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Friends Homes West and River Landing at Sandy Ridge compared
Two North Carolina communities about 7 miles apart, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | Friends Homes West | River Landing at Sandy Ridge |
|---|---|---|
| Location | Greensboro, NC | Colfax, NC |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type C (fee for service) | Type B (modified) |
| Entrance fee, one person | $139,000 to $510,000p. 27 | $15,000 to $638,000p. 26p. 25 |
| Monthly fee, independent living | $3,343 to $5,305p. 25 | $3,979 to $6,030p. 23p. 24 |
| Refund plans | Standardp. 94 | Standard; 50% Refundable; 90% Refundable; Range across refund plans (plan not specified)p. 27p. 25 |
| Highest guaranteed refund | 0% of the feep. 94 | 90% of the feep. 27p. 25 |
| When a refund is paid | When your unit is re-occupied and the new resident has paidp. 94 | When your unit is re-occupied and the new resident has paidp. 27p. 25 |
| Days cash on hand | 741 days (FY2025)p. 2Figures for Friends Homes, Inc., provider only (sole member of its own obligated group) — Friends Homes Guilford and Friends Homes West combined. Ratios cover Friends Homes Guilford and Friends Homes West together. The 741 days counts the $12.9M held as the statutory operating reserve (Table 29.2 gives unrestricted cash and investments of $83.7M). Cash and investments alone ($70.7M) cover about 627 days of FY2025 cash operating expenses. | 738 days (FY2025)p. 2Figures for Brightspire obligated group (The Presbyterian Homes, Inc.: Glenaire, River Landing at Sandy Ridge, Scotia Village). Obligated-group figures, not River Landing alone: FS-1 (p2) and Tables 35.1A-35.3A report the Brightspire obligated group (Glenaire, River Landing at Sandy Ridge, Scotia Village). River Landing alone reported 1,000 days cash on hand, 2.29x debt service coverage and an 18.04% net operating margin (Tables 35.1-35.3, p39-41). FY2025 is a fifteen-month period (Oct 2024-Dec 2025) after a fiscal-year-end change (p7). The $191.7M of unrestricted cash and investments behind the group's 738 days includes the $27.06M statutory operating reserve (Table 29.2, p36); without it roughly 634 days. |
| Its lenders' minimum | At least 120 daysp. 20 | At least 120 daysp. 19 |
| Debt service coverage | 2.50x (FY2025)p. 2Figures for Friends Homes, Inc., provider only (sole member of its own obligated group) — Friends Homes Guilford and Friends Homes West combined. Ratios cover Friends Homes Guilford and Friends Homes West together. The 741 days counts the $12.9M held as the statutory operating reserve (Table 29.2 gives unrestricted cash and investments of $83.7M). Cash and investments alone ($70.7M) cover about 627 days of FY2025 cash operating expenses. | 2.08x (FY2025)p. 2Figures for Brightspire obligated group (The Presbyterian Homes, Inc.: Glenaire, River Landing at Sandy Ridge, Scotia Village). Obligated-group figures, not River Landing alone: FS-1 (p2) and Tables 35.1A-35.3A report the Brightspire obligated group (Glenaire, River Landing at Sandy Ridge, Scotia Village). River Landing alone reported 1,000 days cash on hand, 2.29x debt service coverage and an 18.04% net operating margin (Tables 35.1-35.3, p39-41). FY2025 is a fifteen-month period (Oct 2024-Dec 2025) after a fiscal-year-end change (p7). The $191.7M of unrestricted cash and investments behind the group's 738 days includes the $27.06M statutory operating reserve (Table 29.2, p36); without it roughly 634 days. |
| Independent living occupancy | 99% (2025)p. 22 | 98.59% (2025)p. 21 |
| Net position | $63.6 million (FY2025)p. 51 | $266.5 million (FY2025)p. 50 |
| Whose finances | Friends Homes, Inc. — Friends Homes Guilford and Friends Homes West campuses combined (one audited balance sheet); ratios for Friends Homes, Inc., provider only (sole member of its own obligated group) — Friends Homes Guilford and Friends Homes West combinedp. 51 | The Presbyterian Homes, Inc. dba Brightspire and combined affiliates (Glenaire, River Landing, Scotia Village, Foundation); ratios for Brightspire obligated group (The Presbyterian Homes, Inc.: Glenaire, River Landing at Sandy Ridge, Scotia Village)p. 50 |
| Audit opinion | Unmodified (clean) opinion, Turlington and Company, L.L.P.p. 51 | Unmodified (clean) opinion, Bernard Robinson & Company, L.L.P.p. 50 |
| Nursing care, CMS rating | No CMS record linked | 5 of 5 (CMS overall) |
What care costs later, in each contract
Friends Homes West
Type C (fee for service): A resident moving to assisted living or nursing pays the community's published per diem rate plus ancillary charges, and keeps paying the independent living monthly charge unless and until the unit is surrendered (it must be surrendered on request after 90 days). No days of care are included and no discount is stated.p. 89
River Landing at Sandy Ridge
Type B (modified): 14 grace days a year in the Health Center with no per diem charge (unused days don't carry over), then residents pay 80% of the published per diem rate. A resident may keep the apartment for up to 90 days after the grace days while paying both charges.p. 127