NewLake Capital Q3 2026 profit falls to $4.2M
Repaying $7.6 million left NLCP with no debt outstanding and $17.9 million in cash at September 30, 2026.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
NewLake Capital Partners, Inc. (NLCP) reported third-quarter 2026 revenue of $12.0 million, down 4.5% from a year earlier, and net income attributable to common stockholders of $4.2 million, versus $6.7 million. FFO was $10.0 million and AFFO was $10.3 million, compared with $10.7 million and $11.0 million, respectively, in Q3 2025. For the first nine months, revenue declined 6.0% to $36.4 million; AFFO fell 7.6%, primarily due to lost rent and carrying costs at properties available for lease.
NLCP collected 99.7% of contractual rent year to date, repaid $7.6 million of revolver borrowings and ended September 30, 2026 with $17.9 million in cash and no debt outstanding. The $0.43-per-share third-quarter dividend, equivalent to $1.72 annualized, was paid October 15, 2026 to September 30, 2026 record holders. The $90.0 million revolver matures May 6, 2029, with borrowings in excess of $30.0 million subject to lender approval. After quarter-end, NLCP acquired two dispensaries for approximately $1.3 million and committed approximately $1.7 million for improvements.
1 point · 0 major0 major · 3 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate point$7.6 million of revolver debt repaid; NLCP ended Q3 with no debt outstanding. 2.7% of market cap
Negative
- Moderate pointQ3 common-stockholder net income fell from $6.7 million to $4.2 million.
- Moderate pointNine-month revenue fell 6.0% to $36.4 million.
- Moderate pointAFFO declined 6.3% in Q3 and 7.6% in the first nine months.
Filing Explained
The Aurora tenant change remains contingent on closing; $8.2 million remains available under a repurchase program extended through December 31, 2028.
At the Aurora cultivation facility, NewLake agreed to terminate Cannabist’s lease and begin a lease with the buyer of Cannabist’s cultivation operations, but both agreements take effect only upon closing, which remained pending as of
In November, the board extended the stock-repurchase program’s expiration to
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Total revenue: $12.0 million
Net income attributable to common stockholders: $4.2 million
Net income per diluted share: $0.20 per share
+5 more
8 metrics
Total revenue
$12.0 million
Three months ended September 30, 2026; down 4.5% from Q3 2025
Net income attributable to common stockholders
$4.2 million
Three months ended September 30, 2026; compared with $6.7 million in Q3 2025
Net income per diluted share
$0.20 per share
Three months ended September 30, 2026; compared with $0.32 in Q3 2025
FFO attributable to common stockholders
$10.0 million
Three months ended September 30, 2026; compared with $10.7 million in Q3 2025
AFFO attributable to common stockholders
$10.3 million
Three months ended September 30, 2026; down 6.3% from Q3 2025
Total revenue
$36.4 million
Nine months ended September 30, 2026; down 6.0% from the same period in 2025
Cash and cash equivalents
$17.9 million
As of September 30, 2026
Third-quarter cash dividend
$0.43 per share
Declared September 14, 2026; equivalent to $1.72 annualized
Key Terms
Funds From Operations, Adjusted Funds From Operations, AFFO payout ratio, triple-net lease agreements, +1 more
5 terms
Funds From Operations financial
"Funds From Operations (“FFO”) are supplemental non-GAAP financial measures"
Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.
Adjusted Funds From Operations financial
"Adjusted Funds From Operations (“AFFO”) are supplemental non-GAAP financial measures"
Adjusted funds from operations is a financial measure that shows how much cash a real estate company generates from its property operations, excluding certain non-recurring items and accounting adjustments. It helps investors understand the company’s true cash flow ability to pay dividends or fund growth. This figure offers a clearer picture of ongoing financial performance by removing irregular or one-time factors that can distort regular income.
AFFO payout ratio financial
"represents an AFFO payout ratio of 88%"
triple-net lease agreements financial
"primarily leased to single tenants under triple-net lease agreements"
A triple-net lease agreement is a commercial rental contract where the tenant pays not only rent but also property taxes, insurance, and maintenance costs, leaving the landlord with minimal ongoing expenses—think of renting a house where the tenant covers the mortgage-like bills and yard work. For investors, these leases matter because they can provide steady, predictable income and lower landlord overhead, but they also transfer property risk to the tenant and create exposure to the tenant’s ability to pay.
Four Wall coverage financial
"NewLake Four Wall coverage is calculated as property-level EBITDA+rent divided by rent"
Earnings Snapshot
Total revenue: $12.0 million
Three months ended September 30, 2026
Total revenue
$12.0 million
Down 4.5% from Q3 2025
Net income attributable to common stockholders
$4.2 million
Compared with $6.7 million in Q3 2025
FFO attributable to common stockholders
$10.0 million
Compared with $10.7 million in Q3 2025
AFFO attributable to common stockholders
$10.3 million
Down 6.3% from Q3 2025
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were NLCP's third-quarter 2026 results?
NLCP reported $12.0 million in revenue and $4.2 million in net income attributable to common stockholders for Q3 2026. FFO was $10.0 million and AFFO was $10.3 million. In Q3 2025, the corresponding figures were $12.6 million, $6.7 million, $10.7 million and $11.0 million.
What dividend did NLCP declare for Q3 2026?
NLCP declared a $0.43-per-share cash dividend, equivalent to $1.72 annualized. It was paid October 15, 2026 to stockholders of record at the close of business September 30, 2026. The dividend represented an AFFO payout ratio of 88%.
How much debt did NLCP have at September 30, 2026?
NLCP had no outstanding borrowings after repaying $7.6 million under its revolving credit facility during Q3 2026. Cash and cash equivalents were $17.9 million at September 30, 2026.
What are the terms of NLCP's revolving credit facility?
The facility maintains a $90.0 million revolving commitment and matures May 6, 2029. Borrowings bear a variable rate equal to the greater of the Prime Rate quoted in The Wall Street Journal (Western Edition) and 6.25%; borrowings in excess of $30.0 million in aggregate principal amount are subject to lender approval.
What properties did NLCP acquire after Q3 2026?
After quarter-end, NLCP acquired two dispensary properties in Michigan and Kentucky for an aggregate purchase price of approximately $1.3 million and committed approximately $1.7 million for property improvements. The properties were leased to an affiliate of an existing tenant.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
___________________________________
(Exact name of registrant as specified in its charter)
___________________________________
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||
(Address of principal executive offices and zip code) | ||||||||
( | ||||||||
(Registrant's telephone number, including area code) | ||||||||
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
N/A | N/A | N/A | ||||||
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 Exchange Act. Emerging growth company
(§240.12b-2 of this chapter). ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 - Results of Operations and Financial Condition.
On November 4, 2026, NewLake Capital Partners, Inc. (the "Company") issued a press release announcing its financial results for the third quarter ended September 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 to this Form 8-K.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished pursuant to Item 9.01, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section. Furthermore, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished pursuant to Item 9.01, shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the "Securities Act") or the Exchange Act.
