EyeCare Partners Credit Rating & NNN Cap Rate

EyeCare Partners Business Overview & NNN Investment Profile

EyeCare Partners is one of the largest optometry and ophthalmology practice management companies in the United States, operating over 750 vision care clinic locations across 18+ states under multiple regional brand names. The Maryland Heights, Missouri-based DSO (Dental Service Organization equivalent in vision care) provides management services to affiliated optometry and ophthalmology practices, consolidating the historically fragmented independent optometry market under a PE-backed roll-up structure. EyeCare Partners was originally backed by FFL Partners and later recapitalized with Warburg Pincus taking the majority position in 2023 through a debt restructuring that significantly impacted the company’s credit profile.

EyeCare Partners vs. MyEyeDr: Two Vision Care DSOs Compared

Two major optometry DSOs generate NNN transaction volume in the US market. EyeCare Partners (CCC+/Caa2) and MyEyeDr (NR/B3) both operate 700+ locations and occupy similar suburban retail corridors. EyeCare Partners’ deeper credit impairment (CCC+ vs. MyEyeDr’s approximate B3 equivalent) typically commands wider cap rates in the market, with investors requiring a 50 to 100 basis point premium for the additional default risk. Location analysis — market demographics, competition from LensCrafters and Walmart Vision, lease term remaining — becomes even more critical at the CCC tier.

EyeCare Partners NNN Lease Structure & Cap Rates

EyeCare Partners NNN leases carry 5 to 10 year initial terms — shorter than dental DSOs — with annual escalations of 2% to 3%. The 2,500 to 4,500 SF inline strip center and power center format is highly accessible and re-tenantable to competing vision or medical uses. Cap rates for EyeCare Partners NNN properties trade between 7.50% and 9.00% as of Q1 2026. The CCC+/Caa2 rating and shorter lease terms command wide spreads. Suburban locations in strong demographic trade areas with long remaining lease terms price closer to 7.50%. Shorter-term assets and secondary markets price above 8.50%.