LIFESPACE COMMUNITIES Case Study (May 2026)

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HJ Sims Executes Back-to-Back
Financings for Lifespace
Communities, Inc.

$137,850,000 | MULTIPLE LOCATIONS | MAY 2026

“HJ Sims brought exactly the right combination of market expertise, thoughtful structuring, and execution discipline to our 2026 financings. Managing two distinct transactions in close succession—each with its own complexity— required a partner who understood our strategy and could ensure strategic alignment with investors. Sims delivered on both counts, helping us advance our growth agenda while protecting our balance sheet.” -Amy Wilson, Chief Financial Officer

Partnered Right®

Lifespace Communities, Inc. (“Lifespace”) is a nonprofit senior living organization that owns and operates life plan communities across the United States, offering independent living, assisted living, memory support, and skilled nursing services. Guided by a mission centered on longterm stewardship and resident wellbeing, Lifespace pursues a disciplined capital strategy focused on reinvestment, campus repositioning, and selective expansion across its portfolio. HJ Sims began working with Lifespace in 2021 and took over as senior bookrunner in 2023. In 2026, Lifespace required execution on two distinct financing needs, each serving a fundamentally different purpose. In April, the organization sought long-term capital to fund capital improvements across its nationwide communities and to advance strategic expansion at The Waterford campus (the “Series 2026 Financing”). Shortly thereafter, in May, Lifespace faced a mandatory tender on its outstanding 2021B bonds, requiring a successful remarketing to ensure financing continuity (the “Series 2021B Remarketing”). While the transactions addressed unrelated objectives, both required careful coordination to preserve liquidity, maintain investor confidence, and support Lifespace’s broader balance sheet strategy.

Structured Right®

The Series 2026 Financing was a multi-series transaction totaling $137.85 million. Of this total, $17.67M of Tax-Exempt Series A Bonds issued through Iowa Finance Authority were used to fund capital expenditures at Lifespace’s non-Florida properties, including reimbursement for costs previously incurred. The remaining $120.18M consisted of Tax
Exempt Series B Bonds and Tax-Exempt Series C bank-placed draw-down bonds issued through Palm Beach County Health Facilities Authority. Proceeds from the Series B and
Series C bonds were primarily used to fund construction at The Waterford community, with debt service on the Series C bonds to be repaid from first-generation entrance fee proceeds. This expansion of The Waterford campus included the construction of a new 39-unit independent living building and a new three-story healthcare wing, completing
the continuum of care at the community. This structure allowed Lifespace to efficiently align financing sources with project timing while preserving liquidity during construction.

Separately, in the Series 2021B Remarketing, HJ Sims structured the remarketing of Lifespace’s outstanding $30.0 million Series 2021B bonds ahead of a mandatory tender. Given significant volatility in short-term interest rates, which were reflected in SOFR futures curve, HJ Sims recommended converting the bonds from a floating rate structure to a fixed rate structure with a 5-year reset term, prioritizing certainty with respect to debt service for the subsequent term.

Executed Right®

HJ Sims sequenced market activity across both transactions to prioritize investor focus on the larger, new money Series 2026 Financing and ensure its execution. The subsequent
Series 2021B Remarketing benefited from this approach, building on recent investor engagement, up-to-date disclosure, and market feedback to efficiently complete the transaction. For the Series 2026 financing, HJ Sims coordinated a multi-state offering that required alignment across issuing authorities, banking partners, and internal stakeholders, while clearly communicating Lifespace’s long-term reinvestment and growth strategy to the market. In parallel, HJ Sims worked closely with Fitch Ratings throughout the credit review process, coordinating management presentations and supporting analytical diligence that helped Lifespace maintain its investment-grade credit
rating with a Stable outlook.

Financed Right®

Through the successful completion of the two financings, HJ Sims enabled Lifespace to advance critical strategic initiatives while maintaining financial stability and market
access. The transactions addressed both growth oriented investment needs and near term capital management requirements without disruption to operations or liquidity. HJ Sims’ coordinated approach allowed Lifespace to pursue multiple priorities while preserving balance sheet flexibility and investor confidence.

Key outcomes for Lifespace included:

  • Funded capital improvements across Lifespace’s nationwide senior living portfolio, supporting reinvestment and community repositioning
  • Provided flexible financing for the expansion of The Waterford campus, aligning debt service with entrance fee generation
  • Successfully remarketed $30.0 million of outstanding bonds ahead of a mandatory tender, avoiding a potential default or liquidity event
  • Coordinated the Fitch Ratings process, helping Lifespace maintain its investment-grade credit rating with a Stable outlook
  • Maintained uninterrupted access to the capital markets while executing two distinct transactions in close succession

Aaron Rulnick

(301) 424-9135

Lynn Daly

(312) 505-5688

Nick Roberts

(469) 371-3946

Justice Onyeugo

Justice Onyeugo

(214) 252-8228

For more information, please contact:

Sean Golden

214.252.8231

Testimonials may not be representative of the experience of other clients. Past performance is no guarantee of future results