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Carolina Bay at Autumn Hall and Trinity Landing compared
Two North Carolina communities about 6 miles apart, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | Carolina Bay at Autumn Hall | Trinity Landing |
|---|---|---|
| Location | Wilmington, NC | Wilmington, NC |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type B (modified) | Type C (fee for service) |
| Entrance fee, one person | Not disclosed in the 2026 filing | $165,961 to $859,999p. 27 |
| Monthly fee, independent living | $6,396 to $10,658p. 61 | $3,656 to $6,377p. 24p. 25 |
| Refund plans | Not disclosed in the 2026 filing | 90% Refund Plan; 50% Refund Plan; Limited Refund Planp. 166 |
| Highest guaranteed refund | Not disclosed in the 2026 filing | 90% of the feep. 166 |
| When a refund is paid | Not disclosed in the 2026 filing | When your unit is re-occupied and the new resident has paidp. 166 |
| Days cash on hand | 24 days (FY2025)p. 2The operator has no long-term debt (DSCR shown as N/A) but leases the campus from an affiliated property company for about $715,706 a month (p68); $78.8M of its $80.6M liabilities are lease obligations (p40). Its $1.72M of cash was $5.18M short of the $6.90M statutory operating reserve; the statement says the deficit will be satisfied with a $6,904,250 irrevocable letter of credit payable to the Department of Insurance (p27). | 248 days (FY2025)p. 2Figures for Trinity Landing campus consolidated (Trinity Landing + Trinity Grove + Lutheran Home Wilmington Property), per Section 35. Provider ratios cover the combined Wilmington campus (Trinity Landing, Trinity Grove nursing and the Wilmington property company), not the Trinity Landing balance sheet shown. The 248 days count $18.3M of cash and investments that includes the $3.3M statutory operating reserve; without the reserve the campus holds about $15.0M (≈203 days), and the Trinity Landing entity alone holds $12.6M of cash and investments. The LSA obligated group, jointly liable for the bonds, reported 408 days cash and 4.48x coverage for the same year (Table FS-2). |
| Its lenders' minimum | Not disclosed in the 2026 filing | Not disclosed in the 2026 filing |
| Debt service coverage | Not disclosed in the 2026 filingThe operator has no long-term debt (DSCR shown as N/A) but leases the campus from an affiliated property company for about $715,706 a month (p68); $78.8M of its $80.6M liabilities are lease obligations (p40). Its $1.72M of cash was $5.18M short of the $6.90M statutory operating reserve; the statement says the deficit will be satisfied with a $6,904,250 irrevocable letter of credit payable to the Department of Insurance (p27). | 2.10x (FY2025)p. 2Figures for Trinity Landing campus consolidated (Trinity Landing + Trinity Grove + Lutheran Home Wilmington Property), per Section 35. Provider ratios cover the combined Wilmington campus (Trinity Landing, Trinity Grove nursing and the Wilmington property company), not the Trinity Landing balance sheet shown. The 248 days count $18.3M of cash and investments that includes the $3.3M statutory operating reserve; without the reserve the campus holds about $15.0M (≈203 days), and the Trinity Landing entity alone holds $12.6M of cash and investments. The LSA obligated group, jointly liable for the bonds, reported 408 days cash and 4.48x coverage for the same year (Table FS-2). |
| Independent living occupancy | 89.5% (2025)p. 15 | 98% (2025)p. 21 |
| Net position | $7.2 million (FY2025)p. 40 | −$1.3 million (FY2025)p. 97 |
| Whose finances | 630 Carolina Bay OpCo LLC; ratios for 630 Carolina Bay OpCo LLC (provider only)p. 40 | Lutheran Retirement Center - Wilmington, Inc. (Trinity Landing column of the LSA consolidating balance sheet); ratios for Trinity Landing campus consolidated (Trinity Landing + Trinity Grove + Lutheran Home Wilmington Property), per Section 35p. 97 |
| Audit opinion | Unmodified (clean) opinion, Cherry Bekaert LLPp. 40 | Unmodified (clean) opinion, Forvis Mazars, LLPp. 97 |
| Nursing care, CMS rating | No CMS record linked | No CMS record linked |
What care costs later, in each contract
Carolina Bay at Autumn Hall
Type B (modified): Each calendar year a resident gets 10% off Healthcare Center fees for the first 30 days of care; unused discounted days do not carry over. Otherwise assisted living, memory care and nursing are charged at the published per diem rates, and the agreement keeps the resident responsible for the Monthly Service Fee as well (7.h). 26 adult care home beds and 12 nursing beds are reserved for residents, with priority for open beds when those are full.p. 84
Trinity Landing
Type C (fee for service): Fee-for-service: skilled nursing and memory care are at Trinity Grove, an affiliated 100-bed nursing facility about two miles away, at its published daily rates with no included days or discount. Residents get priority admission if a bed is available and keep paying the monthly fee until their residence is vacated.p. 167