Four Corners Property Trust (FCPT) announced a definitive agreement to acquire up to 102 Mission Pet Health veterinary properties for up to $268.0 million from Shore Capital Real Estate Partners Fund I.
The transaction is expected to close in early Q3 2026. The properties are primarily structured under two triple net master leases covering 55 and 45 properties respectively, plus two individually leased locations.
The $268 million acquisition represents roughly 10% of FCPT’s current market capitalization of $2.75 billion. The portfolio has approximately 10 years of remaining lease term with annual rent escalations averaging over 2.0%.
The properties span 31 states including California, Texas, Florida, New York, and Pennsylvania. Pro forma, Mission Pet Health would represent approximately 6% of FCPT’s cash rent and become the company’s third largest brand.
FCPT expects to fund the acquisition using cash on hand and its undrawn revolving credit facility. The company expects to remain below its stated leverage thresholds following the transaction.
