...Large Capital Projects: The `BBB' rating incorporates the anticipated impact of an ongoing multiphase borrowing that Lifespace Communities, Inc. (Lifespace) is undertaking to fund its campus redevelopment plan. The plan is expected to result in the issuance of approximately $252 million in new permanent debt, and will culminate with an approximately $138 million borrowing planned for 2021. Fitch Ratings generally views the projects favorably, as ultimately accretive to Lifespace's cash flow; however, the large combined size of the projects exposes Lifespace to execution risk. Manageable Long-Term Liability Profile: Lifespace's pro forma debt burden is elevated, but consistent with the current rating. Following the planned series 2021 issuance, pro forma MADS is expected to represent approximately 12.3% of 2018 revenues (year-end Dec. 31), which, although increased from prior levels, remains consistent with the 'BBB' category median of 12.9%. Lifespace's debt to net available is expected...
