Lifetime Fitness 2011 Annual Report Download

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LIFE TIME FITNESS, INC.
2011 ANNUAL REPORT

Table of contents

  • Page 1
    LIFE TIME FITNESS, INC. 2011 ANNUAL REPORT

  • Page 2
    ... operate 24 hours a day, seven days a week. The Company's Healthy Way of Life approach enables our customers to achieve success by providing the best places, people and programs of exceptional quality and value. As of February 28, 2012, we operated 93 centers under the LIFE TIME FITNESS® and LIFE...

  • Page 3
    ... GLIIHUHQWLDWRUVIRURXUFRPSDQ\7KLVLVUHLQIRUFHGE\WKHDWWULWLRQUDWHZHDFKLHYHGIRU WKH\HDUZKLFKLVEHORZRXUWDUJHWDQQXDODWWULWLRQUDWHRI 2902 Corporate Place Chanhassen, MN 55317 tel // 952.947.0000 lifetimefitness.com

  • Page 4
    ...IXO¿OORXUKHDOWK\ ZD\RIOLIHSURPLVHWRPHPEHUVHDFKDQGHYHU\GD\ 6LQFHUHO\ %DKUDP$NUDGL &KDLUPDQ3UHVLGHQWDQG&KLHI([HFXWLYH2I¿FHU 2902 Corporate Place Chanhassen, MN 55317 tel // 952.947.0000 lifetimefitness.com

  • Page 5
    ... No The aggregate market value of the voting common stock held by non-affiliates of the registrant as of June 30, 2011, was $1,565,702,318, 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...

  • Page 6
    ...'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 and...

  • Page 7
    ... intention to open new centers, increase membership and optimize membership dues and increase our in-center and corporate business products and services revenue; our expectations of the health and fitness industry; the evolution of our centers and our services; the process we use in new center site...

  • Page 8
    ...fitness, yoga, swimming, running, racquetball, squash, tennis, pilates, mixed combat arts, kids activities and camps, adult activities and leagues, rock climbing, cycling, basketball, personal training, weight loss and nutrition initiatives, spa, medi-spa and chiropractic services. Life Time program...

  • Page 9
    ... traditional health clubs or gyms, which typically offer little more than rooms with equipment, most Life Time destinations operate 24 hours a day, seven days a week and offer an expansive selection of premium amenities and services, comprehensive programming with dedicated spaces, a large team of...

  • Page 10
    ... membership dues. Of our 101 open Life Time Fitness centers at December 31, 2011, 80 had reached maturity, which we define as the 37th month of operations. Our goal is for a mature center to operate with at least 90% of targeted membership capacity by the end of its third year of operations. Due...

  • Page 11
    ... value proposition to existing and prospective members. We also offer a membership option, referred to as a Flex membership, for members who do not access the center, but still want to maintain certain member benefits. Increase products, programs and services revenue. In 2011, revenue from the sale...

  • Page 12
    ... athletic, professional fitness, family recreation and spa destinations. The following table provides the number and average square footage of our large format centers: As of December 31, 2009 2008 51 113,000 24 95,000 48 113,000 24 95,000 2011 Large format centers - current model Number of centers...

  • Page 13
    ... Training Metabolic Testing Nutrition Coaching Endurance Coaching Member Advantage 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...

  • Page 14
    ...group fitness classes and health and fitness training seminars on subjects ranging from metabolism to personal nutrition. Each current model center has at least two group fitness studios and makes use of the indoor and outdoor pool areas for classes. These centers also offer yoga and Pilates as well...

  • Page 15
    ... and additional programs and services. The following table compares our different membership plans, as of December 31, 2011: Bronze Value and affordability Number of centers Joining fee Individual dues Family dues Center access 20 $0-150 $40-60 $100-140 All Bronze centers (20) Gold Fitness, fun and...

  • Page 16
    ... Membership Plans. Children under the age of 12 qualify for a junior membership, with dues of $5 to $10 per month, depending on the center. The junior membership provides access to the child care center, pools and gyms at designated times. We do not count junior memberships as reported memberships...

  • Page 17
    ..., media planning and analysis, creative development and production, and web, digital and social development that personalizes the Life Time brand for each member and prospective member. By delivering centralized marketing and creative design services to our centers and corporate businesses, we...

