NewLake Capital (OTCQX: NLCP) 2025 AFFO $2.09, dividend $1.72
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
NewLake Capital Partners reported steady fourth quarter and full‑year 2025 results while maintaining a very conservative balance sheet. Q4 2025 revenue was $12.3 million, down 1.4% from the prior year quarter, as vacancies at three properties modestly reduced rental income and pushed Adjusted Funds From Operations (AFFO) down 3.0%.
For full year 2025, revenue grew to $51.1 million, up 1.9%, with AFFO of $43.8 million or $2.09 per diluted share, slightly above 2024. The company declared total 2025 dividends of $1.72 per share, an 82% AFFO payout ratio, and kept the quarterly dividend at $0.43 per share for first quarter 2026.
NewLake highlighted a strong balance sheet, with $23.9 million of cash, $7.6 million drawn on its Revolving Credit Facility, total liquidity of $106.3 million, and no debt maturities until May 2027. Gross real estate assets were $432.9 million across 34 properties, and debt represented just 1.6% of total gross assets.
Positive
- None.
Negative
- None.
Insights
Modest growth, very low leverage, dividend well covered by recurring cash flow.
NewLake Capital Partners delivered essentially flat year‑over‑year performance, with 2025 revenue up 1.9% to
The company emphasized balance‑sheet strength: gross real estate assets of
Income investors may note the
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
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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:
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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: | ||||||||
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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
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Item 2.02 - Results of Operations and Financial Condition.
On March 5, 2026, NewLake Capital Partners, Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2025. 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 March 5, 2026 | |||||||
99.2 | Fourth Quarter 2025 Investor Presentation, dated March 6, 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 5th day of March, 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 Fourth Quarter and Full-Year 2025 Financial Results;
Declared First Quarter 2026 Common Stock Dividend of $0.43 per Share
Fourth Quarter 2025 Revenue totaled $12.3 Million
Full Year 2025 Revenue totaled $51.1 Million
Fourth Quarter 2025 Net Income Attributable to Common Stockholders totaled $6.0 Million, Funds From Operations totaled $10.0 Million, and Adjusted Funds From Operations totaled $10.6 Million
Full Year 2025 Net Income Attributable to Common Stockholders totaled $26.3 Million, Funds From Operations totaled $42.3 Million, and Adjusted Funds From Operations totaled $43.8 Million
Conference Call and Webcast Scheduled for March 6, 2026 at 11 a.m. Eastern Time
New Canaan, CT, March 5, 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 fourth quarter and full year ended December 31, 2025, and declared its first quarter 2026 cash dividend.
“Our fourth quarter results were in line with expectations, delivering AFFO of $0.51 per share and an AFFO payout ratio of 85%. Notably, our full‑year performance exceeded 2024 levels, which is a meaningful accomplishment given the continued tenant dislocations across the industry,” said Anthony Coniglio, NewLake’s President and Chief Executive Officer. “As we look ahead to 2026, we are pleased to declare our first‑quarter dividend of $0.43 per share. Our team remains focused on disciplined portfolio management, advancing re‑tenanting initiatives, and sourcing high‑quality investment opportunities to drive long‑term value for our shareholders.”
Fourth Quarter 2025 Financial Highlights
•Total revenue of $12.3 million.
•Net income attributable to common stockholders totaled $6.0 million, or $0.29 per share of common stock.
•Funds From Operations(1) (“FFO”) totaled $10.0 million or $0.48 per share of common stock.
•Adjusted Funds From Operations(1) (“AFFO”) totaled $10.6 million or $0.51 per share of common stock.
•Declared a fourth quarter dividend of $0.43 per share of common stock, equivalent to an annualized dividend of $1.72 per common share.
Full Year 2025 Financial Highlights
•Total revenue of $51.1 million.
•Net income attributable to common stockholders totaled $26.3 million or $1.28 per share of common stock.
•FFO(1) totaled $42.3 million or $2.02 per share of common stock.
•AFFO(1) totaled $43.8 million or $2.09 per share of common stock.
•For the twelve months ended December 31, 2025, the Company declared dividends of $1.72 per share of common stock.
Full Year 2025 Operational Highlights and Recent Developments
•During the year ended December 31, 2025, the Company purchased two dispensaries in Ohio for approximately $0.8 million and committed to fund approximately $1.1 million of improvements, of which the Company funded approximately $0.7 million as of December 31, 2025. The properties were leased to an existing tenant.
•During the year ended December 31, 2025, the Company completed a like-kind exchange involving the transfer of its dispensary located in Mokena, IL for a dispensary located in Brookville, PA.
•On March 4, 2026, the Company’s board of directors declared a first quarter 2026 dividend of $0.43 per share of common stock.
Balance Sheet Highlights as of December 31, 2025:
•Cash and cash equivalents as of December 31, 2025 were $23.9 million, with approximately $0.4 million committed to fund improvements at an existing dispensary in Ohio.
•Total liquidity of $106.3 million, consisting of cash and cash equivalents and availability under the Company’s Revolving Credit Facility.
•Gross real estate assets of $432.9 million, including one property classified as Real Estate Held for Sale.
•1.6% debt to total gross assets and a debt service coverage ratio of approximately 77.9x.
•No debt maturities until May 2027.
