Acadia Healthcare Credit Rating & NNN Cap Rate Analysis

Acadia Healthcare Business Overview & NNN Investment Profile

Acadia Healthcare describes itself on its website as the largest stand-alone behavioral health company in the U.S. At June 30, 2026, its subsidiaries operated 279 behavioral healthcare facilities with approximately 12,600 beds in 40 states and Puerto Rico (Form 10-Q). The company’s service lines span four categories: acute inpatient psychiatric facilities (about 60% of its facilities other than CTCs at December 31, 2025), specialty treatment facilities for substance use disorders, comprehensive treatment centers (178 CTCs at December 31, 2025, which provide medication-assisted outpatient treatment for opioid addiction), and residential treatment centers (Form 10-K for 2025). Acadia generated $3.31 billion in revenue in fiscal year 2025, with acute inpatient psychiatric services contributing the largest share.

For NNN investors, Acadia represents an important segment of the healthcare real estate market that is fundamentally different from traditional medical office or hospital properties. Behavioral health and addiction treatment facilities are purpose-built environments that require specialized construction, licensing, and accreditation. These facilities can be harder to repurpose for other uses, so a buyer may rely more on the tenant’s credit and operations than on re-tenanting the real estate. Acadia added 1,089 beds in 2025, including 778 from one new wholly-owned facility and five new joint venture facilities (Form 10-K for 2025).

Why Acadia Healthcare Matters for NNN Investors

Acadia is expanding through joint ventures with health systems as well as wholly-owned facilities. In 2025 it opened five joint venture facilities, with Henry Ford Health, Geisinger Health, Ascension Seton, Fairview Health Services and ECU Health, and in the first half of 2026 it opened three more, with Tufts Medicine, Orlando Health and Methodist Jennie Edmundson.

The joint venture model is particularly relevant for NNN investors because it means Acadia is partnering with established health systems to develop new behavioral health hospitals. Acadia owns the real estate for most of its beds: at December 31, 2025, 91% of beds at its facilities other than CTCs were at owned properties, while 153 of its 178 CTCs were leased. It reports original lease terms typically ranging from five to 30 years with optional renewal periods, so confirm the term, rent increases, tenant entity and any parent guarantee in each lease. The BB- credit rating is below investment grade, a credit risk to weigh when comparing pricing with investment grade health system tenants.

Cap Rate Analysis & Pricing for Acadia Healthcare NNN Properties

Live asking cap rates for Acadia Healthcare and comparable tenants:

Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 12, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file. Not shown because fewer than 3 active listings with a published cap rate were observed: Acadia Healthcare, HCA Healthcare.

When comparing pricing, weigh the BB- credit rating, the 2025 goodwill impairment and changes in Medicaid reimbursement.

Prices vary with facility type, size, remaining lease term and location, so value each property on its own lease. Buyers should understand behavioral health operations and licensing requirements.