- FCPT has signed an agreement to acquire up to 102 Mission Pet Health veterinary properties for $268 million.
- The portfolio spans 31 states and is leased under long-term triple-net agreements.
- Mission Pet Health operates more than 930 veterinary locations nationwide.
- The acquisition would make Mission Pet Health FCPT’s third-largest tenant brand.
- FCPT’s exposure to healthcare-related real estate would increase to approximately 16% of portfolio cash rent.
Four Corners Property Trust (FCPT) has entered into a definitive agreement to acquire up to 102 veterinary hospitals leased to Mission Pet Health (MPH) in a transaction valued at approximately $268 million.
The deal represents one of the largest veterinary real estate transactions announced this year and underscores continued investor confidence in the veterinary sector’s long-term growth prospects.
Expanding Veterinary Real Estate Exposure
Mission Pet Health, a portfolio company of Shore Capital Partners, operates more than 930 veterinary locations across the United States. Under the agreement, MPH will remain the long-term tenant across the acquired properties.
The portfolio consists primarily of two triple-net master leases covering 100 locations, along with two individually leased hospitals. The leases carry approximately 10 years of remaining term and include annual rent escalations averaging more than 2%.
FCPT said the portfolio generates approximately $17.3 million in annualized cash rent and is supported by average EBITDAR coverage exceeding 6.0x.
National Footprint
Portfolio Reach: 102 Veterinary Properties Across 31 States
Western U.S.: Alaska, Arizona, California, Colorado, Oregon, Washington
Midwest: Illinois, Indiana, Kansas, Michigan, Minnesota, Missouri, Ohio, Wisconsin
South & Southwest: Alabama, Florida, Georgia, Kentucky, Louisiana, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia
Northeast: Connecticut, Maine, Massachusetts, New Jersey, New York, Pennsylvania
Strategic Diversification
Upon closing, FCPT said Mission Pet Health would account for approximately 6% of company cash rent, becoming its third-largest tenant relationship.
The acquisition also advances FCPT’s diversification strategy by increasing its healthcare and medical retail exposure while reducing concentration in restaurant-related assets.
“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,” said FCPT CEO Bill Lenehan.
The transaction is expected to close in early third quarter 2026, subject to due diligence and customary closing conditions.
Information sourced from the company’s press release.
