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Fitch Ratings Gives Edgemere Stable Outlook
According to Fitch Ratings, the majority of CCRCs reviewed are mature communities with stabilized occupancy. Most of the CCRCs reviewed by Fitch Ratings have been operating for 10 or more years. Roughly, 25 percent of CCRCs are rated. Of those 25 percent rated, only half are given stable ratings.
“We were very pleased to have earned a ‘BBB’ rating,” said John Falldine, executive director at Edgemere. “There are many factors that are taken into consideration during this process – financials, consumer demand, management skills, home prices – it all is tallied. To come out on the positive side is a true testament to the hard work of our dedicated staff and also shows that Dallas is a city that held strong during the recession.”
Edgemere has shown consistently strong occupancy rates the past three years, with independent living averaging more than 92% occupied. The strong occupancy numbers reflect Edgemere’s robust reputation in the market as a luxury senior living provider.
Not only is Edgemere’s outlook stable, but the senior living industry as a whole has been steadily showing signs of improvement since the economic recession hit in 2008. According to Ziegler, ratings upgrades for not-for-profit senior living communities outpaced downgrades in 2013 for the first time since 2007, and by the best margin since 1998.
“Home prices are up across the country and the population is aging at a rapid pace,” stated Falldine. “Those are ideal circumstances for this industry as we try to meet the growing demand. In Dallas, I hope people continue to see the benefits Edgemere offers aging adults.”
With 304 independent living apartment homes, 60 assisted living suites, 31 memory care private apartments, and 72 private rooms for dignified skilled nursing, Edgemere is the largest and most comprehensive life care retirement community in Dallas. The community is located in the Preston Hollow/Park Cities area at 8523 Thackery St. at Northwest Highway, Dallas, Texas 75225. The Plaza Health Services at Edgemere located on the same campus at 8502 Edgemere Road at Northwest Highway, offers assisted living, skilled nursing, and memory support services for Edgemere life care residents, as well as for others in the community.
Edgemere, the only Masterpiece Living® community in Dallas, is a 501(c)3 not-for-profit retirement community owned by Senior Quality Lifestyles Corporation (SQLC), a Texas-based nonprofit organization that owns sister communities The Buckingham in Houston, Querencia at Barton Creek in Austin, The Stayton at Museum Way in Fort Worth, Mirador in Corpus Christi and The Barrington of Carmel in Indianapolis. For information, call (469) 619-0825 or visit www.edgemeredallas.com.