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, 2024, we operated 179 centers in 31 states and one Canadian province, 57 of which were owned (including ground leases) and 122 of which were leased. During 2024, we opened eight new centers. Our luxurio us athletic country clubs total over 17 million of indoor square feet and approximately seven million of outdoor square feet in the aggregate and measure approximately 99,000 square feet on average. Depending on the size and location, they offer expansive fitness floors with top-of-the-line equipment, spacious locker rooms, group fitness studios and spaces, indoor and outdoor pools and bistros, indoor and outdoor tennis courts, indoor and outdoor 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 August 2025 through December 2054. Including renewal options, only nine of our 122 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 57 owned properties, 24 are pledged as collateral under our Credit Facilities as well as our secured notes, and eight 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, 2024:
Number of
Owned Centers Number of
Leased Centers Total Number
of Centers Aggregate
Indoor
Square Feet
United States:
Alabama
0 1 1 104,336
Arizona
1 6 7 681,917
California
3 4 7 622,477
Colorado
3 4 7 748,654
Connecticut 0 1 1 53,198
Florida
1 4 5 399,958
Georgia
3 5 8 760,887
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 4 397,256
Massachusetts
0 6 6 688,938
Michigan
2 5 7 686,407
Minnesota
13 10 23 2,108,989
Missouri
0 2 2 238,287
Nebraska
0 1 1 116,409
Nevada
1 1 2 258,062
New Jersey
2 5 7 804,190
New York
2 10 12 808,693
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
9 22 31 3,153,409
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
57 122 179 17,632,711
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, 2024, we had 12 new centers under construction, with significant growth capital expenditures already invested into these new centers that have yet to open. We also operate seven facilities that we classify as satellite locations. These include tennis-only facilities that we own in Oakdale, Minnesota; Centennial, Colorado; and Plano, Texas; a pickleball-only facility that we own in Chanhassen, Minnesota; 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,
2024 2023 2022
(Number of centers)
Center age:
Open 1 to 12 months 8 11 10
Open 13 to 37 months 21 17 12
Open 37+ months 150 143 139
Total centers 179 171 161
Center ownership:
Own 37 33 32
Own/ground lease 11 11 11
Own/mortgaged outside of Credit Facilities 8 13 13
Joint venture 1 1 1
Leased 122 113 104
Total centers 179 171 161