UnityPoint Health
Iowa's largest health system and the most creditworthy tenant in the portfolio — Fitch AA-. UnityPoint occupies 4,000 SF (as UnityPoint Clinic Express) in the Ankeny IA two-tenant asset; the tenant entity is the Iowa Physicians Clinic Medical Foundation, a wholly owned subsidiary. The lease expires April 30, 2031 with no renewal options, making 2031 a binary outcome for that income stream.
Key Facts¶
- Fitch AA- (investment grade); 20 regional + 19 community hospitals, 400+ clinics (IA, IL, WI).
- ~$4.2B revenue (up 7.4% YoY); $4.8B net assets; 235 days cash on hand.
- Recent operating losses (-$20.8M for 9 months ended Sept 2025) to monitor, though rating intact.
- No renewal options on the Ankeny lease — heavy build-out investment is the stickiness argument.