Kindred Closes $22 Million Purchase of Nursing Real Estate
Kindred Healthcare, Inc. (NYSE:KND) continues to grow its strategic Integrated Care Markets with the closing Wednesday of a previously announced acquisition of real estate associated with two nursing centers for $22 million.
The acquisition derives from the two nursing centers Kindred currently leases from HCP, Inc. (NYSE:HCP), a healthcare-focused real estate investment trust, and its affiliates.
Kindred previously announced that it had acquired the real estate associated with seven nursing centers that it had leased from HCP for approximately $61 million.
The completed acquisition of the real estate associated with the two nursing centers will help Kindred further grow its strategy surrounding its Integrated Care Markets—local healthcare markets that offer a range of various healthcare services the company provides in settings such as home health, skilled nursing and short-term rehabilitation, among others.
“We are pleased to complete this transaction with HCP, which will improve our capital structure as we move toward the growth phase of our strategic plan,” said Kindred CEO Paul J. Diaz. “Owning theses facilities improves our financial position but also gives us more flexibility with regard to strategic operating decisions and Integrated Care Market opportunities.”
A Fortune-500 company, Kindred is headquartered in Louisville, Kentucky.
As of September 30, 2013, Kindred through its subsidiaries provided healthcare services in 2,146 locations, which include 102 nursing centers, 105 Kindred at Home hospice, home health and non-mdeical home care locations.
The company also operates through transitional care and rehabilitation hospitals, sub-acute units and inpatient rehabilitation facilities.
Written by Jason Oliva