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Kindred Closes on First Phase of SNF Exit

The healthcare operator's sale to a BlueMuntain Capital joint venture, including facilities leased from Ventas, will “focus our attention to our higher margin and faster growing businesses,” says CEO Benjamin A. Breier.

By Paul Bubny | paulbubny | Updated on September 01, 2017

Photo of Benjamin A. Breier “Exiting the skilled nursing facility business, in its entirety, has been a long-stated goal of our enterprise,” Breier said in June.

LOUISVILLE, KY—Kindred Healthcare Inc. said Thursday evening it had closed on the first tranche of the sale of its skilled nursing business to a joint venture led by affiliates of BlueMountain Capital Management. The sale of 54 skilled nursing facilities, including 22 leased from Ventas Inc., brought sale proceeds of about $519 million, and Kindred paid $488 million to Ventas for those 22 properties.

In all, the $910-million sale to the BlueMountain group, first announced this past June, encompasses 89 nursing centers and seven assisted living facilities, including 36 leased from Ventas. Kindred has agreed to pay Ventas a total of $700 million for the real estate it has leased from the Chicago-based healthcare REIT.

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