Life Time
S&P upgraded Life Time to BB- in June 2025 and BB in June 2026 on strong membership dues and lower leverage. Its large-format clubs are financed through long sale-leasebacks with annual bumps, a sought-after structure for 1031 and institutional buyers.
- US units
- 190
- Q2 2026 (approx.)
- 3Y net growth
- +14.5%
- vs. FY2022 (approx.)
- Credit rating
- BB
- Sub-investment grade
- Typical term
- 20-25 yr
- Absolute NNN
- Model
- Corporate
- Public
Unit count
Life Time in the news
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Life Time net lease FAQ
What is Life Time's credit rating?
Life Time is rated BB, which is below investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many Life Time locations are there in the US?
Life Time reported about 190 US locations as of Q2 2026 (approx.). That is +14.5% versus 166 in FY2022 (approx.).
What does a typical Life Time net lease look like?
Lease type: Absolute NNN. Initial term: 20-25 yr. Rent increases: ~2% annually. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Life Time corporate or franchised?
Operating model: Corporate. Life Time is part of Life Time Group Holdings. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.