 88 of which were leased. During 2021, we opened six new centers and closed four small under-performing centers, each of which was subject to a lease that we decided to let expire rather than renew. Our luxurio us athletic centers total more than 15,000,000 square feet in the aggregate and measure approximately 100,000 square feet on average. They offer expansive fitness floors, spacious locker rooms, group fitness studios, indoor and outdoor pools and bistros, indoor and outdoor tennis courts, basketball courts, LifeSpa personal care services, LifeCafe healthy restaurants and child care and Kids Academy learning spaces. Excluding renewal options, the terms of our leased centers, including ground leases, expire at various dates from January 2024 through December 2049. Including renewal options, only four of our 88 leases expire in the next 15 years. The majority of our leases have renewal options and a few grant us the right to purchase the property.
Our corporate headquarters, located in Chanhassen, Minnesota next to our Chanhassen center, is comprised of two 105,000 square foot, free-standing, three-story buildings that we own.
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Table of Content s
The table below contains information about our centers as of December 31, 2021:
Number of
Owned Centers Number of
Leased Centers Total Number
of Centers Aggregate
Square Feet
United States:
Alabama
0 1 1 103,647
Arizona
2 4 6 638,776
California
3 2 5 453,933
Colorado
3 3 6 657,557
Florida
1 2 3 209,933
Georgia
3 3 6 585,601
Illinois
7 4 11 1,235,464
Indiana
2 0 2 122,956
Iowa
0 1 1 110,376
Kansas
1 1 2 222,190
Maryland
0 3 3 305,826
Massachusetts
0 5 5 637,568
Michigan
4 3 7 682,638
Minnesota
13 9 22 1,997,354
Missouri
0 2 2 236,990
Nebraska
0 1 1 115,030
Nevada
1 1 2 261,673
New Jersey
1 5 6 683,135
New York
2 5 7 536,886
North Carolina
1 3 4 375,252
Ohio
1 5 6 508,297
Oklahoma
0 2 2 237,769
Pennsylvania
0 3 3 310,170
Tennessee
0 2 2 228,625
Texas
14 11 25 2,466,528
Utah
0 1 1 108,925
Virginia
1 4 5 510,131
Washington
0 1 1 39,597
Wisconsin
0 1 1 126,423
Canada:
Ontario
3 0 3 400,435
Total Centers
63 88 151 15,109,685
In a few of our centers, we sublease space to third parties. The square footage figures above include those subleased areas. The center square footage figures exclude areas used for tennis courts, outdoor swimming pools, outdoor play areas and stand-alone Life Time Work, Life Time Sport and Life Time Swim locations.
In addition to the centers listed in the table above, as of December 31, 2021, we had 12 centers under construction and $340 million of capital expenditures invested in future center development, including our 12 centers under construction. We also operate four facilities that we classify as satellite locations. These include tennis-only facilities that we own in Oakdale, Minnesota, Centennial, Colorado and Plano, Texas, along with a leased small center in Austin, Texas.
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Table of Content s
Other Property Data :
As of December 31,
2021 2020 2019
(Number of centers)
Center age:
Open 1 to 12 months 6 3 9
Open 13+ months 145 146 137
Total centers 151 149 146
Center ownership:
Own 33 34 39
Own/ground lease 11 11 11
Own/mortgaged outside of Credit Facilities 18 18 18
Joint venture 1 1 1
Leased 88 85 77
Total centers 151 149 146