U.S. Renal Care
Largest private dialysis provider; S&P cut it to D and then raised it to CCC+ after a 2023 distressed debt exchange, signaling weak credit. Underwrite these clinics on real estate and rent coverage, not the guarantor.
- US units
- 400
- 2026 (approx.)
- 3Y net growth
- —
- Prior count n/a
- Credit rating
- CCC+
- Sub-investment grade
- Typical term
- 10-15 yr
- NN (roof & structure landlord)
- Model
- Corporate
- Private equity
U.S. Renal Care in the news
All news →No tagged headlines in the last three weeks.
U.S. Renal Care net lease FAQ
What is U.S. Renal Care's credit rating?
U.S. Renal Care is rated CCC+, which is below investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many U.S. Renal Care locations are there in the US?
U.S. Renal Care reported about 400 US locations as of 2026 (approx.).
What does a typical U.S. Renal Care net lease look like?
Lease type: NN (roof & structure landlord). Initial term: 10-15 yr. Rent increases: ~10% every 5 yr. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is U.S. Renal Care corporate or franchised?
Operating model: Corporate. U.S. Renal Care is part of Leonard Green & Partners. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.