Fitch Affirms "A" Rating for Royal Oaks Retirement Community
For many years, Royal Oaks has been granted an "A" rating from Fitch, attesting to our financial strength, management tenure, and the viability of our buildings and grounds. This month, Fitch re-affirmed our "A" rating.
"This is important to current and future residents," explained Carter Smitherman, CFO at Royal Oaks. "When a resident moves here, they can take comfort in knowing that we have the financial muscle to provide them services for the rest of their lives."
Strong Financial Profile
At Feb. 28, 2018, unrestricted cash and investments totaled $69.6 million compared to $59.1 million at fiscal year-end (FYE) 2017 and $64.6 million at FYE 2016. The decline from FYE 2016 to FYE 2017 was primarily due a transfer made by the Corporation to Cactus sky to acquire the Carillons, a fee for service retirement community located adjacent to the Royal Oaks campus. Net turnover entrance fees have been healthy at $5.8 million in fiscal 2018 and $8.5 million in fiscal 2017.
Read the entire press release. We invite your questions and visits. Call 623-815-4132.