Lifetime Fitness 2008 Annual Report Download

Download and view the complete annual report

Please find the complete 2008 Lifetime Fitness annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 92

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92

2008 ANNUAL REPORT
Your partner for a healthy way of life.

Table of contents

  • Page 1
    2 0 0 8 A N N U A L R E P O R T Your partner for a healthy way of life.

  • Page 2
    ... multiuse sports and athletic, professional fitness, family recreation and spa centers in a resort-like environment - 24 hours a day, seven days a week. We aim to deliver programs, services and products that help members lead a healthy way of life and achieve their fitness goals. In 2008, we grew to...

  • Page 3
    ... discussion boards that pertain to their interests, and get involved in a wide variety of events at our centers. Additionally, through our Member Advantage program, members are able to receive discounts on many third-party products and services they use every day - simply by being a Life Time member...

  • Page 4
    ... on our expansion plans. Our accomplishments in 2008 were many. We opened 11 state-of-the-art centers in a number of new and existing markets, and completed the remodeling of nearly all of our recently acquired facilities. We also grew our in-center revenue per membership by 7%, achieved a nearly...

  • Page 5
    ... as of June 30, 2008, the last business day of the registrant's most recently completed second fiscal quarter, was $1,021,081,840, based on the closing sale price for the registrant's common stock on that date. The number of shares outstanding of the Registrant's common stock as of February 16...

  • Page 6

  • Page 7
    ... in Part III. FORWARD-LOOKING STATEMENTS The information presented in this Annual Report on Form 10-K under the headings "Item 1. Business" and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" contains forward-looking statements within the meaning of...

  • Page 8
    ... Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Selected Financial Data Management's Discussion and Analysis of Financial Condition and Results of Operations Quantitative and Qualitative Disclosures About Market Risk Financial Statements...

  • Page 9
    ... of adult and youth programs and activities, athletic events, cycle theatres, rock climbing walls, multiple basketball courts, squash and/or racquetball courts, Pilates and yoga studios, dry saunas, complimentary towel and locker service, large indoor and outdoor aquatics centers with multiple, two...

  • Page 10
    ... large indoor and outdoor family recreation pools, climbing walls and basketball and racquet/squash courts, in addition to approximately 400 pieces of cardiovascular, and resistance training equipment, free weights and an extensive offering of health and fitness classes. Our national team of member...

  • Page 11
    ... health clubs, fitness equipment, athletics, physical therapy, wellness education, nutritional products, athletic apparel, spa services and other wellness-related activities. According to International Health, Racquet & Sportclub Association ("IHRSA"), the estimated market size of the U.S. health...

  • Page 12
    ...'s experience by offering free seminars on health and nutrition to educate members on the benefits of a regular fitness program and a balanced lifestyle. Moreover, our centers offer interactive learning opportunities, such as personal training, group fitness sessions and member activities classes...

  • Page 13
    ... Testing Nutrition Coaching Endurance Coaching Member Advantage Total Health myLT.com Activities and Events Aquatics Athletic Leagues Birthday Parties Eastern/Martial Arts Kids' Club Pilates Group Fitness Classes Scuba Lessons Studio Cycling Sports Training Camps Summer Camps Swimming Lessons Yoga...

  • Page 14
    ... membership enrollment fees and administrative fees and the first month's membership dues, which is a longer period than required by state law and longer than offered by most other health clubs. We believe our unique centers and services, broad appeal to multiple family members of varying ages...

  • Page 15
    ... to increase the number of members we serve in this demographic. Usage Our centers are generally open 24 hours a day, seven days a week and our current model centers average approximately 68,000 visits per month after the first year of operations. We typically experience the highest level of member...

  • Page 16
    ... any revenue or profit related to FCA Construction's operations. In October 2008, we announced the decision to reduce the number of planned new club openings in 2009 and 2010. This business decision was made as a result of current economic factors and, most notably, the challenging capital markets...

