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LOUISVILLE, KY-Ventas Inc., a locally based healthcare REIT, has completed the sale of 10 of its under performing facilities to their lessee, publicly traded Kindred Healthcare Inc., a local public company that provides long-term healthcare services. The sale price was $85 million, including a $6-million lease termination fee.

The assets Ventas sold to Kindred are: two hospitals, located in Minnesota and Michigan, and eight skilled nursing facilities located in Kentucky, Massachusetts, Connecticut and Wisconsin. The hospitals contain 332 beds and the eight skilled nursing facilities contain 1,080 beds.

Ventas says it has sold 23 facilities to Kindred in 2003. On this latest sale, Ventas says it expects to record a gain of approximately $54 million, not including the lease termination fee.

Kindred says is targeting June 30, 2004 as the deadline for disposing of all the newly acquired assets. The company expects to generate between $30 million and $40 million in proceeds from the sales.

Kindred says it expects to record a loss on the sales. For the nine months ended Sept. 30, 2003, the properties generated pretax losses of approximately $15 million.

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