Four Corners Buys Mission Pet Health Properties in $268 Million Asset Deal
The acquisition expanded the REIT’s medical-retail exposure and deepened its relationship with a national veterinary operator.
Four Corners Property Trust (FCPT) completed its acquisition of 102 Mission Pet Health veterinary properties for $268.0 million, expanding the real-estate investment trust’s holdings beyond its traditional restaurant base. The asset purchase significantly enlarged Four Corners’ relationship with Mission Pet Health and helped the company reach record acquisition volume for the first seven months of 2026.
The properties had been placed largely under two triple-net master leases, including one covering 55 locations and another covering 45, with two sites leased individually. When Four Corners announced the agreement in May, the portfolio had about 10 years of remaining lease term and annual rent increases averaging more than 2%. Initial annual cash rent was expected to total approximately $17.33 million, including contractual increases scheduled for September 2026.
The transaction demonstrated its ability to source and complete accretive investments ranging from individual properties to large portfolios. The deal also advanced its tenant-diversification strategy by making Mission Pet Health one of its largest brands by cash rent and increasing its exposure to medical retail. Before the transaction, Four Corners owned five Mission Pet Health properties.
“We are very pleased to complete this transaction and significantly expand our relationship with Mission Pet Health,” Chief Executive Bill Lenehan said. “Both they and Shore Capital Partners have been excellent partners throughout this process, and we appreciate their collaboration in bringing it to a successful close. With this transaction, we have also achieved record acquisition volume in the first seven months of the year. This demonstrates our team’s capabilities to source and execute accretive opportunities both granularly and at scale”.
Mission Pet Health operated more than 930 veterinary locations across the U.S. as of May and offered independent practices the option to sell their real estate when joining its platform. The acquired properties spanned 31 states and were situated primarily in retail and medical corridors. Mission Pet Health would remain the long-term tenant, giving Four Corners a larger position in veterinary real estate while allowing the clinics to retain their local customer-facing brands.
Four Corners expected to fund the purchase with cash on hand and its revolving credit facility, without relying on an equity raise. At signing, aggregate property-level earnings before interest, taxes, depreciation, amortization and rent covered rent by more than six times. The completed portfolio gives Four Corners a scaled veterinary tenant with long-duration leases and moves medical retail further into the company’s diversification strategy.