DaVita Dialysis

DaVita Inc. provides kidney dialysis services for patients suffering from chronic kidney failure or end stage renal disease (ESRD). It operates through two divisions, DaVita Kidney Care and DaVita Medical Group. The company operates kidney dialysis centers and provides related lab services in outpatient dialysis centers. It also provides outpatient, hospital inpatient, and home-based hemodialysis services; owns clinical laboratories that provide routine laboratory tests for dialysis and other physician-prescribed laboratory tests for ESRD patients; and management and administrative services to outpatient dialysis centers, as well as patient and physician focused integrated health care delivery and management services.

In addition, the company operates DaVita Rx, a pharmacy that provides oral medications to patients with ESRD; disease management services; vascular access services; clinical research programs; physician services; and direct primary care services. As of December 31, 2016, it provided dialysis and administrative services in the United States through a network of 2,350 outpatient dialysis centers serving approximately 187,700 patients; and operated 154 outpatient dialysis centers located in 11 countries outside of the United States. Further, the company provides acute inpatient dialysis services in approximately 900 hospitals and related laboratory services in the United States. The company was formerly known as DaVita HealthCare Partners Inc. and changed its name to DaVita Inc. in September 2016. DaVita Inc. was founded in 1994 and is headquartered in Denver, Colorado.

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S&P Rating: BB

S&P Outlook: Stable

Moody Rating: Ba3

Moody Outlook: Stable

Typical Lease Characteristics

Lease Term: 10 – 20 Years  Years

Lease Type: Absolute NNN Lease 

Lease Increases: 10% Every 5 years 

Lease Extensions: 4-5 (5) Year Options

Lease Guarantor: Corporate

Tenant Overview

DaVita is the world’s second largest dialysis provider with over 2,500 clinics based in the United States. The company treats nearly 196,000 patients with ESRD. Average center has 80 patients and can’t grow that number by much – creating consistent, increased demand. The Dialysis market has inelastic demand. Given the statistics of kidney disease and failure in the United States, this demand will only continue to grow.

Regardless to current industry trends and stable cash flows, it is nevertheless important to pay attention to market rental rates specific to the property in the event of needing to re-tenant, since the Dialysis build-outs are unique and the physical locations for these centers are not always desirable


  • Public Company, Credit Rated
  • Less prone to economic pressures
  • Leader in the industry


  • Locations not always ideal when retenanting
  • Unique buildouts
  • Typically high price per square foot

Market Snapshots:

On Market Ranges:

# of Properties in set: 7

Price: $5,158,960 - $5,817,550Average: $5,488,252

PPSF: $490 - $600Average: $526

Year Built: 1986 - 2017Average: 2003

CAP Rate Range: 4.88% - 6.40%Average: 5.81%

Size range: 4,956 sq ft - 12,754 sq ft Average: 9,066 sq ft

Last 12 Month Range:

# of Properties in set: 8

Price: $2,978,520 - $3,480,170Average: $3,135,288

PPSF: $296 - $386Average: $357

Year Built: 1954 - 2018Average: 1999

CAP Rate Range: 6.06% - 7.57%Average: 6.58%

Size range: 4,956 sq ft - 11,981 sq ft Average: 9,381 sq ft

DaVita Dialysis Company Profile

Headquarters Information

Denver, Colorado

Founded in 1994

Company type: Public

Stock Ticker: DVA

Sector: Healthcare

Industry: Specialized Health Services

# of Employees: 70,300

S&P Rating: BB

S&P Outlook: Stable

S&P Rating: Ba3

Moody Outlook: Stable

DaVita Dialysis Stock Keys

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