  • Page 18
    .... Published 10 times a year, Experience Life® offers an average of 92 full-color pages of forward-thinking health and fitness wisdom, including articles on nutrition and healthy eating, health and wellness, exercise and active adventure, stress-management, personal development and many other...

  • Page 19
    ...daily health, weight management, energy and athletic performance. We use experienced and professional third parties to manufacture our nutritional products. Our Employees Our current model centers are staffed with an average of 250 full-time and part-time employees. Approximately 11 center employees...

  • Page 20
    ...-use fitness equipment industry; athletic event operators; and other providers of healthy way of life orientated services. 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, enrollment fees...

  • Page 21
    ... in health and fitness as well as social fears such as terror or health threats which could reduce the desire to be in a concentrated public venue. In order to increase membership levels, we may from time to time offer lower membership rates and enrollment fees. Any decrease in our average dues...

  • Page 22
    ... affected. As we grow our business, we increasingly use electronic means to interact with our customers and collect, maintain and store individually identifiable information, including but not limited to personal financial information and health-related information. Despite the security measures we...

  • Page 23
    ..., due to the increased number of low cost health club and fitness center alternatives, we may face increased competition during periods when discretionary spending declines or unemployment remains high. This competition may limit our ability to increase membership fees, retain members, attract new...

  • Page 24
    ... same-center revenue increases and our operating margins. We currently operate centers in 21 states. We plan to open three new large format centers in 2012, one of which is in an existing market. With respect to existing markets, opening new centers in existing markets may attract some memberships...

  • Page 25
    ... the country that use LIFE TIME FITNESS, LIFE TIME or other similar marks 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, we may be...

  • Page 26
    .... Our corporate headquarters, located in Chanhassen, Minnesota next to our Chanhassen large format center, is a 105,000 square foot, free-standing, three-story building that we own. As of February 28, 2012, we operated 102 centers in 21 states, of which we leased 30 sites, were parties to long-term...

  • Page 27
    Location... Paul), MN 49 Target Center (Mpls./St. Paul...), TX 30 New Hope (Mpls./St...Center Format (1) Large/Current Large/Current Large/Current Large Large Large/Current Large/Current Large/Current Large/Current Large/Current Large/Current Large/Current Large/Current Large/Current Large/Current...Opened...

  • Page 28
    ... figures exclude areas used for tennis courts, outdoor swimming pools and outdoor play areas. These figures are approximations. For acquired centers, date opened is the date we assumed operations of the center. In December 2011, we acquired nine facilities from Lifestyle Family Fitness ("LFF") in...

  • Page 29
    ...'s Common Equity, Related Stockholder Matters 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...

  • Page 30
    ...annual change in the cumulative total shareholder return on our common stock from December 31, 2006 through December 31, 2011 with the cumulative total return on the NYSE Composite Index and Russell 2000 Index. The comparison assumes $100 was invested on December 31, 2006 in Life Time Fitness common...

  • Page 31
    ... of shares issued pursuant to our Employee Stock Purchase Plan. From June 2006 through December 2011, we have repurchased 185,330 shares. In August 2011, our Board of Directors authorized the repurchase of up to $60 million of our outstanding common stock from time to time through the open market or...

  • Page 32
    ... average number of common shares outstanding - diluted (4) Balance Sheet Data (end of period): Cash and cash equivalents Working capital Total assets Long-term debt, net of current portion Total debt Total shareholders' equity Cash Flow Data: Net cash provided by operating activities Net cash used...

  • Page 33
    ...): Centers open Memberships Center square footage (13) Employees Margins: Center operations EBITDA (14) EBITDAR (15) Operating income Net Income Stock Information: Total common shares outstanding Market price per share - high Market price per share - close Market price per share - low Price/earnings...

  • Page 34
    ...12 months. The annual attrition rate for the years ended December 31, 2010 and 2011 includes a small positive impact due to a change in calculation methodology adopted April 1, 2010 in which we exclude potential memberships who elect to cancel during their 14-day trial as members. (6) (7) (8) 28

  • Page 35
    ...under development. Free cash flow is a non-GAAP measure consisting of net cash provided by operating activities, less purchases of property and equipment. This term, as we define it, may not be comparable to a similarly titled measure used by other companies and does not represent the total increase...

  • Page 36
    ... the year-end total common shares outstanding by the year-end stock price. (14) (15) (16) Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Overview We operate distinctive and large, multi-use sports and athletic, professional fitness, family recreation...

