DaVita Credit Rating & NNN Cap Rate

DaVita Business Overview & NNN Investment Profile

DaVita Inc. is one of the largest dialysis and kidney care providers in the United States, operating 2,671 U.S. outpatient dialysis centers as of June 30, 2026 for patients with end-stage renal disease (ESRD). DaVita says it leases nearly every one of its dialysis facilities (2025 Form 10-K), so buildings leased to DaVita can come to market as net lease investments. DaVita reported total revenues of $13.6 billion in 2025, up from $12.8 billion in 2024. U.S. dialysis treatments fell 1.1% in 2025, while revenue per treatment and international revenue rose.

For investment grade investors seeking healthcare exposure, note that DaVita is an essential service provider rated below investment grade by S&P, and its lease terms vary by property. Confirm the tenant entity and any guarantee on each NNN lease. DaVita says its leases are generally subject to fixed escalation clauses or consumer price index increases, and that most of its facilities are leased under non-cancellable operating leases with renewal options.

DaVita Credit Rating Analysis

S&P Global Ratings rates DaVita Inc. BB, below the investment grade threshold (which begins at BBB-/Baa3); the rating source appears in the table above. We have not verified Moody’s current rating for DaVita Inc. or its date against a primary source, so this page does not show a Moody’s rating. Key business risks include DaVita’s dependence on government payors (about 68% of 2025 U.S. dialysis patient service revenue) and changes in dialysis payment policy.

Dialysis is non-discretionary care, but DaVita’s U.S. treatment volume has been roughly flat, with normalized non-acquired treatment growth of -0.8% in 2025 and +0.3% in the second quarter of 2026. Rent escalations vary by lease. For NNN investors, understanding the credit nuances is essential. More information on evaluating tenant credit ratings can help investors assess risk-adjusted returns in the healthcare sector.

DaVita NNN Lease Structure

DaVita lease terms, rent increases and guarantees vary by property. DaVita’s 10-K says most of its facilities are leased under non-cancellable operating leases that contain renewal options and are generally subject to fixed escalation clauses or consumer price index increases. Confirm the remaining term, rent schedule, renewal options and guarantor on each lease.

Building size and site area vary by market. Confirm which property costs the tenant pays and which, if any, remain with the landlord in each lease.

DaVita NNN Cap Rate & Pricing Trends

Live asking cap rates for DaVita and comparable healthcare tenants (a tenant appears only when at least three active listings with a published asking cap rate are tracked):

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: Quest Diagnostics, Labcorp.

The available sample does not support a peer cap-rate comparison: peer medians come from different properties, lease terms and markets, so they do not measure a credit spread. Evaluate credit alongside lease term, rent and location. The DaVita listings InvestmentGrade.com tracks include NN and other net lease structures as well as NNN (as of October 8, 2026), so confirm the lease type of each property.

Buyer demand for a DaVita property depends on remaining lease term, rent level and location as well as DaVita’s below-investment-grade credit. Remaining lease term and facility condition can affect pricing. For guidance on evaluating cap rates and pricing across the NNN spectrum, see the investment grade guide for comprehensive analysis of pricing trends, market factors, and valuation methodologies used by professional NNN investors.

DaVita Real Estate Footprint

DaVita operated 2,671 U.S. outpatient dialysis centers as of June 30, 2026, and its U.S. network spanned 46 states and the District of Columbia at the end of 2025. The company operates dialysis centers across urban, suburban, and rural markets, reflecting the nationwide prevalence of ESRD and the need for accessible kidney care services. DaVita says in-center treatments are usually performed three times per week (2025 Form 10-K), which makes convenient access to a center important.

A national footprint does not reduce the risk of any single center, which depends on its local patient base. Confirm the operating history of the specific center; real estate quality and location can affect patient volume, operating efficiency and whether the tenant renews.

DaVita Growth & Expansion Outlook

U.S. normalized non-acquired treatment growth has been near flat: it was flat in 2024, -0.8% in 2025 and +0.3% in the second quarter of 2026, according to DaVita’s SEC filings.

DaVita’s 2025 Form 10-K also describes its integrated kidney care business, which uses value-based payment arrangements, including arrangements with Medicare Advantage plans. Changes in dialysis payment policy and Medicare reimbursement are material risks to long-term growth.

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Frequently Asked Questions About DaVita NNN Investments