FCPT signs definitive agreement to acquire up to 102 veterinary properties for $268M

Four Corners Property Trust, Inc.

Purchase price up to $268M; initial cash rent ~$17.33M incl. contractual rent increases in Sep 2026.
Properties are triple-net leased to Mission Pet Health (930+ locations); weighted avg lease term ~10 yrs.
Expected close early Q3 2026; funded with cash on hand and undrawn revolving credit facility.
Pro forma, Mission Pet Health would be 3rd largest brand (~6% of cash rent); medical retail exposure rises to ~16%.
Annual rent escalations avg over 2.0%; EBITDAR coverage avg over 6.0x across the portfolio.

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