________________________________________________________________________________
(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 twelve months ended December 31, 2025 (dollars in thousands, except per share amounts):
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Revenue | $ | 12,343 | 12,514 | $ | 51,071 | 50,131 | ||||||||||||||||||||
| Net Income Attributable to Common Stockholders | $ | 6,036 | $ | 6,029 | $ | 26,318 | $ | 26,115 | ||||||||||||||||||
| Net Income Attributable to Common Stockholders Per Share - Diluted | $ | 0.29 | $ | 0.29 | $ | 1.28 | $ | 1.27 | ||||||||||||||||||
| FFO Attributable to Common Stockholders - Diluted | $ | 10,020 | $ | 9,922 | $ | 42,305 | $ | 41,278 | ||||||||||||||||||
| FFO Per Share – Diluted | $ | 0.48 | $ | 0.47 | $ | 2.02 | $ | 1.97 | ||||||||||||||||||
| AFFO Attributable to Common Stockholders - Diluted | $ | 10,624 | $ | 10,949 | $ | 43,823 | $ | 43,689 | ||||||||||||||||||
| AFFO Per Share – Diluted | $ | 0.51 | $ | 0.52 | $ | 2.09 | $ | 2.08 | ||||||||||||||||||
For the three months ended December 31, 2025, the Company generated total revenue of approximately $12.3 million, a modest decline of 1.4% compared to $12.5 million for the same period in 2024. This decrease was primarily driven by vacancies at two properties previously leased to AYR Wellness, Inc. (“AYR”) and one property previously leased to Revolutionary Clinics, Inc. During the fourth quarter of 2025, the Company applied the remaining AYR security deposits of approximately $408 thousand to rent, to partially offset unpaid amounts. The impact of these vacancies, which resulted in lower rental income and additional property carrying costs, also contributed to a 3.0% decline in AFFO for the quarter compared to the same period in the prior year.
For the year ended December 31, 2025, the Company generated total revenue of approximately $51.1 million, a modest increase of 1.9% compared to $50.1 million for the same period in 2024. The increase was primarily driven by income from 2025 acquisitions, a full year of rent from properties acquired in 2024, rent generated from funded improvement allowances, annual contractual rent escalations and the timing of reimbursable revenue, partially offset by the impact of vacancies. Together, these revenue drivers, partially offset by the impact of vacancies, also contributed to a modest 0.3% increase in AFFO for the year ended December 31, 2025.
2025 Investment Activity
Acquisitions
The following table presents the Company's investment activity for the twelve months ended December 31, 2025 (dollars in thousands):
| Tenant | Market | Site Type | Closing Date | Acquisition | |||||||||||||||||||||||||
| Cresco Labs | Ohio | Dispensary | February 19, 2025 | $ | 285 | ||||||||||||||||||||||||
| Cresco Labs | Ohio | Dispensary | April 25, 2025 | 500 | |||||||||||||||||||||||||
| Curaleaf | (1) | Pennsylvania | Dispensary | June 12, 2025 | 950 | ||||||||||||||||||||||||
| Total | $ | 1,735 | |||||||||||||||||||||||||||
(1) This dispensary was acquired through a like-kind exchange and was recorded at its fair value.
Real Estate Commitments
Improvement Allowances
The following table presents the funded and remaining unfunded commitments for the twelve months ended December 31, 2025 (dollars in thousands):
| Tenant | Market | Site Type | Closing Date | Funded Commitments | Unfunded Commitments | ||||||||||||||||||||||||||||||
| Cresco Labs | Ohio | Dispensary | February 19, 2025 | $ | 705 | $ | — | ||||||||||||||||||||||||||||
| Cresco Labs | Ohio | Dispensary | April 25, 2025 | — | 375 | ||||||||||||||||||||||||||||||
| Total | $ | 705 | $ | 375 | |||||||||||||||||||||||||||||||
Portfolio and Tenant Updates
Hartford, CT Cultivation Facility
In October 2025, the Company amended its lease agreements with C3 Industries (“C3”). Under the amended Hartford, CT lease, the Company agreed to pursue a sale of the Hartford, CT property, and in connection with that agreement, C3 is required to reimburse the Company for any shortfall if the sale proceeds are less than the Company’s investment basis. Conversely, if sale proceeds exceed the Company’s basis, a portion of the excess will be paid to C3 as reimbursement for their investment in the property. C3 will continue to pay monthly base rent through the sale date. Upon completion of the sale, a portion of the rent previously allocated to the Hartford, CT property will be reallocated to the Missouri lease, to compensate the Company for a portion of the income no longer received from the Hartford, CT property. C3 will continue to pay incremental rent under the Missouri lease until the Company invests in new properties with C3 pursuant to its right of first refusal agreement. In November 2025, the Company entered into an agreement with a broker to market the Hartford, CT property for sale.
Financing Activity
Revolving Credit Facility
As of December 31, 2025, the Company had $7.6 million in borrowings outstanding under its Revolving Credit Facility and $82.4 million in funds available to be drawn, subject to sufficient collateral in the borrowing base. The Revolving Credit Facility bears interest at a variable rate based upon the greater of (a) the Prime Rate quoted in the Wall Street Journal (Western Edition) (“Base Rate”) plus an applicable margin of 1.0% or (b) 4.75%. As of December 31, 2025, the interest rate was 7.75%.
As of December 31, 2025, the Company was in compliance with the covenants under the agreement.
Dividend
On December 15, 2025, the Company’s board of directors declared a fourth quarter 2025 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 January 15, 2026 to stockholders of record at the close of business on December 31, 2025 and represents an AFFO payout ratio of 85%.
For the year ended December 31, 2025, the Company’s board of directors declared an aggregate cash dividends of $1.72 per share of common stock and represents an annual AFFO payout ratio of 82%. The dividend has grown 79% since the Company’s initial public offering in 2021.
On March 4, 2026, the Company’s board of directors declared a first 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 is payable on April 15, 2026 to stockholders of record at the close of business on March 31, 2026.
