NewLake Capital (OTCQX: NLCP) Q2 2026 AFFO reaches $10.3M on low leverage
Rhea-AI Filing Summary
NewLake Capital Partners, an internally managed cannabis-focused REIT, reported second quarter 2026 revenue of $12.1 million, down 6.5% from the prior-year period. Net income attributable to common stockholders was $5.9 million, or $0.29 per diluted share. FFO and AFFO totaled $9.9 million and $10.3 million, or $0.47 and $0.49 per diluted share, with AFFO declining 10.4% year over year, mainly from lost rent and higher carrying costs on properties available for lease.
The company declared a quarterly dividend of $0.43 per share (annualized $1.72), representing an 88% AFFO payout ratio. As of June 30, 2026, NewLake held $25.8 million of cash, gross real estate assets of $433.2 million, and only $7.6 million drawn on its $90.0 million revolving credit facility, for a debt-to-total gross assets ratio of 1.6% and debt-to-EBITDA of about 0.2x.
Subsequent to quarter end, NewLake amended its revolver to extend maturity to May 2029 and move pricing from Prime plus 1.0% to Prime, and acquired a Kentucky dispensary for approximately $0.6 million with a further $1.6 million improvement commitment. The portfolio comprises 35 properties in 13 states, and management reported 100% rent collection in the quarter, including from Cannabist, a tenant undergoing restructuring, backed by approximately $481.6 thousand of security deposits.
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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, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Total Revenue: $12.1 million
Q2 2026 Net Income to Common: $5.9 million
Q2 2026 AFFO: $10.3 million
+5 more
8 metrics
Q2 2026 Total Revenue
$12.1 million
Three months ended June 30, 2026; 6.5% decrease from $12.9 million in Q2 2025
Q2 2026 Net Income to Common
$5.9 million
Three months ended June 30, 2026; $0.29 diluted earnings per share
Q2 2026 AFFO
$10.3 million
AFFO per diluted share was $0.49; down from $11.5 million and $0.55 in Q2 2025
Quarterly Dividend per Share
$0.43
Second quarter 2026 dividend; annualized $1.72 with an 88% AFFO payout ratio
Cash and Cash Equivalents
$25.8 million
Balance as of June 30, 2026 on the consolidated balance sheet
Revolving Credit Facility Borrowings
$7.6 million
Outstanding under $90.0 million facility as of June 30, 2026; debt-to-gross assets 1.6%
Number of Properties
35 properties
Portfolio of 15 cultivation facilities and 20 dispensaries across 13 states
Total Assets
$414.8 million
Consolidated total assets as of June 30, 2026
Key Terms
Funds From Operations, Adjusted Funds From Operations, triple-net lease, Companies Creditors Arrangement Act, +1 more
5 terms
Funds From Operations financial
"Funds From Operations (“FFO”)(1) totaled $9.9 million, or $0.47 per share"
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”)(1) totaled $10.3 million, or $0.49 per share"
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.
triple-net lease financial
"leased to single tenants under triple-net lease agreements"
A triple-net lease is a rental agreement where the tenant pays the base rent plus the property's operating expenses—typically taxes, insurance, and maintenance—so the landlord receives mostly a steady, predictable cash payment. For investors, it matters because it can act like a low-maintenance, bond-like income stream with clearer expense exposure, but returns depend on the tenant’s financial strength and long-term ability to cover those extra costs.
Companies Creditors Arrangement Act regulatory
"commenced restructuring proceedings under the Companies Creditors Arrangement Act (“CCAA”) in Canada"
Current Expected Credit Loss financial
"Loan Receivable, net (Current Expected Credit Loss of $51 and $71, respectively)"
An accounting approach that requires lenders and companies to estimate and record the credit losses they expect on loans and receivables now, using current conditions and reasonable forecasts rather than waiting for a default to occur. It matters to investors because it changes reported reserves and profits up front and gives an earlier, more forward-looking signal of credit quality—like packing an umbrella today because the forecast predicts rain, which affects a company’s cushion against bad loans.
Earnings Snapshot
Total revenue: $12.1 million
three and six months ended June 30, 2026
Total revenue
$12.1 million
6.5% decrease from $12.9 million in Q2 2025
Net income attributable to common stockholders
$5.9 million
down from $7.3 million in Q2 2025
AFFO attributable to common stockholders - diluted
$10.3 million
down from $11.5 million in Q2 2025; 10.4% decline noted
AFFO per share - diluted
$0.49
down from $0.55 in Q2 2025
Quarterly dividend per share
$0.43
annualized $1.72 with an 88% AFFO payout ratio
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did NewLake Capital Partners (NLCP) perform financially in Q2 2026?
NewLake reported Q2 2026 revenue of $12.1 million and net income attributable to common stockholders of $5.9 million, or $0.29 per diluted share. FFO was $9.9 million and AFFO was $10.3 million, reflecting a 10.4% year-over-year AFFO decline.
What dividend did NewLake Capital (NLCP) declare for Q2 2026 and how well is it covered?
The board declared a $0.43 per share cash dividend for Q2 2026, equal to $1.72 on an annualized basis. This represents an 88% AFFO payout ratio, indicating the dividend was largely supported by recurring adjusted funds from operations.
What does NewLake Capital’s (NLCP) balance sheet look like as of June 30, 2026?
As of June 30, 2026, NewLake held $25.8 million in cash and $433.2 million of gross real estate assets. Borrowings totaled $7.6 million on a $90.0 million revolving credit facility, resulting in a 1.6% debt-to-total gross assets ratio and very low leverage.
How did the amendment to NewLake Capital’s (NLCP) revolving credit facility change its terms?
