FCPT Announces Agreement to Acquire up to 102 Mission Pet Health Veterinary Properties for $268 Million
Four Corners Property Trust (FCPT) signed a definitive agreement to acquire up to 102 Mission Pet Health veterinary properties for $268 million from Shore Capital Real Estate Partners Fund I. The portfolio is anchored by two triple-net master leases with approximately 10 years remaining and average annual rent escalations exceeding 2.0%. Initial cash rent is approximately $17.33 million, yielding conservative EBITDAR coverage averaging over 6.0x. Pro forma, Mission Pet Health will become FCPT’s third-largest brand, comprising 6% of cash rent.
Key figures
- Deal Value Usd
- 268000000
- Property count
- 102
- Ebitdar coverage
- 6.0x
- Initial cash rent
- 17330000
- Rent escalation avg
- 2.0%
- Lease term remaining
- 10 years
- Pro forma cash rent share
- 6%
- Pro forma darden exposure
- 41%
- Pro forma medical retail exposure
- 16%
AI analysis
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