FCPT Agrees to Acquire up to 102 Mission Pet Health Veterinary Properties

Four Corners Property Trust, a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties, has announced 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 million from Shore Capital Real Estate Partners Fund I.

Mission 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.

The 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.

Pro 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.

The 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 six times across the portfolio. FCPT expects to fund the acquisition with a mix of cash on hand and use of its undrawn revolving credit facility. FCPT expects to remain below its stated leverage thresholds pro forma for this transaction.

Bill Lenehan, CEO of FCPT, stated, “We have long been active in the veterinary sector, and this transaction represents a unique opportunity for us to acquire a portfolio at scale with an existing tenant to further our growth and diversification objectives. We are particularly pleased with the long-term master leases, the strong rental escalations, and the well-supported greater than 6x rent coverage.”

Steve Malley, Partner and Head of Real Estate at Shore Capital Partners, said, “Mission Pet Health has built a scaled, high-quality veterinary platform and a differentiated growth model that includes opportunities to monetize real estate ownership. FCPT is an excellent long-term owner for this portfolio, and we are confident their net-lease expertise and ownership approach will support a strong and durable tenant relationship with Mission.”