Aspen Dental
Baskersfield, CA
Aspen Dental Management, Inc. (ADMI) is a dental support organization (DSO)— a dental practice management corporation that provides business support and administrative services to contracted dental practices using the Aspen Dental brand. By 2016 Aspen Dental offered services in 33 states with 550 franchised dental facilities that serve over 15,000 patients a day. Its headquarters is in DeWitt, New York, East Syracuse.
In the United States corporate dentistry or corporate dental practices such as Aspen’s represents 30–40% of all dental practices.The United States Senate Committee on Finance, the Pennsylvania Attorney General’s office, Frontline in partnership with the Center for Public Integrity and the New York Times — among others — questioned Aspen’s business model. Concerns included Aspen Dental’s alleged targeting of older, low-income earners with unnecessary and costly services—offering them a finance program without fully disclosing the terms. In 2015 the private equity firm, American Securities led Aspen’s recapitalization in partnership with Ares Management, Leonard Green & Partners and the existing management team.
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Typical Lease Characteristics
Lease Term: 15 – 20 Years Years
Lease Type: Absolute NNN
Lease Increases: 10% Every 5 years
Lease Extensions: 4-5 (5) Year Options
Lease Guarantor: Corporate and Franchisee
Tenant Overview
Unique business model within the medical instrusty making this tenant less susetible to economic pressures. One important consideration is that each Aspen Dental branded practice is owned and operated by a licensed dentist. An unaffiliated company called Aspen Dental Management, Inc. (“ADMI”) provides administrative and business support services to Aspen Dental branded dental practices. ADMI licenses the “Aspen Dental” brand name to the independently owned and operated dental practices that use its business support services.
ADMI does not own or operate the dental practices, employ or in any way supervise the dentists providing dental care, and control over the care provided is the sole responsibility of the independent practice and the dentists they employ. Services and office practices may vary across dental practices, and patients should contact the dental offices directly for all questions concerning their dental treatment.
Positives:
- Unique Business Model
- Less prone to economic pressures
- Typically Long term leases with increases
Negatives:
- Relatively new brand
- Privately owned, having gone through recapitalization in 2015
- ADMI does not own or operate the dental practices, employ or in any way supervise the dentists providing dental care
Market Snapshots:
On Market Ranges:
# of Properties in set: 2
Price: $1,442,810 - $1,680,630Average: $1,585,500
PPSF: $500 - $590Average: $522
Year Built: 2014 - 2015Average: 2014
CAP Rate Range: 6.19% - 7.14%Average: 6.80%
Size range: 2,639 sq ft - 3,500 sq ft Average: 3,070 sq ft
Last 12 Month Range:
# of Properties in set: 3
Price: $2,027,990 - $2,358,640Average: $2,204,333
PPSF: $522 - $705Average: $629
Year Built: 1992 - 2017Average: 2009
CAP Rate Range: 5.62% - 7.40%Average: 6.61%
Size range: 3,500 sq ft - 3,500 sq ft Average: 3,500 sq ft
Aspen Dental Similar Tenants
Aspen Dental Company Profile
Headquarters Information
Syracuse, New York
Founded in 1964
Company type: Private
Sector: Dentistry
Industry: Corporate Dentistry
# of Employees: 3,000