Recent Development
The Cannabist Company (“Cannabist”) is currently operating under a forbearance agreement with its senior noteholders, which has been extended through March 6, 2026. As of the date of this release, the Cannabist remains in compliance with all material terms of its lease agreement with the Company. The Company continues to monitor the situation. Refer to our Form 10-K for details.
Conference Call and Webcast Details:
Management will host a conference call and webcast at 11:00 a.m. Eastern Time on March 6, 2026 to discuss its fourth quarter and full year 2025 financial results and answer questions about the Company's operational and financial highlights.
| Event: | NewLake Capital Partners Inc. Fourth Quarter and Full Year 2025 Earnings Call | ||||
| Date: | Friday, March 6, 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 March 20, 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: 13758166.
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. As of December 31, 2025, NewLake owns a portfolio of 34 properties comprised of 15 cultivation facilities and 19 dispensaries that are primarily leased to single tenants on a triple-net basis. 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,” “ongoing,” “plan,” “believe,” “intend,” “goal,” “project,” “continue” 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, tenant performance, the economy and other future conditions. 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.
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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
KCSA Strategic Communications
EMellody@KCSA.com
PH: (570) 209-2947
NEWLAKE CAPITAL PARTNERS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
| December 31, 2025 | December 31, 2024 | ||||||||||
| Assets: | |||||||||||
| Real Estate | |||||||||||
| Land | $ | 22,903 | $ | 22,891 | |||||||
| Building and Improvements | 404,983 | 408,552 | |||||||||
| Total Real Estate | 427,886 | 431,443 | |||||||||
| Less Accumulated Depreciation | (57,916) | (44,709) | |||||||||
| Net Real Estate | 369,970 | 386,734 | |||||||||
| Real Estate Held for Sale | 4,802 | - | |||||||||
| Cash and Cash Equivalents | 23,937 | 20,213 | |||||||||
| In-Place Lease Intangible Assets, net | 15,710 | 17,794 | |||||||||
Loan Receivable, net (current expected credit loss $71 and $116, respectively) | 4,929 | 4,884 | |||||||||
| Other Assets | 1,481 | 1,911 | |||||||||
| Total Assets | $ | 420,829 | $ | 431,536 | |||||||
| Liabilities and Equity: | |||||||||||
| Liabilities: | |||||||||||
| Accounts Payable and Accrued Expenses | $ | 1,307 | $ | 1,515 | |||||||
| Revolving Credit Facility | 7,600 | 7,600 | |||||||||
| Dividends and Distributions Payable | 9,169 | 9,246 | |||||||||
| Security Deposits | 6,728 | 8,117 | |||||||||
| Rent Received in Advance | 1,013 | 684 | |||||||||
| Other Liabilities | 324 | 402 | |||||||||
| Total Liabilities | 26,141 | 27,564 | |||||||||
| 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, 20,552,632 and 20,514,583 Shares Issued and Outstanding, respectively | 205 | 205 | |||||||||
| Additional Paid-In Capital | 447,185 | 446,627 | |||||||||
| Accumulated Deficit | (59,449) | (50,067) | |||||||||
| Total Stockholders' Equity | 387,941 | 396,765 | |||||||||
| Noncontrolling Interests | 6,747 | 7,207 | |||||||||
| Total Equity | 394,688 | 403,972 | |||||||||
| Total Liabilities and Equity | $ | 420,829 | $ | 431,536 | |||||||
NEWLAKE CAPITAL PARTNERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
| For the Three Months Ended | For the Twelve Months Ended | ||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Rental Income | $ | 12,052 | $ | 12,270 | $ | 49,537 | $ | 48,926 | |||||||||||||||
| Interest Income from Loans | 137 | 134 | 545 | 533 | |||||||||||||||||||
| Fees and Reimbursables | 154 | 110 | 989 | 672 | |||||||||||||||||||
| Total Revenue | 12,343 | 12,514 | 51,071 | 50,131 | |||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Reimbursable Property Expenses | 98 | 60 | 811 | 239 | |||||||||||||||||||
| Property Carrying Costs | 229 | — | 379 | — | |||||||||||||||||||
| Depreciation and Amortization Expense | 3,886 | 3,792 | 15,520 | 14,713 | |||||||||||||||||||
| General and Administrative Expenses: | |||||||||||||||||||||||
| Compensation Expense | 960 | 1,120 | 3,768 | 4,675 | |||||||||||||||||||
| Professional Fees | 287 | 387 | 1,424 | 1,506 | |||||||||||||||||||
| Other General and Administrative Expenses | 616 | 427 | 1,929 | 1,733 | |||||||||||||||||||
| Total General and Administrative Expenses | 1,863 | 1,934 | 7,121 | 7,914 | |||||||||||||||||||
| Total Expenses | 6,076 | 5,786 | 23,831 | 22,866 | |||||||||||||||||||
| Loss on Sale of Real Estate | — | — | (34) | — | |||||||||||||||||||
| Provision for Current Expected Credit Loss | 11 | 13 | 45 | 51 | |||||||||||||||||||
| Impairment Loss on Warrants | — | (522) | — | (522) | |||||||||||||||||||
| Income From Operations | 6,278 | 6,219 | 27,251 | 26,794 | |||||||||||||||||||
| Other Income (Expense): | |||||||||||||||||||||||
| Other Income | 83 | 92 | 357 | 354 | |||||||||||||||||||
| Interest Expense | (223) | (177) | (839) | (565) | |||||||||||||||||||
| Total Other Income (Expense) | (140) | (85) | (482) | (211) | |||||||||||||||||||
