AcquisitionsJun 1, 2026, 09:26 AM
Four Corners Property Trust to Acquire 102 Vet Properties for $268M
AI Summary
Four Corners Property Trust announced an agreement to acquire up to 102 veterinary facilities operated by Mission Pet Health for a purchase price of up to $268.0 million. The properties are primarily under two triple net master leases with a weighted average term of approximately 10 years and attractive annual rent escalations. This acquisition is expected to close in early Q3 2026 and will significantly increase FCPT's medical retail exposure and diversify its tenant base, making Mission Pet Health its third-largest brand by cash rent. The company also furnished an investor presentation for upcoming investor meetings.
Key Highlights
- FCPT to acquire up to 102 Mission Pet Health veterinary properties.
- Purchase price up to $268.0 million from Shore Capital Real Estate Partners.
- Properties are subject to triple net master leases with a weighted average term of ~10 years.
- Initial cash rent of approximately $17.33 million, with annual escalations averaging over 2.0%.
- Transaction expected to close in early Q3 2026, subject to due diligence and closing conditions.
- Pro forma, Mission Pet Health will comprise ~6% of FCPT's cash rent, becoming the 3rd largest brand.
- Pro forma, medical retail exposure increases to ~16%, Darden exposure decreases to ~41%.
- FCPT expects to fund the acquisition with a mix of cash on hand and its undrawn revolving credit facility.