Kindred and its subsidiary RehabCare provides services in 2,200 locations in 46 states. It is unclear where the Ventas-owned properties are located. Spokespeople from both companies did not return calls for comment.

Kindred technically has until April 30 to renew leases on 56 of the assets, and until July 2012 for the eight additional assets. However, in his firm’s statement, Kindred president and CEO Paul Diaz said the properties are no longer a fit for the company’s strategy of higher acuity, transitional care. The majority of the Ventas sites, he said, are outside of the firm’s preferred markets, and are predominantly chronic care and Medicaid dependent.

“Given the current reimbursement environment, particularly around nursing centers, we believe that our capital investments and management efforts are best focused in other areas of growth including home health, acute rehabilitation units, newer owned LTAC and inpatient rehabilitation hospitals, as well as investments in new integrated care models,” Diaz said. “In addition, we believe that, over time, these divestitures will substantially improve our capital structure by reducing our lease obligations and related leverage and the earnings leakage associated with rent escalators.”