  • Page 37
    ..., 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, one restaurant and other corporate expenses, as well as gains or...

  • Page 38
    ... accounting policies that we consider to be critical. Revenue recognition. We receive a one-time enrollment fee at the time a member joins and monthly membership dues for usage from our members. The enrollment fees are non-refundable after 14 days. Enrollment fees and related direct expenses...

  • Page 39
    ... employee stock purchase plan ("ESPP") provides for the sale of shares of our common stock to our employees at discounted purchase prices. The cost per share under this plan is 90% of the fair market value of our common stock on the last day of the purchase period, as defined. Compensation expense...

  • Page 40
    ... payroll-related costs to support increased memberships and in-center revenue growth at our centers. Center operations expenses decreased as a percent of total revenue due primarily to leverage provided by dues growth. Advertising and marketing expenses. Advertising and marketing expenses were...

  • Page 41
    ...primarily as a result of increased sales of our LifeSpa and LifeCafe products and services and personal training. Average in-center revenue per membership increased from $400 for the year ended December 31, 2009 to $440 for the year ended December 31, 2010. (2.4)% was from enrollment fees, which are...

  • Page 42
    ... members of senior and center-level management. We have provided reconciliations of EBITDA and EBITDAR to net income in the "Selected Financial Data" section. Free cash flow is a non-GAAP measure consisting of net cash provided by operating activities, less purchases of property and equipment...

  • Page 43
    ...also experience increased membership in certain centers during the summer pool season. During the summer months, we also experience a slight increase in in-center business activity with summer programming and operating expenses due to our outdoor aquatics operations. We experience an increased level...

  • Page 44
    ... to $149.0 million for 2010. The increase of $83.9 million was primarily due to increased construction activity on new centers. Our total capital expenditures were as follows: For the Year Ended December 31, 2011 2010 2009 (In thousands) Cash purchases of property and equipment Non-cash property and...

  • Page 45
    ...centers we plan to open in 2012. In addition, in January 2012, we acquired Racquet Club of the South, a tennis facility in the Atlanta market, which we rebranded as Life Time Tennis Atlanta. In 2011, we spent approximately $70.3 million in acquisition related costs, including several athletic events...

  • Page 46
    ... section and the $3.0 million gross fair market value of the swap contract was included in long-term debt. Commercial Mortgage-Backed Notes Financing In connection with the purchase of six previously leased Life Time Fitness centers, on December 30, 2011, LTF Real Estate MN-FL, LLC, a wholly owned...

  • Page 47
    ... $ 69,087 See footnote 4, "Long-Term Debt" to our consolidated financial statements for more information. Interest expense obligations were calculated holding floating rate debt balances and interest rates constant at December 31, 2011 rates. Purchase obligations consist primarily of our contracts...

  • Page 48
    ... and consolidated results of operations. As of December 31, 2011, our net floating rate indebtedness was approximately $267.9 million. If long-term floating interest rates were to have increased by 100 basis points during the year ended December 31, 2011, our interest costs would have increased by...

  • Page 49
    Item 8. Financial Statements and Supplementary Data. LIFE TIME FITNESS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31, 2011 2010 (In thousands, except share and per share data) ASSETS CURRENT ASSETS: Cash and cash equivalents Accounts receivable, net Center operating supplies and ...

  • Page 50
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS For the Year Ended December 31, 2011 2010 2009 (In thousands, except per share data) REVENUE: Membership dues Enrollment fees In-center revenue Total center revenue Other revenue Total revenue OPERATING EXPENSES: Center ...

  • Page 51
    ... stock grants Tax benefit related to share-based payment arrangements Balance at December 31, 2009 Net income Other comprehensive income (loss), net of tax: Interest rate swap contract Foreign currency translation adjustment Total comprehensive income Common stock issued upon exercise of stock...

  • Page 52
    ... net income to net cash provided by operating activities: Depreciation and amortization Deferred income taxes Loss on disposal of property and equipment, net Gain on sale of land held for sale Amortization of deferred financing costs Share-based compensation Excess tax benefit related to share...

  • Page 53
    ... time a member joins and monthly membership dues for usage from our members. The enrollment fees are nonrefundable after 14 days. Enrollment fees and related direct expenses, primarily sales commissions, are deferred and recognized on a straight-line basis over an estimated average membership life...

