Ascension Health Credit Rating & NNN Cap Rate

Ascension Health Business Overview & NNN Investment Profile

Ascension Health Alliance, which does business as Ascension, is a Missouri nonprofit corporation that describes itself as one of the nation’s leading nonprofit Catholic health systems. It operates hospitals, senior living communities, and outpatient sites, including AmSurg ambulatory surgery centers acquired in fiscal 2026, in multiple states and Washington, D.C. In our ratings database, Ascension Health Alliance carries AA investment grade ratings.

Ascension Healthcare NNN Real Estate Profile

Ascension’s NNN real estate footprint is diverse, spanning large-format medical office buildings co-located with its hospital campuses, freestanding outpatient clinics, urgent care centers, specialty medical offices, and rehabilitation facilities. Freestanding outpatient and ambulatory care buildings and large hospital campus properties raise different underwriting questions, so confirm the format, the tenant entity and the lease for each property.

Ascension is expanding its outpatient network, including its acquisition of AmSurg for approximately $3.8 billion, effective June 4, 2026 (fiscal 2026 audited financial statements). Ascension says its strategy includes expanding lower-cost care settings and that its growth initiatives, including the AmSurg acquisition, are designed to improve patient access and enhance convenience. That strategy can create new NNN opportunities as Ascension develops and leases outpatient facilities.

Ascension NNN Lease Structure

Ascension lease terms, expense structures and rent increases vary by property and market; confirm each in the lease. Specialized medical buildout can represent a significant tenant investment, which may support renewal, but confirm renewal options and the rent schedule in the lease.

A critical underwriting note for Ascension: an Ascension lease may be signed by a regional subsidiary rather than Ascension Health Alliance. Investors should confirm whether the specific lease is signed or guaranteed by Ascension Health Alliance, the entity our AA ratings describe, or only by a regional subsidiary, as credit quality can vary by entity.

Ascension NNN Cap Rate & Pricing

Live asking cap rates for Ascension Health 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: Ascension Health, BioLife Plasma Services.

Pricing depends on the remaining term, the signing entity, the building type and the market. We do not currently track enough Ascension listings to publish an Ascension-specific median. See the live table for comparable tenants.

Ascension NNN Investment: Pros & Cons

Comparable NNN Tenants