FCPT investor presentation spotlights $268 million Mission Pet Health veterinary portfolio deal

Four Corners Property Trust

Four Corners Property Trust

FCPT

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  • FCPT highlighted a definitive agreement to acquire up to 102 Mission Pet Health properties for up to $268 million.
  • Initial cash rent up to $17.33 million; portfolio rent coverage more than 6x; about 10 years of weighted average lease term remaining.
  • Funding planned with cash and existing debt capacity; closing not contingent on additional equity capital raising.
  • Pro forma for the deal, Darden exposure expected to be about 41% of ABR; Mission Pet Health to become the third-largest brand by cash rent.
  • Year-to-date acquisitions projected at $320 million; 17 properties acquired for $52 million at 6.9% cash cap rate, 7.4% GAAP cap rate.


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