| Company | Banfield Pet Hospital |
| Parent | Mars, Inc. (privately held) |
| Ticker | N/A |
| Exchange | N/A |
| Sector | Animal Healthcare Services |
| S&P Rating | no verified rating |
| Moody’s Rating | no verified rating |
| Investment Grade | Not Yet Verified |
| Hospitals | More than 1,000 in the U.S. and Puerto Rico (Banfield website, October 2026) |
| Revenue | Not publicly reported (privately held) |
| Median asking cap rate | See the live table below |
| Lease Term | Varies; confirm in the lease |
| Building Sq Ft | Varies; confirm for each property |
Business Overview
Founded in Portland, Oregon, in 1955, Banfield Pet Hospital describes itself as the leading provider of preventive veterinary care in the U.S., with more than 1,000 hospitals across the country and Puerto Rico. Banfield joined Mars, Incorporated, a privately held company, in 2007. Its location pages list services such as routine check-ups, spaying and neutering, microchipping and dental care, and its website directs pets with life-threatening emergencies to a local emergency veterinary hospital.
Some Banfield hospitals operate inside PetSmart stores, so confirm the building type, size and improvements for each property offered as a Banfield net lease.
Explore more at InvestmentGrade.com, or visit our comprehensive NNN resources for additional tenant analysis and lease strategies.
Credit Rating & Investment Grade Status
Banfield Pet Hospital: no confirmed agency rating. A rating is shown here only after an agency rating action or an issuer filing confirms it. Without an agency rating, lease credit is assessed from financial statements and any guarantee in the lease. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.
Source: Our ratings database, checked October 8, 2026.
Banfield Pet Hospital has been part of Mars, Incorporated since 2007. Mars is privately held. A rating at or above BBB‑/Baa3 is investment grade. A Mars rating supports a Banfield lease only if Mars or a rated Mars entity signs or guarantees that lease. Some Banfield hospitals operate inside PetSmart stores, so confirm the lease structure, tenant entity and any guaranty on each property.
Lease Structure & Terms
Banfield lease terms, rent increases, renewal options and expense responsibilities vary by property, and we track too few Banfield listings to generalize. Confirm each of them in the lease.
Veterinary hospitals often need specialized plumbing, electrical and HVAC work. Confirm in the lease who paid for these improvements and whether the tenant may or must remove equipment and fixtures when the lease ends.
Cap Rate & Pricing Expectations
Live asking cap rates for Banfield Pet Hospital and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Petco | B / n/a | 6.00% | 6.00% to 6.25% | 13 | +76 bps |
| PetSmart | B+ / n/a | 6.10% | 5.85% to 6.53% | 4 | +86 bps |
| VCA Animal Hospitals (rated entity: Mars Inc.) | A / n/a | 6.80% | 6.57% to 8.60% | 4 | +156 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 19, 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: Banfield Pet Hospital.
Cap rates vary based on property location, local pet ownership demographics, veterinary service demand, and remaining lease terms.
For detailed cap rate analysis, visit our investment grade guide.
Real Estate Footprint
Banfield reports more than 1,000 hospitals across the U.S. and Puerto Rico. Use its location finder to check coverage in a specific market.
Building size and layout vary by property, and we track too few Banfield listings to state a typical size. Banfield’s website directs pets with life-threatening emergencies to a local emergency veterinary hospital, so do not assume a Banfield site is built out for emergency care.
Growth Strategy & Market Position
Judge each Banfield site on its location, lease terms and tenant entity rather than on assumed expansion plans.
Pros & Cons for NNN Investors
| Pros | Cons |
|
|
Comparable Tenants
| Comparable Company | Credit Rating | Sector |
| Petco Animal Supplies | B | Pet Healthcare & Retail |
| PetSmart | B+ | Pet Retail & Grooming |
| VCA Animal Hospitals | A | Veterinary Services |
| Emergency Pet Care Services | Varies by operator | Veterinary Services |
Frequently Asked Questions
How does Banfield’s private ownership by Mars Inc. affect lease security?
Mars, Incorporated is privately held. A Mars rating supports a Banfield lease only if Mars or a rated Mars entity signs or guarantees the lease; otherwise the credit is that of the entity named as tenant, so confirm the tenant entity and any guaranty in each lease.
What specialized equipment requirements do Banfield facilities need?
Equipment and build-out vary by hospital. Confirm in the lease which improvements and fixtures belong to the landlord and which the tenant may remove. We track too few Banfield listings to state a typical building size, and Banfield’s website directs pets with life-threatening emergencies to a local emergency veterinary hospital.
How does pet ownership growth affect Banfield NNN values?
Demand for veterinary care depends on local pet ownership and competition, which vary by market. Value still rests on the location, remaining lease term, rent level and who signs or guarantees the lease.
What factors influence Banfield property cap rates?
Key valuation factors include property location, facility size, remaining lease term, rent level, local veterinary competition, the tenant entity and any guaranty, and asking cap rates for comparable pet care tenants in the live table on this page.
Discover pet healthcare NNN investments with Banfield
InvestmentGrade.com specializes in identifying premium triple-net lease opportunities with Banfield Pet Hospital and other veterinary service providers. Our team provides comprehensive credit analysis, property valuation guidance, and portfolio optimization strategies for healthcare NNN investors seeking resilient, growth-oriented tenants.
Banfield Pet Hospital Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Banfield Pet Hospital 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.
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Banfield Pet Hospital NNN Properties Observed For Sale
2 active Banfield Pet Hospital net lease listings observed across public listing sources, most recently Oct 16, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Secaucus, NJ | $1,913,400 | 6.00% | 4,370 | n/a | View listing |
| Gainesville, FL | $2,516,666 | 6.00% | 5,454 | 7.9 yrs | View listing |
Search all 2 observed Banfield Pet Hospital 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.
