Four Corners Property Trust (NYSE: FCPT) plans $268M Mission Pet Health veterinary acquisition
Rhea-AI Filing Summary
Four Corners Property Trust has signed a definitive agreement, through its subsidiary FCPT Holdings, LLC, to acquire up to 102 Mission Pet Health veterinary properties for a purchase price of up to $268.0 million, subject to due diligence and customary closing conditions.
The assets are mainly under two triple net master leases with a weighted average remaining term of about 10 years and average annual rent escalations of over 2.0%, priced off initial cash rent of approximately $17.33 million. FCPT cites portfolio EBITDAR coverage of more than 6x, indicating strong tenant operating performance.
Pro forma for this transaction and other recent acquisitions, Mission Pet Health is expected to contribute about 6% of FCPT’s cash rent, lifting medical retail exposure to roughly 16% and reducing Darden to around 41% of cash rent. FCPT plans to fund the deal with cash on hand and its undrawn revolving credit facility while remaining below its stated leverage thresholds.
Positive
- Material diversification into veterinary and medical retail: Pro forma for the Mission Pet Health deal and other acquisitions, veterinary operator Mission Pet Health is expected to contribute about 6% of cash rent, lifting medical retail exposure to roughly 16% and reducing Darden concentration to around 41%.
Negative
- None.
Insights
FCPT is using a sizable veterinary portfolio acquisition to diversify rents while keeping leverage in check.
Four Corners Property Trust agreed to buy up to 102 Mission Pet Health veterinary properties for up to $268.0 million, based on initial cash rent of about $17.33 million. Leases are predominantly triple net master structures with roughly 10 years of term remaining and over 2% average annual rent escalations, supporting predictable cash flows.
Management highlights portfolio EBITDAR coverage of more than 6x, suggesting tenants currently generate ample operating profit relative to rent. Pro forma, Mission Pet Health would represent about 6% of cash rent, increasing medical retail exposure to roughly 16% and reducing Darden concentration to around 41%, which meaningfully broadens the tenant base.
FCPT expects to fund the acquisition with cash and existing debt capacity, alongside a $200 million seven-year delayed draw Term Loan carrying a SOFR + 1.25% spread and an estimated all-in rate near 4.9%. Subsequent filings and closings will show how much of the "up to" $268.0 million is ultimately deployed and how coverage and diversification metrics evolve after the anticipated early Q3 2026 closing.
8-K Event Classification
Key Figures
Key Terms
triple net master leases financial
EBITDAR coverage financial
annual cash base rent (ABR) financial
GAAP cap rate financial
delayed draw Term Loan financial
Adjusted Funds From Operations "AFFO" financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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Item 7.01 Regulation FD Disclosure.
On May 29, 2026, Four Corners Property Trust, Inc. (the “Company”) issued a press release announcing the transaction as described under Item 8.01 below. A copy of the press release is furnished hereto as Exhibit 99.1.
Members of management of the Company will present an overview of the Company during upcoming investor presentations. A copy of the presentation is attached as Exhibit 99.2 and incorporated by reference herein.
The information in this Item 7.01, Exhibit 99.1 and Exhibit 99.2 to this Form 8-K is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 8.01 Other Events.
On May 29, 2026, FCPT Holdings, LLC, a wholly owned subsidiary of the Company, entered into a Purchase and Sale Agreement (the “PSA”) with Shore Capital Real Estate Partners Holdco, LLC (the “Seller”) for the purchase of up to 102 properties operated as veterinary facilities (the “Properties”) for a purchase price of up to $268.0 million (before contractual purchase price adjustments and transaction expenses). All of the Properties are currently operated by Mission Pet Health. The Properties are subject to two triple net master leases for each of 45 and 55 Properties, respectively. The remaining two non-master lease Properties are subject to individual net leases. The Properties have a weighted average term of approximately 10 years remaining.
