Kindred Healthcare To Drop 64 Ventas Leases

CHICAGO-Louisville, KY-based Kindred Healthcare Inc. has announced that it will not renew its leases on 64 properties owned by locally based Ventas Inc. Kindred, which Thursday announced a fourth quarter loss of $71.8 million, said in a statement that the leases no longer fit within the company’s strategic plan.

Kindred leases 89 properties from Ventas, including 73 nursing and rehabilitation centers and 16 long-term acute care hospitals, through 10 master lease bundles. Kindred said Thursday that it will renew three of the bundles containing 19 nursing and rehab centers and six of the hospitals, which generated annual rent for Ventas of about $46 million. Kindred said it does not intend to renew the other leases, which generated about $77 million in rent.