Facility Operations Team Member

Eric J. Buss, executive vice president at Life Time Group Holdings, sold approximately 479,000 shares of the fitness company for around $21.6 million on 31 July 2026, according to an SEC filing. The transaction involved a cashless exercise of stock options at $17.27 per share, with the resulting shares immediately sold at a weighted average price of $44.97. This allowed Buss to capture the spread between the grant price and current valuation. Despite the sale reducing his direct stock ownership by 50%, Buss retains 474,008 shares held directly and continues to hold 16,344 derivative securities. The sale occurred following significant stock appreciation, with shares returning 57% over the 12 months preceding the transaction. Life Time operates upscale health and wellness centres across the United States and Canada.

Why are boutique gyms taking over Manhattan's best retail spaces? Andreas Nakos. August 5, 2026 If you have been wondering why more fitness clubs, wellness brands, and luxury health providers are opening in some of Manhattan's most desirable retail locations, the numbers tell a compelling story. Nyccrea is seeing one of the biggest shifts in New York City retail leasing in years. Instead of traditional apparel stores or large retailers dominating prime storefronts, boutique gyms, luxury fitness clubs, and wellness-focused businesses are signing some of the largest retail leases in the market. The result is a stronger retail market with vacancies falling to their lowest level since 2019. For commercial real estate investors, landlords, buyers, and tenants, this trend signals that experience-driven retail is becoming one of the strongest drivers of leasing demand across New York City. What is driving Manhattan's retail leasing boom? The latest market data shows wellness brands are leading the current wave of retail leasing activity. Here are some of the biggest developments. 1. Boutique gyms signed the largest retail leases Chelsea Piers signed a massive 76,000-square-foot lease at 250 Water Street near the Seaport, making it the largest retail lease of the quarter. Life Time followed with a 71,000-square-foot location in North Williamsburg, continuing its aggressive expansion in the New York market. These two deals alone demonstrate how fitness operators are willing to secure flagship locations that were once dominated by traditional retailers. 2. Luxury healthcare concepts are expanding rapidly Health and wellness is no longer limited to gyms. Atria Health and Research Institute leased 52,000 square feet in Chelsea, offering premium memberships priced at approximately $60,000 per year. New entrants are also entering the market. Hydrogen Fitness signed a 17,000-square-foot lease in Murray Hill for its first New York City location. At the same time, wellness concepts including luxury sauna brands such as Lore, Othership, and Saint continue expanding across Manhattan. 3. Retail vacancies continue falling According to real estate services company JLL, vacancy across Manhattan's prime retail corridors has declined to approximately 12 percent. That is the lowest vacancy rate recorded since JLL began tracking the market in 2019. Some of Manhattan's strongest shopping districts are performing even better. * Madison Avenue has only 8 percent vacancy. * Soho also reports just 8 percent vacancy. These numbers indicate that premium retail space is becoming increasingly competitive. The trend has been building for several years. In 2025, luxury fitness brands including Equinox, Life Time, and Chelsea Piers accounted for four of the ten largest retail leases in New York City. That momentum has carried into 2026 as additional wellness operators, medical providers, and experiential fitness concepts continue expanding. How does this affect commercial Real Estate? The growth of wellness tenants creates opportunities throughout the retail market. 1. Landlords are attracting stable, high-traffic tenants Unlike many traditional retailers that depend heavily on seasonal shopping, gyms and wellness centers generate consistent daily visits. That regular customer traffic also benefits nearby restaurants, coffee shops, convenience stores, and service businesses. 2. Prime retail locations remain highly competitive With vacancies at just 12 percent across prime corridors and only 8 percent in Madison Avenue and Soho, quality retail space is becoming increasingly difficult to secure. Tenants looking for flagship locations may face stronger competition and higher rental rates. 3. Experience-based businesses are replacing traditional retail Consumers continue spending more on experiences, wellness, and healthcare rather than simply purchasing products. This shift is changing the mix of tenants occupying New York City's most valuable retail corridors. Instead of relying primarily on apparel or department stores, landlords are welcoming fitness clubs, luxury medical providers, wellness centers, and other experience-focused businesses. 4. Investors may benefit from changing tenant demand Properties capable of accommodating large-format gyms, medical wellness operators, or experiential concepts may become increasingly attractive investment opportunities. Long-term leases, premium rents, and consistent customer traffic can strengthen retail property performance over time. What should commercial Real Estate investors, buyers, and tenants watch next? Nyccrea believe the wellness leasing trend is far from over. As more consumers prioritize health, fitness, recovery, and premium wellness experiences, additional operators are likely to compete for prime retail locations throughout Manhattan and neighboring boroughs. For investors, properties located near dense residential neighborhoods, office districts, and mixed-use developments may continue benefiting from this demand. For landlords, flexible retail spaces that can accommodate fitness, medical wellness, or experiential concepts could attract stronger leasing interest. For buyers and tenants, today's historically low vacancy rates suggest that waiting too long may reduce available options in Manhattan's most desirable retail corridors. As New York City's retail landscape continues evolving, Nyccrea expect health, fitness, and wellness brands to remain among the strongest drivers of leasing activity. Understanding these market shifts can help investors, landlords, buyers, and tenants make smarter commercial real estate decisions in one of the world's most competitive retail markets. For more insights and commercial opportunities in New York City and Western Nassau County, follow Nyccrea. Andreas Nakos Licensed Associate Real Estate Broker 917.886.6918 [email protected] Steven Llorens Licensed Associate Real Estate Broker 917.830.7091 [email protected]

