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HG Vora Capital Management, LLC and Parag Vora report beneficial ownership of NewLake Capital Partners, Inc. common stock on an amended Schedule 13G. The Reporting Persons collectively hold 650,000 shares of common stock, representing 3.1% of the outstanding class as of June 30, 2026.
They report shared voting and dispositive power over all 650,000 shares and no sole voting or dispositive power. The filing confirms they now own 5 percent or less of the class. Both the investment manager and the principal list their business address as 330 Madison Avenue, New York, NY.
NewLake Capital Partners, an internally managed cannabis-focused REIT, reported second‑quarter 2026 total revenue of $12.1 million, down from $12.9 million a year earlier. Rental income was $11.8 million, and net income attributable to common stockholders was $5.9 million, or $0.29 per diluted share, versus $7.3 million, or $0.35, in 2025.
The decline primarily reflects lost rent from three cultivation properties in Massachusetts, Pennsylvania and Nevada that became vacant in 2025 and remain available for lease, partially offset by contractual rent escalations and contributions from 2025 Ohio acquisitions. As of June 30, 2026, NewLake owned 34 properties in 12 states, including 31 leased and 3 available, with net real estate of $363.6 million and total assets of $414.8 million.
The balance sheet remained lightly leveraged, with $7.6 million drawn on a $90.0 million revolving credit facility and equity of $388.9 million. A subsequent amendment extended the facility’s maturity to May 6, 2029 and reset the interest rate to at least the Prime Rate or 6.25%. The board declared quarterly dividends of $0.43 per share, matching the prior year. NewLake highlighted tenant concentration risk, notably The Cannabist Company’s Canadian restructuring and U.S. Chapter 15 recognition, though Cannabist remained current on rent and posted security deposits of about $0.48 million.
NewLake Capital Partners, an internally managed cannabis-focused REIT, reported second quarter 2026 revenue of $12.1 million, down 6.5% from the prior-year period. Net income attributable to common stockholders was $5.9 million, or $0.29 per diluted share. FFO and AFFO totaled $9.9 million and $10.3 million, or $0.47 and $0.49 per diluted share, with AFFO declining 10.4% year over year, mainly from lost rent and higher carrying costs on properties available for lease.
The company declared a quarterly dividend of $0.43 per share (annualized $1.72), representing an 88% AFFO payout ratio. As of June 30, 2026, NewLake held $25.8 million of cash, gross real estate assets of $433.2 million, and only $7.6 million drawn on its $90.0 million revolving credit facility, for a debt-to-total gross assets ratio of 1.6% and debt-to-EBITDA of about 0.2x.
Subsequent to quarter end, NewLake amended its revolver to extend maturity to May 2029 and move pricing from Prime plus 1.0% to Prime, and acquired a Kentucky dispensary for approximately $0.6 million with a further $1.6 million improvement commitment. The portfolio comprises 35 properties in 13 states, and management reported 100% rent collection in the quarter, including from Cannabist, a tenant undergoing restructuring, backed by approximately $481.6 thousand of security deposits.
NewLake Capital Partners, Inc. reported that David Weinstein will resign from its Board of Directors, effective July 31, 2026. The company states that his decision is not due to any disagreement regarding operations, policies or practices. In connection with his departure, the Board will decrease in size from seven to six directors as of the effective date.
The company highlights Mr. Weinstein’s service since NewLake’s founding in 2019 and his leadership as Chief Executive Officer during its transition to the public markets. NewLake is an internally-managed real estate investment trust providing real estate capital to state-licensed cannabis operators through sale-leaseback transactions and funding for build-to-suit projects, and owns a portfolio of 34 properties, including 15 cultivation facilities and 19 dispensaries under triple-net lease agreements.
NewLake Capital Partners, Inc. reported the results of its Annual Meeting of Stockholders held on June 4, 2026. Stockholders elected seven directors to serve until the 2027 Annual Meeting and ratified CBIZ CPAs P.C. as the independent registered public accounting firm for the fiscal year ending December 31, 2026.
There were 20,580,766 shares of common stock entitled to vote, with 13,653,797 shares represented in person or by proxy, reflecting 66.3% of eligible shares. Each director nominee received more votes “for” than “against,” and the auditor ratification also received strong support, with over 13.3 million votes in favor.
NewLake Capital Partners director Alan Jeffrey Carr reported routine equity compensation and related adjustments. He received a grant of 4,035 shares of common stock, valued using a $14.87 closing price, under the company’s 2021 Equity Incentive Plan for board service.
The grant is in the form of restricted stock units that vest 100% on June 4, 2027 or on the date of the 2027 annual stockholders’ meeting, if earlier, subject to continued service. Following these transactions, Carr directly holds 23,740 shares of common stock and indirectly holds 23,641 shares through his spouse.
NewLake Capital Partners director Joyce Johnson reported routine equity compensation. Johnson received 4,035 shares of common stock subject to restricted stock units valued using the $14.87 closing price on June 4, 2026, bringing her direct holdings to 21,065 shares. These RSUs vest 100% on the earlier of June 4, 2027 or the company’s 2027 annual stockholders meeting, assuming continued board service. Related dividend equivalent rights tied to prior RSUs for 482 underlying shares were settled in cash and simultaneously re-granted as new dividend equivalent rights covering 482 underlying common shares.
NewLake Capital Partners director Peter Wiser received an equity award tied to board service. He was granted restricted stock units covering 4,035 shares of common stock, valued using the $14.87 closing price on June 4, 2026. These RSUs vest 100% on June 4, 2027 or the 2027 annual meeting, if he continues serving. Dividend equivalent rights on earlier RSUs were settled in cash and the associated 482 rights were surrendered and simultaneously re-granted, keeping 482 dividend equivalent rights outstanding.
NewLake Capital Partners director Dina Rollman reported equity compensation and related adjustments. She received 4,035 shares of common stock subject to restricted stock units at a reference price of $14.87 per share on June 4, 2026, raising her direct holdings to 9,765 common shares.
The RSUs were granted under the 2021 Equity Incentive Plan for board service and will vest 100% on the earlier of June 4, 2027 or the company’s 2027 annual stockholders’ meeting, subject to continued service. The filing also records 482 dividend equivalent rights tied to these RSUs, including a disposition to the issuer and a new grant, both plan-driven entries rather than open-market trades.
NewLake Capital Partners, Inc. director David L. Weinstein received an equity grant tied to 4,035 shares of common stock, valued using the $14.87 closing price on June 4, 2026. These restricted stock units vest 100% on the earlier of June 4, 2027 or the company’s 2027 annual stockholder meeting, subject to continued board service. Following this award, Weinstein directly holds 31,716 shares of common stock. The filing also shows activity in 482 dividend equivalent rights, which were settled in cash and re-granted in connection with the RSUs.