| Net Income | 6,138 | 6,134 | 26,769 | 26,583 | |||||||||||||||||||
| Net Income Attributable to Noncontrolling Interests | (102) | (105) | (451) | (468) | |||||||||||||||||||
| Net Income Attributable to Common Stockholders | $ | 6,036 | $ | 6,029 | $ | 26,318 | $ | 26,115 | |||||||||||||||
| Net Income Attributable to Common Stockholders Per Share - Basic | $ | 0.29 | $ | 0.29 | $ | 1.28 | $ | 1.27 | |||||||||||||||
| Net Income Attributable to Common Stockholders Per Share - Diluted | $ | 0.29 | $ | 0.29 | $ | 1.28 | $ | 1.27 | |||||||||||||||
| Weighted Average Shares of Common Stock Outstanding - Basic | 20,629,734 | 20,580,337 | 20,617,807 | 20,564,179 | |||||||||||||||||||
| Weighted Average Shares of Common Stock Outstanding - Diluted | 21,021,427 | 20,984,471 | 20,991,540 | 20,963,532 | |||||||||||||||||||
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 losses. 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 twelve months ended December 31, 2025 and 2024 (in thousands, except share and per share amounts):
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Net Income Attributable to Common Stockholders | $ | 6,036 | $ | 6,029 | $ | 26,318 | $ | 26,115 | ||||||||||||||||||
| Net Income Attributable to Noncontrolling Interests | 102 | 105 | 451 | 468 | ||||||||||||||||||||||
| Net Income | 6,138 | 6,134 | 26,769 | 26,583 | ||||||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||
| Real Estate Depreciation and Amortization | 3,882 | 3,788 | 15,502 | 14,695 | ||||||||||||||||||||||
| Loss on Sale of Real Estate | — | — | 34 | — | ||||||||||||||||||||||
| FFO Attributable to Common Stockholders - Diluted | 10,020 | 9,922 | 42,305 | 41,278 | ||||||||||||||||||||||
| Impairment Loss on Warrants | — | 522 | — | 522 | ||||||||||||||||||||||
| Non-cash Write-off of Deferred Offering Costs | 233 | — | 233 | — | ||||||||||||||||||||||
| Provision for current expected credit loss | (11) | (13) | (45) | (51) | ||||||||||||||||||||||
| Stock-Based Compensation | 316 | 452 | 1,066 | 1,674 | ||||||||||||||||||||||
| Non-Cash Interest Expense | 67 | 67 | 269 | 269 | ||||||||||||||||||||||
| Amortization of Straight-Line Rent Expense | (1) | (1) | (5) | (3) | ||||||||||||||||||||||
| AFFO Attributable to Common Stockholders - Diluted | $ | 10,624 | $ | 10,949 | $ | 43,823 | $ | 43,689 | ||||||||||||||||||
FFO per share - Diluted | $ | 0.48 | $ | 0.47 | $ | 2.02 | $ | 1.97 | ||||||||||||||||||
AFFO per share - Diluted | $ | 0.51 | $ | 0.52 | $ | 2.09 | $ | 2.08 | ||||||||||||||||||
A Leading Provider of Real Estate Capital To State-Licensed Cannabis Operators March 5, 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 Experienced Team Experienced team with a strong track record investing in cannabis real estate and delivering returns for investors Growth-Oriented Focus Cannabis is positioned for sustained long-term growth and requires significant real estate capital for expansion. Scale and Early Mover Second largest owner of cannabis real estate in the U.S.(1), building relationships and knowledge since 2019 Quality Portfolio Quality portfolio has delivered dividend growth, up 79% since IPO, with 12 year weighted average remaining lease term Financial Position Solid financial position provides significant flexibility supported by $433 million in gross real estate assets, only $8 million of debt outstanding on our $90 million credit facility, and a fourth quarter dividend payout ratio of 85% of AFFO. Attractive relative to Peers At current valuation, NewLake is attractive relative to REIT peers (1) Based on management estimates of third-party ownership.
newlake.comOTCQX: NLCP 4 By The Numbers(1) Founded in 2019 — 2021 IPO ~$435 Million Deployed — Invested & Committed Q4 2025 AFFO Payout Ratio of 85% — Strong Dividend Coverage 34 Owned Properties — 12 States, 1.7 Million Square Feet <0.2x Debt to EBITDA — $82 Million Available Credit Facility 13.1% Wtd. Avg. Yield(2) — 2.6% Annual Rent Escalations Note: (1) Data as of December 31, 2025 (2) Based on 31 leased properties 1.4% G&A Ratio — Low General and Administrative Expenses 12 Years Remaining Lease Term(2) — Weighted Average 79% Dividend Growth Since IPO — Q4 2025 vs. Q3 2021 31 Leased Properties — 12 Cultivation, 19 Dispensaries
newlake.comOTCQX: NLCP 5 Experienced Management Team Anthony Coniglio Chief Executive Officer & President, Director Lisa Meyer Chief Financial Officer, Treasurer & Secretary Founded NewLake in 2019 Former CEO of Primary Capital Mortgage, a residential mortgage company 14 years at J.P. Morgan as an investment banker leading various businesses Public company director NewLake CFO since 2022 Former President & CFO of Western Asset Mortgage Capital Corporation, a NYSE- listed REIT Extensive experience providing financial leadership to various public and private entities in the real estate industry 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
