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Kindred to Exit SNF with BlueMountain Sale

The deal entails acquiring 36 Kindred-leased skilled nursing facilities from Ventas, bringing the healthcare REIT's exposure down to 1% of its total business.

By Paul Bubny | Updated on July 03, 2017

Ventas CEO Debra Cafaro With the upcoming sale to Kindred, “we are improving our portfolio and enhancing our ability to deliver reliable growth and income for our shareholders,” Cafaro says.

LOUISVILLE, KY—Kindred Healthcare Inc. said Friday it would sell its skilled nursing facility business to a joint venture led by affiliates of BlueMountain Capital Management for $700 million in cash. Included in the sale are 36 SNFs in the portfolio of Ventas Inc. that are leased to Kindred and which it will buy from the Chicago-based healthcare REIT. Kindred’s intention to buy the properties from Ventas was originally announced this past November.

“Exiting the skilled nursing facility business, in its entirety, has been a long-stated goal of our enterprise,” says Benjamin A. Breier, president and CEO of Kindred. “After more than two decades of nursing center operations, this announcement clears the way to closing that chapter of Kindred’s story, and turning the page to the future of integrated post-acute care.”

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