Sparks flew between Kindred Healthcare, Louisville, Ky., and its chief landlord, Ventas. The spat started when Kindred entered into a nonbinding letter of intent, announced today, to transfer its Florida operations to Senior Health Management, Clearwater, Fla., as part of a strategy to limit liability exposure. Under terms of the deal, SHM would sublease 16 of Kindred's 18 Florida facilities for an initial term of five years and lease, with an option to buy, the remaining two facilities. Ventas owns 15 of the facilities and has told Kindred it would "object to the transaction unless it receives a substantial and material consent fee and other lease concessions," Kindred said. The nursing home company called the demand "improper" and said it believes it can sublease 12 of the facilities without Ventas' consent and that consent "cannot be unreasonably withheld on the remaining" facilities. The company said it would "seek appropriate legal remedies" should Ventas "improperly interfere" with the deal. -- by Julie Piotrowski
Kindred, landlord Ventas fight over Fla. plan
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