| Metric | Details |
|---|---|
| Entity / Legal Name | UPMC (University of Pittsburgh Medical Center) |
| S&P / Moody’s / Fitch Rating | S&P: A / Moody’s: A2 (Stable) / Fitch: A |
| Investment Grade Status | Investment Grade |
| Sector | Healthcare / Integrated Health System & Insurance |
| Headquarters | Pittsburgh, Pennsylvania |
| Hospital Count | 40+ hospitals |
| Size (UPMC description) | A $34 billion health care provider and insurer, as UPMC describes itself (October 2026) |
| Median asking cap rate | Fewer than three active UPMC listings with a published cap rate |
| Lease Term | Varies; confirm in the lease |
| Guarantee Type | Varies; confirm the tenant and guarantor entity in the lease |
| Building Size | Varies by facility type; confirm for each property |
UPMC Business Overview & NNN Investment Profile
UPMC describes itself as the largest nongovernment employer in Pennsylvania, with more than 40 hospitals and 800 outpatient sites. UPMC also runs an insurance business: UPMC Insurance Services supports more than four million members, making the organization both a healthcare provider and a health insurer. UPMC describes itself as a $34 billion health care provider and insurer.
UPMC’s hospitals and outpatient sites are in Pennsylvania, New York and Maryland, as well as overseas, and its location types include walk-in care, imaging, outpatient centers and physical therapy. Lease terms vary by property; UPMC is rated A by S&P, A2 by Moody’s and A by Fitch.
These are the ratings our database shows for UPMC’s bonds. An investment grade rating is BBB- or higher at S&P and Fitch and Baa3 or higher at Moody’s; see the investment grade guide.
Why UPMC Matters for NNN Investors
UPMC Insurance Services describes itself as the largest medical insurer in western Pennsylvania, and UPMC is closely affiliated with the University of Pittsburgh, which UPMC says has ranked among the top 10 recipients of National Institutes of Health research funding since 1998. Market position does not remove property-level risk, so confirm each facility’s role and remaining lease term.
Lease terms, rent escalations and the tenant or guarantor entity vary by property; confirm in the lease whether the obligor is the UPMC entity that carries the A/A2 ratings or another entity.
Cap Rate Analysis & Pricing for UPMC NNN Properties
Live asking cap rates for UPMC and other healthcare tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Fresenius Medical Care | BBB- / Baa3 | 6.55% | 6.28% to 7.10% | 6 | +131 bps |
| Concentra | BB / n/a | 6.57% | 6.26% to 6.85% | 6 | +133 bps |
| DaVita | BB / n/a | 6.75% | 6.15% to 7.30% | 37 | +151 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: UPMC, Trinity Health, Piedmont Healthcare, HCA Healthcare.
Pricing varies with building size, remaining lease term, rent and location. The table shows a tenant only when at least three of its active listings have a published asking cap rate.
| Comparable Healthcare NNN Tenant | S&P / Moody’s |
|---|---|
| Trinity Health | AA- |
| Piedmont Healthcare | AA- |
| HCA Healthcare | BBB |
Our ratings database shows UPMC as investment grade, with ratings of S&P A, Moody’s A2 and Fitch A on its bonds. UPMC describes itself as a $34 billion health care provider and insurer.
What are asking cap rates for UPMC NNN properties?
Current median asking cap rates for UPMC and comparable tenants are shown in the live table on this page. 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.
UPMC Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market UPMC 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, UPMC 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.
Related NNN Tenants
- Ascension
- Aspen Dental
- Athletico
- BioLife Plasma
- Concentra
- Corewell Health
- CSL Plasma
- DaVita Dialysis
- EyeCare Partners
- Fresenius
- Grifols
- Henry Ford Health
- HCA Healthcare
- Heartland Dental
- Mary Washington Healthcare
- McLaren Health Care
- Oak Street Health
- Piedmont Healthcare
- Sparrow Health
- Trinity Health
- U of M Health
- Acadia Healthcare
- AFC Urgent Care
- ATI Physical Therapy
- CityMD / Summit Health
- Encompass Health
- Fast Pace Urgent Care
- MedExpress Urgent Care
- MyEyeDr
- NextCare Urgent Care
- Octapharma Plasma
- Pacific Dental Services
- Select Physical Therapy
- Smile Brands
- VCA Animal Hospitals
- WellNow Urgent Care
- Banfield Pet Hospital
- Labcorp
- National Vision
- Quest Diagnostics
UPMC NNN Properties Observed For Sale
2 active UPMC net lease listings observed across public listing sources, most recently Oct 9, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Everett, PA | $2,173,000 | 8.00% | 8,000 | 7.5 yrs | View listing |
| Somerset, PA | $3,611,000 | 8.00% | 13,300 | 7.5 yrs | View listing |
Search all 2 observed UPMC listings and the full NNN inventory
Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Buyer representation available on a cooperating commission basis. Information deemed reliable but not guaranteed.
