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FCPT Announces Agreement to Acquire up to 102 Mission Pet Health Veterinary Properties for $268 Million

FCPT
  • Four Corners Property Trust (FCPT) signed a definitive agreement to acquire up to 102 Mission Pet Health (MPH) veterinary properties for up to $268.0 million from Shore Capital Real Estate Partners Fund I.
  • Mission Pet Health operates over 930 locations nationwide as of May 2026 and will remain the long-term tenant across the acquired portfolio.
  • The transaction is expected to close in early Q3 2026, subject to due diligence completion & customary closing conditions.
  • The portfolio consists of properties under two triple net master leases (covering 100 locations) plus two individually leased sites, with approximately 10 years of term remaining & annual rent escalations averaging over 2.0%.
  • The purchase price was based on initial cash rent of approximately $17.33 million, inclusive of contractual increases in September 2026.
  • Pro forma for the deal & other acquisitions since March 31, 2026, MPH will comprise approximately 6% of FCPT's cash rent, becoming its third largest brand.
  • The transaction will increase FCPT's exposure to medical retail to approximately 16% while decreasing Darden exposure to approximately 41% of cash rent.
  • The 102 properties are located across 31 states in high-income demographics with rent coverage averaging over 6.0x EBITDAR.
  • FCPT plans to fund the acquisition using a mix of cash on hand & its undrawn revolving credit facility, remaining below stated leverage thresholds.