The Company made an initial deposit under the PSA in the amount of approximately $4,000,000, which will be applied to the purchase price upon closing. Closing of the purchase of the Properties is subject to the completion of due diligence and the satisfaction of customary closing conditions. If the Company terminates the PSA before closing, and the termination is not based on the Seller’s failure to satisfy a required condition or a material Seller default, the escrow agent will release the deposit to the Seller. If any of the closing conditions under the PSA are not satisfied by the Seller, the Company may terminates the PSA and receive a refund of the deposit. There can be no assurance that the acquisition of the Properties will be completed in the time frame, on the terms or in the manner currently anticipated, or at all, as a result of a number of factors, including the failure of the parties to satisfy one or more of the conditions to closing. There can be no assurance that the conditions to closing of the acquisition of the Properties will be satisfied or waived or that other events will not intervene to delay or result in the failure to close the acquisition. The PSA may be terminated by the parties thereto under certain circumstances. In addition, certain Properties may not be acquired, or may be acquired on different terms, if certain conditions are not satisfied. Costs associated with acquisition are expensed as incurred, and the Company may be unable to complete an acquisition after making a non-refundable deposit or incurring acquisition-related costs.
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the anticipated consequences and benefits of the transaction and other future events and their potential effects on the Company, including, but not limited to, statements relating to anticipated financial and operating results, the Company’s plans, objectives, expectations and intentions, cost savings and other statements. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of the Company’s public disclosure obligations, the Company expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and the Company can give no assurance that its expectations or the events described will occur as described. For a further discussion of these and other factors that could cause the Company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the Company’s most recent annual report on Form 10-K, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.
Item 9.01 Financial Statements and Exhibits.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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FOUR CORNERS PROPERTY TRUST, INC. |
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June 1, 2026 |
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/s/ JAMES L. BRAT |
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James L. Brat |
FCPT Announces Agreement to Acquire up to 102 Mission Pet Health Veterinary Properties for $268 Million
MILL VALLEY, Calif.--(BUSINESS WIRE)-- Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the signing of a definitive agreement to acquire up to 102 Mission Pet Health (“MPH”) veterinary properties for a purchase price of up to $268.0 million from Shore Capital Real Estate Partners Fund I.
Mission Pet Health is one of the leading veterinary operators in the United States, with over 930 locations as of May 2026. A portfolio company of Shore Capital Partners, MPH provides veterinary services nationwide and may provide the option to independent practices to sell their property when joining the platform. MPH will continue to serve as the long-term tenant across the acquired portfolio.
The transaction is expected to close in early Q3 2026, subject to the completion of due diligence and the satisfaction of customary closing conditions. The properties are largely under two, triple net master leases (one with 55 properties and another with 45 properties) in addition to two individually leased locations. The portfolio has approximately 10 years of term remaining with attractive annual rent escalations averaging over 2.0%. The transaction was priced off of initial cash rent of approximately $17.33 million, inclusive of contractual rent increases in September 2026.
Pro forma for the transaction and other acquisitions closed since March 31, 2026, Mission Pet Health would comprise approximately 6% of the Company’s cash rent and become the Company’s third largest brand. In addition, pro forma for the transaction and other acquisitions closed since March 31, 2026, the Company’s exposure to medical retail would increase to approximately 16% and exposure to Darden would decrease to approximately 41% of the Company’s cash rent.
The properties are located across 31 states (AL, AK, AZ, CA, CO, CT, FL, GA, IL, IN, KS, KY, LA, ME, MA, MI, MN, MO, NC, NJ, NY, OH, OK, OR, PA, SC, TN, TX, VA, WA, WI). The sites are in well-located retail and medical corridors with high-income and attractive demographics. FCPT believes that rent is well-supported with conservative EBITDAR coverage, averaging over 6.0x across the portfolio. FCPT expects to fund the acquisition with a mix of cash on hand and use of its undrawn revolving credit facility. FCPT expects to remain below its stated leverage thresholds pro forma for this transaction.
Bill Lenehan, CEO of FCPT, stated: “We have long been active in the veterinary sector, and this transaction represents a unique opportunity for us to acquire a portfolio at scale with an existing tenant to further our growth and diversification objectives. We are particularly pleased with the long-term master leases, the strong rental escalations, and the well-supported greater than 6x rent coverage.”
Steve Malley, Partner and Head of Real Estate at Shore Capital Partners, said, "Mission Pet Health has built a scaled, high-quality veterinary platform and a differentiated growth model that includes opportunities to monetize real estate ownership. FCPT is an excellent long-term owner for this
portfolio, and we are confident their net-lease expertise and ownership approach will support a strong and durable tenant relationship with Mission."