  • Page 17
    ... pre-opening enrollment fees and special charter member benefits, and distribute free copies of our Experience Life magazine to households in the immediate vicinity of the new center. Grand Opening Phase. We deploy a marketing program during the first month of a center's operation that builds on...

  • Page 18
    ...head and sales department head to ensure a well-managed facility and motivated work force. All employees are provided dedicated training and/or certification to support the member experience we expect. Additionally, our personal trainers, registered dieticians (nutrition coaches), massage therapists...

  • Page 19
    ... athletic clubs; amenity and condominium clubs; country clubs; and the home-use fitness equipment industry. x Competition in the health club industry varies from market to market and is based on several factors, including the breadth of product and service offerings, the level of enrollment fees...

  • Page 20
    ... various state "cooling-off" statutes to cancel, in most cases, within three to ten days after signing, his or her membership and receive a refund of any enrollment fee paid; requiring an escrow for funds received from pre-opening sales or the posting of a bond or proof of financial responsibility...

  • Page 21
    ... our centers are located and a decline in the public's interest in health and fitness. In order to increase membership levels, we may from time to time offer lower membership rates. Any decrease in our average dues, reduction in enrollment fees or higher membership acquisition costs may adversely...

  • Page 22
    ... in our markets may be able to obtain land and construct centers at a lower cost than us and may be able to collect membership fees without paying taxes, thereby allowing them to lower their prices. Furthermore, due to the increased number of low cost health club and fitness center alternatives, we...

  • Page 23
    ... offset in the short-term. The opening of new centers in existing locations may negatively impact our same-center revenue increases and our operating margins. We currently operate centers in 18 states. We plan to open up to six centers in 2009, some of which are in existing markets. With respect to...

  • Page 24
    ... of current key employees, could materially and adversely affect us. We could be subject to claims related to health or safety risks at our centers. Use of our centers poses potential health or safety risks to members or guests through exertion and use of our equipment, swimming pools, rock climbing...

  • Page 25
    ...in certain locations around the country that use LIFE TIME FITNESS or a similar mark in connection with goods and services related to health and fitness. The rights of these entities in such marks may predate our rights. Accordingly, if we open any centers in the areas in which these parties operate...

  • Page 26
    .... Our corporate headquarters, located in Chanhassen, Minnesota next to our Chanhassen current model center, is a 105,000 square foot, free-standing, three-story building. As of February 27, 2009, we operated 83 centers in 18 states, of which we leased 26 sites, were parties to long-term ground...

  • Page 27
    ... those subleased areas. The square footage figures exclude areas used for tennis courts and outdoor swimming pools. These figures are approximations. (2) For acquired centers, date opened is the date we assumed operations of the center. (3) This center is a joint venture in which we have a one-third...

  • Page 28
    ... and Issuer Purchaser of Equity Securities. Market Information Our common stock is listed on the New York Stock Exchange ("NYSE") under the symbol LTM. The following table sets forth, for the periods indicated, the high and low sales prices as reported by the NYSE. High Fiscal Year Ended December 31...

  • Page 29
    ...30, 2004, which is the day our common stock began to trade publicly, through December 31, 2008 with the cumulative total return on the NYSE Composite Index and Russell 2000 Index. The comparison assumes $100 was invested on June 30, 2004 in Life Time Fitness common stock and in each of the foregoing...

  • Page 30
    ...in Fourth Quarter 2008 In June 2006, our Board of Directors authorized the repurchase of 500,000 shares of our common stock from time to time in the open market or otherwise for the primary purpose of offsetting the dilutive effect of shares issued pursuant to our Employee Stock Purchase Plan. Since...

  • Page 31
    ...Year Ended December 31, 2007 2006 2005 2004 2008 (In thousands, except per share, center and membership data) Statement of Operations Data: Revenue Center revenue Membership dues ...Enrollment fees ...In-center revenue (1) ...Total center revenue...Other revenue...Total revenue ...Operating expenses...

