Four Corners Property Trust Accelerates Acquisition Pace With Pet Health Deal
The real estate investment trust invested $364.3 million in new properties through July 16.
Four Corners Property Trust (FCPT) expanded its portfolio through a series of aggressive acquisitions that pushed year-to-date investment to $364.3 million.
The real estate investment trust shifted its tenant concentration toward medical retail, marking a period of rapid growth that exceeded the company's previous record for annual acquisition volume in seven months.
Rental revenue for the first quarter of 2026 rose 10.0% year-over-year to $69.8 million. This followed a fourth-quarter 2025 result of $67.8 million. Adjusted funds from operations (AFFO) per diluted share for the first quarter was $0.45, a 3.4% increase from the same period in 2025. The figure remained flat compared to the $0.45 reported in the prior quarter.
On July 16, 2026, the company closed the acquisition of 102 Mission Pet Health veterinary properties for $268 million. The Mission Pet Health portfolio is expected to become the third largest brand in the company's portfolio, representing approximately 6% of cash rent.
The acquisition altered the company's tenant mix, increasing exposure to medical retail to approximately 16% of cash rent. Simultaneously, exposure to Darden decreased to approximately 41% of cash rent.
The weighted average cap rate for year-to-date acquisitions was 6.6%. This was lower than the 6.8% initial weighted average cash yield for the 10 properties acquired in the first quarter of 2026. In June 2026, the company introduced the disclosure of GAAP cap rates to supplement historical cash cap rate reporting and provide a view of accretion over the life of long-term leases.
To fund its growth, the company closed a $200 million seven-year delayed draw Term Loan on April 6, 2026. The company drew $50 million at closing and intended to use the remaining $150 million for acquisitions during the second and third quarters of 2026.