About FCPT
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding FCPT’s intent, belief or expectations, including, but not limited to, statements regarding the anticipated consequences and benefits of the transaction and other future events and their potential effects on FCPT, including, but not limited to, statements relating to anticipated financial and operating results, the Company’s plans, objectives, expectations and intentions, cost savings and other statements. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of FCPT’s public disclosure obligations, FCPT expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in FCPT’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and FCPT can give no assurance that its expectations or the events described will occur as described. For a further discussion of these and other factors that could cause FCPT’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in FCPT’s most recent annual report on Form 10-K, and other risks described in documents subsequently filed by FCPT from time to time with the Securities and Exchange Commission.
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Patrick Wernig, 415-965-8038
CFO
Category: Acquisition
INVESTOR PRESENTATION NAREIT JUNE 2026 Four Corners Property Trust NYSE: FCPT
JUNE 2026 Cautionary note regarding forward-looking statements: This presentation contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding FCPT’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance, investment pipeline, expectations regarding the making of distributions and the payment of dividends, and the effect of pandemics on the business operations of FCPT and FCPT’s tenants and their continued ability to pay rent in a timely manner or at all. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of FCPT’s public disclosure obligations, FCPT expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in FCPT’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and FCPT can give no assurance that its expectations or the events described will occur as described. For a further discussion of these and other factors that could cause FCPT’s future results to differ materially from any forward-looking statements, see the risk factors described under the section entitled “Item 1A. Risk Factors” in FCPT’s annual report on Form 10-K for the year ended December 31, 2025 and other risks described in documents subsequently filed by FCPT from time to time with the Securities and Exchange Commission. Notice regarding non-GAAP financial measures: The information in this communication contains and refers to certain non-GAAP financial measures, including FFO and AFFO. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in the supplemental financial and operating report, which can be found in the Investors section of our website at www.fcpt.com, and on page 18 of this presentation. FORWARD LOOKING STATEMENTS AND DISCLAIMERS
JUNE 2026 RECENT UPDATES FOR FCPT Continued Investment Execution: 17 properties acquired year-to-date $52 million invested with $3.1 million average basis per property 6.9% cash / 7.4% GAAP cap rate 1.5% portfolio rent escalator1 10-year weighted avg lease term Continued emphasis on low-basis, fungible real estate in our core subsectors of restaurant, auto service, and medical retail Strong Capital Raising Accomplished: Disclosure Updates: Introduced GAAP cap rates (in addition to continued cash cap rate disclosure) Updated AFFO per share growth calculation to more accurately use 3 decimal rounding convention FCPT’s annually-updated property list will be published to its website in Q3. This list provides brand, city, state, SF, and purchase price for all properties in our portfolio FCPT closed on a $200 million 7-year delayed draw Term Loan on April 6 FCPT plans to draw the remaining balance in Q2 and Q3 to fund acquisitions PRO FORMA DEBT MATURITY SCHEDULE ($ MILLIONS) Large Veterinary Portfolio Acquisition ($268 Million) On May 29, FCPT announced the signing of a definitive agreement to acquire up to 102 Mission Pet Health properties for up to $268 million on initial cash rent of up to $17.33 million The portfolio is principally 2 master leases and has strong EBITDAR / rent coverage of more than 6x FCPT expects to fund the purchase with a mix of cash and existing debt capacity. Closing this transaction is not contingent on additional equity capital raising Inclusive of this deal and previously announced acquisitions through May 2026, year-to-date acquisitions are projected at $320 million. We continue to maintain an active pipeline and source incremental investment volume for 2026 Pro forma for this transaction, it is expected that Darden will be ~41%2 of ABR Representative of 3/31/2026 portfolio data inclusive of announced Q2 closings through date of this presentation plus potential Mission Pet Health additions. Figure is contingent on closing all properties; FCPT’s acquisition of all properties contingent on completion of diligence and satisfaction of customary closing conditions. Please refer to public filings for additional information on risks associated. FCPT currently owns 5 Mission Pet Health properties
