Trinity Health Credit Rating & NNN Cap Rate

Metric	Details
Entity / Legal Name	Trinity Health Corporation
S&P / Moody’s / Fitch Rating	Fitch: AA-
Investment Grade Status	Investment Grade
Sector	Healthcare / Nonprofit Catholic Health System
Headquarters	Livonia, Michigan
Hospital Count	91 acute care hospitals (owned, managed or in joint operating agreements or joint ventures) across 23 states (facts page, updated January 2026)
Annual Revenue	$26.8 billion operating revenue (fiscal year ended June 30, 2026)
Median asking cap rate	Not currently reported for Trinity Health
Lease Term	Varies; confirm the term and lease type (NNN or modified gross) in each lease
Guarantee Type	Varies; confirm whether Trinity Health Corporation or a credit group member signs or guarantees the lease
Building Size	Varies by facility; confirm for each property

Trinity Health Business Overview & NNN Investment Profile

Trinity Health, a not-for-profit Catholic health system, describes itself as one of the nation’s largest faith-based health care systems (fiscal 2026 MD&A). It has 91 acute care hospitals (owned, managed or in joint operating agreements or joint ventures), 31 ambulatory surgery centers and 19 ambulatory imaging centers across 23 states (company facts page, updated January 2026). Headquartered in Livonia, Michigan, Trinity reported $26.8 billion of operating revenue for the fiscal year ended June 30, 2026, and lists 133,000 colleagues on its facts page. Trinity also operates health plans that sell Medicare Advantage products, as well as PACE programs, adding a payer dimension to its provider operations (fiscal 2025 audited financial statements).

For NNN investors, Trinity Health is a large, investment grade rated health system whose community based services include ambulatory surgery, imaging, infusion, pharmacy, PACE, home care and hospice (fiscal 2026 MD&A). Trinity Health Credit Group (MI) carries issuer rating of AA- from Fitch Ratings: investment grade (BBB-/Baa3 or higher). A rating does not guarantee lease performance.

Ratings: Fitch: AA-
Ratings of BBB‑/Baa3 or higher are investment grade. Rating sources and dates: Fitch Ratings AA-, as of November 20, 2025. Ratings checked October 8, 2026. Trinity’s operating margin before other items was 1.6% in fiscal 2026, compared with 0.8% in fiscal 2025. Trinity reported $17.4 billion in unrestricted cash and investments as of June 30, 2026, representing 251 days of cash on hand, and a historical debt service coverage ratio of 4.74x against a 1.1x requirement for fiscal 2026.

Why Trinity Health Matters for NNN Investors

Trinity operates in 23 states (company facts page, updated January 2026). For a property leased to a Trinity entity, the local market, the facility’s use and the lease terms matter alongside system credit.

The system’s strategy includes growing community based services such as ambulatory surgery, imaging and infusion, as care shifts from inpatient hospital settings to ambulatory locations (fiscal 2026 MD&A). Trinity’s fiscal 2025 report described its “TogetherTeam Virtual Connected Care” nursing model as active in 27 hospitals and 82 nursing units. NNN lease terms, rent escalations and guarantees on Trinity properties vary by lease. The ratings apply to Trinity Health’s rated credit group, so confirm that the lease is signed or guaranteed by Trinity Health Corporation or a member of that credit group; leases signed by joint ventures or affiliates outside the credit group do not carry those ratings.

Cap Rate Analysis & Pricing for Trinity Health NNN Properties

InvestmentGrade.com does not currently report a median asking cap rate for Trinity Health.

Pricing for Trinity outpatient NNN properties varies with building size, use, location and lease term.

Comparable Healthcare NNN Tenant	S&P / Moody’s
Ascension Health	AA
Piedmont Healthcare	AA-
McLaren Health Care	AA-

Is Trinity Health investment grade?
Yes. Trinity Health Credit Group (MI) carries issuer rating of AA- from Fitch Ratings: investment grade (BBB-/Baa3 or higher). With $26.8 billion of operating revenue in fiscal 2026 (fiscal 2026 MD&A) and operations across 23 states, Trinity describes itself as one of the nation’s largest faith-based health care systems. Compare other tenants in our credit tenant ratings database.

What asking cap rates do Trinity Health NNN listings show?

InvestmentGrade.com does not currently report a median asking cap rate for Trinity Health. 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.

Trinity Health Net Lease Property: Buying, Selling and Financing

Buying: We find on-market and off-market Trinity 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 checklist for health-system NNN properties

For 1031 buyers comparing hospital, MOB, urgent-care and outpatient NNN properties, key questions include the credit support behind the lease, the remaining lease term, how central the facility is to the health system, and whether the asking 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.

Trinity Health Credit Rating & NNN Cap Rate Analysis