Item 7.01 - Regulation FD Disclosure
The Company has posted an updated investor presentation to its website, www.newlake.com. A copy of the slide presentation is attached as Exhibit 99.2 hereto and incorporated herein by reference. The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 furnished pursuant to Item 9.01, shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that section. Furthermore, the information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 furnished pursuant to Item 9.01, shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or the Exchange Act.
Item 9.01 - Financial Statements and Exhibits
(d) The following exhibits are being filed herewith:
Exhibit No. | Description | |||||||
99.1 | Press Release of NewLake Capital Partners, Inc., dated November 4, 2026 | |||||||
99.2 | Investor Presentation dated November 4, 2026 | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 4th day of November, 2026.
NewLake Capital Partners, Inc | |||||
By: | /s/ Lisa Meyer | ||||
Name: | Lisa Meyer | ||||
Title: | Chief Financial Officer, Treasurer and Secretary | ||||
Exhibit 99-1
NewLake Capital Partners Reports Third Quarter 2026 Financial Results
Third Quarter 2026 Revenue Totaled $12.0 Million
Third Quarter 2026 Net Income Attributable to Common Stockholders Totaled $4.2 Million, Funds from Operations Totaled $10.0 Million, and Adjusted Funds from Operations Totaled $10.3 Million
Conference Call and Webcast Scheduled for November 5, 2026, at 11 a.m. Eastern Time
New Canaan, CT, November 4, 2026 — NewLake Capital Partners, Inc. (OCTQX: NLCP) (the “Company” or “NewLake”), a leading provider of real estate capital to state-licensed cannabis operators, today announced its financial results for the third quarter ended September 30, 2026.
“Our third quarter financial results were in line with our expectations, and year to date we collected 99.7% of contractual rent. Notably, we strengthened our balance sheet by repaying $7.6 million of debt, ending the quarter with no debt outstanding and $17.9 million in cash,” said Anthony Coniglio, NewLake’s President and Chief Executive Officer. “During the third quarter we acquired a dispensary property in Kentucky, and subsequent to quarter end we acquired dispensary properties in Michigan and Kentucky. With a disciplined focus on property-level cash flow, a debt-free balance sheet and available credit capacity, we believe NewLake is well positioned to pursue growth opportunities as the cannabis regulatory landscape matures.”
Third Quarter 2026 Financial Highlights
◦Total revenue of $12.0 million.
◦Net income attributable to common stockholders totaled $4.2 million, or $0.20 per share of common stock.
◦Funds From Operations (“FFO”)(1) totaled $10.0 million, or $0.47 per share of common stock.
◦Adjusted Funds From Operations (“AFFO”)(1) totaled $10.3 million, or $0.49 per share of common stock.
◦Declared a third quarter dividend of $0.43 per share of common stock, equivalent to an annualized dividend of $1.72 per common share.
Balance Sheet and Third Quarter Highlights as of September 30, 2026
◦Cash and cash equivalents as of September 30, 2026, were $17.9 million.
◦Gross real estate assets of $433.8 million, including one property classified as Real Estate Held for Sale.
◦On August 4, 2026, the Company purchased a dispensary located in Kentucky for approximately $0.6 million and committed to fund approximately $1.6 million for improvements.
◦No outstanding debt.
Recent Developments
◦Subsequent to quarter end, the Company acquired two dispensary properties located in Michigan and Kentucky for an aggregate purchase price of approximately $1.3 million and committed to fund approximately $1.7 million in property improvements. The properties were leased to an affiliate of an existing tenant.
◦In November 2026, the Company's Board of Directors authorized an extension of the expiration date of the Company's stock repurchase program to December 31, 2028. Approximately $8.2 million remains available for future repurchases under the program.
(1) FFO and AFFO are presented on a dilutive basis.
Financial Results
The following table summarizes the Company’s financial results for the three and nine months ended September 30, 2026 (dollars in thousands, except per share amounts):
| Three Months Ended September 30, | Nine Months Ended September 30, 2026 | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Total Revenue | $ | 12,024 | $ | 12,587 | $ | 36,420 | $ | 38,728 | |||||||||||||||
| Net Income Attributable to Common Stockholders | $ | 4,176 | $ | 6,666 | $ | 15,846 | $ | 20,282 | |||||||||||||||
| Net Income Attributable to Common Stockholders Per Share - Diluted | $ | 0.20 | $ | 0.32 | $ | 0.77 | $ | 0.98 | |||||||||||||||
| FFO Attributable to Common Stockholders - Diluted | $ | 9,968 | $ | 10,651 | $ | 29,558 | $ | 32,285 | |||||||||||||||
| FFO per share – Diluted | $ | 0.47 | $ | 0.51 | $ | 1.41 | $ | 1.54 | |||||||||||||||
| AFFO Attributable to Common Stockholders - Diluted | $ | 10,332 | $ | 11,022 | $ | 30,683 | $ | 33,199 | |||||||||||||||
| AFFO per share – Diluted | $ | 0.49 | $ | 0.52 | $ | 1.46 | $ | 1.58 | |||||||||||||||
For the three months ended September 30, 2026, the Company generated total revenue of approximately $12.0 million, representing a 4.5% decrease compared to $12.6 million for the same period in 2025. The decrease was driven by the loss of rental income from three properties that became available for lease during 2025. The decrease was partially offset by annual contractual rent escalations, a full quarter of rental income from two Ohio dispensaries acquired in 2025, including rent from funded tenant allowances at these properties, and rental income from the acquisition of a Kentucky dispensary property on August 4, 2026.
For the nine months ended September 30, 2026, the Company generated total revenue of approximately $36.4 million, representing a 6.0% decrease compared to $38.7 million for the same period in 2025. The decrease was driven by the loss of rental income from three properties that became available for lease during 2025. The decrease was partially offset by annual contractual rent escalations, a full nine months of rental income from two Ohio dispensaries acquired in 2025, including rent from funded tenant allowances at these properties, and rental income from the acquisition of a dispensary property in Kentucky on August 4, 2026.
The decline in AFFO for the three and nine months ended September 30, 2026 was primarily driven by the loss of rental income and additional property carrying costs associated with properties available for lease, resulting in decreases of approximately 6.3% and 7.6%, respectively, compared to the corresponding periods in 2025.
Investment Activity
Portfolio and Tenant Updates
The Cannabist Company
The Company continues to monitor developments related to Cannabist and its restructuring proceedings. Below is a summary of the developments during the third quarter of 2026.
The Cannabist Company
In September 2026, the Company entered into agreements providing for the termination of Cannabist's lease at the Company's Aurora, Illinois cultivation facility and the commencement of a new lease with the acquirer of Cannabist's cultivation operations at this facility, each effective upon closing of the related transaction, which remained pending as of September 30, 2026. In connection with these agreements, Cannabist forfeited its security deposit of approximately $100.0 thousand, which the Company recognized as rental income during the three months ended September 30, 2026.
At the Company's other three properties leased to Cannabist, the Company collected all contractual rent due through September 30, 2026. The Company holds aggregate security deposits of approximately $381.5 thousand related to these properties.
PharmaCann
In August 2026, the Company consented to a change in control of PharmaCann Penn LLC, the tenant at the Company's Shamokin, Pennsylvania dispensary property, whereby an affiliate of Cresco Labs Inc. acquired the tenant. In connection with the transaction, Cresco Labs Inc. became a guarantor under the existing lease. The terms of the lease otherwise remained unchanged.
