Ventas records gain of more than $35 million on sale of non-performing facilities

Ventas Inc. has sold six underperforming skilled nursing facilities to its tenant, Kindred Healthcare Inc., for a total cash consideration of $58 million. The transaction includes a $55.7 million purchase price and a $2.3 million lease termination fee. The deal was announced July 1.

Chicago-based Ventas expects to record a gain of more than $35 million from the property sales transaction in the second quarter. The gain will be excluded from funds from operations.

The six skilled nursing facilities contain 777 beds, equating to a total consideration of approximately $74,600 per bed. Current annual rent on the six facilities is approximately $5.8 million.