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The Chesapeake and Warwick Forest compared
Two Virginia communities about 5 miles apart, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | The Chesapeake | Warwick Forest |
|---|---|---|
| Location | Newport News, VA | Newport News, VA |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2025 statement, fiscal 2024 financesPDF |
| Contract types | Type A (life care), Type B (modified) | Type B (modified), Type C (fee for service) |
| Entrance fee, one person | $149,000 to $855,000p. 15p. 17 | $148,328 to $377,659p. 127 |
| Monthly fee, independent living | $3,520 to $6,751p. 15p. 17 | $3,388 to $4,486p. 127 |
| Refund plans | Standard Refundable; 90% Refundablep. 89p. 65 | BASE Plan (Declining Refund); Plan 90; Plan 50p. 45p. 46 |
| Highest guaranteed refund | 90% of the feep. 89p. 65 | 90% of the feep. 45p. 46 |
| When a refund is paid | When your unit is re-occupied and the new resident has paidp. 89p. 65 | When your unit is re-occupied and the new resident has paidp. 45p. 46 |
| Days cash on hand | 266 days (FY2025, interim)p. 100Figures for LifeSpire of Virginia Obligated Group. | 609 days (FY2024, calculated)p. 40Figures for Warwick Forest division. Computed by us from Riverside Health's divisional schedule (p176-178): Warwick Forest's $26.0M of investments and $1K cash over cash operating expenses. The same column shows a net $14.9M due to Riverside affiliates; net of that, cash and investments cover about 260 days. |
| Its lenders' minimum | At least 120 daysp. 25 | Not disclosed in the 2025 filing |
| Debt service coverage | 2.31x (FY2025, interim)p. 100Figures for LifeSpire of Virginia Obligated Group. | Not disclosed in the 2025 filingFigures for Warwick Forest division. Computed by us from Riverside Health's divisional schedule (p176-178): Warwick Forest's $26.0M of investments and $1K cash over cash operating expenses. The same column shows a net $14.9M due to Riverside affiliates; net of that, cash and investments cover about 260 days. |
| Independent living occupancy | 96.8% (2025)p. 24 | 93% (2024)p. 40 |
| Net position | −$7.9 million (FY2025)p. 100 | $14.6 million (FY2024)p. 40 |
| Whose finances | Virginia Baptist Homes, Inc. dba LifeSpire of Virginia and Subsidiaries (consolidated); ratios for LifeSpire of Virginia Obligated Groupp. 100 | Warwick Forest (division of Riverside Retirement Services, Inc.; supplementary consolidating schedule in Riverside Health's audit); ratios for Warwick Forest divisionp. 40 |
| Audit opinion | Unmodified (clean) opinion, CliftonLarsonAllen LLPp. 100 | Unmodified (clean) opinion, KPMG LLPp. 40 |
| Nursing care, CMS rating | 3 of 5 (CMS overall) | 2 of 5 (CMS overall) |
What care costs later, in each contract
The Chesapeake
Type A (life care): Life-Care residents keep paying their independent-living monthly fee in assisted living, memory care or the Health Care Center, plus two extra meals a day and ancillary charges. If the Health Care Center is full, residents get priority admittance when a bed opens.p. 82
Type B (modified): Fee for Service residents pay the published daily rate for assisted living, memory support and the Health Care Center, less 10%. If the Health Care Center is full, residents get priority admittance when a bed opens.p. 15
Warwick Forest
Type B (modified): LifeCare residents get 10 free days of assisted living or nursing over the life of the contract, then pay a flat monthly Health Services Resident Rate ($4,282 in 2025) that the agreement calls a discounted rate; during temporary stays they also keep paying their apartment's monthly fee.p. 50
Type C (fee for service): LifePlan residents have priority access to assisted living and the nursing center but pay the published daily market rates. The market rates are not stated in the document.p. 89