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Givens Estates and Givens Highland Farms compared
Two North Carolina communities about 12 miles apart, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | Givens Estates | Givens Highland Farms |
|---|---|---|
| Location | Asheville, NC | Black Mountain, NC |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type C (fee for service) | Type C (fee for service), Rental |
| Entrance fee, one person | $151,809 to $1,508,902p. 30p. 31 | $211,420 to $1,473,750p. 29 |
| Monthly fee, independent living | $2,859 to $5,765p. 29 | $3,826 to $5,512p. 27 |
| Refund plans | Declining Balance (0% Refundable); 50% Refundable; 90% Refundable; Range across refund plans (plan not specified)p. 173p. 30 | Declining Balance (0% Refundable); 50% Refundable; 90% Refundable; 75% Refundable (initial Cottages contracts); Range across refund plans (plan not specified)p. 32p. 29 |
| Highest guaranteed refund | 90% of the feep. 173p. 30 | 90% of the feep. 32p. 29 |
| When a refund is paid | When your unit is re-occupied or after 24 months, whichever is firstp. 173p. 30 | When your unit is re-occupied or after 24 months, whichever is firstp. 32p. 29 |
| Days cash on hand | 985 days (FY2025)p. 2Debt service coverage fell to 0.53x in 2025, which the statement attributes to cash transfers made to acquire Givens Aldersgate (it was 4.4x in 2024). The 985 days does not match Section 29, which gives $63.0M of unrestricted cash and investments (about 555 days). On the Estates balance sheet it reconciles only by counting $9.6M of Special Use Funds investments (the column holding donor-restricted net assets) and $4.1M of assets limited as to use alongside cash and operating-fund investments ($111.9M, about 985 days). Cash ($10.0M) and operating-fund investments ($88.2M) alone, $98.2M, cover about 865 days of 2025 cash operating expenses ($47.76M less $6.29M depreciation). | 259 days (FY2025)p. 47Figures for Givens Highland Farms (provider only). The reported 259 days counts the $5.7M of investments restricted for the statutory operating reserve: Highland's balance-sheet cash ($11.85M), investments ($0.59M) and reserve investments ($5.70M) over FY2025 cash operating expenses come to about 259 days; cash and unrestricted investments alone ($12.44M) cover about 178 days. Section 29 instead cites $6.3M of unrestricted cash and investments (about 99 days of projected costs). DSCR 8.26x is lifted by initial entrance fees on new self-financed apartments (p49). The obligated group (Givens Estates, Highland Farms, Gerber Park II) reports 699 days and 3.43x (p48, p50). |
| Its lenders' minimum | Not disclosed in the 2026 filing | Not disclosed in the 2026 filing |
| Debt service coverage | 0.53x (FY2025)p. 2Debt service coverage fell to 0.53x in 2025, which the statement attributes to cash transfers made to acquire Givens Aldersgate (it was 4.4x in 2024). The 985 days does not match Section 29, which gives $63.0M of unrestricted cash and investments (about 555 days). On the Estates balance sheet it reconciles only by counting $9.6M of Special Use Funds investments (the column holding donor-restricted net assets) and $4.1M of assets limited as to use alongside cash and operating-fund investments ($111.9M, about 985 days). Cash ($10.0M) and operating-fund investments ($88.2M) alone, $98.2M, cover about 865 days of 2025 cash operating expenses ($47.76M less $6.29M depreciation). | 8.26x (FY2025)p. 47Figures for Givens Highland Farms (provider only). The reported 259 days counts the $5.7M of investments restricted for the statutory operating reserve: Highland's balance-sheet cash ($11.85M), investments ($0.59M) and reserve investments ($5.70M) over FY2025 cash operating expenses come to about 259 days; cash and unrestricted investments alone ($12.44M) cover about 178 days. Section 29 instead cites $6.3M of unrestricted cash and investments (about 99 days of projected costs). DSCR 8.26x is lifted by initial entrance fees on new self-financed apartments (p49). The obligated group (Givens Estates, Highland Farms, Gerber Park II) reports 699 days and 3.43x (p48, p50). |
| Independent living occupancy | 97.64% (2025)p. 23 | 97.93% (2025)p. 21 |
| Net position | $133.3 million (FY2025)p. 89 | −$12.7 million (FY2025)p. 87 |
| Whose finances | Givens Estates, Inc. (Estates columns of the audited consolidating balance sheet); ratios for Givens Estates, Inc. (provider only)p. 89 | Givens Highland Farms, LLC (Highland column of The Givens Estates, Inc. consolidating balance sheet); ratios for Givens Highland Farms (provider only)p. 87 |
| Audit opinion | Unmodified (clean) opinion, Forvis Mazars, LLPp. 89 | Unmodified (clean) opinion, Forvis Mazars, LLPp. 87 |
| Nursing care, CMS rating | 5 of 5 (CMS overall) | 5 of 5 (CMS overall) |
What care costs later, in each contract
Givens Estates
Type C (fee for service): Assisted living and nursing are fee-for-service: a resident who moves permanently gives up the residence and pays the published per diem rate instead of the monthly fee, plus ancillaries and any Level of Care Fee; a temporary stay adds the per diem to the monthly fee. Per diem health center fees are also deducted from any entrance fee refund.p. 165
Givens Highland Farms
Type C (fee for service): Health care is fee-for-service at the published per diem rate, with no included days or discount; residents have priority access to the health care residences before non-residents, on a space-available basis.p. 163