Life Time reports $523 million capital expenditure in the first six months of 2026. By Liz Terry 02 Aug 2026 Life Time is opening 14 new country clubs a year Credit: Life Time Life Time's second-quarter revenue increased by 13.7 per cent to US$866 million, while net income rose by 40.6 per cent Total capital expenditure during the first six months of 2026 increased by 43.5 per cent to US$523.2 million. Club memberships grew by 1.2 per cent and average club revenue per membership increased by 11.8 per cent to US$993 The operator plans to open 14 clubs during 2026, with this year's development programme delivering around 1.3 million sq ft and is favouring more affluent areas Growth areas include pickleball, Dynamic Stretch, small-group training, the Arora programme for older adults, the LT Games and the Miora performance and longevity concept, of which there are are now eight Life Time has raised its full-year forecasts after delivering strong second-quarter growth, driven by higher membership dues, a more valuable membership mix and increased spending on services inside its clubs. Revenue increased by 13.7 per cent to US$866 million (£650 million) during the three months ending 30 June 2026, while net income rose by 40.6 per cent to US$101.4 million (£76.1 million). Adjusted EBITDA increased by 16.8 per cent to US$246.5 million (£185 million), with the adjusted EBITDA margin rising from 27.7 per cent to 28.5 per cent. Comparable club revenue grew by 9.1 per cent. The results show Life Time generating substantially more spend from each membership, rather than relying only on increasing membership volumes. Club memberships grew by 1.2 per cent year-on-year to 860,041, while average club revenue per membership increased by 11.8 per cent to US$993 (£746) for the quarter. Life Time's revenue-per-membership measure includes both membership dues and spending on services within its clubs. The operator said its membership mix is shifting towards couples and families, which typically pay more, engage more frequently and have stronger retention. At the same time, the operator is limiting the availability of lower-yield, qualified memberships that are administered through medical insurance providers. Some of these third-party programmes have ended or are approaching expiry, with Life Time reporting it's converted many of these customers to direct memberships. Founder, chair and CEO Bahram Akradi commented that increased member engagement and greater use of services inside the clubs were contributing to the performance, alongside the continued optimisation of the membership mix, saying: "We delivered strong second quarter results, driven by our continued focus on delivering exceptional member experiences across our clubs. "That focus is translating into higher engagement, increased utilisation of our in-center offerings and continued optimisation of our membership mix. As a result, we're seeing strong comparable centre revenue performance and growth in revenue per membership. "We're on track to open 14 new clubs in 2026 and continue to see significant demand for our premium athletic country club model." Membership dues and enrolment-fee revenue increased by 13.3 per cent during the quarter, while in-club revenue rose by 15.2 per cent. Life Time said the increase in in-club spending was recorded across all its service businesses, with particularly strong growth in Dynamic Personal Training. In-club services accounted for 28.7 per cent of club revenue during the quarter, compared with 28.3 per cent during the equivalent period in 2025. The operator has increased its full-year revenue forecast to between US$3.35 billion (£2.52 billion) and US$3.38 billion (£2.54 billion). Adjusted EBITDA is now expected to reach between US$940 million (£706 million) and US$955 million (£717 million) by the year end, while comparable club revenue growth is forecast to be between 7.9 and 8.3 per cent - up from the previous range of 6.9 to 7.5 per cent. Life Time opened five clubs during the second quarter, taking its estate to 195 locations across the US and Canada at 30 June. It had opened six clubs during the first half of the year and launched a further location in July. Seven more are scheduled to open during the fourth quarter, taking the total for 2026 to 14. Most of this year's openings will be large-format, purpose-built athletic country clubs. Together, the 2026 developments will add approximately 1.3 million sq ft - almost twice the space delivered by either the 2024 or 2025 opening programmes. Life Time had 18 clubs under construction at the end of June and is targeting an average of between 12 and 14 openings a year going forward. The expansion is focused increasingly on affluent locations, where Life Time expects to generate higher average revenue per membership and stronger returns on invested capital. The company said newer clubs have traditionally taken between three and four years to reach expected performance levels, although many recent developments are maturing more quickly. At the end of the quarter, 31 clubs had been open for less than three years. Life Time is also accelerating investment in its existing estate and technology. Its 2026 modernisation and technology budget has been increased to between US$140 million (£105 million) and US$150 million (£113 million), partly to support the rollout of its CTR and Hybrid XT group training concepts. Growth capital expenditure is expected to reach between US$885 million (£665 million) and US$910 million (£683 million). Total capital expenditure during the first six months of 2026 increased by 43.5 per cent to US$523.2 million (£393 million), including spending on new clubs, major refurbishments and technology. This included: US$395.3 million of growth capital expenditure - including new-club land and construction, major expansions and remodels, property acquisitions and other growth projects US$72.1 million maintaining existing clubs US$55.8 million modernising clubs and investing in technology and corporate infrastructure. Life Time also recovered US$200.2 million through sale-and-leaseback transactions during the half year. The company's broader growth initiatives include pickleball, Dynamic Stretch, small-group training, its ARORA programme for older adults, the LT Games and the MIORA performance and longevity concept, which currently operates at eight locations. Life Time's net-debt-to-adjusted-EBITDA ratio fell from 1.8 times to 1.4 times over the year, while available liquidity stood at US$855.7 million (£643 million) at the end of June.