UMRH

AcronymDefinition
UMRHUnited Methodist Retirement Homes, Inc. (Durham, NC)
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The obligated group consists of both UMRH and the UMRH Foundation.
UMRH is underway on a multi-phase capital project at its Croasdaile Village campus in Durham, NC.
Following completion of the new ALUs, UMRH will begin renovating its existing ALUs in July 2019, with construction complete by April 2020 and occupancy beginning in May 2020.
The project is expected to cost approximately $75 million and is being funded by UMRH's series 2017 bond proceeds and a $15 million temporary bank loan.
UMRH's long operating history, favorable locations, and attractive pricing structure has led to consistent demand across all levels of care and all three CCRC campuses.
The affirmation reflects UMRH's consistently robust operational performance in recent years, which is attributed to its solid census levels, favorable residency agreement pricing, and effective cost controls.
Given its long operating history, favorable locations, attractive pricing and desirable service offerings, UMRH enjoys strong demand at its three CCRCs.
Demand indicators at UMRH's three CCRC are as follows: (1) At Croasdaile Village, ILU, ALU and SNF occupancies averaged 95%, 96% and 86.5%, respectively, from fiscal 2010 through fiscal 2015.
Furthermore, UMRH's operating margin (7.9%) and net operating margin (16.3%) averages during the last three fiscal years are some of most robust for all of Fitch's rated CCRCs.
UMRH is in the later stages of planning a sizable expansion and renovation of Croasdaile Village.
Despite the fact that the project will increase UMRH's leverage position and medium term operating risks, Fitch has a positive view of the expansion and renovation.
After the refunding, UMRH's total debt will be approximately $98 million and include half fixed rate and half floating rate debt in the form of direct bank purchases with BB&T.