Net-Lease REIT Builds Medical Portfolio With 102-Property Vet Deal
Four Corners Property Trust agreed to acquire up to 102 veterinary properties from Shore Capital Real Estate Partners Fund I for up to $268 million. Mission Pet Health, a Shore Capital Partners portfolio company that operates over 930 veterinary locations nationwide, will remain tenant under the triple-net leases. The transaction is expected to close in early third quarter of 2026, subject to due diligence and standard closing conditions.
The properties sit under two master leases covering 100 locations plus two individually leased sites, with approximately 10 years of remaining term and annual rent escalations averaging over 2.0 percent. Initial cash rent totals approximately $17.33 million, which includes contractual rent increases scheduled for September 2026. FCPT reported EBITDAR coverage averaging over 6.0 times across the portfolio. The company plans to fund the acquisition with cash on hand and its undrawn revolving credit facility.
The acquisition spreads across 31 states in retail and medical corridors. Pro forma for the deal and other acquisitions closed since March 31, 2026, Mission Pet Health would represent roughly 6 percent of FCPT’s cash rent and become its third-largest brand. Medical retail exposure would climb to approximately 16 percent of cash rent, while Darden exposure would drop to roughly 41 percent. FCPT expects to remain below its stated leverage thresholds after closing.
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