FCPT Announces Agreement to Acquire up to 102 Mission Pet Health Veterinary Properties for $268 Million
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the signing of a definitive agreement to acquire up to 102 Mission Pet Health (“MPH”) veterinary properties for a purchase price of up to $268.0 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.
