Four Corners Property Trust (FCPT), a real estate investment trust focused on net-leased restaurant and retail properties, announced that it has signed a definitive agreement to acquire up to 102 veterinary properties operated by Mission Pet Health for up to $268 million from Shore Capital Real Estate Partners Fund I.
Mission Pet Health is one of the largest veterinary operators in the United States, with more than 930 locations as of May 2026. The company, a portfolio company of Shore Capital Partners, provides veterinary services nationwide and offers independent veterinary practices the option to monetize their real estate when joining the platform. Mission Pet Health will remain the long-term tenant across the acquired properties.
The transaction is expected to close in early third quarter 2026, subject to due diligence and customary closing conditions. The portfolio is primarily structured under two triple-net master leases covering 55 and 45 properties, respectively, along with two individually leased locations. The assets have approximately 10 years of remaining lease term and annual rent escalations averaging more than 2%.
The acquisition was priced based on initial cash rent of approximately $17.33 million, including contractual rent increases scheduled for September 2026.
Following completion of the transaction and other acquisitions completed since March 31, 2026, Mission Pet Health is expected to account for approximately 6% of FCPT’s cash rent, making it the company’s third-largest brand exposure. FCPT’s exposure to medical retail is expected to increase to approximately 16% of cash rent, while its exposure to Darden is projected to decline to approximately 41%.
The portfolio spans 31 states and consists of properties located in retail and medical corridors with favorable demographics. FCPT said the portfolio demonstrates conservative EBITDAR rent coverage averaging more than 6.0x. The company plans to fund the acquisition through a combination of cash on hand and borrowings under its revolving credit facility while remaining within its targeted leverage thresholds.
KEY QUOTES:
“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.”
Bill Lenehan, CEO, Four Corners Property Trust
“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.”
Steve Malley, Partner And Head Of Real Estate, Shore Capital Partners
