As of Mar 31, 2015, the company operated 114 fitness centers under the Life Time Fitness and Life Time Athletic brands in 25 states and 1 Canadian province.
In fiscal 2014, the company opened 6 new centers and closed 1. In the first quarter of 2015, 1 fitness center was opened. For the full year, the company expects to open 6 centers.
At year-end, the company owned 42 centers, owned 32 centers with a mortgage, had a ground lease for 9 centers, leased 29 centers and operated 1 center under a joint venture. Lease terms usually contain renewal options, and a few include options to purchase the property.
At year-end, 67 fitness centers were in the current large-format model being implemented in new centers, and averaged 114,000 square feet, and 25 centers were built according to a prior large-format model that averages 95,000 square feet. The remaining centers are generally smaller, and vary in size with a range of 10,000 to 60,000 square feet.
|Total gross square feet (M)||10,943||10,832||10,222||9,901||9,500||8,810|
|Total gross square feet growth||5.8%||6.0%||3.2%||4.2%||7.8%||4.1%|
|Avg store gross sq ft||96,000||95,900||94,600||94,300||94,100||99,000|
|Avg store gross sq ft growth||0.2%||1.3%||0.4%||0.2%||-5.0%||-1.7%|
Notes:Square Footage excludes areas used for tennis courts, outdoor swimming pools and outdoor play areas