Financing Activity
Revolving Credit Facility
In August 2026, NLCP Operating Partnership, L.P. (the "Operating Partnership") entered into an amendment to its Revolving Credit Facility, amending the Loan and Security Agreement. The amendment (i) maintained aggregate revolving commitment of $90.0 million, with one existing regional bank providing the full commitment under the facility, subject to lender approval for borrowings in excess of $30.0 million in aggregate principal amount; (ii) extended the maturity date by two years from May 6, 2027 to May 6, 2029; (iii) modified the interest rate such that borrowings bear interest at a variable rate equal to the greater of (a) the Prime Rate quoted in The Wall Street Journal (Western Edition) and (b) 6.25%; and (iv) revised the unused line fee provisions.
During the three months ended September 30, 2026, the Company repaid the $7.6 million outstanding under its revolving credit facility and, as of September 30, 2026, had no outstanding borrowings under the $90.0 million facility.
As of September 30, 2026, the Company was in compliance with the covenants under the revolving credit facility agreement.
Dividend
On September 14, 2026, the Company’s Board of Directors declared a third quarter 2026 cash dividend of $0.43 per share of common stock, equivalent to an annualized dividend of $1.72 per share of common stock. The dividend was paid on October 15, 2026, to stockholders of record at the close of business on September 30, 2026, and represents an AFFO payout ratio of 88%.
Conference Call and Webcast Details:
Management will host a conference call and webcast at 11:00 a.m. Eastern Time on November 5, 2026, to discuss its quarterly financial results and answer questions about the Company's operational and financial highlights for the third quarter ended September 30, 2026.
| Event: | NewLake Capital Partners Inc. Third Quarter 2026 Earnings Call | ||||
| Date: | Thursday, November 5, 2026 | ||||
| Time: | 11:00 a.m. Eastern Time | ||||
| Live Call: | 1-877-407-3982 (U.S. Toll-Free) or 1-201-493-6780 (International) | ||||
| Webcast: | https://ir.newlake.com/news-events/ir-calendar | ||||
For interested individuals unable to join the conference call, a dial-in replay of the call will be available until November 19, 2026, and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 13762858.
About NewLake Capital Partners, Inc.
NewLake Capital Partners, Inc. is an internally-managed real estate investment trust that provides real estate capital to state-licensed cannabis operators through sale-leaseback transactions and third-party purchases and funding for build-to-suit projects. NewLake owns a portfolio of 37 properties, including 15 cultivation facilities and 22 dispensaries, primarily leased to single tenants under triple-net lease agreements. For more information, please visit www.newlake.com.
Forward-Looking Statements
This press release contains “forward-looking statements.” Forward-looking statements can be identified by words like “may,” “will,” “likely,” “should,” “expect,” “anticipate,” “future,” “plan,” “believe,” “intend,” “goal,” “project,” “remain” and similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs and expectations. Forward-looking statements are based on the Company’s current expectations and assumptions regarding capital market conditions, the Company’s business, the economy and other future conditions. All of our statements regarding anticipated growth in our funds from operations, adjusted funds from operations, anticipated market conditions, and results of operations are forward-looking statements. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law.
Use of Non-GAAP Financial Information
FFO and AFFO are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income attributable to common stockholders to FFO and AFFO and definitions of terms are included at the end of this release.
Contact Information:
Lisa Meyer
Chief Financial Officer, Treasurer and Secretary
NewLake Capital Partners, Inc.
lmeyer@newlake.com
Investor Contact:
Valter Pinto, Managing Director
KCSA Strategic Communications
NewLake@KCSA.com
PH: (212) 896-1254
Media Contact:
Ellen Mellody, Senior Vice President
KCSA Strategic Communications
EMellody@KCSA.com
PH: (570) 209-2947
NEWLAKE CAPITAL PARTNERS, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share amounts)
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets: | |||||||||||
| Real Estate | |||||||||||
| Land | $ | 23,453 | $ | 22,903 | |||||||
| Building and Improvements | 405,358 | 404,983 | |||||||||
| Total Real Estate | 428,811 | 427,886 | |||||||||
| Less Accumulated Depreciation | (68,019) | (57,916) | |||||||||
| Net Real Estate | 360,792 | 369,970 | |||||||||
| Real Estate Held for Sale | 4,802 | 4,802 | |||||||||
| Cash and Cash Equivalents | 17,860 | 23,937 | |||||||||
| In-Place Lease Intangible Assets, net | 12,371 | 15,710 | |||||||||
Loan Receivable, net (Current Expected Credit Loss of $42 and $71, respectively) | 4,708 | 4,929 | |||||||||
| Other Assets | 1,498 | 1,481 | |||||||||
| Total Assets | $ | 402,031 | $ | 420,829 | |||||||
| Liabilities and Equity: | |||||||||||
| Liabilities: | |||||||||||
| Accounts Payable and Accrued Expenses | $ | 1,310 | $ | 1,307 | |||||||
| Revolving Credit Facility | — | 7,600 | |||||||||
| Dividends and Distributions Payable | 9,041 | 9,169 | |||||||||
| Security Deposits | 6,664 | 6,728 | |||||||||
| Rent Received in Advance | 754 | 1,013 | |||||||||
| Other Liabilities | 132 | 324 | |||||||||
| Total Liabilities | 17,901 | 26,141 | |||||||||
| Commitments and Contingencies | |||||||||||
| Equity: | |||||||||||
Preferred Stock, $0.01 Par Value, 100,000,000 Shares Authorized, 0 Shares Issued and Outstanding, respectively | — | — | |||||||||
Common Stock, $0.01 Par Value, 400,000,000 Shares Authorized, 20,580,766 and 20,552,632 Shares Issued and Outstanding, respectively | 206 | 205 | |||||||||
| Additional Paid-In Capital | 447,749 | 447,185 | |||||||||
| Accumulated Deficit | (70,381) | (59,449) | |||||||||
| Total Stockholders' Equity | 377,574 | 387,941 | |||||||||
| Noncontrolling Interests | 6,556 | 6,747 | |||||||||
| Total Equity | 384,130 | 394,688 | |||||||||
| Total Liabilities and Equity | $ | 402,031 | $ | 420,829 | |||||||
NEWLAKE CAPITAL PARTNERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except share and per share amounts)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Rental Income | $ | 11,828 | $ | 12,335 | $ | 35,376 | $ | 37,485 | |||||||||||||||
| Interest Income from Loans | 138 | 137 | 415 | 408 | |||||||||||||||||||
| Fees and Reimbursables | 58 | 115 | 629 | 835 | |||||||||||||||||||
| Total Revenue | 12,024 | 12,587 | 36,420 | 38,728 | |||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Reimbursable Property Expenses | 48 | 46 | 434 | 713 | |||||||||||||||||||
| Property Carrying Costs | 276 | 145 | 643 | 150 | |||||||||||||||||||
| Depreciation and Amortization Expense | 5,724 | 3,874 | 13,454 | 11,634 | |||||||||||||||||||
| General and Administrative Expenses: | |||||||||||||||||||||||
| Compensation Expense | 943 | 933 | 2,902 | 2,808 | |||||||||||||||||||
| Professional Fees | 337 | 334 | 1,247 | 1,137 | |||||||||||||||||||
| Other General and Administrative Expenses | 367 | 350 | 1,284 | 1,314 | |||||||||||||||||||
