Lifetime Fitness 2012 Annual Report Download - page 71

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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)
65
Aggregate annual future maturities of long-term debt (excluding capital leases) at December 31, 2012 are as follows:
2013 $ 11,989
2014 17,899
2015 9,656
2016 526,981
2017 90,627
Thereafter 31,877
Total future maturities of long-term debt (excluding capital leases) $ 689,029
Capital Leases
In May 2001, we financed one of 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, 2012, the present value of the future minimum lease payments due under the lease amounted to
$5.5 million.
In March 2007, we entered into a ground lease which runs through October 2048 for our Loudoun County, Virginia
center. Pursuant to the terms of the lease which qualifies as a capital lease, we have an option to purchase the land
by giving notice during the fifth or eleventh lease year. At December 31, 2012, the present value of the future
minimum lease payments due under the lease amounted to $9.7 million.
We have financed our purchase of some of our equipment through a capital lease agreement with an agent and
lender, on behalf of itself and other lenders. This lease runs through April 2013 and our interest rate is 5.5%. As
security for the obligations owing under the capital lease agreements, we have granted a security interest in the
leased equipment to the lender or its assigns. At December 31, 2012, $0.2 million was outstanding under this lease.
We are a party to capital equipment leases with third parties which include monthly rental payments of
approximately $0.2 million as of December 31, 2012. Amortization recorded for these capital leased assets totaled
$1.2 million and $1.0 million for the years ended December 31, 2012 and 2011, respectively. The following is a
summary of property and equipment recorded under capital leases:
December 31,
2012 2011
Land and buildings $ 15,339 $ 15,354
Equipment 3,856 3,856
Gross property and equipment under capital lease 19,195 19,210
Less accumulated amortization 6,296 5,541
Net property and equipment under capital lease $ 12,899 $ 13,669