newlake.comOTCQX: NLCP 6 Experienced Board of Directors Gordon DuGan Chairman of the Board, Independent Director Alan Carr Independent Director Joyce Johnson Independent Director Co-Founder and Chairman of the Board of Blackbrook Capital Former Chairman of the Board of INDUS Realty Trust (Nasdaq: INDT) Former CEO of Gramercy Property Trust, a NYSE-listed triple-net lease REIT Former CEO of W.P. Carey & CO., a NYSE- listed triple-net lease REIT Co-Founder and CEO of Drivetrain LLC. Director at Unit Corporation Previously served as Director on several other boards in diverse industries including Cazoo Group Ltd. Former Managing Director at Strategic Value Partners investing in various sectors in North America and Europe Chairman of Pacific Gate Capital Management, LLC, an investment firm Former Senior Managing Director and Partner of Relativity Capital, LLC and Managing Director of Cerberus Capital Management, L.P. Director at Ayr Wellness Experienced board member for 22 companies
newlake.comOTCQX: NLCP 7 Experienced Board of Directors Continued Peter Martay Independent Director David Weinstein Director CEO of Pangea Properties, a private apartment REIT that owned more than 13,000 apartments and completed over $500 million in short term bridge loans on numerous property types across the U.S. Former banker at Bernstein Global Wealth Management, Glencoe Capital and Deutsche Bank CEO of NewLake from August 2020 – July 2022, Director Since 2019 Former CEO of MPG Office Trust, a NYSE- listed office REIT 10 years at Goldman Sachs as a real estate investment banker and investor 10 years at Belvedere Capital, a real estate investment firm Dina Rollman Independent Director Counsel at Sperling Kenny Nachwalter Previous CEO of StrainBrain, an AI-powered technology company revolutionizing cannabis shopping experiences through personalized product recommendations Member of the founding team and former SVP of Government Affairs at Green Thumb Industries Inc., one of the leading public cannabis companies
newlake.comOTCQX: NLCP 8 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 9 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 10 Industry Catalysts at Federal Level Legislative SAFER Banking Act, supported by President Trump, creates easier banking access for operators. STATES Act, supported by President Trump, decriminalizes cannabis and allows States to decide. Administrative President Trump signed an Executive Order in December directing the expedited rescheduling of cannabis from Schedule I to Schedule III. Proposed CMS pilot could allow certain Medicare beneficiaries up to $500 annually for physician-recommended CBD products Legal Supreme Court expected to issue a decision in U.S. v. Hermani by July 2026, a case involving gun rights for state-legal cannabis consumers. Catalysts for reform are present across all three branches of Government
newlake.comOTCQX: NLCP 11 Portfolio Overview Early Mover Advantage Created Diverse National Platform • 12 states* • 1.7M square feet* • 15 cultivation assets, 19 dispensaries* • Primarily limited-license jurisdictions Curaleaf 25.3% Cresco 14.9% Trulieve 12.2% C3 9.4% Cannabist(3) 8.2% Calypso 7.9% Acreage 7.0% Mint 6.6% CODES 5.9% PharmaCann 1.3% Wellgreens(3) 1.1% Budr(2) 0.3% Tenant/Borrower Composition(1) (1) Calculated based on January 2026 annualized monthly contractual rent, interest income on our note receivable, and also includes management fees and tenant escalations that occurred in January 2026. As a result, these percentages may differ from amounts reported on our December 31, 2025 Form 10-K. (2) Guaranteed by GTI. (3) During Q1 2026, Wellgreens acquired Cannabist’s San Diego operations. Consequently, Cannabist’s concentration percentages above will differ from those reported in our December 31, 2025 Form 10-K. * Represents owned properties
newlake.comOTCQX: NLCP 12 5.1x 4.1x 3.6x 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 December 31, 2025; 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 Q3 2025 property level financial information, when available, and management estimates based on Tenant reporting. Comparable REIT data based on Essential Properties Trust Q4 2025 Investor Presentation. 3 Includes one cultivation property owned by a single state entity but managed by an MSO 68% Public 32% Private 91% MSO(3) 9% SSO 91% 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 13 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 14 Tenant Composition by Annualized Base Rent Tenant Annualized Base Rent (%)(1) SF # of Leases Q3 2025(2) Tenant Information Revenue Adj. EBITDA(3) MSO / SSO Curaleaf 25.3% 462,947 10 $320 $69 MSO Cresco Labs 14.9% 232,184 3 $165 $40 MSO Trulieve 12.2% 144,602 1 $302 $103 MSO C3 Industries 9.4% 153,006 2 Private Co Private Co MSO The Cannabist Company 8.2% 80,718 4 $80 $3 MSO Calypso 7.9% 99,163 1 Private Co Private Co SSO Acreage (Canopy USA) 7.0% 69,005 2 Private Co Private Co MSO Mint 6.6% 100,758 1 Private Co Private Co MSO CODES(5) 5.9% 89,400 2 Private Co Private Co MSO PharmaCann 1.3% 18,332 3 Private Co Private Co MSO Wellgreens 1.1% 2,470 1 Private Co Private Co SSO Budr(6) 0.3% 2,872 1 Private Co Private Co MSO Note: NewLake data is as of December 31, 2025, unless otherwise noted 1) Calculated based on January 2026 annualized monthly contractual rent and includes management fees. 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) Tenant has vacated the property and security deposit is being applied. 5) Single state entities managed by an MSO; previously Organic Remedies and Greenlight. 6) Guaranteed by GTI.