  • Page 32
    ... dues, enrollment fees and in-center revenue for a center are included in comparable center revenue growth beginning on the first day of the thirteenth full calendar month of the center's operation. Average revenue per membership is total center revenue for the period divided by an average number...

  • Page 33
    ... pool, outdoor play areas, indoor/outdoor tennis elements and satellite facility square footage. Total operating expenses in 2008 include expenses totaling $5.0 million associated with plans to slow the development of new centers. These expenses include severance costs, lower-of-cost-or-market...

  • Page 34
    ... expenses include costs relating to our centralized support functions, such as accounting, information systems, procurement, real estate and development and member relations. Our other operating expenses include the costs associated with our media, athletic events and nutritional product businesses...

  • Page 35
    ... in the current period instead of deferred over the average membership life. The amount of direct expenses in excess of enrollment fees totaled $6.0 million and $1.4 million for the years ended December 31, 2008 and 2007 respectively. Monthly membership dues paid in advance of a center opening are...

  • Page 36
    ...For the Year Ended December 31, 2008 2007 2006 Revenue Center revenue Membership dues ...66.1% 66.2% 66.4% Enrollment fees ...3.4 3.8 4.4 In-center revenue...28.4 27.8 27.0 Total center revenue ...97.9 97.8 97.8 Other revenue ...2.1 2.2 2.2 Total revenue...100.0 100.0 100.0 Operating expenses Center...

  • Page 37
    ... enrollment fees to stimulate new membership demand. Other revenue increased $1.2 million, or 8.4%, to $15.9 million for the year ended December 31, 2008, which was primarily due to increased advertising revenue from our media business. Center operations expenses. Center operations expenses totaled...

  • Page 38
    ...of our members' increased use of our personal training, member activities, LifeCafe and LifeSpa products and services. As a result of this in-center revenue growth and our focus on broadening our offerings to our members, average incenter revenue per membership increased from $351 for the year ended...

  • Page 39
    ... as the basis for incentive bonuses paid to selected members of senior and center-level management. We have provided reconciliations of EBITDA to net income in the section "Quarterly Results (Unaudited)," located immediately following the Report of Independent Registered Public Accounting Firm. 33

  • Page 40
    ... completed. Our business model operates with negative working capital because we carry minimal accounts receivable due to our ability to have monthly membership dues paid by electronic draft, we defer enrollment fee revenue and we fund the construction of our new centers under standard arrangements...

  • Page 41
    ...2006, driven primarily by a $17.5 million or 34.5%, improvement in net income. Investing Activities Investing activities consist primarily of purchasing real property, constructing new centers and purchasing new fitness equipment. In addition, we invest in capital expenditures to maintain and update...

  • Page 42
    ... in July 2006, $23.4 million for the construction of our corporate office building which we moved into in December 2007, and $24.8 million for acquisitions and general corporate purposes. At December 31, 2008 we had purchased the real property for eight centers and entered into ground leases for two...

  • Page 43
    ...hedge against interest rate volatility. We currently apply this hedge to variable rate interest debt under the U.S. Bank Facility. Changes in the fair market value of the swap contract are recorded in accumulated other comprehensive income (loss). As of December 31, 2008, the $4.7 million net of tax...

  • Page 44
    ...in the calendar year immediately before the effective date of the rent increase. The Lease is an "absolute net" lease requiring our subsidiary to maintain the Properties and to pay all operating expenses including real estate taxes and insurance for the benefit of W.P.Carey. Pursuant to the terms of...

  • Page 45
    ... December 31, 2008. Our primary financial covenants under our revolving credit facility are: Actual as of December 31, 2008 3.51 to 1.0 2.22 to 1.0 3.16 to 1.0 Actual as of December 31, 2007 3.22 to 1.0 1.98 to 1.0 2.88 to 1.0 Requirement Total Consolidated Debt to EBITDAR ...Senior Debt to EBITDA...

