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Nonprofit senior living organization ends fiscal year with “strong financial profile”
GLENDALE, Calif., April 1, 2025 /PRNewswire/ — Front Porch Communities and Services ended its fiscal year on March 31, 2025 after receiving an A rating from Fitch and an A- from Standard & Poor’s. The ratings were based on the audit of Fiscal Year 2024 financials and affirm the ratings provided by the agencies in prior years.
“The rating reflects our view of Front Porch’s strong enterprise position following the fiscal 2022 acquisition of Covia, which solidified it as one of the largest not-for-profit senior living providers in the U.S. with 16 senior living communities, three active adult communities, and 32 affordable housing communities with total revenue of more than $400 million,” Standard & Poor’s reported. “In addition, the consolidation expanded and diversified Front Porch’s footprint into desirable markets, increased scale, and should yield longer-term operational efficiencies as management continues with its strategic assessment and improvement plan.”
The Fitch report, which focuses primarily on Front Porch’s 16 senior living communities, states that “The ‘A’ rating reflects Front Porch’s sound financial performance, solid demand indicators, and diverse and sizable market position since completing its 2022 merger with Covia Communities.”
“The Stable Outlook reflects Fitch’s expectation that Front Porch’s diverse operating profile and solid demand will continue to support sound operating performance and a strong financial profile,” the report continues.
Front Porch Chief Financial Officer Ed Salvador says, “The stability of our ratings over the past number of years is reflective of how we address challenges short-term and long-term and how that fits within Front Porch’s strategy.”
“These are dynamic times,” says Front Porch CEO Sean Kelly. “In the past year we built and activated a strategic plan focusing on evolving culture and leadership; improving quality and performance; and preparing for growth. It’s rewarding to have Fitch and S & P recognize past performance and more so, the value in our plans moving forward.”
About Front Porch Communities and Services
Front Porch is a dynamic nonprofit organization, dedicated to empowering individuals to live connected and fulfilled lives through community and innovation. In support of this vision, Front Porch provides high-quality, accessible and affordable human services through senior living communities, affordable housing communities and other programs and services throughout the United States. Learn more at frontporch.net.
Media Contact: Laura Darling, Vice President of Communications
[email protected]
818-482-7597
SOURCE Front Porch