| Total General and Administrative Expenses | 1,647 | 1,617 | 5,433 | 5,259 | |||||||||||||||||||
| Total Expenses | 7,695 | 5,682 | 19,964 | 17,756 | |||||||||||||||||||
| Loss on Sale of Real Estate | — | — | — | (34) | |||||||||||||||||||
| Provision for Current Expected Credit Loss | 9 | 11 | 29 | 34 | |||||||||||||||||||
| Income From Operations | 4,338 | 6,916 | 16,485 | 20,972 | |||||||||||||||||||
| Other Income (Expense): | |||||||||||||||||||||||
| Other Income | 56 | 97 | 208 | 274 | |||||||||||||||||||
| Interest Expense | (146) | (232) | (576) | (616) | |||||||||||||||||||
| Total Other Income (Expense) | (90) | (135) | (368) | (342) | |||||||||||||||||||
| Net Income | 4,248 | 6,781 | 16,117 | 20,630 | |||||||||||||||||||
| Net Income Attributable to Noncontrolling Interests | (72) | (115) | (271) | (348) | |||||||||||||||||||
| Net Income Attributable to Common Stockholders | $ | 4,176 | $ | 6,666 | $ | 15,846 | $ | 20,282 | |||||||||||||||
| Net Income Attributable to Common Stockholders Per Share - Basic | $ | 0.20 | $ | 0.32 | $ | 0.77 | $ | 0.98 | |||||||||||||||
| Net Income Attributable to Common Stockholders Per Share - Diluted | $ | 0.20 | $ | 0.32 | $ | 0.77 | $ | 0.98 | |||||||||||||||
| Weighted Average Shares of Common Stock Outstanding - Basic | 20,674,980 | 20,629,562 | 20,662,352 | 20,613,788 | |||||||||||||||||||
| Weighted Average Shares of Common Stock Outstanding - Diluted | 21,047,217 | 20,995,800 | 21,034,257 | 20,981,539 | |||||||||||||||||||
Non-GAAP Financial Information
Funds From Operations
The Company calculates FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition. NAREIT currently defines FFO as follows: net income (loss) (computed in accordance with GAAP) excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by an entity. Other REITs may not define FFO in accordance with the NAREIT definition or may interpret the current NAREIT definition differently and therefore the Company’s computation of FFO may not be comparable to such other REITs.
Adjusted Funds From Operations
The Company calculates AFFO by starting with FFO and adjusting for non-cash and certain non-recurring transactions, including non-cash components of compensation expense and the effect of provisions for credit loss. Other REITs may not define AFFO in the same manner and therefore the Company’s calculation of AFFO may not be comparable to such other REITs. You should not consider FFO and AFFO to be alternatives to net income as a reliable measure of our operating performance; nor should you consider FFO and AFFO to be alternatives to cash flows from operating, investing or financing activities (as defined by GAAP) as measures of liquidity.
The table below is a reconciliation of net income attributable to common stockholders to FFO and AFFO for the three and nine months ended September 30, 2026 and 2025 (in thousands, except share and per share amounts):
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Net Income Attributable to Common Stockholders | $ | 4,176 | $ | 6,666 | $ | 15,846 | $ | 20,282 | ||||||||||||||||||
| Net Income Attributable to Noncontrolling Interests | 72 | 115 | 271 | 348 | ||||||||||||||||||||||
| Net Income | 4,248 | 6,781 | 16,117 | 20,630 | ||||||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||
| Real Estate Depreciation and Amortization | 5,720 | 3,870 | 13,441 | 11,621 | ||||||||||||||||||||||
| Loss on Sale of Real Estate | — | — | — | 34 | ||||||||||||||||||||||
| FFO Attributable to Common Stockholders - Diluted | 9,968 | 10,651 | 29,558 | 32,285 | ||||||||||||||||||||||
| Provision for Current Expected Credit Loss | (9) | (11) | (29) | (34) | ||||||||||||||||||||||
| Stock-Based Compensation | 324 | 316 | 971 | 750 | ||||||||||||||||||||||
| Non-cash Interest Expense | 50 | 67 | 185 | 202 | ||||||||||||||||||||||
| Amortization of Straight-line Rent Expense | (1) | (1) | (2) | (4) | ||||||||||||||||||||||
AFFO Attributable to Common Stockholders - Diluted | $ | 10,332 | $ | 11,022 | $ | 30,683 | $ | 33,199 | ||||||||||||||||||
| FFO per share – Diluted | $ | 0.47 | $ | 0.51 | $ | 1.41 | $ | 1.54 | ||||||||||||||||||
| AFFO per share – Diluted | $ | 0.49 | $ | 0.52 | $ | 1.46 | $ | 1.58 | ||||||||||||||||||
A Leading Provider of Real Estate Capital To State-Licensed Cannabis Operators November 4, 2026
newlake.comOTCQX: NLCP 2 This presentation has been prepared by NewLake Capital Partners, Inc. (“we”,” “us” or the “Company”) solely for informational purposes. This presentation and related discussion shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities. This presentation contains forward‐looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts, and are often indicated by words such as “anticipates,” “estimates,” “expects,” “intends,” “plans,” “believes,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” “and “could.” Forward looking statements include, among others, statements relating to the Company’s future financial performance, business prospects and strategy, the use of proceeds from our initial public offering, future dividend payments, anticipated financial position, the Company’s acquisition pipeline, liquidity and capital needs and other similar matters. These statements are based on the Company’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. The Company’s actual results may differ materially from those expressed in, or implied by, the forward-looking statements. The Company is providing the information contained herein as of the date of this presentation. Except as required by applicable law, the Company does not plan to update or revise any statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. Safe Harbor Statement Use of Non-GAAP Financial Information Adjusted Funds From Operations (“AFFO”) and Funds From Operations (“FFO”) are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income attributable to common stockholders and participating securities to AFFO and FFO are included in the appendix to this presentation.
newlake.comOTCQX: NLCP 3 Investment Highlights Scale and Early Mover Founded in 2019, NewLake is the second largest owner of cannabis real estate in the U.S.(1) and the only publicly traded REIT focused exclusively on cannabis real estate. Experienced Team One of the most experienced teams focused on investing in cannabis real estate, outperforming peers and demonstrating consistent capital return to shareholders. Quality Portfolio Quality portfolio has delivered dividend growth, up 79% since IPO, with 11.5 year weighted average remaining lease term. Growth-Oriented Focus Structural tailwinds from recent regulatory catalysts enhance long-term growth profile of the cannabis industry with meaningful opportunity to convert illicit sales to the legal channel and expand consumer demand. Debt-Free Balance Sheet Conservatively capitalized REIT, with zero outstanding debt and an available $90 million credit facility(2), providing significant financial flexibility and capacity to pursue accretive growth opportunities. Attractive Relative to Peers Attractive dividend yield with an 88% AFFO Payout ratio supported by recurring revenue and lowest leverage among REIT peers. (1) Based on management estimates of third-party ownership. (2) Subject to sufficient collateral in the borrowing base and customary lender approval for borrowings in excess of $30.0 million in aggregate principal amount.
