Kindred Eyes Expansion of Louisville Headquarters

Kindred Healthcare, Inc. (NYSE: KND) is planning to expand its corporate headquarters in Louisville, Ky., reports local media outlet The Courier-Journal.

Though Kindred remains mum on the details of the speculated expansion, comments from Louisville Mayor Greg Fischer’s spokesman Chris Poynter confirm that the healthcare provider is currently in talks with city officials to expand its current six-story corporate offices located near a popular retail center in Louisville, notes the article from The Courier-Journal.

Though Kindred officials have yet to respond to comment on the expansion, the move could likely change the face of the surrounding environment, Louisville’s Theater Square.

Last year, Kindred purchased nearly all the property at Theater Square, including property on the south side of the square in September and property on the north side in December, according to Jefferson property valuation office records cited in the article. In total, the purchased property is assessed at approximately $3.3. million.

Additionally, Kindred also purchased a building that is currently vacant on Theater Square’s west side, adjacent to its headquarters, from FMEE Properties in December.

One of the nation’s leading providers of home health, hospice and post-acute care, Kindred through its subsidiaries provides services in 2,353 locations as of the second quarter ended June 30, 2014.

During the quarter, Kindred reported revenues of $1.3 billion, a 7% increase compared to $1.2 billion collected in the same period last year, according to the company’s second quarter earnings results.

Despite the revenue jump, the company reported a net income loss of $35.8 million, or $0.67 per diluted share, during the quarter. A year ago, the company posted a net income loss of $27.8 million, or $0.52 per diluted share.

Throughout much of the quarter, Kindred has unsuccessfully tried to acquire competitor Gentiva Health Services, Inc. (NASDAQ: GTIV). After seeing its initial, and several subsequent, offers rebuffed by the company several times, in July Kindred reiterated its most recent bid to purchase Gentiva for a price of $17.25 per share in cash.

Though a decision has yet to be reached, Gentiva has announced that it is reviewing Kindred’s offer, as well as that of an unnamed third-party.

As of June 30, Kindred’s service offerings include 153 Kindred at Home hospice, home health and non-medical home care locations, 104 inpatient rehabilitation units, 98 nursing centers, 97 transitional care hospitals, 21 sub-acute care units, five inpatient rehabilitation hospitals and a contract rehabilitation services business known as RehabCare, which served 1,875 non-affiliated facilities.

Read more at The Courier-Journal.

Written by Jason Oliva

Jason Oliva

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