  • Page 54
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) Pre-Opening Operations - We generally operate a preview center up to five months prior to the planned opening of a center during which time memberships ...

  • Page 55
    ... personal training deferred revenue Prepaid lease obligations Prepaid marketing and media expenses Prepaid insurance Other prepaid expenses Land held-for-sale - short-term Canadian sales tax receivable Other current assets Total prepaid expenses and other current assets $ $ Property and Equipment...

  • Page 56
    ... in late 2011, we acquired nine centers from Lifestyle Family Fitness ("LFF"); eight of the centers we leased and one we purchased. Capitalized software includes our internally developed web-based systems to facilitate member enrollment and management, marketing-based website development, as well as...

  • Page 57
    ..., no impairments on operating assets were deemed to have occurred during 2011, 2010 or 2009. Derivative Instruments and Hedging Activities - As part of our risk management program, we may periodically use interest rate swaps to manage known market exposures. Terms of derivative instruments are...

  • Page 58
    ... nonqualified plan (see Note 10) Other Total other assets $ $ 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 is currently under contract for sale, the cost is...

  • Page 59
    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, 2011 and 2010: Balance at December 31, 2009 ...

  • Page 60
    ...4,678 56,284 $ 50,802 Payroll related Real estate taxes Center operating costs Insurance Interest Marketing and information technology accruals Other Total accrued expenses $ $ Litigation - We are engaged in proceedings incidental to the normal course of business. Due to their nature, such legal...

  • Page 61
    ... employee stock purchase plan ("ESPP") provides for the sale of shares of our common stock to our employees at discounted purchase prices. The cost per share under this plan is 90% of the fair market value of our common stock on the last day of the purchase period, as defined. Compensation expense...

  • Page 62
    ... date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate results could differ from those estimates. In recording transactions and balances resulting from business operations, we use estimates based on the best information available. We...

  • Page 63
    ...TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) Supplemental Cash Flow Information - Decreases (increases) in operating assets and increases (decreases) in operating liabilities are as follows: For the Year...

  • Page 64
    ...income as reported on the consolidated statements of operations and comprehensive income is a loss of $2.6 million, net of tax of $1.2 million. This difference is related to the interest rate swap contract and related to foreign currency translation due to expenditures for initial construction costs...

  • Page 65
    ..., formed an Illinois limited liability company named Bloomingdale LIFE TIME Fitness 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...

  • Page 66
    ... TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) 4. Long-Term Debt Long-term debt consists of the following: December 31, 2011 2010 Revolving credit facility, interest only due monthly at interest rates...

  • Page 67
    ... financial covenants under the facility. As of December 31, 2011, $432.0 million was outstanding on the U.S. Bank Facility, plus $7.9 million related to letters of credit. The weighted average interest rate and debt outstanding under the revolving credit facility for the year ended December 31, 2011...

  • Page 68
    ... to the mortgage financing. As of December 31, 2011, $98.5 million remained outstanding on the loan. Additionally, in connection with the purchase of six previously leased Life Time Fitness centers, on December 30, 2011, LTF Real Estate MN-FL, LLC, a wholly owned subsidiary, assumed a securitized...

  • Page 69
    ...of LTF Real Estate Company, Inc. as tenant under the lease. As of December 31, 2011, $71.9 million remained outstanding on the loan. Other Mortgage Notes Financing In January 2002, we financed one Minnesota center using an obligation bearing interest at a fixed rate of 6.42% amortized over a 10 year...

  • Page 70
    ... our Minnesota centers pursuant to the terms of a sale-leaseback transaction that qualified as a capital lease. Pursuant to the terms of the lease, we agreed to lease the center for a period of 20 years. At December 31, 2011, the present value of the future minimum lease payments due under the lease...

  • Page 71
    ... Non-current tax expense Income tax provision $ $ The amount of deferred tax expense does not reconcile to the change in the deferred tax year end balances due to the tax effect of other comprehensive income or additional paid-in capital items. The reconciliation between our effective tax rate on...

  • Page 72
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) Deferred income taxes are the result of provisions of the tax laws that either require or permit certain items of income or expense to be reported for ...

  • Page 73
    ... granted to employees, whereas applicable accounting guidance reserves that term for fully vested and outstanding shares whose sale is contractually or governmentally prohibited for a specified period of time. In connection with approval of the 2004 Plan, our Board of Directors approved a resolution...

