It’s getting so you can’t tell the players without a program. On February 18, Kindred Healthcare Inc. (NYSE: KND) and Select Medical Holdings Corporation (NYSE: SEM) announced they were trading nine long-term acute care (LTAC) hospitals in various markets.
Kindred got the larger part of the trade, acquiring the operations of five of Select Medical’s LTACs for a total of 233 beds. They are located in Indianapolis, Indiana; San Antonio, Texas; Houston, Texas; Denver, Colorado; and Colorado Springs, Colorado. The hospital in Houston occupies the sixth and seventh floors of the Houston Medical Center.
Select Medical took on four of Kindred’s LTACs with a combined total of 287 beds. One hospital in Cleveland, Ohio is fully owned by Kindred (108 beds), while the three others, in Atlanta, Cleveleand and Mishawaka, Indiana, are all leased. As part of this exchange, Kindred will pay approximately $800,000 in additional cash to Select.