Lifetime Fitness 2008 Annual Report Download - page 67

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LIFE TIME FITNESS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Table amounts in thousands, except share and per share data)
61
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.
Debt Covenants
We were in compliance in all material respects with all restrictive and financial covenants under our various credit
facilities as of December 31, 2008.
Aggregate annual future maturities of long-term debt (excluding capital leases) at December 31, 2008 are as follows:
2009 .......................................................................................................................................... $ 9,361
2010 .......................................................................................................................................... 10,971
2011 .......................................................................................................................................... 109,551
2012 .......................................................................................................................................... 420,577
2013 .......................................................................................................................................... 9,071
Thereafter ................................................................................................................................. 133,689
Total future maturities of long-term debt (excluding capital leases) ........................................ $693,220
We are a party to capital equipment leases with third parties which include monthly rental payments of
approximately less than $0.1million as of December 31, 2008. Amortization recorded for these capital leased assets
totaled $2.6 million and $3.7 million for the years ended December 31, 2008 and 2007, respectively. The following
is a summary of property and equipment recorded under capital leases:
December 31,
2008 2007
Land and buildings ........................................................................................ $16,912 $ 6,622
Equipment ..................................................................................................... 16,946 26,078
Gross property and equipment under capital lease ........................................ 33,858 32,700
Less accumulated amortization .................................................................... 18,007 21,937
Net property and equipment under capital lease ............................................ $15,851 $10,763
Future minimum lease payments and the present value of net minimum lease payments on capital leases at
December 31, 2008 are as follows:
2009 .......................................................................................................................................... $ 2,560
2010 .......................................................................................................................................... 2,575
2011 .......................................................................................................................................... 2,477
2012 .......................................................................................................................................... 2,553
2013 .......................................................................................................................................... 1,912
Thereafter ................................................................................................................................. 17,466
29,543
Less amounts representing interest ........................................................................................... 9,859
Present value of net minimum lease payments ......................................................................... 19,684
Current portion ......................................................................................................................... 1,016
$18,668