newlake.comOTCQX: NLCP 4 By The Numbers(1) Founded in 2019 — 2021 IPO ~$440 Million Invested(2) — Deployed & Committed Q3 2026 AFFO Payout Ratio of 88% — Solid Dividend Coverage 37 Owned Properties(2) — 14 States, 1.7 Million Square Feet Debt-Free Balance Sheet $90 Million Credit Facility (4) 13.3% Wtd. Avg. Yield(3) — 2.6% Annual Rent Escalations Note: (1) Data as of September 30, 2026, unless otherwise noted. (2) Includes two dispensaries acquired subsequent to quarter end. (3) Based on 32 leased properties as of September 30, 2026. (4) Subject to customary lender approval for borrowings in excess of $30 million in aggregate principal amount. 1.3% G&A Ratio — Low General and Administrative Expenses 11.5 Years Remaining Lease Term(3) — Weighted Average 79% Dividend Growth Since IPO — Q3 2026 vs. Q3 2021 34 Leased Properties(2) — 12 Cultivation, 22 Dispensaries
newlake.comOTCQX: NLCP 5 Experienced Management Team Management Anthony Coniglio President, CEO, & Director Co-Founded NewLake in 2019. Former CEO of Primary Capital Mortgage. 14 years at J.P. Morgan investment banking across multiple business lines. Public company board director. Lisa Meyer CFO, Treasurer & Secretary NewLake CFO since 2022 with deep real estate finance leadership experience. Former President & CFO of Western Asset Mortgage Capital Corporation (NYSE-listed REIT); prior experience includes Ernst &Young LLP, Northstar Realty Finance Corp. (NYSE-listed REIT), and FTI Consulting. Niki Krear Vice President of Acquisitions Former financial services experience at William Blair and Maranon Capital. Background in investment banking, private credit, and real estate investing. Board of Directors Gordon DuGan Chairman Formerly was CEO of W.P. Carey & CO., CEO of Gramercy Property Trust, and Chairman of the Board of INDUS Realty Trust Alan Carr Independent Director Co-Founder and CEO of Drivetrain LLC., Director at Unit Corporation and Former MD at Strategic Value Partners Joyce Johnson Independent Director Chairman of Pacific Gate Capital Management; Former Sr. MD of Relativity Capital & MD of Cerberus Capital Peter Martay Independent Director CEO of Pangea Properties. Former banker at Bernstein Global Wealth Management, Glencoe Capital and Deutsche Bank Dina Rollman Independent Director Counsel at Sperling Kenny Nachwalter. Former SVP of Government Affairs at GreenThumb Industries Inc.
newlake.comOTCQX: NLCP 6 Cannabis Rescheduling & Emerging Industry Catalysts On April 22, 2026, Attorney General Blanche rescheduled medical marijuana to Schedule III, setting off a wave of regulatory, market, and capital tailwinds, including the first-ever NYSE listings of U.S. Cannabis companies. Federal Rescheduling Hemp Restrictions Banking & Capital • Eliminates 280E tax burden as Medical Cannabis Operators registered with the DEA are Federally legal businesses • Medical operators can deduct ordinary business expenses for the first time, materially improving cashflow and EBITDA • Stronger operating cash flow = stronger rent coverage = more resilient dividends for NewLake shareholders • Unregulated, untested, hemp-derived THC products compete directly with state-legal cannabis dispensaries • Enforced restrictions on these products redirect consumers to the state licensed, regulated market • Incremental demand flows to state-licensed operators whose cultivation facilities and dispensaries NewLake owns • SAFE Banking Act would allow federally insured institutions to serve cannabis businesses without federal prosecution risk • CLIMB Act would enable U.S. cannabis operators, and ancillary firms like NewLake, to uplist to major exchanges such as NYSE and NASDAQ, and allow access to traditional capital markets • Could attract new institutional investors as cannabis-related stigma in financial markets diminishes Moving medical cannabis from Schedule I, the most restrictive federal category, to Schedule III December 2026 Federal ban and state actions targeting hemp-derived THC products (delta-8, etc.) Legislative pathways to normalize financial services for state-licensed cannabis
newlake.comOTCQX: NLCP 7 NewLake is Focused on a Growing Industry Demand for Real Estate Capital Positions NewLake for Continued Growth Adult-Use & Medical Markets $37.6 $40.5 $54.1 2024 2025 2029 Bi llio ns Cannabis Industry Near-Term CAGR Source: BDSA • New states issuing medical cannabis licenses (i.e. TX and NE) • Limited medical states expanding programs (i.e. TX and GA) • Strong medical markets transitioning to adult use (i.e. PA and FL) • New adult-use states initiating sales (i.e. KY and MN) • Adult-use states with sales not yet available (i.e. VA) • Continued growth in currently undersupplied adult use markets (i.e. NY, NJ, OH, and CT) State-Level Growth CatalystsAdult-Use Medical-Use Limited Medical CBD Only N/A * *sales not yet available
newlake.comOTCQX: NLCP 8 Continued Acceptance of Cannabis Nationally Americans Increasingly Embrace the Use of Cannabis • 97% of the U.S. population (323 million people) reside in Medical Markets(1,2) • 53% of the U.S. population (176 million people) reside in Adult-Use Markets(2) • 88% of U.S. adults support Adult-Use and/or Medical Cannabis(3) • 140% growth in Americans consuming cannabis in past 10 years(4) • 54% of American adults believe alcohol is more harmful than cannabis(4) Note: population counts based on United States Census Bureau 2023 counts 1) Includes limited medical CBD only markets. 2) Includes markets with sales not yet available. 3) Pew Research most recent survey. 4) Source: Monmouth University poll. Changes in Self-Reported Cannabis Use in the U.S. Source: Wiley Library – Society for the Study of Addiction. Note: DND refers to “daily or near-daily users”.
newlake.comOTCQX: NLCP 9 Four Engines of AFFO Growth 1 2 3 4 Embedded growth requiring no new capital with annual rent escalators averaging 2.6% across the portfolio Annual Rent Escalators Committed capital of $3.25M(1) will generate incremental rental income as capital gets deployed Funding Tenant Improvement Commitments 240k SF across three properties available for lease following tenant disruptions Leasing Available Properties Capacity to fund new sale-leasebacks, built-to-suit projects, and third-party acquisitions with available liquidity New Transaction Deployments (1) Includes $1.7M of committed capital for two dispensaries acquired subsequent to quarter end.
