Ziegler Credit Surveillance (ZCS) is pleased to present this annual study of 19 financial ratio median and quartile values we deem important for analyzing the credit quality of not-for-profit Continuing Care Retirement Communities (CCRCs). These ratios address profitability, liquidity, cash flow, and capital structure.

The medians and quartiles discussed in this report are based on the fiscal year-ended 2025 audits of 166 not-for-profit CCRC borrower entities. Most of these borrowers have Ziegler underwritten debt outstanding, but we also include any others that we monitor. Of the 166 borrowers, 68 had debt rated in the investment grade categories, while 98 had non-rated debt or debt rated in non-investment grade rating categories. Fifty two multi-site and 114 single-site borrowers were included. The sample changes yearly due to a combination of new Ziegler clients, borrowers starting or completing expansion projects, borrowers exiting or entering the public debt market, borrowers defaulting on their debt, and efforts to include non-Ziegler borrowers; this year the sample increased by 25.