Lifetime Fitness 2013 Annual Report Download - page 46

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Our total capital expenditures were as follows:
For the Year Ended December 31,
2013 2012 2011
(In thousands)
Cash purchases of property and equipment $ 348,948 $ 224,194 $ 165,335
Non-cash change in construction accounts payable 22,134 3,316 (2,450)
Other non-cash changes to property and equipment (5,964) 5,604 839
Total capital expenditures $ 365,118 $ 233,114 $ 163,724
The following schedule reflects capital expenditures by type of expenditure:
For the Year Ended December 31,
2013 2012 2011
(In thousands)
New center land and construction, growth initiatives, major
remodels and remodels of acquired centers $ 280,176 $ 152,215 $ 112,780
Maintenance of existing facilities and corporate capital expenditures 84,942 80,899 50,944
Total capital expenditures $ 365,118 $ 233,114 $ 163,724
At December 31, 2013, we had purchased the real property for three large format centers that we plan to open in
2014 and two large format centers that we plan to open after 2014, entered into a ground lease for one large format
center that we plan to open in 2014 and entered into leases for two other format centers that we plan to open in 2014.
In 2013, we spent approximately $13.2 million in business acquisition related costs, including costs related to
several major-market athletic events.
In 2012, we spent approximately $30.6 million in business acquisition related costs, including costs related to a race
timing company that developed a radio frequency identification timing system for athletic and endurance events
including run, bike and multi-sport races. We also acquired a tennis center in the Atlanta, Georgia market which we
rebranded Life Time Athletic Peachtree Corners. Additionally in 2012, we acquired certain athletic events which
complement our existing portfolio of athletic events.
In 2011, we spent approximately $70.3 million in business acquisition related costs, including costs related to
several athletic events, related businesses and a yoga business in Michigan. Also, in late 2011, we acquired nine
centers from LFF; eight of the centers we leased and one we purchased.
In addition, in late 2011, we purchased the real property of six centers which we had previously leased with
borrowings from our credit facility plus the assumption of $72.1 million of long-term debt.
We expect our capital expenditures to be approximately $375 to $425 million in 2014, of which we expect to incur
approximately $305 to $335 million for new center construction and expansion or remodel of existing centers and
approximately $70 to $90 million for the maintaining existing centers and corporate infrastructure. We plan to fund
these capital expenditures primarily with cash flow from operations and our revolving credit facility.
Financing Activities
Financing activities consist primarily of proceeds from long-term debt, repayments of and proceeds from our
revolving credit facility, payments on debt obligations and repurchases of common stock.
Net cash provided by financing activities was $87.3 million for the year ended December 31, 2013, compared to
$5.8 million provided by financing activities for the year ended December 31, 2012. The change of $81.5 million
was primarily due to $125.0 million in mortgage financing obtained during 2013, offset by an increase of $42.9
million in share repurchases.