newlake.comOTCQX: NLCP 10 Curaleaf 26.3% Cresco 15.6% Trulieve 12.3% C3 9.8% Calypso 7.9% Mint 6.8% CODES 6.0% Cannabist(2) 4.9% Holistic(3) 3.6% Acreage(4) 3.5% Wellgreens 1.1% Stop 38 Investments(2) 1.0% PharmaCann 0.9% Budr(4) 0.3% Tenant/Borrower Composition(1) Portfolio Overview Early Mover Advantage Created Diverse National Platform • 14 states* • 1.7M square feet* • 15 cultivation assets, 22 dispensaries* • Primarily limited-license jurisdictions (1) Calculated based on October 2026 annualized monthly contractual rent including management fees and interest income on our note receivable. (2) Illinois Cannabist operations to be acquired by Stop 38 Investments, subject to regulatory approval. (3) Prime Wellness is an Acreage subsidiary and our lease is guaranteed by Holistic Industries. (4) Guaranteed by Canopy USA. (5) Guaranteed by GTI. * Represents owned properties, including two dispensaries acquired subsequent to quarter end
newlake.comOTCQX: NLCP 11 5.2x 4.1x 3.5x 3.2x 2.9x 2.5x FCPT NLCP EPRT BNL O GTY NewLake’s Underwriting Approach Tenant Quality Real Estate In-Depth Industry Knowledge and Proven Underwriting Approach Mitigates Portfolio Risk Focus on strong financial profiles Experienced management teams Ability to raise capital Strong property level cashflows Above market four-wall coverage Most properties in/near major metropolitan areas Estimated Four-Wall2 Coverage Note: Data as of September 30, 2026; based on current rent for leased properties. 1 Cultivation licenses sourced from state reporting and management estimates. 2 NewLake Four Wall coverage is calculated as property-level EBITDA+rent divided by rent. Estimates based on actual Q2 2026 property level financial information, when available, and management estimates based on Tenant reporting. Comparable REIT data based on Essential Properties Trust Q3 2026 Investor Presentation. 3 Includes one cultivation property owned by a single state entity but managed by an MSO 65% Public 35% Private 92% MSO(3) 8% SSO 92% Vertically Integrated in the State Cannabis Market Emphasis on limited-license jurisdictions Better operating environment for tenant More value created for real estate 155 63 33 21 21 OR WA MA MO PA IL FL Est. # of Cultivation Licenses Operating1 1,350 1,150
newlake.comOTCQX: NLCP 12 Deal Structure & Risk Management Deal Structure • 100% triple net leases • 15–20 year lease terms • Parent company guarantees • Annual escalations • Security deposits • Cross-collateralization and cross-securitization • Ability to substitute to better performing assets • Strategic divestiture of underutilized assets • Third-party construction review Financial Reporting Portfolio Management • All leases require quarterly facility level reporting • Review quarterly financials and annual audited financials • Regular operational update calls with tenants Deal Structure and Active Portfolio Management Proactively Addresses Portfolio Concerns
newlake.comOTCQX: NLCP 13 Tenant Composition by Annualized Base Rent Tenant Annualized Base Rent (%)(1) SF # of Leases Q2 2026(2) Tenant Information Revenue Adj. EBITDA(3) MSO / SSO Curaleaf 26.3% 462,947 10 $340 $70 MSO Cresco Labs 15.6% 235,250 4 $173 $40 MSO Trulieve 12.3% 144,602 1 $271 $98 MSO C3 Industries 9.8% 156,366 3 Private Co Private Co MSO Calypso 7.9% 99,163 1 Private Co Private Co SSO Mint 6.8% 100,758 1 Private Co Private Co MSO CODES 6.0% 89,400 2 Private Co Private Co MSO The Cannabist Company 5.9% 80,718 4 $80(4) $3(4) MSO Prime Wellness(5) 3.6% 30,625 1 Private Co Private Co MSO Acreage(6) 3.5% 38,380 1 Private Co Private Co MSO Wellgreens 1.1% 2,470 1 Private Co Private Co SSO PharmaCann 0.9% 14,851 2 Private Co Private Co MSO Budr(7) 0.3% 2,872 1 Private Co Private Co MSO Note: NewLake data is as of September 30, 2026, unless otherwise noted 1) Calculated based on October 2026 annualized monthly contractual rent and includes management fees. Does not include any properties acquired subsequent to quarter end. 2) U.S dollars in millions, based on each company’s public securities filings and earnings release, available at www.sec.gov or www.sedar.com. 3) Adjusted EBITDA is a non-GAAP financial measure utilized in the industry. For definitions and reconciliations of Adjusted EBITDA to net income, see each company’s public securities filings. 4) Represents Q3 2025 financial data. The Company has filed for Bankruptcy under Canadian Law. Includes operations to be sold to Stop 38 Investments, subject to regulatory approval. 5) Owned by Acreage Holdings and our lease is guaranteed by Holistic Industries. 6) Guaranteed by Canopy USA. 7) Guaranteed by GTI.
newlake.comOTCQX: NLCP 14 Portfolio Composition by State State Annualized Base Rent (%)(1) Square Feet # of Properties Cultivation Dispensary Total Cultivation Dispensary Pennsylvania 25.4% 312,421 13,116 325,537 4 4 Florida 21.6% 417,350 - 417,350 1 - Illinois 17.4% 255,257 17,727 272,984 2 4 Missouri 13.5% 176,378 - 176,378 2 - Massachusetts 8.7% 223,122 15,406 238,528 3 2 Arizona 6.8% 100,758 - 100,758 1 - Connecticut 2.6% 58,436 14,053 72,489 1 2 Ohio 1.7% - 20,249 20,249 - 4 California 1.1% - 2,470 2,470 - 1 Arkansas 0.5% - 7,592 7,592 - 1 North Dakota 0.5% - 4,590 4,590 - 1 Kentucky 0.1% - 3,360 3,360 - 1 Nevada - 56,536 - 56,536 1 - 1) Calculated based on October 2026 annualized rent and includes management fees. Does not include any properties acquired subsequent to quarter end.
newlake.comOTCQX: NLCP 15 Stockholders’ Equity $378 Million Invested & Committed Capital $435 Million Cash $18 Million Debt None Market Capitalization1 $281 Million Stock Price1 $13.66 Dividend Yield2 12.6% Common Shares Outstanding 20,580,766 Book Value per share $18.35 3Q26 Annualized Dividend3 $1.72 Target AFFO Payout Ratio 80% - 90% 3Q26 Revenue Annualized4 $48 Million G&A Expense Ratio5 1.3% Key Data Dividend Growth per Share Note: Data is as of September 30, 2026, unless otherwise noted. 1 Based on the November 2, 2026, closing price. 2 Calculated as Q3 2026 annualized dividend divided by the November 2, 2026, closing stock price. 3 Dividends for 2021 reflect a partial year following our August 2021 IPO. 2026 reflects the annualized Q3 2026 dividend of $0.43 per share, declared on September 14, 2026. 4 Calculated using annualized Total Revenue for the three months ending September 30, 2026. 5 Calculated using annualized general and administrative expenses, excluding stock-based compensation, for the three months ending September 30, 2026, over Total Assets as of September 30, 2026. $0.55 $1.44 $1.57 $1.70 $1.72 $1.72 2021 2022 2023 2024 2025 2026 33 Financial Overview
newlake.comOTCQX: NLCP 16 Investment Highlights Scale and Early Mover Founded in 2019, NewLake is the second largest owner of cannabis real estate in the U.S.(1) and the only publicly traded REIT focused exclusively on cannabis real estate. Experienced Team One of the most experienced teams focused on investing in cannabis real estate, outperforming peers and demonstrating consistent capital return to shareholders. Quality Portfolio Quality portfolio has delivered dividend growth, up 79% since IPO, with 11.5 year weighted average remaining lease term. Growth-Oriented Focus Structural tailwinds from recent regulatory catalysts enhance long-term growth profile of the cannabis industry with meaningful opportunity to convert illicit sales to the legal channel and expand consumer demand. Debt-Free Balance Sheet Conservatively capitalized REIT, with zero outstanding debt and an available $90 million credit facility(2), providing significant financial flexibility and capacity to pursue accretive growth opportunities. Attractive Relative to Peers Attractive dividend yield with an 88% AFFO Payout ratio supported by recurring revenue and lowest leverage among REIT peers. (1) Based on management estimates of third-party ownership. (2) Subject to sufficient collateral in the borrowing base and customary lender approval for borrowings in excess of $30.0 million in aggregate principal amount.
