National Dental Healthcare REIT

What National Dental Healthcare REIT does

National Dental Healthcare REIT (NDH REIT) is a privately held real estate investment trust formed in mid-2020 by Chicago-based private equity firm Thurston Group and headquartered at 230 West Monroe Street, Chicago, IL. The company acquires dental healthcare real estate from practicing dentists and dental specialists who own their own buildings, offering them a tax-deferred exchange into operating partnership units, debt paydown and/or cash. Properties are leased back to dental providers, primarily single-tenant practices in general and specialty dentistry (orthodontics, endodontics, oral surgery, cosmetic/implant surgery), under triple-net lease arrangements. The company's stated differentiator is its position as the first and only dental-specific REIT of scale in the United States.

The REIT's core product is the Dental Real Estate Investment Partnership, supported by property management services, a 6% quarterly dividend to shareholders, and the operating-partnership unit exchange mechanism. Distribution is fulfilled through a direct, relationship-driven sales motion with customized deal structuring per partner; marketing channels are the company website, educational blog content ('NDH Intro to...', 'Lightbulb Moments' series), PR Newswire press releases, and referrals from the Thurston Group healthcare network (Smile Doctors, U.S. Endo Partners, US Oral Surgery Management, South Georgia Dental Management). Pricing of the dividend and the property exchange components is non-public; the 6% dividend has been maintained quarterly since March 2020.

NDH REIT has scaled rapidly: from first closing in March 2020 to 125 locations across 13 states by 2022 (~$160M portfolio), 160+ properties ($200M+) by November 2023, 206 properties at $255M by December 2024, and over $450M in total portfolio assets by 2025, including the integration of sister company U.S. Veterinary REIT. The 1-10 person team is led by Founder/Chairman Patrick J. Haynes III (Thurston Group CEO), President Daniel Davis, CFO Jared Elfvin (prior REIT CFO experience), and VP Operations Dana Hayes III, with clinically-experienced board members Dr. Dana Fender (Smile Doctors) and Gary Modrow (E78 Partners).

Name

National Dental Healthcare REIT

Legal name

National Dental Healthcare REIT

Website

https://nationaldentalreit.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

National Dental Healthcare REIT is a privately held, Chicago-based real estate investment trust founded in 2020 by Thurston Group that acquires dental healthcare properties from practicing dentists and leases them back under triple-net arrangements, paying shareholders a 6% quarterly dividend.

Ownership category

akta.pro rank

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Others

Revenue model

1. Rental Income from Dental Properties: NDH REIT acquires dental real estate and leases properties back to dental providers under triple net lease arrangements. The company collects rent from tenant dental practices and distributes at least 90% of taxable income to shareholders as required by REIT regulations.
2. Asset Appreciation and Property Value Growth: The company generates value through appreciation of its real estate portfolio. In 2025, approximately $92 million in new asset acquisitions brought total portfolio to over $450 million.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

National Dental Healthcare REIT acquires dental healthcare real estate from practicing dentists and dental specialists and leases the properties back to them under triple net lease arrangements. Dental property owners receive cash, debt paydown, and/or operating partnership units in tax-deferred transactions, and the REIT distributes at least 90% of taxable income to shareholders as a 6% quarterly dividend.

Product overview

National Dental Healthcare REIT operates as a single unified platform offering dental property acquisition and management services. The core product is the Dental Real Estate Investment Partnership, through which NDH REIT acquires dental properties from practicing dentists and specialists, providing them cash and ownership shares. This is supported by Quarterly Dividend Distributions (6% dividend paid to shareholders), Property Management Services (REIT handles all property management), and Tax-Deferred Property Exchange (property owners receive operating partnership units). The REIT focuses exclusively on dental healthcare facilities, targeting market-leading practices with modern clinical theaters in growth-oriented markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Dental Real Estate Investment Partnership
• Quarterly Dividend Distributions

Quantifiable outcome

• 6% dividend consistently paid quarterly since March 2020 inception
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered minor.