  • Page 46
    ... results of operations. As of December 31, 2008, our net floating rate indebtedness was approximately $323.8 million. If long-term floating interest rates were to have increased by 100 basis points during the year ended December 31, 2008, our interest costs would have increased by approximately...

  • Page 47
    ..., net ...Inventories and center operating supplies...Prepaid expenses and other current assets ...Deferred membership origination costs ...Deferred income taxes ...Income tax receivable ...Total current assets ...PROPERTY AND EQUIPMENT, net ...RESTRICTED CASH ...DEFERRED MEMBERSHIP ORIGINATION COSTS...

  • Page 48
    ... For the Year Ended December 31, 2007 2006 2008 (In thousands, except per share data) REVENUE: Membership dues ...Enrollment fees ...In-center revenue ...Total center revenue ...Other revenue ...Total revenue ...OPERATING EXPENSES: Center operations ...Advertising and marketing ...General and...

  • Page 49
    ... compensation expense related to stock options and restricted - stock ...Tax benefit upon exercise of stock - options...Interest rate swap contract ...- Net income ...- $ 712 - 22 3 - - Retained Earnings $ 81,306 - - - - - Total $307,844 - 15,264 - - 7,556 (In thousands, except share data...

  • Page 50
    ...of long-term borrowings ...Proceeds from revolving credit facility, net ...Increase in deferred financing costs ...Proceeds from common stock offering, net of underwriting discount and offering costs ...Excess tax benefit from stock option exercises ...Proceeds from stock option exercises...Net cash...

  • Page 51
    ... enrollment fees are expensed in the current period instead of deferred over the average membership life. The amount of direct expenses in excess of enrollment fees totaled $6.0 million and $1.4 million for the years ended December 31, 2008 and 2007 respectively. In addition, monthly membership dues...

  • Page 52
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) Restricted Cash - We are required to keep funds on deposit at certain financial institutions related to certain of our credit facilities. Our lender or ...

  • Page 53
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) Inventories and Center Operating Supplies - Inventories and center operating supplies consist primarily of operational supplies, nutritional products and ...

  • Page 54
    ... to facilitate member enrollment and management, as well as point of sale system enhancements. Costs related to these projects have been capitalized in accordance with Statement of Position No. 98-1, Accounting for the Costs of Computer Software Developed or Obtained for Internal Use. We capitalize...

  • Page 55
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) Impairment of Long-lived Assets - The carrying value of long-lived assets is reviewed annually and whenever events or changes in circumstances indicate ...

  • Page 56
    ... a project, the site development costs are classified as property and depreciated over the useful life of the asset. Land held for sale consists of excess land purchased as part of our original center site acquisitions. All land held for sale is currently being marketed for sale. If the excess land...

  • Page 57
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) The following table summarizes the changes in our net intangible balance during the years ended December 31, 2008, 2007 and 2006: Balance at December 31, ...

  • Page 58
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) Accrued Expenses - Accrued expenses consist of the following: December 31, 2008 2007 Payroll related ...Real estate taxes ...Center operating costs ......

  • Page 59
    ... years (2) ...Volatility (2)...(1) No stock options were granted in 2008. (2) The volatility and expected life assumptions presented are based on an average of the volatility assumptions reported by a peer group of publicly traded companies. For more information on our share-based compensation plans...

  • Page 60
    .... We also use estimates for calculating the amortization period for deferred enrollment fee revenue and associated direct costs, which are based on the historical average expected life of center memberships. We revise the recorded estimates when better information is available, facts change or we...

  • Page 61
    ... 2008 Accounts receivable...Income tax receivable ...Inventories and center operating supplies...Prepaid expenses and other current assets ...Deferred membership origination costs ...Accounts payable ...Accrued expenses ...Deferred revenue ...Deferred rent...Other liabilities ...Changes in operating...

  • Page 62
    ...company named LIFE TIME Fitness Bloomingdale L.L.C. ("Bloomingdale LLC") for the purpose of constructing and operating a center in Bloomingdale, Illinois. The center opened for business in February 2001. Each of the three members maintains an equal interest in Bloomingdale LLC. Pursuant to the terms...

