Peconic Landing brings 20 years of financial stability to the table
When it comes to retirement communities, people often talk about the peace of mind that comes from having support readily available as they age. But, there is another type of peace of mind that should come with home ownership in a retirement community – financial security and stability. For 20 years, Peconic Landing has provided for and supported members living on the North Fork of Long Island. Through a strong Fitch investment grade rating and accreditation from agencies like Commission on Accreditation of Rehabilitation Facilities (CARF), Peconic Landing has a proven track record of being financially stable and best in class in New York.
Exclusive Equity-Based Model
The first and only equity-based continuing care retirement community (CCRC) model in New York State, Peconic Landing offers a cooperative agreement giving members the advantages of home ownership in an exclusive, high-value community without the financial burden of upkeep and home maintenance. The option of a lifecare contract with home ownership provides a safety net protecting members from the rising cost of long-term care as well as providing asset protection. Peconic Landing’s unique equity component offers the possibility for members to retain the tax benefits of homeownership and earn appreciation, while securing a legacy for loved ones.
As New York State’s only equity-based model, Peconic Landing is the most heavily regulated CCRC statewide. This oversight helps contribute to the community’s strong fiscal standing and premier quality of care.
Proven Fiscal Responsibility
Peconic Landing is proud to be one of six CCRCs in New York State to have earned a distinction from the Fitch Rating Agency (https://www.fitchratings.com/). Fitch is a nationally recognized statistical rating organization that publishes credit ratings using forward-looking analyses on the relative ability of an entity to meet financial commitments. Holding a Fitch rating helps the organization with financial investments geared towards strategic growth for the future. A proven asset, the rating helped Peconic Landing to receive a favorable interest rate on bonds issued for the community’s most recent expansion in 2016.
Based on Peconic Landing’s continued high level of occupancy and strong financial performance, Peconic Landing maintains a stable BBB- investment grade rating. In a recent report from January 2023, Fitch reaffirmed Peconic Landing’s rating and found Peconic Landing to be stable and moving forward in a positive direction.
Fitch’s findings included the community’s favorable location, strong census, large and attractive campus on the North Fork of eastern Long Island, and solid local area demographics. The credit agency also noted Peconic Landing’s steady underlying operations and strong revenue defensibility, predicting through scenario analysis that the community’s key leverage and coverage metrics will remain consistent.
Fitch’s baseline scenario, which is a reasonable forward look of financial performance over the next five years given current economic expectations, shows Peconic Landing maintaining financial metrics consistent with the current rating and with historical levels of performance.
Peconic Landing also has the distinction of being the only internationally-accredited CCRC on Long Island, recently earning its third five-year accreditation from the Continuing Care Accreditation Commission (CCAC) and Commission on Accreditation of Rehabilitation Facilities (CARF). CARF is the nation’s first and only accreditation system for CCRCs and represents a commitment to quality programs and services – much like earning a Good Housekeeping Seal of Approval. Having this accreditation means that Peconic Landing conforms to proven business practices, fiscal integrity, employee training, information management and continuous quality improvement.
To remain accredited by CARF, Peconic Landing submits annual financial audit reports for review of margin/profitability ratios, liquidity ratios, and capital structure ratios. The CARF standards also encourage regular review of financial performance, profitability, cash management, and investments. As a CARF-accredited organization, Peconic Landing strives to be financially responsible and solvent, conducting fiscal management in a manner that supports its mission, values, and annual performance objectives. Fiscal practices adhere to established accounting principles and business practices, and fiscal management covers daily operational cost management and incorporates plans for long-term solvency. Accredited organizations like Peconic Landing are better prepared because they have applied standards that address:
- Quality of care and services.
- The roles and responsibilities of an organization’s leadership.
- Strategic planning.
- Financial planning and management, including long-range planning.
- Outcomes measurement.
- Effective management practices.
- Formalized risk management programs.
“Each department at Peconic Landing strives professionally to be the best they can be,’ explained Robert J. Syron, President and CEO of Peconic Landing. “Our members and team members appreciate the financial security that comes from these additional accreditations and certifications.”
For more information on Peconic Landing’s Fitch rating or accreditations, contact our team of Retirement Counselors at 631-613-8680.