Four Corners Property Trust (FCPT) has acquired 102 veterinary clinic properties operated by Mission Pet Health for $268 million. The deal, which was first announced in May 2026, results in next-twelve-months cash rent of approximately $17.37 million, reflecting a cap rate of about 6.5%, inclusive of a rent credit received at closing. This acquisition marks a significant expansion of FCPT’s portfolio, which has historically focused on restaurant and retail net-leases.
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With this latest transaction, FCPT’s year-to-date investment totals 139 properties for a total of $364.3 million (excluding transaction costs), achieving a weighted average cap rate of 6.6%. This surpasses the company’s previous full-year acquisition record with five months left in the year.
Based in Mill Valley, California, FCPT is a real estate investment trust (REIT) that primarily acquires and leases net-lease restaurant and retail properties. The Mission Pet Health deal represents a strategic venture into veterinary real estate, a sector noted for its resilience during economic downturns and the growing trends in pet ownership and healthcare.
Mission Pet Health, the seller-leaseback counterparty, is among the largest veterinary care organizations in the United States, formed through the merger of Southern Veterinary Partners and Mission Veterinary Partners. It is backed by Shore Capital Partners, a Chicago-based private equity firm with around $17 billion in assets under management, known for its active role in consolidating veterinary platforms.
Bill Lenehan, CEO of Four Corners Property Trust, expressed satisfaction with the transaction, stating, "We are very pleased to complete this transaction and significantly expand our relationship with Mission Pet Health. Both they and Shore Capital Partners have been excellent partners throughout this process. This demonstrates our team’s capabilities to source and execute accretive opportunities both granularly and at scale."