“An ‘A’ rating from one of the nation’s major rating agencies is a significant achievement,” says Larry Smith, CFO of Lifespace Communities. “At a time when some continuing care retirement communities across the country are struggling financially, our ‘A’ rating is an important indicator of our financial strength and stability.”

Tax-Exempt Bond Offering
The “A” bond rating allows Lifespace Communities, a not-for-profit organization, to raise capital more easily, with lower financing and debt costs. “We can meet our capital/construction needs in the future on more favorable terms,” Smith says. “That’s advantageous for our residents, who benefit from the capital improvements.”

The bond proceeds will be used for capital improvements and wellness programs at Abbey Delray, Abbey Delray South, Harbour’s Edge and The Waterford.

“We continue to innovate and reinvest in the community, enhancing the quality of life for all our residents,” says Smith. “As a result, our occupancy has remained consistent in spite of the economy. This was another factor in our ‘A’ rating.”

According to Fitch, the rating reflects Lifespace Communities’ light debt and strong debt service coverage, capital spending and revenue. It’s also based on the diverse locations of the 11 senior living communities, located in Minnesota, Iowa, Nebraska, Kansas, Illinois, Pennsylvania and Florida.

Highest-Rated System Provider
With multiple continuing care retirement communities (CCRCs) across the country, Lifespace Communities is considered a “system provider.” According to Jim LeBuhn, Fitch senior director, “Within the Fitch portfolio of rated credits, there is no system rated higher than Lifespace Communities.”

“We encourage seniors to scrutinize this kind of information before joining a community,” Smith says. “We want them to know that their community is a safe, sound investment.”

All 11 Lifespace communities are accredited by the Commission on Accreditation of Rehabilitation Facilities and the Continuing Care Accreditation Commission (CARF-CCAC). Only 15% of communities nationally have received this accreditation, which recognizes the highest standards in administration, finance, care and services to seniors.

Lifespace Communities, Inc. is a nationally recognized not-for-profit leader providing an active lifestyle to more than 4,500 seniors residing in 11 communities in seven states. Founded in 1976, the company’s mission is to create and sustain communities celebrating the limitless possibilities in the lives of seniors. For more information, visit www.lifespacecommunities.com.

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For more information:

Larry Smith, CFO
Lifespace Communities
515.288.5805
larry.smith@lifespacecommunities.com

Mr. Epp is chair and president of LawrenceDouglas County Biosciences Authority in Lawrence, Kansas. Previously, Mr. Epp was president of Bethel College and founding principal and CEO of Retirement Management Company. He has a Doctor of Jurisprudence from the University of Nebraska and is a member of the Kansas Bar Association.

Before his retirement, Mr. Kehm was a partner with KPMG and prior to 2002, Arthur Andersen. He has a B.S. in Business Administration and Master of Arts in Accounting from the University of Nebraska and is a Certified Public Accountant (inactive).

“We are very fortunate to have two such qualified candidates for our board of directors. Each brings a world of experiences that will continue to steer LCRC as a premier leader in the senior living field.” said Scott M. Harrison, President and CEO. Life Care Retirement Communities, Inc.(LCRC) is a nationally recognized, nonprofit leader providing services to more than 4,500 seniors residing in 11 continuing care retirement communities, Located in seven states; Florida ,Illinois, Iowa, Kansas, Minnesota, Nebraska, and Pennsylvania; and with over 2,000 employees, LCRC is the seventh largest nonprofit provider in the United States. Founded in 1976, our mission is to create and sustain communities celebrating the lives of seniors.

“Our new corporate name and brand has been more than 30 years in the making and is grounded in what really matters to today’s seniors. While we have been delivering the full engagement and independence that seniors demand, we found that our former identity didn’t communicate our complete offering to our target audience,” said Scott Harrison, Lifespace Communities CEO.

“Our experience and research show that seniors want to enjoy the good things in life, have freedom from logistics and feel secure in their financial future. They want opportunities to make connections, explore self-expression, wellness and personal growth while giving back to the community. Lifespace encapsulates all these concepts in our new brand,” said Harrison.

The organization’s new name change includes a corporate identity system that adds “A Lifespace Community” to each well-established local community name and standardizes the design of all the organization’s facilities to create a consistent look.

The development of the new Lifespace Communities brand and identity included extensive market research and interviews with industry experts, residents, prospective residents and community leaders.

Research showed that seniors are more demanding about quality, choices and control. They want options, flexibility, lifestyle amenities and the ability to participate in decision-making in their retirement communities. Personal and specialized activities rather than group activities are in higher demand and seniors are interested in lifelong learning, community and retail services along with guest and family-friendly facilities.

“At Lifespace Communities we are answering the consumer demands of the baby boomer generation which includes being more resident-centered and providing more social connections,” said Harrison. “We have always maintained the highest customer service standards at our communities and that continues to be one of the top priorities for seniors. With a staff of 2,000 serving 4,500 residents, we can and do provide the best in customer service and quality health care for seniors.”

Lifespace Communities, Inc. is the seventh largest provider of not-for-profit senior independent living communities in the U.S. Founded in 1976, the organization owns and manages a network of 11 Lifespace communities in Florida, Illinois, Iowa, Kansas, Minnesota, Nebraska and Pennsylvania and is headquartered in Des Moines, Iowa. Residents number more than 4,500 and the organization employs a staff of 2,000.