newlake.comOTCQX: NLCP 17 How to Buy Our Stock E-Trade ----------------------------------------------- 800.387.2331 Charles Schwab ------------------------------------ 866.855.9102 Interactive Brokers --------------------------------- 877.442.2757 StoneX ------------------------------------------------ www.stonex.com Roth Capital ----------------------------------------- 800.678.9147 ATB ---------------------------------------------------- atbcm.atb.com BTIG --------------------------------------------------- www.btig.com Jones Trading --------------------------------------- 800.203.6611 Fidelity ------------------------------------------------ 800.972.2155 Ameriprise-------------------------------------------- 800.862.7919 Wells Fargo Advisors------------------------------ 877.573.7997 You can buy NewLake Capital shares on the US OTC Markets under the ticker symbol NLCP with the brokers listed below. Note: Brokers are based on the Company's most recent knowledge. Broker policies may change without notice.
Supplemental Information
newlake.comOTCQX: NLCP 19 Quarterly Performance Summary 2026 2025 (In thousands, except share amounts) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Total Revenue $12,024 $12,087 $12,309 $12,343 $12,587 $12,932 $13,209 General and Administrative Expense(1) 1,323 $1,564 $1,573 $1,547 $1,301 $1,374 $1,832 General and Administrative Expense(1)/Total Revenues 11.0% 12.9% 12.8% 12.5% 10.3% 10.6% 13.9% General and Administrative Expense(1)/Total assets 1.3% 1.5% 1.5% 1.4% 1.2% 1.3% 1.7% Net Income Attributable to Common Stockholders $4,176 $5,896 $5,775 $6,036 $6,666 $7,319 $6,297 Net Income Attributable to Common Stockholders Per Share - Diluted $0.20 $0.29 $0.28 $0.29 $0.32 $0.36 $0.31 FFO Attributable to Common Stockholders – Diluted $9,968 $9,857 $9,737 $10,020 $10,651 $11,352 $10,283 FFO per share – Diluted $0.47 $0.47 $0.46 $0.48 $0.51 $0.54 $0.49 AFFO Attributable to Common Stockholders – Diluted $10,332 $10,262 $10,091 $10,624 $11,022 $11,455 $10,724 AFFO per share – Diluted $0.49 $0.49 $0.48 $0.51 $0.52 $0.55 $0.51 Payout Ratio 88% 88% 90% 85% 82% 79% 84% $12,024 $12,087 $12,309 $12,343 $12,587 $12,932 $13,209 Q3'26 Q2'26 1Q'26 Q4'25 3Q'25 2Q'25 1Q'25 Revenue $0.49 $0.49 $0.48 $0.51 $0.52 $0.55 $0.51 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 AFFO $0.47 $0.47 $0.46 $0.48 $0.51 $0.54 $0.49 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25' FFO (1) General and administrative expenses excludes stock-based compensation
newlake.comOTCQX: NLCP 20 Balance Sheet (In thousands, except share amounts) September 30, 2026 December 31, 2025 Assets: Real Estate Land $23,453 $22,903 Building and Improvements 405,358 404,983 Total Real Estate 428,811 427,886 Less Accumulated Depreciation (68,019) (57,916) Net Real Estate 360,792 369,970 Real Estate Held for Sale 4,802 4,802 Cash and Cash Equivalents 17,860 23,937 In-Place Lease Intangible Assets, net 12,371 15,710 Loan Receivable, net (Current Expected Credit Loss of $42 and $71, respectively) 4,708 4,929 Other Assets 1,498 1,481 Total Assets $402,031 $420,829 Liabilities and Equity: Liabilities: Accounts Payable and Accrued Expenses $1,310 $1,307 Revolving Credit Facility - 7,600 Dividends and Distributions Payable 9,041 9,169 Security Deposits 6,664 6,728 Rent Received in Advance 754 1,013 Other Liabilities 132 324 Total Liabilities 17,901 26,141 Commitments and Contingencies Equity: Preferred Stock, $0.01 Par Value, 100,000,000 Shares Authorized, 0 and 0 Shares Issued and Outstanding, Respectively - - Common Stock, $0.01 Par Value, 400,000,000 Shares Authorized, 20,580,766 and 20,552,632 Shares Issued and Outstanding, Respectively 206 205 Additional Paid-In Capital 447,749 447,185 Accumulated Deficit (70,381) (59,449) Total Stockholders' Equity 377,574 387,941 Noncontrolling Interests 6,556 6,747 Total Equity 384,130 394,688 Total Liabilities and Equity $402,031 $420,829
newlake.comOTCQX: NLCP 21 Statement of Operations For the Three Months Ended September 30, For the Nine Months Ended September 30, (In thousands, except share amounts) 2026 2025 2026 2025 Revenue: Rental Income $11,828 $12,335 $35,376 $37,485 Interest Income from Loans 138 137 415 408 Fees and Reimbursables 58 115 629 835 Total Revenue 12,024 12,587 $36,420 $38,728 Expenses: Reimbursable Property Expenses 48 46 434 713 Property Carrying Costs 276 145 643 150 Depreciation and Amortization Expense 5,724 3,874 13,454 11,634 General and Administrative Expenses: Compensation Expense 943 933 2,902 2,808 Professional Fees 337 334 1,247 1,137 Other General and Administrative Expenses 367 350 1,284 1,314 Total General and Administrative Expenses 1,647 1,617 5,433 5,259 Total Expenses 7,695 5,682 19,964 17,756 Loss on Sale of Real Estate - - - (34) Provision for Current Expected Credit Loss 9 11 29 34 Income From Operations 4,338 6,916 16,485 20,972 Other Income (Expense): 56 97 208 274 Interest Expense (146) (232) (576) (616) Total Other Income (Expense) (90) (135) (368) (348) Net Income 4,248 6,781 16,117 20,630 Net Income Attributable to Noncontrolling Interests (72) (115) (271) (234) Net Income Attributable to Common Stockholders $4,176 $6,666 $15,846 $20,282 Net Income Attributable to Common Stockholders Per Share - Basic $0.20 $0.32 $0.77 $0.98 Net Income Attributable to Common Stockholders Per Share - Diluted $0.20 $0.32 $0.77 $0.98 Weighted Average Shares of Common Stock Outstanding – Basic 20,674,980 20,629,562 20,662,352 20,613,788 Weighted Average Shares of Common Stock Outstanding – Diluted 21,047,217 20,995,800 21,034,257 20,981,539