  • Page 74
    ...CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) Total share-based compensation expense, which includes stock option expense and restricted stock expense, included in our consolidated statements of operations for the years ended December 31, 2011, 2010...

  • Page 75
    ... with the related accounting guidance, none of these shares were included in our total diluted share count at December 31, 2011 or 2010. Summary of Stock Option Activity Weighted Average Remaining Contractual Term (Years) 5.6 Shares Outstanding at December 31, 2008 Exercised Canceled Outstanding at...

  • Page 76
    ...from operating activities. Employee Stock Purchase Plan Our employee stock purchase plan ("ESPP") provides for the sale of up to 1,500,000 shares of our common stock to our employees at discounted purchase prices. The cost per share under this plan is 90% of the fair market value of our common stock...

  • Page 77
    ... TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) In August 2011, our Board of Directors authorized the repurchase of up to $60.0 million of our outstanding common stock from time to time through open market...

  • Page 78
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) Sale-Leaseback Transactions -- In 2003, we financed two of our Michigan centers pursuant to the terms of a saleleaseback transaction that qualified as an...

  • Page 79
    ... plan (the 401(k) Plan) to substantially all full-time employees who have at least six months of service and are at least 21 years of age. We made discretionary contributions to the 401(k) Plan in the amount of $2.5 million, $2.0 million and $1.6 million for the years ended December 31, 2011...

  • Page 80
    ...sheet. 11. Quarterly Financial Data (Unaudited) The following is a condensed summary of actual quarterly results of operations for 2011 and 2010: 1st Quarter Total revenue $240,645 Gross profit (1) 87,351 Income from operations 40,263 Net income 20,836 Earnings per share (2) Basic (3) $ 0.52 Diluted...

  • Page 81
    ... balance sheets of Life Time Fitness, Inc. (a Minnesota corporation) and subsidiaries (the "Company") as of December 31, 2011 and 2010, and the related consolidated statements of operations, shareholders' equity, and cash flows for each of the three years in the period ended December 31, 2011. These...

  • Page 82
    ... 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, 2011, based on...

  • Page 83
    ... our management and board of directors regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes those policies and procedures...

  • Page 84
    ... the Board of Directors in May 1996. In December 2009, Mr. Akradi was appointed President of our company; a position he also held from 1992 through December 2007. 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 85
    ... 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 86
    ... Cash Flows for the years ended December 31, 2011, 2010 and 2009 Notes to Consolidated Financial Statements Reports of Independent Registered Public Accounting Firm 2. Financial Statement Schedules: The information required by Schedule II - Valuation and Qualifying Accounts is provided in Note 2 to...

  • Page 87
    .... Operating Agreement of Life Time, BSC 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...

  • Page 88
    ... co-syndication agents, BMO Capital Markets, as documentation agent, and the banks party thereto from time to time. Purchase and Sale Agreement by and among Life Time Fitness, Inc. and LTF Real Estate Company, Inc., as Seller, and Senior Housing Properties Trust, as Purchaser, dated as of August 21...

  • Page 89
    ... Financial Officer. Section 1350 Certifications. The following materials from Life Time Fitness's Annual Report on Form 10-K for the year ended December 31, 2011, formatted in Extensive Business Reporting Language (XBRL): (i) consolidated balance sheets, (ii) consolidated statements of operations...

  • Page 90
    ... 1934, Life Time Fitness, Inc. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on February 28, 2012. LIFE TIME FITNESS, INC. By: /s/ Bahram Akradi Name: Bahram Akradi Title: Chairman of the Board of Directors, President and Chief Executive Officer...

  • Page 91
    ... Registration of Life Time Fitness Shares As a Life Time Fitness shareholder, your shares can be held in electronic or book entry form rather than certificate form through the Direct Registration System (DRS). With DRS, Wells Fargo Shareowner Services holds the shares electronically in an account in...

  • Page 92
    ... MD - 2 TX - 18 FL - 1 LIFE TIME FITNESS® CENTERS ARIZONA Phoenix (3) COLORADO Denver (3) Colorado Springs (1) ...LIFE TIME ATHLETICSM CENTERS ARIZONA Phoenix (1) FLORIDA Boca Raton (1) ILLINOIS Chicago (2) MARYLAND Rockville (1) NEVADA Las Vegas (1) MINNESOTA Minneapolis (4) NEW JERSEY (2) NEW...