Four Corners Property Trust said it has agreed to buy up to 102 Mission Pet Health veterinary properties for as much as $268 million.
The portfolio is set to generate about $17.33 million of initial cash rent, including contractual rent increases due in September 2026. FCPT said the properties carry roughly 10 years of remaining term and rent escalations averaging more than 2.0% annually.
The assets are split largely between two triple-net master leases — one covering 55 properties and another covering 45 — plus two individually leased locations. The properties span 31 states.
FCPT said Mission Pet Health would account for about 6% of the company’s cash rent on a pro forma basis after the deal and other acquisitions completed since March 31, 2026, making it FCPT’s third-largest brand. Medical retail exposure would rise to about 16%, while exposure to Darden would fall to about 41% of cash rent.
The company said the portfolio’s rent is supported by EBITDAR coverage of more than 6.0x on average. FCPT expects to fund the deal with cash on hand and borrowings from its undrawn revolving credit facility, while remaining below its stated leverage thresholds.
The transaction is expected to close in early Q3 2026. Following these announcements, the company's shares moved -1.04%, and are now trading at a price of $24.64. If you want to know more, read the company's complete 8-K report here.