  • Page 63
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) 4. Long-Term Debt December 31, 2007 2008 Term notes payable to insurance company, monthly interest and principal payments totaling $1,273 including ...

  • Page 64
    ... TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) Term Notes Payable to Insurance Company We have financed 13 of our centers with Teachers Insurance and Annuity Association of America pursuant to the terms...

  • Page 65
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) as of December 31, 2008 was 1.25%. The contract has been designated a hedge against interest rate volatility. We currently apply this hedge to variable ...

  • Page 66
    ...in the calendar year immediately before the effective date of the rent increase. The Lease is an "absolute net" lease requiring our subsidiary to maintain the Properties and to pay all operating expenses including real estate taxes and insurance for the benefit of W.P.Carey. Pursuant to the terms of...

  • Page 67
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) granted a security interest in the leased equipment to the lender or its assigns. At December 31, 2008, $13.2 million was outstanding under these leases. ...

  • Page 68
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) 5. Income Taxes December 31, 2007 $33,358 8,297 3,565 $45,220 The provision for income taxes is comprised of: 2008 Current tax expense ...Deferred tax ...

  • Page 69
    ... December 31, 2008, we had granted a total of 1,700,000 options to purchase common stock under the 1996 Plan, of which none were outstanding. In connection with approval of the Life Time Fitness, Inc. 2004 Long-Term Incentive Plan (the 2004 Plan), as discussed below, our Board of Directors approved...

  • Page 70
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) units, performance awards and other types of stock-based awards. We use the term "restricted shares" to define nonvested shares granted to employees, ...

  • Page 71
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) each restricted stock grant, based on the fair market value of the stock on the date of grant, is amortized to compensation expense on a straight-line ...

  • Page 72
    ...activities. Our employee stock purchase program ("ESPP") provides for the sale of up to 1,500,000 share of our common stock to our employees at discounted purchase prices. The cost per share under this plan is currently 90% of the fair market value of our common stock on the last day of the purchase...

  • Page 73
    ...thousands, except share and per share data) The following table presents revenue for the years ended December 31, 2008, 2007 and 2006: For the Year Ended December 31, 2008 2007 2006 Membership dues ...Enrollment fees ...Personal training ...Other in-center ...Other ...Total revenue ...9. Commitments...

  • Page 74
    ... As of December 31, 2008, the Company had posted bonds totaling $18.5 million related to construction activities and operational licensing. 10. Related Party Transactions We leased various fitness and office equipment from third party equipment vendors for use at the center in Bloomingdale, Illinois...

  • Page 75
    ...33 0.33 (1) Total operating expenses in the fourth quarter of 2008 include expenses totaling $5.0 million associated with plans to slow the development of new centers. These expenses include severance costs, lower-of-costor-market adjustments in connection with assets held for sale and write-offs...

  • Page 76
    ... PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders of Life Time Fitness, Inc.: We have audited the accompanying consolidated balance sheets of Life Time Fitness, Inc. (a Minnesota corporation) and subsidiaries (the "Company") as of December 31, 2008 and 2007, and the related...

  • Page 77
    ... INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders of Life Time Fitness, Inc.: We have audited the internal control over financial reporting of Life Time Fitness, Inc. (a Minnesota Corporation) and subsidiaries (the "Company") as of December 31, 2008, based on...

  • Page 78
    ..., including the timing of new center openings and related expenses, timing of price increases for enrollment fees and membership dues and general economic conditions. In the past, our pre-opening costs, which primarily consist of compensation and related expenses, as well as marketing, have varied...

  • Page 79
    ... data being presented includes the center owned by Bloomingdale LLC. The following table provides a reconciliation of net income to EBITDA: 2007 1st 3rd 4th 2nd Quarter Quarter Quarter Quarter Net income ...$14,134 Interest expense, net ...5,528 Provision for income taxes ...9,395 Depreciation and...