CASE STUDY: FCPT TO ACQUIRE $268 MILLION VETERINARY PORTFOLIO On May 29, FCPT entered into a definitive agreement to acquire up to 102 Mission Pet Health properties for up to $268 million on initial cash rent of up to $17.33 million This transaction represents a continuation of FCPT’s strategy to own high-quality real estate with strong underlying tenant operating performance. This deal is expected to further increase FCPT’s portfolio rent coverage in addition to meaningfully accelerating the tenant diversification of our total portfolio Lease Structure: 100 of 102 properties are contained within two master NNN leases. The portfolio has 10 years of weighted average lease term remaining with strong annual rent increases of above 2% Performance: Portfolio EBITDAR covers rent at a very strong aggregate ratio of more than 6x Funding: FCPT expects to fund the purchase with a mix of cash and existing debt capacity; closing is not contingent on any equity capital raising Pro Forma Diversification Snapshot: Mission Pet Health will become FCPT’s 3rd-largest brand by cash rent; Darden exposure is expected to be ~41% of pro forma ABR1 Attractive Real Estate: This portfolio features high-performing stores in attractive retail and medical corridors, and score well on FCPT’s proprietary scorecard Established, Trusted Counterparty: Shore Capital, a ~$14 billion AUM private equity firm, both operates Mission Pet Health and owns the underlying real estate being sold to FCPT through a separate vehicle. This provides full alignment between the tenant business and lease structuring assets Shore has deep healthcare investing experience and a strong track record of scaling their portfolio businesses Mission Pet Health’s financial profile was further augmented by a minority investment from Silver Lake, underscoring the platform’s demonstrated growth trajectory and institutional credibility Large-Scale Acquisition Capability: FCPT has built a platform and team that can handle scaled portfolio opportunities. FCPT moved efficiently and effectively while remaining firmly within our underwriting standards. FCPT will continue to pursue incremental scaled transactions so long as quality and accretion thresholds are met JUNE 2026 Advanced Pet Care (Parker, CO) Livewell Animal Hospital (Cypress, TX) Representative of 3/31/2026 portfolio data inclusive of announced Q2 closings through date of this presentation plus potential Mission Pet Health additions. Figure is contingent on closing all properties; FCPT’s acquisition of all properties contingent on completion of diligence and satisfaction of customary closing conditions. Please refer to public filings for additional information on risks associated. FCPT currently owns 5 Mission Pet Health properties
JUNE 2026 Mission Pet Health Portfolio 102 locations across 31 states CASE STUDY: FCPT TO ACQUIRE $268 MILLION VETERINARY PORTFOLIO Portfolio Sample Site Denotes medical property Portfolio Sample Site
JUNE 2026 $285 million of ABR across 1,442 leases and 182 brands1 29% Olive Garden (vs. 74% at inception) 8% LongHorn (vs. 20% at inception) 31% Non-Restaurant Exposure (vs. 0% at inception) Other Casual Dining Restaurants Auto Service Other Medical Retail Other Retail The spin-off Darden portfolio remains a strong foundation tenant for FCPT. Over half the portfolio (~59%) has been diversified to new tenants across restaurant, medical retail and auto service industries1 208 leases 39 brands Auto Service 12% 107 leases 6% 54 leases 28 brands Other Retail 3% 2 2 Quick Service Restaurants 2% 83 leases 6% 30 leases 112 leases 25 brands Other Casual Dining Restaurants 9% 118 leases 316 leases 29% 8% 234 leases 40 brands 10% Quick Service Restaurants 17 leases 2% 31 leases 2% PRO FORMA PORTFOLIO (3/31/2026 + Q2 Acquisitions + Mission Pet Health Portfolio)1 132 leases 43 brands Other Medical Retail 10% 1 1 Representative of 3/31/2026 portfolio data inclusive of announced Q2 closings through date of this presentation plus potential Mission Pet Health additions. Figure is contingent on closing all properties; FCPT’s acquisition of all properties contingent on completion of diligence and satisfaction of customary closing conditions. Please refer to public filings for additional information on risks associated. FCPT currently owns 5 Mission Pet Health properties Pro Forma Medical Retail 16% 1
