Maplewood Senior Living On Firmer Ground One Year After Facing Cash Crunch
Omega Healthcare Investors (NYSE: OHI) executives have reported that Maplewood Senior Living is in a more stable position in 2024, about a year after the operator was facing a “modest liquidity crunch.”
After the operator fell behind on payments last year, Omega restructured its Maplewood portfolio, deferring certain rent escalators and interest payments to give the operator more time to recover.
Leadership noted Maplewood’s expected return to normal rent payments going forward, with plans to meet rent payment targets by the end of this year or some time in 2025, barring any unforeseen circumstances.
In addition to highlighting Maplewood’s progress, Omega management issued forward-looking guidance for the first time since the pandemic began, pointing to increased revenue and adjusted funds from operations.
Maplewood’s latest challenges have eased, with the operator reaching stabilized occupancy levels in most communities and making progress on new projects such as the Inspir Embassy Row in Washington, D.C. Maplewood expects rental rate increases of 7% to 8% in 2024.
Overall, Maplewood Senior Living appears to be on the path to recovery and growth, with positive occupancy trends and new projects contributing to its improved position in the senior living market.
