Fitch Ratings has affirmed the A- rating and stable outlook for Givens Estates (which includes Givens Highland Farms). Both senior living campuses are located in the Asheville area.

Such ratings are an independent assessment of the creditworthiness of an entity for meeting financial obligations and ranked through alphabetical order. Fitch Ratings is a nationally recognized statistical rating organization and designated by the U.S. Securities and Exchange Commission.

The stable rating outlook is driven by Givens’ high occupancy, solid demand indicators, and cites strong operations. The Givens Highland Farms campus is currently in the midst of a multi-phase expansionary project. The initial stages of the projects consist of 66 units that are 100% presold.

The ratings also incorporate Fitch’s expectation of a Givens Highland Farms 33-unit expansion, expected to cost $28 million, and to be financed with a construction loan. It is scheduled to begin in February 2024. Fitch believes Givens has sufficient balance sheet resources to absorb the execution risk and additional debt associated with this project at the current rating.

That is coupled with strong core operations: Givens management has a history of excellent cost management, with a five-year average operating ratio of 89%, a proved track record of project execution and successful completion of upcoming expansion projects.