Pacific Dental Services Credit Rating & NNN Cap Rate (2026)

Pacific Dental Services Business Overview

Pacific Dental Services, which does business as PDS Health, is a dental support organization: it provides business, technology and administrative support to dental and medical practices led by affiliated clinicians. It was founded in 1994 by Stephen E. Thorne IV.

PDS Health says its 2025 revenue surpassed US$3.1 billion and that its national network includes more than 1,000 practices.

Pacific Dental Services Credit Profile

Pacific Dental Services is rated B in our database, below investment grade. It is privately held and does not publish financial statements with the SEC. A lease may be signed or guaranteed by Pacific Dental Services, LLC or by an affiliated practice entity, so confirm the tenant entity and guarantee on each property.

Ratings shown on this site come from our tenant ratings database; the source line below gives each rating’s source and date where recorded. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.

Source: S&P Global Ratings B. Ratings checked October 8, 2026.

Pacific Dental Services NNN Cap Rates

We do not currently track enough Pacific Dental Services listings with published asking cap rates to report a median. The table below shows live asking cap rates for other dental and healthcare tenants where at least three listings qualify; those are peer figures, not PDS pricing.

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 16, 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: Pacific Dental Services.

Compare a property with other dental support organization tenants and with recent PDS sales.

What to Check in a Pacific Dental Services Lease

• Tenant and guarantor: whether the lease is signed by a local operating entity or by the parent company, and whether the parent guarantees it.
• Term and rent: remaining term, renewal options and the rent schedule; rent increases vary by lease.
• Medical build-out: who paid for the improvements and how much of the space would suit another medical or retail user.
• Clinic performance: ask for location-level volume or financial information where the tenant will share it.
• Reimbursement exposure: how much revenue depends on Medicare, Medicaid and commercial insurers.

Pros and Cons

Sources: PDS Health company announcements and website (pdshealth.com), accessed October 2026; ratings from InvestmentGrade.com’s ratings database.