Ventas to sell 36 nursing facilities to Kindred Healthcare for $700 million
Ventas Inc. announced Monday a deal to sell 36 skilled nursing facilities it owns, and operated by Kindred Healthcare Inc. , to Kindred for $700 million. The deal is part of Kindred's previously announced plan to exit its skilled nursing facilities (SNF) business, or renew the current lease on all unpurchased SNFs through 2025 at current rent levels. For the SNFs Kindred operates but doesn't buy from Ventas by April 30, 2018, the leases will be automatically renewed at current rates. Ventas will record a gain of over $600 million if the deal is completed, but there is no assurance of when the deal will close, if it closes. Neither stock was active in premarket trade. Year to date, Kindred's stock has tumbled 45%, Ventas shares have gained 4.1%, the SPDR Health Care Select Sector ETF has slipped 2.1% and the S&P 500 has tacked on 5.9%.
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