Kindred, Ventas Agree On Transition Operations For Nine Nursing Centers

(RTTNews) - Kindred Healthcare Inc. (KND) announced it has entered into an agreement with Ventas Inc. (VTR) to transition the operations under the leases for nine non-strategic nursing centers. Each lease will terminate when the operation of the nursing center is transferred to a new operator.

The companies have also reached agreements to modify provisions in the 2007 master leases to make them more consistent with the most recent master lease entered into between the parties, and to reimburse Ventas for certain deferred capital expenditures at healthcare facilities previously transferred to new operators. Kindred will pay an aggregate of $40 million in connection with the agreements in January 2015, which payments are expected to be tax deductible.