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.

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RSK: This is nothing new. My previous Vet Clinic was bought out a few years ago by a REIT. It is hard to find a Vet Clinic that isn't owned by someone else.