CityMD / Summit Health Credit Rating & NNN Cap Rate Analysis

CityMD / Summit Health Business Overview

CityMD operates walk-in urgent care centers and lists locations in New York and New Jersey, and Summit Health operates multispecialty physician practices; Summit Health lists more than 120 office locations in New Jersey, New York and Connecticut. When VillageMD agreed to acquire Summit Health-CityMD in November 2022, the announcement, furnished in a Walgreens Boots Alliance Form 8-K, described it as a provider of primary, specialty and urgent care.

VillageMD, in which Walgreens held a majority stake, acquired Summit Health-CityMD in January 2023 for about $8.9 billion. Sycamore Partners took Walgreens private in August 2025. Investors should confirm the tenant’s current ownership and the guarantor at the time of purchase rather than rely on older descriptions.

CityMD / Summit Health Credit Profile

Our ratings database has no verified credit rating for CityMD / Summit Health, and we found no financial statements for it in SEC filings, so we cannot classify it as investment grade. Leases may be signed by an operating or management company such as Summit Health Management, LLC or by a professional practice entity, so confirm the tenant entity and any guarantee.

Ratings come from our tenant ratings database, which records the source and date of each rating; the source is shown below. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.

Source: No agency rating has been verified against a primary source. Ratings checked October 8, 2026.

CityMD / Summit Health NNN Cap Rates

Live asking cap rates for CityMD / Summit 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: CityMD / Summit Health, Oak Street Health.

The table leaves out any tenant with fewer than three active listings showing a cap rate, which can include CityMD / Summit Health, and shows urgent care and healthcare tenants with enough listings. For CityMD locations in dense urban retail corridors, location and rent relative to market can matter as much as the tenant.

What to Check in a CityMD / Summit Health Lease

• Tenant and guarantor: which entity signs the lease (an operating company, management company or professional practice) and whether a parent guarantees it.
• Term and rent: remaining term, renewal options and the rent schedule; rent increases vary by lease.
• Location performance: ask for clinic-level visit volume or financial information where the tenant will share it.
• Medical build-out: who paid for the improvements and how much of the space another medical or retail user could use.
• Ownership: confirm the tenant’s current owner at the time of purchase.

Pros and Cons

Sources: CityMD and Summit Health websites (citymd.com, summithealth.com), accessed October 2026; Walgreens Boots Alliance Forms 8-K filed November 7, 2022 (announcement), January 5, 2023 (completion of the Summit Health-CityMD acquisition) and August 28, 2025 (completion of the Sycamore Partners merger).