newlake.comOTCQX: NLCP 22 Non-GAAP Financial Information The table below is a reconciliation of net income attributable to common stockholders to FFO and AFFO for the three and nine months ended September 30, 2026 and 2025, (in thousands, except share and per share amounts) For the Three Months Ended September 30, For the Nine Months Ended September 30, (In thousands, except share amounts) 2026 2025 2026 2025 Net Income Attributable to Common Stockholders $4,176 $6,666 $15,846 $20,282 Net Income Attributable to Noncontrolling Interests 72 115 271 348 Net Income 4,248 6,781 16,117 20,630 Adjustments: Real Estate Depreciation and Amortization 5,720 3,870 13,441 11,621 Loss on Sale of Real Estate - - - 34 FFO Attributable to Common Stockholders – Diluted $9,968 $10,651 $29,558 $32,285 Provision for Current Expected Credit Loss (9) (11) (29) (34) Stock-Based Compensation 324 316 971 750 Non-Cash Interest Expense 50 67 185 202 Amortization of Straight-Line Rent Expense (1) (1) (2) (4) AFFO Attributable to Common Stockholders – Diluted $10,332 $11,022 $30,683 $33,199 FFO per share – Diluted $0.47 $0.51 $1.41 $1.54 AFFO per share – Diluted $0.49 $0.52 $1.46 $1.58
newlake.comOTCQX: NLCP 23 Lease Expiration Schedule(1) 0.8% 0.9% 3.6% 1.3% 32.8% 0.4% 60.1% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter Less than 2% of leases expiring in the next 6 years Year # of Leases Rentable SF Annualized Base Rent SF % ABR % 2026 - - - - - 2027 - - - - - 2028 - - - - - 2029 2 9 0.6% $385 0.8% 2030 - - - - - 2031 2 15 1.0% $432 0.9% 2032 7 39 2.7% $1,698 3.6% 2033 2 10 0.7% $615 1.3% 2034 6 415 28.5% $15,525 32.8% 2035 2 9 0.6% $211 0.4% Thereafter 11 961 65.9% $28,432 60.1% Total 32 1,458 100.0% $47,298 100.0% (1) Data based on operational properties.
newlake.comOTCQX: NLCP 24 Cultivation Property List Tenant State City Date Acquired % Leased Square Feet Invested / Committed Capital $ Invested Committed Total $ Total $ PSF Acreage(1) Massachusetts Sterling 10/24/2019 100% 38,380 $9,787,999 - $9,787,999 $255 Prime Wellness(2) Pennsylvania Sinking Springs 10/24/2019 100% 30,625 $10,158,372 - $10,158,372 $332 C3 Industries Connecticut East Hartford 5/7/2024 100% 58,436 $4,973,093 - $4,973,093 $85 C3 Industries Missouri O'Fallon 4/1/2022 100% 94,570 $34,000,000 - $34,000,000 $360 Calypso Pennsylvania Erie 10/29/2021 100% 99,163 $32,013,378 - $32,013,378 $323 The Cannabist Company Illinois Aurora 12/24/2019 100% 32,802 $11,469,139 - $11,469,139 $350 The Cannabist Company Massachusetts Lowell 12/24/2019 100% 38,890 $14,777,302 - $14,777,302 $380 Cresco Labs Illinois Lincoln 12/11/2019 100% 222,455 $50,677,821 - $50,677,821 $228 Curaleaf Florida Mt. Dora 8/4/21 100% 417,350 $75,983,217 - $75,983,217 $182 CODES Missouri Chaffee 12/20/2021 100% 81,808 $21,132,965 - $21,132,965 $258 Mint Arizona Phoenix 6/24/2021 100% 100,758 $21,815,268 - $21,815,268 $209 Trulieve Pennsylvania Mckeesport 10/18/2020 100% 144,602 $41,500,000 - $41,500,000 $287 Vacant Massachusetts Fitchburg 6/30/2021 0% 145,852 $42,275,000 - $42,275,000 $290 Vacant Pennsylvania Pottsville 6/30/2022 0% 38,031 $15,278,586 - $15,278,586 $402 Vacant Nevada Sparks 6/30/2022 0% 56,536 $13,578,804 - $13,578,804 $240 (1) Guaranteed by Canopy USA. (2) Prime Wellness is an Acreage subsidiary and our lease is guaranteed by Holistic Industries.
newlake.comOTCQX: NLCP 25 Dispensary Property List Tenant State City Date Acquired % Leased Square Feet Invested / Committed Capital $ In Place Total Invested Total Committed Total $ PSF Budr(1) Connecticut Uncasville 10/30/2019 100% 2,872 $925,751 $322 The Cannabist Company Illinois Chicago 12/24/2019 100% 4,736 $1,127,931 $238 The Cannabist Company Massachusetts Greenfield 12/24/2019 100% 4,290 $2,108,951 $492 Cresco Labs Ohio Proctorville 2/19/2025 100% 5,807 $990,000 $171 Cresco Labs Ohio Bridgeport 4/25/25 100% 3,508 $875,000 $223 Curaleaf Illinois Chicago 1/29/2021 100% 5,040 $3,152,185 $625 Curaleaf North Dakota Minot 1/29/2021 100% 4,590 $2,011,530 $438 Curaleaf Connecticut Groton 2/28/2020 100% 11,181 $2,773,755 $248 Curaleaf Pennsylvania King of Prussia 1/29/2020 100% 1,968 $1,752,788 $891 Curaleaf Pennsylvania Brookville 6/12/2025 100% 4,167 $963,811 $231 Curaleaf Illinois Litchfield 1/29/2020 100% 1,851 $540,700 $292 Curaleaf Illinois Morris 1/29/2020 100% 6,100 $1,567,005 $257 Curaleaf Ohio Newark 2/28/2020 100% 7,200 $3,207,606 $446 Curaleaf Pennsylvania Morton 2/28/2020 100% 3,500 $2,111,999 $603 C3 Industries Kentucky Wilder 8/4/2026 100% 3,360 $550,000 $1,550,000 $625 CODES Arkansas Little Rock 1/29/2020 100% 7,592 $1,964,801 $259 PharmaCann Pennsylvania Shamokin 2/24/2020 100% 3,481 $1,200,000 $345 PharmaCann Massachusetts Shrewsbury 2/24/2020 100% 11,116 $1,900,000 $171 PharmaCann Ohio Wapakoneta 11/4/2022 100% 3,735 $1,550,000 $415 Wellgreens California San Diego 12/24/2019 100% 2,470 $4,581,419 $1,855 (1) Guaranteed by GTI
Thank You Company Contact: Lisa Meyer CFO, Treasurer and Secretary Lmeyer@newlake.com Investor Relations Contact: Valter Pinto / Jack Perkins KCSA Strategic Communications NewLake@KCSA.com (212) 896-1254