Corewell Health Credit Rating & NNN Cap Rate (2026)

Metric	Details
Entity / Legal Name	Corewell Health (formerly Beaumont Health + Spectrum Health)
Credit Ratings	S&P: AA (Stable) / Moody’s: Aa3
Investment Grade Status	Investment Grade
Sector	Integrated Health System / Nonprofit
Hospitals	21 (unaudited financial statements, six months ended June 30, 2026)
Outpatient Locations	300+ (unaudited financial statements, six months ended June 30, 2026)
Median asking cap rate	No Corewell Health listings in the listings InvestmentGrade.com tracks as of October 8, 2026
Typical Lease Term	Varies; confirm in the lease
Guarantee Type	Varies; confirm the tenant and guarantor entity in the lease
Operating Revenue	$9.57B for the six months ended June 30, 2026 (unaudited)
Geographic Focus	Michigan

Corewell Health Business Overview & NNN Investment Profile

Corewell Health is a Michigan not-for-profit health system that describes itself as the integrated system of Spectrum Health and Beaumont Health. It provides care in 21 hospitals, 300+ outpatient locations and several post-acute facilities, and its Priority Health plan serves over 1.4 million members (unaudited financial statements for the six months ended June 30, 2026).

Credit ratings: AA/Aa3. S&P’s rating applies to Corewell Health’s revenue bonds. For the six months ended June 30, 2026, Corewell Health reported a year-to-date operating margin of $365.3 million, or 3.8% of net operating revenue (unaudited). The ratings support a lease only when Corewell Health is the tenant or guarantor, so confirm both in the lease.

Corewell Health NNN Real Estate Profile

Corewell reports 300+ outpatient locations (unaudited financial statements for the six months ended June 30, 2026). Whether a given property is leased to Corewell Health or a subsidiary, and on what terms, must be confirmed in the lease.

Corewell Health NNN Cap Rate & Pricing

Live asking cap rates for Corewell Health and comparable tenants:

Tenant	S&P / Moody’s	Median asking cap rate	Middle half of listings	Listings	Median vs. 10-year Treasury
Concentra	BB / n/a	6.57%	6.26% to 6.85%	6	+133 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: Corewell Health, Ascension Health, Henry Ford Health.

Corewell Health appears in the live table only when at least three current listings are available; compare pricing for a specific property with the tenants shown.

Comparable NNN Tenants

Comparable Tenant	Rating
Ascension Health	AA
Henry Ford Health	A+
Concentra	BB

What is Corewell Health?

Corewell Health describes itself as the integrated system of Spectrum Health and Beaumont Health. It provides care in 21 hospitals and 300+ outpatient locations and reported $9.57 billion of total operating revenue for the six months ended June 30, 2026 (unaudited).

Is Corewell Health investment grade?

In our ratings database, S&P rates Corewell Health’s revenue bonds AA (Stable) and Moody’s rates Corewell Health Aa3. A rating at or above BBB‑/Baa3 is investment grade; our database shows Corewell Health as investment grade. Source: S&P Global Ratings AA, Stable, as of April 9, 2025; Moody’s Aa3, as of June 30, 2026. Ratings checked October 8, 2026..

What are asking cap rates for Corewell Health NNN properties?

Median asking cap rates are shown in the live table on this page; Corewell Health appears there only when at least three current listings are available. 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.

Corewell Health Net Lease Property: Buying, Selling and Financing

Buying: We find on-market and off-market Corewell Health 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.

1031 buyer benchmark: health-system credit before yield

For 1031 buyers comparing hospital, MOB, urgent-care, and outpatient NNN properties, Corewell Health should be screened first as a health-system credit decision, then as a real estate yield decision. The key questions are the credit support behind the lease, remaining lease term, facility mission criticality, and whether the quoted cap rate compensates for location and build-out reuse risk.

Use this page alongside the best investment grade NNN tenants for 1031 exchange guide and the 2026 NNN cap rate framework before identifying replacement property.