NewLake Capital Partners, Inc. provides real estate capital to state-licensed cannabis operators and reports on a portfolio of cannabis-related properties leased to industry tenants. News commonly covers quarterly and annual results, net income, funds from operations, adjusted funds from operations, common stock dividends, liquidity under its revolving credit facility and changes in gross real estate assets.
Company updates also address portfolio investment activity, including dispensary property acquisitions and improvement commitments, tenant credit developments, and management participation in cannabis regulation, net lease real estate and investor conferences. Tenant disclosures focus on operators that lease NewLake properties and on how operator developments relate to the company's real estate capital platform.
StoicLane has launched a private holding company focused on the Finance, Insurance & Real Estate (FIRE) sectors. Co-founders, including Al Goldstein, have a proven track record, creating over $4B in equity value since 2004. The company aims to use data and technology to enhance service quality. Industry veterans, including Nigel Morris of QED Investors, are joining the Board and Advisory Team. StoicLane is actively pursuing partnerships with leading operators in its sectors to drive growth and success.
NewLake Capital Partners (NLCP) announced a partial cash dividend of $0.12 per share for Q3 2021, payable on October 15, 2021. This dividend covers the period from the closing of its IPO on August 13, 2021 to September 30, 2021. The company also paid a special cash dividend of $0.12 per share on August 18, 2021, for the period from July 1, 2021, to the IPO closure. NewLake focuses on providing real estate capital to cannabis operators through sale-leasebacks and owns a portfolio of 27 facilities leased on a triple-net basis.
NewLake Capital Partners (OTCQX: NLCP) reported significant growth in Q2 2021, with revenues of $6.7 million, up from $2.1 million year-over-year. Net income attributable to shareholders rose to $2.7 million ($0.16/share). The company successfully closed its IPO in August 2021, raising approximately $102 million. Total real estate costs for acquired properties reached $160.5 million. Adjusted funds from operations (AFFO) for Q2 were $4.9 million ($0.28/share), while funds from operations (FFO) were $4.8 million ($0.28/share). Cash reserves stood at $76.5 million as of June 30, 2021.
NewLake Capital Partners (OTCQX: NLCP) will present at the KCSA Cannabis Virtual Investor Conference on September 9, 2021, at 10:30 a.m. ET. CEO David Weinstein and President Anthony Coniglio will engage with investors during this interactive online event. A recorded session will be available for those unable to attend live. Investors are encouraged to pre-register for the event to ensure participation and receive updates. NewLake Capital specializes in providing real estate capital to state-licensed cannabis operators through various investment strategies.
NewLake Capital Partners has successfully completed its IPO, raising approximately $102 million through the sale of 3,905,950 shares at a price of $26.00 per share. The funds will be allocated towards acquiring cannabis cultivation and processing facilities, as well as dispensaries. The company's properties, which are 100% leased, encompass 27 locations across 10 states with notable tenants like Curaleaf and Trulieve. This milestone is expected to enhance NewLake's growth trajectory in the expanding cannabis industry.