28
Properties
10%
Annualized Adj. EBITDAre*
12
Operators
The increased prioritization of holistic wellness has become a powerful driver within the fitness and wellness industry.
In recent years, consumers have allocated more time and discretionary spending toward activities that support physical health, mental wellbeing, and quality of life. From full-service spas and boutique fitness studios to recreational experiences such as golf, the breadth of offerings within this category has expanded significantly, supported by favorable demographic trends and sustained consumer demand.
Commercial fitness centers have stayed at the forefront of the industry by offering personalization within congregate settings. Similarly, climbing gym facilities provide a unique, challenging physical fitness experience with programming designed to improve strength, flexibility, and mindfulness. By allowing participants to focus on their individual passions and goals in a community setting, operators gain loyalty and retention—essential elements in the ongoing success of a facility.
Golf courses complement these indoor venues by providing outdoor recreation that combines physical activity with social interaction, often supported by practice facilities, food and beverage offerings, and event capabilities that enhance utilization and revenue diversification. High-quality golf assets frequently serve as community anchors and benefit from multi-generational participation.
Consumers are also seeking immersive wellness experiences that offer both relaxation and rejuvenation, with hot springs resorts becoming especially popular for their natural healing properties, stress relief, and restorative environments. Our tenants make it their goal to motivate, educate, and ultimately to help consumers look and feel better than ever before.
*See Supplemental Operating and Financial Data for definition and calculation of this non-GAAP measure.