JUNE 2026 CONSISTENT ANNUAL INVESTMENT GROWTH +57 +40 +95 +89 +100 +120 +104 YEAR INVESTMENT VOLUME ($M) CAP RATE +88 FCPT has consistently delivered growth and diversification through new investments. We focus on credit-worthy tenants, high quality real estate and efficient execution PROPERTY COUNT AVERAGE SIZE ($M) +87 +105 FCPT has consistently focused on low basis properties, safeguarding the portfolio value at risk Includes 17 properties closed YTD and 102 Mission Pet Health properties1 1 1 1 Representative of 3/31/2026 portfolio data inclusive of announced Q2 closings through date of this presentation plus potential Mission Pet Health additions. Figure is contingent on closing all properties; FCPT’s acquisition of all properties contingent on completion of diligence and satisfaction of customary closing conditions. Please refer to public filings for additional information on risks associated. FCPT currently owns 5 Mission Pet Health properties +133 Pro Forma Historical
“ JUNE 2026 SPOTLIGHT ON CAPITAL RAISING IN 2026: $200 MILLION SEVEN YEAR TERM LOAN FCPT closed on an incremental $200 million 7-year delayed draw Term Loan on April 6, 2026 $50 million was drawn at closing to fund the immediate investment pipeline and other general corporate purposes The remaining $150 million is expected to fund additional pipeline acquisitions via the delayed draw feature FCPT expects to draw the remaining Term Loan balance in Q2 and Q3 to fund acquisitions and general corporate purposes Term Loan coupon is SOFR + 1.25% for an estimated all-in rate of 4.9%1 Inclusive of the $50 million drawn term loan, FCPT has hedged 100% of outstanding Term Loans at a 3.1% blended hedged rate Note: Term Loan and Revolver maturities are shown fully extended. New Term Loan shown fully drawn PRO FORMA DEBT MATURITY SCHEDULE ($ MILLIONS)
“ JUNE 2026 ALIGNED WITH STRONG RESTAURANT BRAND OPERATORS FCPT’s restaurant tenants are principally large, publicly-traded companies and brands Many of these casual dining and quick service restaurant brands that anchor our portfolio have generated strong same-store performance while maintaining a conservative leverage position 1 FCPT Portfolio Restaurant Index vs. All Restaurant Index2 3 4 Share Price Return 1
JUNE 2026 HIGHLY SELECTIVE APPROACH TO NET LEASE While we underwrite properties in these sectors and may acquire stores in these sectors in the future, they are not in our current target base and would need to meet our high thresholds to be considered in the future Pharmacies: NO EXPOSURE Entertainment: NO EXPOSURE Gyms: NO EXPOSURE Furniture: NO EXPOSURE EV-only Auto Service: NO EXPOSURE Dollar Stores: 0.05% ABR exposure1 (No exposure to brands listed here) General Merchandise: 0.7% ABR exposure2 (No exposure to brands listed here) Car Washes: 1.1% ABR exposure3 (No exposure to brands listed here) FCPT HAS AVOIDED: Service Centers
JUNE 2026 FCPT INVESTMENTS VS. ESTIMATED REPLACEMENT COST FCPT has a historical track record of acquiring low basis properties below replacement cost Estimated new retail construction costs, 2025 Estimated land acquisition costs, 2025 3 3 $4.4 $2.76 (FCPT 5-yr. average) Since inception, FCPT has focused on acquiring low basis properties. This investment strategy coupled with inflation has allowed us to purchase many buildings below today’s estimated replacement cost We believe this may support favorable tenant retention dynamics and mitigate downside risks in a vacancy event From 2021 to 2025, FCPT’s acquisition basis was ~37% below retail replacement cost1 For medical properties, expensive equipment can further raise replacement cost Development of new medical properties is an estimated ~15%2 higher as compared to retail construction (as of 2025). This implies that the replacement cost of medical (including veterinary) retail would potentially be even higher 3 Based on publicly available per acre land value comps (per May 2026 Crexi listings) and retail construction costs (per CBRE U.S. Real Estate Market Outlook 2024). Estimated new retail construction and land acquisition costs vary by market. Data is intended to be viewed as illustrative and directional to demonstrate the trend of rising costs
DISCLOSURE UPDATE: INTRODUCTION OF GAAP CAP RATES JUNE 2026 FCPT has historically reported acquisition cap rates on a cash basis to demonstrate initial accretion on “Day 1” We believe cap rates on a cash basis provides the clearest view of accretion, but without further context, it also limits insight to accretion over the life of a long-term lease. For purposes of allowing easier comparison to the net lease peer set, FCPT will begin to also disclose GAAP cap rates on a quarterly basis Note on Terminology: Cash cap rate is calculated as cash rent / purchase price GAAP cap rate is calculated as GAAP rent (i.e., includes straight-line rent) / purchase price. This reflects the average cap rate over the life of the initial lease term FCPT’s GAAP cap rate has exceeded the cash cap rate by ~70 basis points from 2023 to 2025 (on average) 1
VETERINARY SECTOR LANDSCAPE JUNE 2026
