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, 2025, we operated 189 centers in 31 states and one Canadian province, 55 of which were owned (including ground leases) and 134 of which were leased. During 2025, we opened 10 new centers. Our luxurio us athletic country clubs total over 18 million of indoor square feet and over seven million of outdoor square feet in the aggregate and measure approximately 97,000 square feet on average. Depending on the size and location of a center, we offer expansive fitness floors with top-of-the-line equipment, spacious locker rooms, group fitness studios and spaces, recovery 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 March 2027 through December 2054. Including renewal options, only nine of our 134 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 55 owned properties, 21 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, 2025:
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
0 7 7 681,917
California
5 4 9 780,404
Colorado
2 6 8 784,861
Connecticut 0 1 1 53,198
Florida
1 5 6 436,601
Georgia
3 6 9 841,618
Illinois
6 9 15 1,585,414
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 7 7 749,394
Michigan
2 5 7 686,407
Minnesota
12 11 23 2,108,989
Missouri
0 2 2 238,287
Nebraska
0 1 1 116,409
Nevada
1 1 2 258,062
New Jersey
1 6 7 804,190
New York
2 10 12 808,693
North Carolina
1 3 4 378,804
Ohio
2 5 7 575,895
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
8 24 32 3,211,109
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
55 134 189 18,258,285
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, 2025, we had 17 new centers under construction. We also operate 10 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; a racquet club that we lease in Creve Coeur, Missouri; a racquet club that we own in Boise, Idaho; along with leased small centers in Austin, Texas; Battery Park, New York; 5th Avenue, New York; and Hackensack, New Jersey.
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Other Property Data :
December 31,
2025 2024 2023
(Number of centers)
Center age:
Open 1 to 12 months 10 8 11
Open 13 to 37 months 22 21 17
Open 37+ months 157 150 143
Total centers 189 179 171
Center ownership:
Own 35 37 33
Own/ground lease 11 11 11
Own/mortgaged outside of Credit Facilities 8 8 13
Joint venture 1 1 1
Leased 134 122 113
Total centers 189 179 171