Kindred Healthcare, Inc. ("Kindred")(NYSE:KND) recently announced the acquisition of a nursing, rehabilitation and assisted living facility in the Cleveland, Ohio market and the opening of a new freestanding long-term acute care ("LTAC") hospital in the Houston, Texas market.
Kindred has acquired Stratford Commons in Glenwillow, Ohio, which operates 105 nursing and rehabilitation center beds and 136 assisted living beds and offers skilled nursing, rehabilitation and assisted living services including private suites for short-term post-acute rehabilitation stays. Terms of the transaction were not disclosed. As part of the transaction, Kindred has has begun renovations and is expanding the rehabilitation department as part of its plans to convert Stratford Commons into a Transitional Care Center ("TCC"), specializing in intensive short-term rehabilitation therapy.
Additionally, Kindred announced it has opened a new freestanding 74-bed LTAC hospital in the Houston market. The new Kindred Hospital Bay Area will feature all private rooms, a 12-bed intensive care unit, and a large procedure/treatment room.
Kindred also announced that it has completed groundbreaking for its previously announced 120-bed TCC (licensed for skilled nursing care) in Westfield, Indiana, north of Indianapolis and anticipates opening the facility in the first quarter of 2011.
"We continue to make great progress on our goal to develop and acquire high quality, cost-effective post-acute service sites in the cluster markets we believe can benefit from the continuum of post-acute care services and clinical expertise provided by Kindred Healthcare," said Paul J. Diaz, President and Chief Executive Officer of the Company. "These projects are an ongoing part of our cluster market strategy that provides our shareholders with great opportunities for growth and returns on invested capital."