Business
FCPT Announces Agreement to Acquire up to 102 Mission Pet Health Veterinary Properties for $268 Million
FCPT Announces Agreement to Acquire up to 102 Mission Pet Health Veterinary Properties for $268
About this update from Four Corners Property Trust, Inc.
[{"type":"text","content":"\nFour Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the signing of a definitive agreement to acquire up to 102 Mission Pet Health (“MPH”) veterinary properties for a purchase price of up to $268.0 million from Shore Capital Real Estate Partners Fund I.\n\n\nMission Pet Health is one of the leading veterinary operators in the United States, with over 930 locations as of May 2026. A portfolio company of Shore Capital Partners, MPH provides veterinary services nationwide and may provide the option to independent practices to sell their property when joining the platform. MPH will continue to serve as the long-term tenant across the acquired portfolio.\n\n\nThe transaction is expected to close in early Q3 2026, subject to the completion of due diligence and the satisfaction of customary closing conditions. The properties are largely under two, triple net master leases (one with 55 properties and another with 45 properties) in addition to two individually leased locations. The portfolio has approximately 10 years of term remaining with attractive annual rent escalations averaging over 2.0%. The transaction was priced off of initial cash rent of approximately $17.33 million, inclusive of contractual rent increases in September 2026.\n\n\nPro forma for the transaction and other acquisitions closed since March 31, 2026, Mission Pet Health would comprise approximately 6% of the Company’s cash rent and become the Company’s third largest brand. In addition, pro forma for the transaction and other acquisitions closed since March 31, 2026, the Company’s exposure to medical retail would increase to approximately 16% and exposure to Darden would decrease to approximately 41% of the Company’s cash rent.\n\n\nThe properties are located across 31 states (AL, AK, AZ, CA, CO, CT, FL, GA, IL, IN, KS, KY, LA, ME, MA, MI, MN, MO, NC, NJ, NY, OH, OK, OR, PA, SC, TN, TX, VA, WA, WI). The sites are in well-located retail and medical corridors with high-income and attractive demographics. FCPT believes that rent is well-supported with conservative EBITDAR coverage, averaging over 6.0x across the portfolio. FCPT expects to fund the acquisition with a mix of cash on hand and u...