newlake.comOTCQX: NLCP 15 Portfolio Composition by State State Annualized Base Rent (%)(1) Square Feet # of Properties Cultivation Dispensary Total Cultivation Dispensary Pennsylvania 25.1% 312,421 13,116 325,537 4 4 Florida 20.8% 417,350 - 417,350 1 - Illinois 19.5% 255,257 17,727 272,984 2 4 Missouri 13.2% 176,378 - 176,378 2 - Massachusetts 8.6% 77,270 15,406 92,676 2 2 Arizona 6.6% 100,758 - 100,758 1 - Connecticut 2.5% 58,436 14,053 72,489 1 2 Ohio 1.5% - 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 Nevada - 56,536 - 56,536 1 - 1) Calculated based on January 2026 annualized rent and includes management fees
newlake.comOTCQX: NLCP 16 Financial Overview Stockholders’ Equity $388 Million Invested & Committed Capital $435 Million Cash $24 Million Debt $8 Million Market Capitalization1 $328 Million Stock Price1 $15.94 Dividend Yield2 10.8% Common Shares Outstanding 20,552,632 Book Value per share $18.88 4Q25 Annualized Dividend3 $1.72 Target AFFO Payout Ratio 80% - 90% 2025 Annual Revenue $51.1 Million G&A Expense Ratio4 1.4% Key Data Dividend Growth per Share Note: Data is as of December 31, 2025, unless otherwise noted 1 Based on the March 5, 2026, closing price. 2 Calculated as Q4 2025 annualized dividend divided by the March 5, 2026, closing stock price. 3 Annualized based on Q4 2025 dividend of $0.43 per common share, declared on December 15, 2025. 4 Calculated using total general and administrative expenses, excluding stock-based compensation, for the year ending December 31, 2025, over Total Assets as of December 31, 2025. $1.24 $1.44 $1.57 $1.70 $1.72 2021* 2022 2023 2024 2025 *Q4 2021 annualized
newlake.comOTCQX: NLCP 17 1.9% 21.3% 84.1% 30.6% NLCP IIPR Non-Cannabis REIT Peers Cannabis Mortgage REIT / BDC Peers Q4 Debt / Equity 82% 105% 71% 111% NLCP IIPR Non-Cannabis REIT Peers Cannabis Mortgage REIT / BDC Peers FY 2025 Payout Ratio(2) Attractive Relative to REIT Peers 1) Calculated using the March 4, 2026 closing stock price divided by FY 2025 AFFO 2) Calculated as dividends paid in 2025 divided by the March 4, 2026 closing stock price 3) Average of NNN, PSTL, VICI, FCPT, NTST, EPRT 4) Average of REFI, LIEN, and AFCG, utilizing distributable earnings in place of AFFO – REFI and LIEN assume Q3 earnings repeated in Q4 to estimate FY 2025, as both companies have not yet reported Q4 results; REFI and LIEN balance sheet data reflects Q3 figures. (3) (3) (3) (4) (4) (4) (3) (4) 80-90% target 10.9% 13.4% 4.8% 17.6% NLCP IIPR Non-Cannabis REIT Peers Cannabis Mortgage REIT / BDC Peers Dividend Yield as of 3/4/26 7.5x 7.8x 15.0x 6.3x NLCP IIPR Non-Cannabis REIT Peers Cannabis Mortgage REIT / BDC Peers AFFO Multiple(1)
newlake.comOTCQX: NLCP 18 Investment Highlights Experienced Team Experienced team with a strong track record investing in cannabis real estate and delivering returns for investors Growth-Oriented Focus Cannabis is positioned for sustained long-term growth and requires significant real estate capital for expansion. Scale and Early Mover Second largest owner of cannabis real estate in the U.S.(1), building relationships and knowledge since 2019 Quality Portfolio Quality portfolio has delivered dividend growth, up 79% since IPO, with 12 year weighted average remaining lease term Financial Position Solid financial position provides significant flexibility supported by $433 million in gross real estate assets, only $8 million of debt outstanding on our $90 million credit facility, and a fourth quarter dividend payout ratio of 85% of AFFO. Attractive relative to Peers At current valuation, NewLake is attractive relative to REIT peers (1) Based on management estimates of third-party ownership.
newlake.comOTCQX: NLCP 19 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 share 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 21 Quarterly Performance Summary 2025 2024 (In thousands, except share amounts) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Total Revenue $12,343 $12,587 $12,932 $13,209 $12,514 $12,554 $12,455 $12,608 General and Administrative Expense(1) $1,547 $1,301 $1,374 $1,832 $1,482 $1,628 $1,424 $1,705 General and Administrative Expense(1)/Total Revenues 12.5% 10.3% 10.6% 13.9% 11.8% 13.0% 11.4% 13.5% General and Administrative Expense(1)/Total assets 1.4% 1.2% 1.3% 1.7% 1.4% 1.5% 1.3% 1.6% Net Income Attributable to Common Stockholders $6,036 $6,666 $7,319 $6,297 $6,029 $6,422 $6,796 6,869 Net Income Attributable to Common Stockholders Per Share - Diluted $0.29 $0.32 $0.36 $0.31 $0.29 $0.31 $0.33 $0.33 Funds From Operations("FFO") attributable to Common Stockholders - Diluted $10,020 $10,651 $11,352 $10,283 $9,992 $10,260 $10,540 $10,558 FFO Attributable to Common Stockholders - Diluted $0.48 $0.51 $0.54 $0.49 $0.47 $049 $0.50 $0.50 Adjusted Funds From Operations ("AFFO") - Diluted $10,624 $11,022 $11,455 $10,724 $10,949 $10,763 $11,019 $10,960 AFFO Attributable to Common Stockholders - Diluted $0.51 0.52 $0.55 $0.51 0.52 $0.51 $0.53 $0.52 Payout Ratio 85% 82% 79% 84% 83% 84% 82% 79% $12,343 $12,587 $12,932 $13,209 $12,514 $12,554 $12,455 $12,608 Q4'25 3Q'25 2Q'25 1Q'25 Q4'24 Q3'24 Q2'24 Q1'24 Revenue $0.51 $0.52 $0.55 $0.51 $0.52 $0.51 $0.53 $0.52 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 1Q'24 AFFO $0.48 $0.51 $0.54 $0.49 $0.47 $0.49 $0.50 $0.50 Q4'25 Q3'25 Q2'25 Q1'25' Q4'24' Q3'24' Q2'24 1Q'24 FFO (1) General and administrative expenses excludes stock-based compensation