JUNE 2026 CORPORATE SPONSORSHIP HAS ENTERED VETERINARY MEDICINE From Fragmented Industry to Institutional Asset Class Rapid Consolidation Trend Corporate ownership of general-practice clinics grew from ~1% (1994) to ~30% today2 Specialty & emergency veterinary clinics are now ~80% consolidated3 ~45 consolidators (Mission Pet Health, NVA, VCA, etc.) collectively operate ~11,000 clinics nationwide4 Consolidation accelerated materially after 2015 as private equity entered the sector5 COVID-era capital deployment further accelerated M&A activity6 Increased Demand from Real Estate Capital Allocators Veterinary practices viewed as: Recession-resistant7 Healthcare-adjacent7 Highly fragmented7 Supported by recurring consumer demand7 Minimal disruption attributable to AI or e-commerce8 Not as reliant on insurance reimbursements like human healthcare (~96% direct pay)9 Strong demographic tailwinds10: Share of U.S. households with at least one pet is ~70% Rising pet spending and humanization trends Aging independent practice owners seeking end of career exit ~127,000 PRACTICING VETS +45% since 20001 34,296 VET PRACTICES (U.S.) +18.5% since 20091 ~$54B DOMESTIC MARKET REVENUE 7–9% CAGR1 ~30% CORPORATE CLINIC SHARE (GP) ~80% Specialty/ER1 Recent Private Equity Consolidation in the Vet Space Operator Sponsor
JUNE 2026 DIVERSIFICATION & ACCELERATION OF VETERINARY REVENUE Historically, veterinary clinics relied heavily on in-clinic services. Today, growth increasingly comes from2: Prescription medications and chronic care Insurance-enabled diagnostics and procedures Digital health / telehealth Subscription wellness plans Higher-margin products sold through clinics Generally, the COVID-19 pandemic broadly accelerated pet “humanization” and owners’ willingness to spend on premium healthcare Medication and chronic care spending are growing faster than traditional clinic services Ultimately, veterinary care is no longer primarily an episodic emergency service. It is increasingly a recurring healthcare and wellness ecosystem Total: $15.8 Total: $44.5 CAGR: 10.9%
Strong client retention Seller appeal (legacy operations preservation) Lower transition costs Independent practice perception Real Estate: Potentially streamlined vacancy backfill to former veterinarian(s) with no need for re-branding JUNE 2026 Mission Pet Health is a corporate label, not a customer-facing brand. Clinics are individually branded with no obvious tie to the larger corporate entity This is common practice in the medical retail world, allowing a smoother M&A transition when a consolidator takes control of a well-established operator in the community Other medical operators with the same branding approach include NVA (one of FCPT’s top veterinary operators) and Heartland Dental (one of FCPT’s top dental operators) MISSION PET HEALTH – AN UMBRELLA OF LOCAL BRANDS Representative Store-Level Branding Corporate Branding STRENGTHS OF ORIGINAL BRAND RETENTION
APPENDIX
JUNE 2026 GLOSSARY AND NON-GAAP DEFINITIONS NON-GAAP DEFINITIONS AND CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This document includes certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs and therefore may not be comparable. The non-GAAP measures should not be considered an alternative to net income as an indicator of our performance and should be considered only a supplement to net income, and to cash flows from operating, investing or financing activities as a measure of profitability and/or liquidity, computed in accordance with GAAP. ABR refers to annual cash base rent as of 3/31/2026 and represents monthly contractual cash rent, excluding percentage rents, from leases, recognized during the final month of the reporting period, adjusted to exclude amounts received from properties sold during that period and adjusted to include a full month of contractual rent for properties acquired during that period. EBITDA represents earnings (GAAP net income) plus interest expense, income tax expense, depreciation and amortization. EBITDAre is a non-GAAP measure computed in accordance with the definition adopted by the National Association of Real Estate Investment Trusts (“NAREIT”) as EBITDA (as defined above) excluding gains (or losses) on the disposition of depreciable real estate and real estate impairment losses. Adjusted EBITDAre is computed as EBITDAre (as defined above) excluding transaction costs incurred in connection with the acquisition of real estate investments and gains or losses on the extinguishment of debt. We believe that presenting supplemental reporting measures, or non-GAAP measures, such as EBITDA, EBITDAre and Adjusted EBITDAre, is useful to investors and analysts because it provides important information concerning our on-going operating performance exclusive of certain non-cash and other costs. These non-GAAP measures have limitations as they do not include all items of income and expense