{"id":1004182902,"date":"2017-07-05T02:47:46","date_gmt":"2017-07-05T10:47:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004182902"},"modified":"2022-12-08T09:32:36","modified_gmt":"2022-12-08T17:32:36","slug":"ventas-exits-snf-business-with-700m-sale","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ventas-exits-snf-business-with-700m-sale\/","title":{"rendered":"Ventas Exits SNF Business With $700M Sale"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

Ventas Inc. is selling its 36-owned skilled nursing facilities that are currently operated by Kindred Healthcare Inc. for $700 million to an affiliate of Blue Mountain Capital Management LLC, removing itself from the SNF business.<\/p>\n

\"Kindred\"<\/a>

Kindred Healthcare skilled nursing facility<\/p><\/div>\n

\u201cWe are delighted to work with Kindred to position both companies for continued success,\u201d <\/em>Debra Cafaro, Ventas\u2019 chairman & CEO, said in a company release. \u201cWith the sale of 36 skilled nursing assets, we are improving our portfolio and enhancing our ability to deliver reliable growth and income for our shareholders. Upon the expected sale, our skilled nursing rent will be only one percent of our total business.\u201d<\/em><\/p>\n

These actions differentiate the company\u2019s high-quality portfolio of leading properties and continues its long track record of working cooperatively with its customers to provide innovative capital solutions.<\/p>\n

Acquisition yields<\/h2>\n

Ventas said it will use proceeds from the sale to repay debt, helping to strengthen its already strong financial condition and liquidity.<\/p>\n

The acquisition price represents a 7 percent cash yield on current annual cash rent of $50 million and an 8 percent GAAP yield. Once the sale is final, Ventas will record a gain exceeding $600 million.<\/p>\n

Kindred also announced its closing on the sale of the Ventas SNFs will occur in phases, starting in the third quarter of 2017 and completed by the end of the year. Kindred has already agreed that any Ventas SNFs not purchased by Kindred by April 30, 2018 will be automatically renewed until 2025 at the current rent level plus annual escalations.<\/p>\n

Last year, Ventas announced its first move into the life science field<\/a> with an agreement to acquire nearly all the real estate assets of Wexford Science & Technology LLC and its development pipeline for $1.5 billion from affiliates of The Blackstone Group.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company has reaffirmed its decision to sell 36 skilled nursing facilities to an affiliate of Blue Mountain Capital Management.<\/p>\n","protected":false},"author":451,"featured_media":1004182915,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21754,23891,21742],"tags":[36587,36586,36585,33129,34451],"class_list":["post-1004182902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-medical-office","category-national","category-latest","tag-blue-mountain-capital","tag-debra-cafaro","tag-kindred-healthcare","tag-the-blackstone-group","tag-ventas-inc"],"acf":[],"yoast_head":"\nVentas Exits SNF Business With $700M Sale - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ventas-exits-snf-business-with-700m-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ventas Exits SNF Business With $700M Sale\" \/>\n<meta property=\"og:description\" content=\"The company has reaffirmed its decision to sell 36 skilled nursing facilities to an affiliate of Blue Mountain Capital Management.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ventas-exits-snf-business-with-700m-sale\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-07-05T10:47:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T17:32:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/one-of-our-2-280-locations.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"601\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ventas-exits-snf-business-with-700m-sale\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ventas-exits-snf-business-with-700m-sale\/\",\"name\":\"Ventas Exits SNF Business With $700M Sale - 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