DaVita Dialysis
Baskersfield, CA
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 Outlook: Stable
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
Positives:
- Public Company, Credit Rated
- Less prone to economic pressures
- Leader in the industry
Negatives:
- 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 Similar Tenants
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
DaVita Dialysis Stock Keys
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