that affect operations. Accordingly, they should not be considered alternatives to GAAP net income as a performance measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Our presentation of such non-GAAP measures may not be comparable to similarly titled measures employed by other REITs. Tenant EBITDAR is calculated as EBITDA plus rental expense. EBITDAR is derived from the most recent data provided by tenants that disclose this information. For Darden, EBITDAR is updated biannually by multiplying the most recent individual property level sales information (reported by Darden twice annually to FCPT) by the average trailing twelve brand average EBITDA margin reported by Darden in its most recent comparable period, and then adding back property level rent. FCPT does not independently verify financial information provided by its tenants. Tenant EBITDAR coverage is calculated by dividing our reporting tenants’ most recently reported EBITDAR by annual in-place cash base rent. Funds From Operations (“FFO”) is a supplemental measure of our performance which should be considered along with, but not as an alternative to, net income and cash provided by operating activities as a measure of operating performance and liquidity. We calculate FFO in accordance with the standards established by NAREIT. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of property and undepreciated land and impairment write-downs of depreciable real estate, plus real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. We also omit the tax impact of non-FFO producing activities from FFO determined in accordance with the NAREIT definition. Our management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We offer this measure because we recognize that FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. FFO is a non-GAAP measure and should not be considered a measure of liquidity including our ability to pay dividends or make distributions. In addition, our calculations of FFO are not necessarily comparable to FFO as calculated by other REITs that do not use the same definition or implementation guidelines or interpret the standards differently from us. Investors in our securities should not rely on these measures as a substitute for any GAAP measure, including net income. Adjusted Funds From Operations “AFFO” is a non-GAAP measure that is used as a supplemental operating measure specifically for comparing year over year ability to fund dividend distribution from operating activities. AFFO is used by us as a basis to address our ability to fund our dividend payments. We calculate adjusted funds from operations by adding to or subtracting from FFO: 1. Transaction costs incurred in connection with business combinations 2. Straight-line rent 3. Stock-based compensation expense 4. Non-cash amortization of deferred financing costs 5. Other non-cash interest expense (income) 6. Non-real estate investment depreciation 7. Merger, restructuring and other related costs 8. Impairment charges 9. Other non-cash revenue adjustments, including amortization of above and below market leases and lease incentives 10. Amortization of capitalized leasing costs 11. Debt extinguishment gains and losses 12. Non-cash expense (income) adjustments related to deferred tax benefits AFFO is not intended to represent cash flow from operations for the period, and is only intended to provide an additional measure of performance by adjusting the effect of certain items noted above included in FFO. AFFO is a widely-reported measure by other REITs; however, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not be comparable to other REITs. Properties refers to properties available for lease.
JUNE 2026 ENDNOTES PAGE 8: SPOTLIGHT ON CAPITAL RAISING IN 2026: $200 MILLION SEVEN YEAR TERM LOAN Figures as of 3/31/2026 Based on floating SOFR rate of 3.65% as of April 6, 2026, plus credit spread of 1.25% PAGE 4 CASE STUDY: FCPT TO ACQUIRE $268 MILLION VETERINARY PORTFOLIO Representative of 3/31/2026 portfolio data inclusive of announced Q2 closings through date of this presentation plus potential Mission Pet Health additions. Figure is contingent on closing all properties; FCPT’s acquisition of all properties contingent on completion of diligence and satisfaction of customary closing conditions. Please refer to public filings for additional information on risks associated. FCPT currently owns 5 Mission Pet Health properties PAGE 14 CORPORATE SPONSORSHIP HAS ENTERED VETERINARY MEDICINE The Corporation of U.S. Veterinary Medicine, The Corporatization of U.S. Veterinary Medicine (2026) Steinbach, J. “The Corporatization of Veterinary Medicine and Its Impact on Independent Practices,” Journal of the Agricultural and Applied Economics Association (2025) VetFocus / Royal Canin, Consolidation in the Veterinary Profession (2024) Veterinary Integration Solutions, North American