GLENDALE, Calif., Aug. 02, 2017 (GLOBE NEWSWIRE) -- Front Porch, a not-for-profit organization serving individuals and families through full-service retirement, active adult communities and affordable housing communities, received an ‘A’ rating from FitchRatings. In addition, Front Porch received an A- rating from Standard & Poor’s.
Front Porch is the only senior living organization in California to receive these high ratings.
FitchRatings derives its ratings based on key features of Front Porch including communities in good locations, good occupancy, solid financial performance, and major capital project progression.
In its recent report, Standard & Poor’s notes the following reasons for upgrading Front Porch from BBB+ to A-: “The upgrade reflects our view of Front Porch's favorable financial profile, characterized by consistently positive operating surpluses and good cash flow.” The rating action also reflects Front Porch's strong enterprise profile. “Occupancy and demand levels remain strong and Front Porch benefits from having good revenue and product diversity from its broad range of 12 retirement communities.”
Another factor considered is a major capital project, Wesley Palms (WP), a Front Porch retirement community in San Diego currently undergoing a four-year redevelopment project that will transform the campus into one of the most innovative communities of its kind in the market. The nine phase project includes 170 new California mid-century design patio homes, as well as renovation of the existing main building. The project will be completed in April 2019.
“Fiscal responsibility is integral to our organization’s success when funding projects that foster growth, innovation, and community togetherness to help our residents live meaningful lives,” said John Woodward, Chief Executive Officer of Front Porch. “Our ‘A’ rating from Fitch Ratings and ‘A-’ rating from Standard & Poor’s assure our residents and other constituents that we are a strong and financially sound organization with a vibrant and innovative culture dedicated to doing everything Humanly Possible® to creatively meet the needs of those we serve today and tomorrow.”
A cornerstone of the Front Porch mission is a belief in partnerships. The Front Porch Center for Innovation and Wellbeing (FPCIW), a part of Front Porch, collaborates with innovative partner organizations to meet the diverse needs of residents through adaptive technology solutions that make a difference in the lives of older adults.
About Front Porch
Front Porch is a not-for-profit organization based in Glendale, Calif., that serves individuals and families through full-service retirement, active adult communities, affordable housing communities and related management and development services. Front Porch retirement communities offer options ranging from independent living to skilled care, including assisted living and memory care. Front Porch holds an A credit rating from FitchRatings and an A- credit rating from Standard & Poor’s. Founded in 1999, Front Porch embraces a leading-edge approach to enhance wellbeing with innovative communities and programs that meet the changing needs of people as they age. The Front Porch culture is driven by Humanly Possible®, a commitment to cause-based innovation that harnesses the innovative spirit of all of its staff in an effort to do whatever is humanly possible to meet emerging needs related to aging. Specialized outreach programs like the Front Porch Center for Innovation and Wellbeing, Social Accountability in Action, and the Front Porch support the Front Porch belief in understanding and meeting the needs of the individuals and communities we serve.
Front Porch is comprised of 10 full-service retirement communities in California and two adult living communities: one in Louisiana and one in Florida. Front Porch also serves individuals and families through 25 affordable housing communities managed by CARING Housing Ministries, a division of Front Porch.
About FPCIW
The Front Porch Center for Innovation and Wellbeing (FPCIW) is part of Front Porch, one of Southern California’s largest not-for-profit providers of retirement living, active adult and affordable housing communities. In collaboration with innovative partner organizations, the FPCIW reaches across cultural and socioeconomic barriers to meet the diverse needs and enhance the well-being of Front Porch residents and the older adult population at large. Using technology as a tool to solve real world problems, the FPCIW pilots innovative and adaptive technology solutions that change lives and make a difference, especially for older adults. Its core initiatives aim to assist in maintaining brain health, enhance social connectedness, promote engagement and growth, empower control over health and wellness, prevent emergencies or serious events and increase resources and support for formal and informal caregivers.
The FPCIW has achieved sustainable outcomes with real impact, a challenge in this sector. As a creative ecosystem developer, the FPCIW builds pilots using a collaborative 360-degree approach to matching needs, anticipating barriers, identifying solutions and executing steps to successful implementation and adoption. Learn about FPCIW’s work by reading its impact stories. The FPCIW is the signature program of Humanly Possible®, Front Porch’s commitment to cause-based innovation and dedication to doing everything humanly possible to creatively meet needs now and for the future. For more information visit www.fpciw.org.