Kindred Healthcare, Louisville, Ky., said five national appraisal firms concluded that the company's current annual rent payments on properties leased from real estate investment trust Ventas are about $95 million too high. In May, Ventas, also based in Louisville, proposed a $111 million increase in annual base rent payments from Kindred for 39 long-term acute-care hospitals and 186 nursing homes. Kindred said its third-party appraisers inspected each facility. Final appraisals, by firms jointly selected by Kindred and Ventas, are expected by early October. "While we cannot assume that the final appraisers will take into account our presentation, we believe that this information should be critical to the determination of fair-market rentals," Kindred Chief Executive Officer Paul Diaz said in a release. Meanwhile, Ventas CEO Debra Cafaro said in a news release it was "preposterous" to suggest current rates are above market.
Kindred says current rents to Ventas are too high
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