Kindred sues Ventas in rent flap
Nursing home chain Kindred Healthcare Inc. has sued its main landlord, Ventas Inc., in New York State Supreme Court in an increasingly messy scrap over proposed rent increases.Ventas demanded that Kindred produce market appraisals it has for the 225 facilities Ventas rents to Kindred. The latter is seeking injunctive relief. Kindred has balked over proposed rent increases of 54% ($111 million annually).
"We are baffled by Kindred's actions," Ventas Chairman and CEO Debra A. Cafaro said. "There is no provision in the master leases (and Kindred does not refer to one) that would preclude Ventas's right to receive these reports."
The New York State Supreme Court agreed to hear the motion for preliminary injunction on June 29. Ten days before, the companies had stipulated to pause their legal pursuits until after the hearing.