CHANHASSEN, MN—Life Time Fitness, a gym operator with 112 fitness centers located across the country, is considering converting these properties into a REIT. As the company made the announcement, it noted that a conversion would provide substantial benefits to its shareholders.

In what is perhaps becoming a sign of the times for REITs, Life Time said that the shareholder rights plan it expected to file with the Securities and Exchange Commission would protect “against coercive or abusive takeover tactics and helps ensure that Life Time’s shareholders are not deprived of the opportunity to realize the full and fair value of their investment. Other than that nod to the recent events at certain REITs, Life Time gave little indication of when, how much or even if it planned to follow through.

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