• U.S. Veterinary REITminorStrategic or Co-development Partner · 1 January 2025Integration of sister company U.S. Veterinary REIT completed as part of 2025 strategic milestones, expanding REIT platform capabilities.
• Smile DoctorsminorStrategic or Co-development Partner · 28 June 2024Largest retail orthodontics platform with over 110 affiliated practices nationwide. Board Director Dr. Dana Fender founded and serves as Chief Clinical Business Development Officer at Smile Doctors. NDH REIT works with dental providers affiliated with Smile Doctors for property acquisitions.
• E78 PartnersminorImplementation/ SI/ Consulting Partner · 28 June 2024Co-founder Gary Modrow serves as Managing Director of E78 Partners, a consulting and outsourcing firm providing accounting, financing, and technology solutions. E78 supports NDH REIT's back office and operations scaling.
• South Georgia Dental ManagementminorStrategic or Co-development Partner · 9 November 2023Dana Hayes III, VP of Operations at NDH REIT, works with South Georgia Dental Management at Thurston Group. NDH REIT targets dental properties from practices affiliated with this DSO.
• U.S. Endodontics PartnersminorStrategic or Co-development Partner · 9 November 2023Endodontic dental service organization partner. Daniel Davis serves on Board of Directors for U.S. Endodontics Partners. NDH REIT acquires properties from affiliated endodontists.
• U.S. Oral Surgery ManagementminorStrategic or Co-development Partner · 1 January 2020Oral surgery management DSO partner. Patrick J. Haynes III serves on Board of Directors. Properties from oral surgery practices are targeted for NDH REIT portfolio.

Scale indicators9 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• CareTrust REIT: Public healthcare REIT focused on skilled nursing, seniors housing, and other healthcare-related real estate. Comparable as a healthcare-focused net lease REIT, though operating in senior care rather than dental.
• Healthpeak Properties: Public healthcare REIT with outpatient medical, lab/life science, and CCRC portfolios. Comparable as a healthcare real estate owner with similar lease structures, but with a different specialty mix than NDH REIT.
• Welltower: Largest publicly traded healthcare REIT, focused on seniors housing, outpatient medical, and post-acute facilities. Comparable as a healthcare property landlord and capital partner, though far larger and more diversified than NDH REIT's dental-only portfolio.
• Diversified Healthcare Trust: Public healthcare REIT with a portfolio of medical office, life science, and seniors housing assets. Comparable as a healthcare property owner with net lease exposure, though broader and more diversified than NDH REIT's dental focus.
• Ventas: Major diversified healthcare REIT with seniors housing, medical office, life science, and healthcare real estate holdings. Comparable as a broad healthcare real estate operator and capital allocator, though not specialized in dental.
• Sabra Health Care REIT: Public healthcare REIT investing in skilled nursing, seniors housing, and behavioral health facilities through net lease and RIDEA structures. Comparable as a specialized healthcare net lease REIT, but with a different tenant vertical than NDH REIT's dental focus.
• Omega Healthcare Investors: Public REIT focused on skilled nursing and assisted living facilities on net lease terms. Comparable in net lease healthcare real estate structure, though exposure is to senior care operators rather than dental providers.
• National Health Investors: Public healthcare REIT investing in senior housing, skilled nursing, and medical office properties through net lease structures. Comparable as a healthcare-focused net lease REIT, but oriented to senior care rather than dental.

Direct peers

• Medical Properties Trust: Public REIT focused on acute care, behavioral, and other healthcare facilities leased to operators under net lease arrangements. Comparable in its specialization around healthcare real estate and triple-net lease structure, though at larger scale and across facility types.
• Healthcare Realty Trust: Public healthcare REIT focused on medical office buildings and outpatient facilities leased to health systems and provider groups. Closest direct analog to NDH REIT's model of owning single-tenant healthcare-related real estate on long-term leases.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/national-dental-healthcare-reit

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about National Dental Healthcare REIT