newlake.comOTCQX: NLCP 22 Balance Sheet (In thousands, except share amounts) December 31, 2025 December 31, 2024 Assets: Real Estate Land $22,903 $22,891 Building and Improvements 404,983 408,552 Total Real Estate 427,886 431,443 Less Accumulated Depreciation (57,916) (44,709) Net Real Estate 369,970 386,734 Real Estate Held for Sale 4,802 - Cash and Cash Equivalents 23,937 20,213 In-Place Lease Intangible Assets, net 15,710 17,794 Loan Receivable, net (Current Expected Credit Loss of $71 and $116, respectively) 4,929 4,884 Other Assets 1,481 1,911 Total Assets $420,829 $431,536 Liabilities and Equity: Liabilities: Accounts Payable and Accrued Expenses $1,307 $1,515 Revolving Credit Facility 7,600 7,600 Dividends and Distributions Payable 9,169 9,246 Security Deposits 6,728 8,117 Rent Received in Advance 1,013 684 Other Liabilities 324 402 Total Liabilities 26,141 27,564 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, 20,552,632 and 20,514,583 Shares Issued and Outstanding, Respectively 205 205 Additional Paid-In Capital 447,185 446,627 Accumulated Deficit (59,449) (50,067) Total Stockholders' Equity 387,941 396,765 Noncontrolling Interests 6,747 7,207 Total Equity 394,688 403,972 Total Liabilities and Equity 420,829 431,536
newlake.comOTCQX: NLCP 23 Statement of Operations For the Three Months Ended December 31, For the Twelve Months Ended December 31, (In thousands, except share amounts) 2025 2024 2025 2024 Revenue: Rental Income $12,052 $12,270 49,537 $48,926 Interest Income from Loans 137 134 545 533 Fees and Reimbursables 154 110 989 672 Total Revenue 12,343 12,514 51,071 50,131 Expenses: Reimbursable Property Expenses 98 60 811 239 Property Carrying Costs 229 - 379 - Depreciation and Amortization Expense 3,886 3,792 15,520 14,713 General and Administrative Expenses: Compensation Expense 960 1,120 3,768 4,675 Professional Fees 287 387 1,424 1,506 Other General and Administrative Expenses 616 427 1,929 1,733 Total General and Administrative Expenses 1,863 1,934 7,121 7,914 Total Expenses 6,076 5,786 23,831 22,866 Loss on Sale of Real Estate - - (34) - Provision for Current Expected Credit Loss 11 13 45 51 Impairment Loss on Warrants - (522) - (522) Income From Operations 6,278 6,219 27,251 26,794 Other Income (Expense): 83 92 357 354 Interest Expense (223) (177) (839) (565) Total Other Income (Expense) (140) (85) (482) (211) Net Income 6,138 6,134 26,769 26,583 Net Income Attributable to Noncontrolling Interests (102) (105) (451) (468) Net Income Attributable to Common Stockholders 6,036 $6,029 26,318 $26,115 Net Income Attributable to Common Stockholders Per Share - Basic $0.29 $0.29 $1.28 $1.27 Net Income Attributable to Common Stockholders Per Share - Diluted $0.29 $0.29 $1.28 $1.27 Weighted Average Shares of Common Stock Outstanding – Basic 20,629,734 20,580,337 20,617,807 20,564,179 Weighted Average Shares of Common Stock Outstanding - Diluted 21,021,427 20,984,471 20,991,540 20,963,532
newlake.comOTCQX: NLCP 24 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 twelve months ended December 31, 2025, and 2024, (in thousands, except share and per share amounts) For the Three Months Ended December 31, For the Twelve Months Ended December 31, (In thousands, except share amounts) 2025 2024 2025 2024 Net Income Attributable to Common Stockholders $6,036 $6,029 $26,318 $26,115 Net Income Attributable to Noncontrolling Interests 102 105 451 468 Net Income attributable to common stockholders - diluted 6,138 6,134 26,769 26,583 Adjustments: Real Estate Depreciation and Amortization 3,882 3,788 15,502 14,695 Loss on Sale of Real Estate - - 34 - FFO Attributable to Common Stockholders – diluted $10,020 $9,922 $42,305 $41,278 Impairment Loss on Warrants - 522 - 522 Write-off of Deferred Offering Costs 233 - 233 - Provision for Current Expected Credit Loss (11) (13) (45) (51) Stock-Based Compensation 316 452 1,066 1,674 Non-Cash Interest Expense 67 67 269 269 Amortization of Straight-Line Rent Expense (1) (1) (5) (3) AFFO Attributable to Common Stockholders - diluted $10,624 $10,949 $43,823 $43,689 FFO per share – diluted $0.48 $0.47 $2.02 $1.97 AFFO per share – diluted $0.51 $0.52 $2.09 $2.08
newlake.comOTCQX: NLCP 25 Capital Commitments As of June 30, 2025(1) Tenant Location Site Type Amount Cresco Labs Ohio Dispensary $375 Total $375 (1) $’s in thousands
newlake.comOTCQX: NLCP 26 Lease Expiration Schedule(1) 0.0% 3.5% 1.3% 34.7% 0.3% 57.5% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter Less than 3% of leases expiring in the next 6 years Year # of Leases Rentable SF Annualized Base Rent SF % ABR % 2026 - - - - - 2027 - - - - - 2028 - - - - - 2029 3 11 0.8% $922 1.9% 2030 - - - - - 2031 2 15 1.0% $420 0.9% 2032 7 39 2.7% $1,657 3.5% 2033 2 10 0.7% $600 1.3% 2034 6 446 30.6% $16,541 34.7% 2035 2 9 0.6% $164 0.3% Thereafter 9 925 63.3% $27,432 57.5% Total 31 1,455 100.0% $47,736 100.0% (1) Data based on operational properties.