  • Page 80
    ... become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Management assessed the effectiveness of our internal control over financial reporting as of December 31, 2008. In making this assessment, we used the criteria set...

  • Page 81
    ...our company in 1992 and has been a director since our inception. Mr. Akradi was elected Chief Executive Officer and Chairman of the Board of Directors in May 1996. Mr. Akradi has over 25 years of experience in Healthy Way of Life initiatives. From 1984 to 1989, he led U.S. Swim & Fitness Corporation...

  • Page 82
    ... and day-to-day operations of U.S. Swim & Fitness Corporation until 1991, at which time he started a career in real estate. Jeffrey G. Zwiefel joined our company in December 1998 as Vice President, Health Enhancement Division and became Vice President of Fitness, Training and New Program Development...

  • Page 83
    ... the years ended December 31, 2008, 2007 and 2006 Consolidated Statements of Cash Flows for the years ended December 31, 2008, 2007 and 2006 Notes to Consolidated Financial Statements Reports of Independent Registered Public Accounting Firm 2. Financial Statement Schedules: The information required...

  • Page 84
    ... Land, DuPage Health Services Fitness Center - Bloomingdale L.L.C. dated December 1, 1999 by and between the Registrant, Bloomingdale Sports Center Land Company and Central DuPage Health. Amended and Restated Life Time Fitness, Inc. 2004 Long-Term Incentive Plan (effective as of April 24, 2008). 10...

  • Page 85
    ... Capital Markets, as documentation agent, and the banks party thereto from time to time. Security Agreement, dated as of April 15, 2005, among the Company and U.S. Bank National Association, as administrative agent. Form of Restricted Stock Agreement (Employee) for 2004 Long-Term Incentive Plan. 10...

  • Page 86
    ... Capital Markets, as documentation agent, and the banks party thereto from time to time. Form of 2008 Restricted Stock Agreement (Executive) for 2004 Long-Term Incentive Plan with performance-based vesting component. Form of Restricted Stock Unit Agreement issued to Bahram Akradi. Life Time Fitness...

  • Page 87
    ...of June 1, 2008 by and among LTF Real Estate VRDN I, LLC, LTF Club Operations Company, Inc. and General Electric Capital Corporation (Overland Park, KS). Purchase and Sale Agreement by and among Life Time Fitness, Inc. and LTF Real Estate Company, Inc., as Seller, and Senior Housing Properties Trust...

  • Page 88
    ...LTF Real Estate Company, Inc., as Tenant dated September 26, 2008. Guaranty and Suretyship Agreement dated as of September 26, 2008 made by Life Time Fitness, Inc. to LT FIT (AZ... # Management contract, compensatory plan or arrangement required to be filed as an exhibit to this Annual Report on Form...

  • Page 89
    ... of 1934, Life Time Fitness, Inc. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on March 2, 2009. LIFE TIME FITNESS, INC. By: /s/ Bahram Akradi Name: Bahram Akradi Title: Chairman of the Board of Directors and Chief Executive Officer (Principal...

  • Page 90
    ®This Page Intentionally Left Blank© The body of this document is printed on SFI certified paper, containing 30% postconsumer waste.

  • Page 91
    ..., April 23, 2009, beginning at 1:00 p.m. at our Corporate Headquarters. The Notice of Annual Meeting and Proxy Statement are delivered to shareholders with the annual report. Life Time Fitness Investor Information Copies of the annual report, 10-K, 10-Q, proxy and other SEC filings are available...

  • Page 92
    ... Novi Rochester Hills Shelby Township Troy MINNESOTA - MPLS./ST. PAUL Apple Valley...Grove Minneapolis Minnetonka New Hope Plymouth Roseville Savage St. Louis Park St. Paul Target Center (Minneapolis) White...*83 centers as of March 2, 2009 ©2009 LIFE TIME FITNESS, INC. All rights reserved. CECO9002