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Glenaire and Searstone Retirement Community compared
Two North Carolina communities about 3 miles apart, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | Glenaire | Searstone Retirement Community |
|---|---|---|
| Location | Cary, NC | Cary, NC |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type B (modified) | Type A (life care) |
| Entrance fee, one person | $87,000 to $1,025,000p. 25p. 26 | $509,000 to $1,224,000p. 22 |
| Monthly fee, independent living | $3,309 to $6,901p. 23p. 24 | $4,240 to $9,500p. 20 |
| Refund plans | Standard; 50% Refundable; 90% Refundable; Range across refund plans (plan not specified)p. 27p. 25 | 100% Refundable Contractp. 24 |
| Highest guaranteed refund | 90% of the feep. 27p. 25 | Not disclosed in the 2026 filing |
| When a refund is paid | When your unit is re-occupied and the new resident has paidp. 27p. 25 | When your unit is re-occupied and the new resident has paidp. 24 |
| Days cash on hand | 267 days (FY2025, interim)p. 40Figures for Glenaire, Inc. (community only). Unaudited, and FY2025 is a 15-month period (Oct 2024-Dec 2025) after a fiscal-year-end change. The 267 days appears to count Glenaire's $11.6M statutory operating reserve: its cash ($3.4M) and investments ($16.3M) alone are about 168 days of cash operating expenses (p69, p71). The Brightspire obligated group reports 725 days and 1.87x (p40, p42). | 553 days (FY2025)p. 35The provider says the FY2025 coverage of 2.45x is high because only Phase I debt service is included in the calculation; it projects 1.48x for 2026 (p36). Days cash: unrestricted cash ($2.6M) and short-term investments ($36.3M) = $38.9M (p45, p31); against FY2025 total expenses less depreciation and amortisation ($30.1M, p46) that is about 473 days, below the reported 553, which the document does not show the working for. |
| Its lenders' minimum | At least 120 daysp. 19 | Not disclosed in the 2026 filing |
| Debt service coverage | 1.44x (FY2025, interim)p. 40Figures for Glenaire, Inc. (community only). Unaudited, and FY2025 is a 15-month period (Oct 2024-Dec 2025) after a fiscal-year-end change. The 267 days appears to count Glenaire's $11.6M statutory operating reserve: its cash ($3.4M) and investments ($16.3M) alone are about 168 days of cash operating expenses (p69, p71). The Brightspire obligated group reports 725 days and 1.87x (p40, p42). | 2.45x (FY2025)p. 35The provider says the FY2025 coverage of 2.45x is high because only Phase I debt service is included in the calculation; it projects 1.48x for 2026 (p36). Days cash: unrestricted cash ($2.6M) and short-term investments ($36.3M) = $38.9M (p45, p31); against FY2025 total expenses less depreciation and amortisation ($30.1M, p46) that is about 473 days, below the reported 553, which the document does not show the working for. |
| Independent living occupancy | 97.36% (2025)p. 21 | 97.6% (2025)p. 18 |
| Net position | $72.8 million (FY2025)p. 70 | −$103.3 million (FY2025)p. 45 |
| Whose finances | Glenaire, Inc. (Glenaire column of the Presbyterian Homes combining statement); ratios for Glenaire, Inc. (community only)p. 70 | Samaritan Housing Foundation, Inc.; ratios for Samaritan Housing Foundation, Inc. (provider only)p. 45 |
| Audit opinion | Not disclosed in the 2026 filing | Unmodified (clean) opinion, Forvis Mazars, LLPp. 45 |
| Nursing care, CMS rating | 5 of 5 (CMS overall) | No CMS record linked |
What care costs later, in each contract
Glenaire
Type B (modified): 14 grace days a year with no per diem (unused days do not carry over), then nursing care at 80% of the published daily rate. The apartment must be surrendered on request 90 days after the grace days run out.p. 189
Searstone Retirement Community
Type A (life care): Assisted living, memory care and skilled nursing in Brittany Place cost the same monthly fee as the resident's last independent living unit, plus an $800 a month dining fee per person and ancillaries such as drugs and therapy. For comparison, legacy fee-for-service contracts (no longer offered) pay $280 a day assisted, $292 memory care and $530 skilled nursing. If Brittany Place is full, the contract provides temporary home care or an offsite nursing bed at the provider's expense.p. 21