MILL VALLEY, Calif., May 30, 2026--Four Corners Property Trust (NYSE:FCPT) has signed a definitive agreement to acquire up to 102 Mission Pet Health (MPH) veterinary properties for approximately $268 million from Shore Capital Real Estate Partners Fund I. Based in the United States, MPH operates over 930 locations as of May 2026 and provides veterinary services nationwide. The company allows independent practices the option to sell their properties upon joining its platform, and will remain the long-term tenant of the acquired properties.
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The transaction is expected to close in early Q3 2026, pending the completion of due diligence and other customary closing conditions. The properties will be largely governed by two triple net master leases—one encompassing 55 properties and another covering 45 locations—along with two individually leased sites. The lease agreements have about 10 years remaining and feature annual rent escalations averaging over 2.0%. The acquisition is based on an initial cash rent of approximately $17.33 million, which includes contractual rent increases projected for September 2026.
Once finalized, the Mission Pet Health portfolio will account for approximately 6% of FCPT's cash rent, positioning it as the Company's third-largest brand. Additionally, the transaction and other recent acquisitions will elevate the Company's medical retail exposure to approximately 16%, while reducing its exposure to Darden to about 41%. The properties are situated in retail and medical corridors across 31 states and are characterized by high-income demographics. FCPT emphasizes that the rent is well-supported by conservative EBITDAR coverage, averaging over 6.0x for the portfolio. The Company plans to finance the acquisition using a combination of existing cash and its undrawn revolving credit facility, ensuring it remains below its established leverage thresholds post-transaction.