Athletico Physical Therapy Credit Rating & NNN Cap Rate

Metric	Details
Entity / Legal Name	Athletico Physical Therapy (S&P-rated parent: Athletico Holdings LLC); Pivot Physical Therapy has joined Athletico
Ownership	Privately held; recapitalization agreed with a group of its stakeholders (June 5, 2026)
Credit Ratings	no verified rating
Investment Grade Status	Not Yet Verified
Sector	Outpatient Physical Therapy / Rehabilitation
US Location Count	About 900 in 24 states and DC (June 2026)
Median asking cap rate	See the live table below
Typical Lease Term	Varies; confirm in the lease
Guarantee Type	Varies; confirm the tenant entity and any parent guaranty
Typical Building Size	Varies; confirm in the offering

Athletico: no confirmed agency rating. No rating for Athletico has been verified against a primary source (an agency rating action or an issuer filing), so none is shown. If a rating is verified, it will appear here. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.

Athletico Physical Therapy Business Overview & NNN Investment Profile

Athletico Physical Therapy describes itself as one of the largest physical and occupational therapy providers in the country and reported 900 locations in 24 states and the District of Columbia (Athletico news release, June 5, 2026). The Oak Brook, Illinois-based company opened its first clinic in 1991. In February 2022, Athletico acquired Pivot Health Solutions, the parent of Pivot Physical Therapy, which expanded the company’s footprint into East Coast markets.

Not Yet Verified. S&P rating in our database: no verified rating. On June 5, 2026, Athletico announced that it had agreed to a recapitalization with a group of its stakeholders, which it said would provide $80 million of new financing and reduce net debt by approximately $750 million. Ratings can change after a recapitalization, so confirm the current ratings with the agencies; Moody’s current rating is not shown because we could not confirm it from a primary source. NNN investors should weigh any yield premium against Athletico’s credit risk.

Athletico Credit Analysis: The Leverage Problem

Athletico’s June 2026 recapitalization was designed to substantially deleverage its balance sheet, reduce net debt by approximately $750 million, improve liquidity and extend debt maturities (Athletico news release, June 5, 2026). Athletico is privately held, so request location-level performance information where available; any S&P rating describes the credit of the holding company, Athletico Holdings LLC.

NNN investors evaluating Athletico properties should distinguish between the performance of the specific location and the holding company’s credit risk, and should check S&P’s current rating of Athletico Holdings LLC after the 2026 recapitalization.

Athletico NNN Lease Structure

Lease terms, building sizes and rent escalations vary by location. We do not currently track any listings leased to Athletico (October 2026), so we cannot state a typical structure; confirm the term, size, rent schedule and landlord responsibilities in each lease.

Athletico vs. Pivot: Brand Integration Status

Since the 2022 acquisition, Pivot Physical Therapy has joined Athletico, and the Pivot website now redirects to Athletico’s site (checked October 2026). The brand on the door does not tell you who signed the lease. Clinic leases may be signed by an operating subsidiary rather than Athletico Holdings LLC, the entity S&P rates, so confirm the tenant entity and any parent guaranty in each lease before relying on Athletico’s credit.

Athletico NNN Cap Rate & Pricing

Live asking cap rates for Athletico Physical Therapy and comparable tenants:

Tenant	S&P / Moody’s	Median asking cap rate	Middle half of listings	Listings	Median vs. 10-year Treasury
Aspen Dental	B- / n/a	6.25%	5.83% to 6.35%	11	+101 bps
Concentra	BB / n/a	6.57%	6.26% to 6.85%	6	+133 bps
DaVita	BB / n/a	6.75%	6.15% to 7.30%	37	+151 bps

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: Athletico.

We do not currently track enough Athletico listings to show a median; compare any offering with the comparable healthcare tenants in the live table, adjusting for Athletico’s credit after the 2026 recapitalization and for the remaining lease term.

Athletico NNN Investment: Pros & Cons

Pros	Cons
About 900 locations in 24 states and DC (June 2026)	S&P rating in our database: no verified rating; confirm the current rating after the 2026 recapitalization
Outpatient physical and occupational therapy, including assessments without a prescription in many states	A 2026 recapitalization that Athletico said would substantially deleverage its balance sheet
	Lease terms vary; a short remaining term increases rollover risk, so confirm the term
	2026 recapitalization: confirm the current owner, tenant entity and any guarantor

Comparable NNN Tenants

Comparable Tenant	Rating
Aspen Dental	B-
Concentra	BB
DaVita Dialysis	BB

Is Athletico Physical Therapy investment grade?

No investment grade rating is on record. Our ratings database shows no verified rating from S&P for Athletico Holdings LLC; Moody’s current rating is not shown because we could not confirm it from a primary source. In June 2026, Athletico agreed to a recapitalization that it said would reduce net debt by approximately $750 million. Ratings can change after a recapitalization, so confirm the current rating; a rating of BBB‑/Baa3 or higher is investment grade.

What is the difference between Athletico and Pivot Physical Therapy?

Athletico acquired Pivot Health Solutions, the parent of Pivot Physical Therapy, in February 2022. Both brands are under common Athletico ownership, but common ownership is not a lease guarantee. Confirm the tenant entity and any Athletico guaranty in each lease.

What asking cap rates are Athletico NNN properties listed at?

Current median asking cap rates for Athletico Physical Therapy and comparable tenants are shown in the live table on this page. Pricing for a specific property depends on the remaining lease term, rent level, location and lease guarantor, and asking cap rates are not closed-sale cap rates.

Athletico Net Lease Property: Buying, Selling and Financing

Buying: We find on-market and off-market Athletico properties, review the lease and the tenant’s credit, and compare pricing with current listings. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission.

Selling: We can prepare an opinion of value from current listings and recent sales and, when it fits your goals, run a confidential sale to private investors, family offices and institutional buyers. See our guide to off-market sales.

Financing: Investment Grade Capital, a service of Investment Grade LLC, matches buyers and owners with lenders for acquisitions and refinancing.

1031 exchanges: Tell us your identification and closing deadlines so we can plan the search around them.

Request an NNN investment consultation or email team@investmentgrade.com.