Concentra Urgent Care Credit Rating & NNN Cap Rate

Concentra Business Overview & NNN Investment Profile

Concentra describes itself as the largest provider of occupational health services in the United States by number of locations. As of June 30, 2026, it operated 633 occupational health centers in 41 states and 415 onsite health clinics at employer worksites in 44 states, delivering services across 46 states and the District of Columbia (Form 10‑Q), and its 2025 revenue was $2.16 billion (Form 10‑K for 2025). Concentra’s core business is occupational medicine (serving employers and their workers with injury treatment, drug testing, physical exams, and return-to-work programs) supplemented by consumer urgent care services. Concentra is an independent public company (NYSE: CON). Humana sold Concentra in 2015 to Select Medical and Welsh, Carson, Anderson & Stowe; Select Medical took Concentra public in July 2024 and completed the spin-off of its remaining stake on November 25, 2024. Do not assume Humana credit stands behind a Concentra lease; confirm the tenant entity and any guarantor in the lease.

Concentra’s Occupational Health Model: Why It Matters for NNN

Concentra’s occupational health focus shapes how its centers perform as NNN tenants. Most visits come from workers’ compensation care and employer services such as drug and alcohol screenings and physical examinations rather than consumer urgent care: in 2025, workers’ compensation services were 46% of visits per day at its occupational health centers, employer services 52% and consumer health services 2%, and workers’ compensation services produced 65% of visit-related revenue at those centers (Form 10‑K for 2025). That mix is tied to employment: Concentra notes that workforce reductions could lead to declines in work-related injuries, workers’ compensation claims and employer services volume.

With 633 occupational health centers in 41 states as of June 30, 2026 (Form 10‑Q), Concentra reports that it is the largest provider of occupational health services in the United States by number of locations, with approximately 200,000 employer customers, including 100% of the Fortune 100 (Form 10‑K for 2025). Concentra’s corporate credit is rated below investment grade, so underwrite each center’s location, lease and any guarantee on its own.

Concentra NNN Lease Structure & Cap Rates

Live asking cap rates for Concentra Urgent Care 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 16, 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: BioLife Plasma Services.

Concentra reports that its occupational health centers generally have lease terms of 5 to 10 years with two five-year renewal options (Form 10‑K for 2025). Rent increases, building size and re-use potential vary by property; confirm them in the lease and the listing.

Comparable NNN Tenants