Item 2. Properties
Item 2. PROPERTIES
We operate distinctive, resort-like athletic country club destinations in both affluent suburban and urban locations centered around major metropolitan areas in the United States and Canada. As of December 31, 2023, we operated 171 centers in 31 states and one Canadian province, 58 of which were owned (including ground leases) and 113 of which were leased. During 2023, we opened 11 new centers. Our luxurio us athletic country clubs total approximately 17 million square feet in the aggregate and measure approximately 98,000 square feet on average. Depending on the size and location, they offer expansive fitness floors, spacious locker rooms, group fitness studios, indoor and outdoor pools and bistros, indoor and outdoor tennis courts, pickleball 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 October 2024 through December 2054. Including renewal options, only nine of our 113 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. Of our 58 owned properties, 24 are pledged as collateral under our Credit Facilities as well as our secured notes, and 13 are pledged as collateral under our mortgage notes.
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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The table below contains information about our centers as of December 31, 2023:
Number of
Owned Centers Number of
Leased Centers Total Number
of Centers Aggregate
Square Feet
United States:
Alabama
0 1 1 104,336
Arizona
2 5 7 681,917
California
3 4 7 622,477
Colorado
3 3 6 642,716
Connecticut 0 1 1 53,198
Florida
1 3 4 361,958
Georgia
3 4 7 695,937
Illinois
6 7 13 1,450,388
Indiana
2 0 2 127,512
Iowa
0 1 1 110,378
Kansas
1 1 2 222,712
Maryland
1 3 4 351,878
Massachusetts
0 6 6 688,938
Michigan
2 5 7 686,407
Minnesota
13 9 22 1,964,328
Missouri
0 2 2 238,287
Nebraska
0 1 1 116,409
Nevada
1 1 2 258,062
New Jersey
1 5 6 677,195
New York
2 9 11 734,242
North Carolina
1 3 4 378,804
Ohio
1 5 6 515,011
Oklahoma
0 2 2 232,206
Oregon 1 0 1 133,526
Pennsylvania
0 3 3 324,509
Tennessee
0 2 2 236,129
Texas
10 19 29 2,941,783
Utah
0 1 1 109,800
Virginia
1 5 6 601,008
Washington
0 1 1 34,385
Wisconsin
0 1 1 126,423
Canada:
Ontario
3 0 3 397,853
Total Centers
58 113 171 16,820,712
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, 2023, we had seven new centers under construction, with $241 million of growth capital expenditures already invested into these new centers that have yet to open. We also operate six 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 leased small centers in Austin, Texas; Battery Park, New York; and Hackensack, New Jersey.
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Other Property Data :
December 31,
2023 2022 2021
(Number of centers)
Center age:
Open 1 to 12 months 11 10 6
Open 13 to 37 months 17 12 13
Open 37+ months 143 139 132
Total centers 171 161 151
Center ownership:
Own 33 32 33
Own/ground lease 11 11 11
Own/mortgaged outside of Credit Facilities 13 13 18
Joint venture 1 1 1
Leased 113 104 88
Total centers 171 161 151