...Strong Demand in Good Location: After a campus repositioning project completed in 2015 that included 75 new independent living units (ILU), total occupancy has strengthened each year and is at healthy levels. In addition to attractive facilities and services, Vinson Hall's location in a desirable residential area with easy access to Washington, D.C., good demographics, and a healthy real estate market support demand. Strengthened Financial Profile: Vinson Hall enjoys a long history of successful financial performance and improving balance sheet metrics after the campus repositioning project was completed and temporary debt was repaid. The operating ratio has been favorably below 98% during the past five years and the net operating margin averaged a healthy 11.3% from 2013¡2017. Moderately High But Improved Long-Term Liability Profile: As a result of the additional long-term debt assumed for the campus repositioning project, Vinson Hall's debt position is moderately high. Maximum annual...