newlake.comOTCQX: NLCP 27 Cultivation Property List Tenant State City Date Acquired % Leased Square Feet Invested / Committed Capital $ Invested Committed Total $ Total $ PSF Acreage Massachusetts Sterling 10/31/2019 100% 38,380 $9,787,999 - $9,787,999 $255 Acreage Pennsylvania Sinking Springs 10/31/2019 100% 30,625 $10,158,372 - $10,158,372 $332 C3 Industries(1) Connecticut East Hartford 5/8/2024 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 11/1/2021 100% 99,163 $32,013,378 - $32,013,378 $323 The Cannabist Company Illinois Aurora 12/23/2019 100% 32,802 $11,469,139 - $11,469,139 $350 The Cannabist Company Massachusetts Lowell 12/23/2019 100% 38,890 $14,777,302 - $14,777,302 $380 Cresco Labs Illinois Lincoln 12/31/2019 100% 222,455 $50,677,821 - $50,677,821 $228 Curaleaf Florida Mt. Dora 8/31/21 100% 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 3/30/2021 100% 100,758 $21,815,268 - $21,815,268 $209 Trulieve Pennsylvania Mckeesport 10/31/2019 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) The Company amended its lease agreement with C3; for details refer to Note 4 – “Leases” in the Company’s December 31, 2025, Form 10K.
newlake.comOTCQX: NLCP 28 Dispensary Property List Tenant State City Date Acquired % Leased Square Feet Invested / Committed Capital $ In Place Under Development Total Invested Total Committed Total $ Total $ PSF Budr(1) Connecticut Uncasville 10/31/2019 100% 2,872 $925,751 $322 The Cannabist Company Illinois Chicago 12/23/2019 100% 4,736 $1,127,931 $238 The Cannabist Company Massachusetts Greenfield 12/23/2019 100% 4,290 $2,108,951 $492 The Cannabist Company California San Diego 12/23/2019 100% 2,470 $4,581,419 $1,855 Cresco Labs Ohio Proctorville 2/19/2025 100% 5,807 $990,000 $171 Cresco Labs Ohio Bridgeport 4/25/25 100% - 3,508 $500,000 $375,000 $875,000 $223 Curaleaf Illinois Chicago 1/31/2021 100% 5,040 $3,152,185 $625 Curaleaf North Dakota Minot 1/31/2021 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 1/31/2020 100% 1,968 $1,752,788 $891 Curaleaf Pennsylvania Brookville 6/12/2025 100% 4,167 $963,811 $231 Curaleaf Illinois Litchfield 1/31/2020 100% 1,851 $540,700 $292 Curaleaf Illinois Morris 1/31/2020 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 CODES Arkansas Little Rock 1/31/2020 100% 7,592 $1,964,801 $259 PharmaCann Pennsylvania Shamokin 2/28/2020 100% 3,481 $1,200,000 $345 PharmaCann Massachusetts Shrewsbury 2/28/2020 100% 11,116 $1,900,000 $171 PharmaCann Ohio Wapakoneta 11/4/2022 100% 3,735 $1,550,000 $415 (1) Previously owned by Acreage; new tenant 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
FAQ
What were NewLake Capital Partners’ (NLCP) Q4 2025 financial results?
NewLake Capital Partners generated Q4 2025 revenue of $12.3 million, slightly below the prior year’s $12.5 million. Net income attributable to common stockholders was $6.0 million, or $0.29 per diluted share, while AFFO reached $10.6 million, or $0.51 per diluted share.
How did NewLake Capital Partners (NLCP) perform for full year 2025?
For full year 2025, NewLake Capital Partners reported total revenue of $51.1 million, up from $50.1 million in 2024. Net income attributable to common stockholders was $26.3 million, or $1.28 per diluted share, and AFFO totaled $43.8 million, or $2.09 per diluted share.
What dividend did NewLake Capital Partners (NLCP) declare for 2025 and early 2026?
In 2025, NewLake Capital Partners declared aggregate cash dividends of $1.72 per share, reflecting an annual AFFO payout ratio of 82%. The board also declared a first quarter 2026 cash dividend of $0.43 per share, equivalent to an annualized dividend of $1.72 per share.
How strong is NewLake Capital Partners’ (NLCP) balance sheet at year-end 2025?
As of December 31, 2025, NewLake Capital Partners held $23.9 million in cash and cash equivalents and $7.6 million outstanding on its Revolving Credit Facility. Total liabilities were $26.1 million against $420.8 million of total assets, with no debt maturities until May 2027.
What were NewLake Capital Partners’ (NLCP) key portfolio and investment activities in 2025?
In 2025, NewLake Capital Partners acquired three dispensaries totaling $1.7 million in Ohio and Pennsylvania and committed $1.1 million to improvements. It also completed a like-kind exchange of a dispensary in Mokena, Illinois for one in Brookville, Pennsylvania and maintained a 34‑property portfolio.
How are tenant issues and vacancies affecting NewLake Capital Partners (NLCP)?
NewLake Capital Partners saw a 1.4% Q4 2025 revenue decline mainly from vacancies at two former AYR Wellness properties and one former Revolutionary Clinics property. The company applied about $408,000 of AYR security deposits to rent and is pursuing a sale of its Hartford, CT property under an amended C3 lease.
What non-GAAP metrics does NewLake Capital Partners (NLCP) emphasize and why?
NewLake Capital Partners focuses on Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) to assess operating performance. These metrics adjust GAAP net income for real estate depreciation, gains or losses on property sales, and certain non-cash or non-recurring items relevant to real estate investors.
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