Consolidator Analysis (2022) Steinbach (2025) Hawn, R. “2024 Veterinary Consolidation Update” (2024) Brakke Consulting, 2025 Veterinary Industry Overview American Veterinary Medical Association, “Amazon, Tractor Supply now offering online pet pharmacies” (2025) Augustine, K. “NAPHIA’s 2025 State of the Industry Highlights Report” (2025) American Veterinary Medical Association, Pet Ownership & Demographics Sourcebook (2025) PAGE 10 HIGHLY SELECTIVE APPROACH TO NET LEASE Note: All data as of 3/31/2026 Annual cash base rent (ABR) as defined in glossary; FCPT owns 1 dollar store site leased to Dollar General Annual cash base rent (ABR) as defined in glossary; FCPT owns 7 general merchandise sites leased to REI (2), Jared Jewelry (2), Orvis (1), Mattress Firm (1), and Sleep Number (1) Annual cash base rent (ABR) as defined in glossary; FCPT owns 10 car wash sites leased to Whistle Express (9) and Club Car Wash (1) PAGE 3 RECENT HIGHLIGHTS FOR FCPT Figure as of 3/31/2026 Representative of 3/31/2026 portfolio data inclusive of announced Q2 closings through date of this presentation plus potential Mission Pet Health additions. Figure is contingent on closing all properties; FCPT’s acquisition of all properties contingent on completion of diligence and satisfaction of customary closing conditions. Please refer to public filings for additional information on risks associated. FCPT currently owns 5 Mission Pet Health properties PAGE 9 ALIGNED WITH STRONG RESTAURANT BRAND OPERATORS Source: Public filings as of 5/29/2026 except for FCPT ABR (3/31/2026) Past performance does not guarantee future results FactSet’s All Restaurant Index is composed of 22 restaurant and food service equities FCPT’s Portfolio Restaurant Index is weighted based on the share of FCPT’s ABR attributable to brands operated by public companies. For private-operated brands in our portfolio, we use FactSet’s All Restaurant Index as a proxy PAGE 6 PRO FORMA PORTFOLIO Representative of 3/31/2026 portfolio data inclusive of announced Q2 closings through date of this presentation plus potential Mission Pet Health additions. Figure is contingent on closing all properties; FCPT’s acquisition of all properties contingent on completion of diligence and satisfaction of customary closing conditions. Please refer to public filings for additional information on risks associated. FCPT currently owns 5 Mission Pet Health properties Other retail includes properties leased to cell phone stores, bank branches, grocers amongst others. These are often below market rent leases, and many were purchased through the outparcel strategy PAGE 7 CONSISTENT ANNUAL INVESTMENT GROWTH Representative of 3/31/2026 portfolio data inclusive of announced Q2 closings through date of this presentation plus potential Mission Pet Health additions. Figure is contingent on closing all properties; FCPT’s acquisition of all properties contingent on completion of diligence and satisfaction of customary closing conditions. Please refer to public filings for additional information on risks associated. FCPT currently owns 5 Mission Pet Health properties PAGE 12 DISCLOSURE UPDATE: INTRODUCTION OF GAAP CAP RATES Cap rates calculated exclusive of transaction costs PAGE 15 DIVERSIFICATION & ACCELERATION OF VETERINARY REVENUE Sources: American Pet Products Association (APPA) National Pet Owners Survey (2014); APPA State of the Industry Report 2025 (2024); Packaged Facts, Pet Medications in the US (2024); North American Pet Health Insurance Association (NAPHIA) / Grand View Research (2024); Precedence Research (telehealth estimates, 2024). Clinical services and clinic-product splits are derived estimates based on APPA “Vet Care & Products” aggregates and third-party industry data. Retail pet food, boarding, grooming, and non-health retail categories excluded Sources: AVMA/Vetsource Veterinary Industry Tracker; Dutch 2025 State of Online Veterinary Care Report; Packaged Facts veterinary industry research; company disclosures and industry reports PAGE 11 FCPT INVESTMENTS vs. ESTIMATED REPLACEMENT COST Figures based on FCPT portfolio data as of 12/31/2025. Based on publicly available per acre land value comps (per May 2026 Crexi listings) and retail construction costs (per CBRE U.S. Real Estate Market Outlook 2024). Estimated new retail construction and land acquisition costs vary by market. Data is intended to be viewed as illustrative and directional to demonstrate the tend of rising costs Source: RevistaMed, February 2025 Based on publicly available per acre land value comps (per May 2026 Crexi listings) and retail construction costs (per CBRE U.S. Real Estate Market Outlook 2024). Estimated new retail construction and land acquisition costs vary by market. Data is intended to be viewed as illustrative and directional to demonstrate the tend of rising costs
INVESTOR PRESENTATION NAREIT JUNE 2026