On August 5, 2026, NewLake amended its $90.0 million revolving credit facility, extending maturity to May 6, 2029 and changing interest to the greater of the Prime Rate or 6.25%. Management also highlighted a shift from Prime plus 1.0% to Prime pricing.
What recent investment activity did NewLake Capital (NLCP) report in Q3 2026 to date?
In August 2026, NewLake acquired a Kentucky dispensary for approximately $0.6 million and committed an additional $1.6 million for property improvements. The asset was simultaneously leased to an existing tenant, adding to the company’s 35-property portfolio.
What is the status of NewLake Capital’s (NLCP) Cannabist tenant exposure?
Cannabist, a tenant at four NewLake properties, is undergoing Canadian CCAA restructuring recognized under Chapter 15 in the U.S. NewLake reported full rent collection for Q2 2026 and holds about $481.6 thousand in security deposits across these properties.
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)
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(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||
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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:
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
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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 August 5, 2026, NewLake Capital Partners, Inc. (the "Company") issued a press release announcing its financial results for the second quarter ended June 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 August 5, 2026 | |||||||
99.2 | Investor Presentation dated August 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 August, 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 Second Quarter 2026 Financial Results
Second Quarter 2026 Revenue Totaled $12.1 Million
Second Quarter 2026 Net Income Attributable to Common Stockholders Totaled $5.9 Million, Funds from Operations Totaled $9.9 Million, and Adjusted Funds from Operations Totaled $10.3 Million
Conference Call and Webcast Scheduled for August 6, 2026, at 11 a.m. Eastern Time
New Canaan, CT, August 05, 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 second quarter ended June 30, 2026.
“Our second quarter results were consistent with our expectations, highlighted by 100% collection of contractual rent during the period,” said Anthony Coniglio, NewLake's President and Chief Executive Officer. “We remain focused on disciplined capital allocation and managing risk across our portfolio. Subsequent to quarter end, we were pleased to extend the maturity of our revolving credit facility to May 2029 while lowering our borrowing cost, and deploy capital into an accretive dispensary acquisition in Kentucky.”
Second Quarter 2026 Financial Highlights
◦Total revenue of $12.1 million.
◦Net income attributable to common stockholders totaled $5.9 million, or $0.29 per share of common stock.
◦Funds From Operations (“FFO”)(1) totaled $9.9 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 second quarter dividend of $0.43 per share of common stock, equivalent to an annualized dividend of $1.72 per common share.
Comparison to the First Quarter ended March 31, 2026
◦Revenue totaled $12.1 million, as compared to $12.3 million, a decrease of 1.8%.
◦Net income attributable to common stockholders totaled $5.9 million, as compared to $5.8 million, an increase of 2.1%.
◦FFO totaled $9.9 million, as compared to $9.7 million, an increase of 1.2%.
◦AFFO totaled $10.3 million, as compared to $10.1 million, an increase of 1.7%.
Balance Sheet Highlights as of June 30, 2026
◦Cash and cash equivalents as of June 30, 2026, were $25.8 million.
◦Gross real estate assets of $433.2 million, including one property classified as Real Estate Held for Sale.
◦Maintained a conservative leverage profile with only $7.6 million outstanding under the Company’s $90.0 million revolving credit facility, representing a debt-to-total gross assets ratio of 1.6%, and a debt-to-EBITDA of approximately 0.2x.
Recent Developments
◦On August 5, 2026, the Company amended its $90.0 million revolving credit facility, reduced the interest rate from Prime plus 1.0% to Prime, and extended the maturity date to May 2029.
◦In August, the Company purchased a dispensary located in Kentucky for approximately $0.6 million and committed to fund approximately $1.6 million for improvements.
(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 six months ended June 30, 2026 (dollars in thousands, except per share amounts):
| Three Months Ended June 30, | Six Months Ended June 30, 2026 | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Total Revenue | $ | 12,087 | $ | 12,932 | $ | 24,395 | $ | 26,142 | |||||||||||||||
| Net Income Attributable to Common Stockholders | $ | 5,896 | $ | 7,319 | $ | 11,670 | $ | 13,615 | |||||||||||||||
| Net Income Attributable to Common Stockholders Per Share - Diluted | $ | 0.29 | $ | 0.35 | $ | 0.56 | $ | 0.66 | |||||||||||||||
| FFO Attributable to Common Stockholders - Diluted | $ | 9,857 | $ | 11,352 | $ | 19,591 | $ | 21,634 | |||||||||||||||
| FFO per share – Diluted | $ | 0.47 | $ | 0.54 | $ | 0.93 | $ | 1.03 | |||||||||||||||
| AFFO Attributable to Common Stockholders - Diluted | $ | 10,262 | $ | 11,455 | $ | 20,352 | $ | 22,178 | |||||||||||||||
| AFFO per share – Diluted | $ | 0.49 | $ | 0.55 | $ | 0.97 | $ | 1.06 | |||||||||||||||
For the three months ended June 30, 2026, the Company generated total revenue of approximately $12.1 million, representing a 6.5% decrease compared to $12.9 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, and rental income associated with improvement allowances funded for one Ohio dispensary.
For the six months ended June 30, 2026, the Company generated total revenue of approximately $24.4 million, representing a 6.7% decrease compared to $26.1 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 six months of rental income from two Ohio dispensaries acquired in 2025, and rental income associated with improvement allowances funded for one Ohio dispensary.
The decline in AFFO for the three and six months ended June 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 10.4% and 8.2%, respectively, compared to the corresponding periods in 2025.
Investment Activity
Portfolio and Tenant Updates
The Cannabist Company
On March 24, 2026, The Cannabist Company ("Cannabist"), which operates at four of the Company's properties, including two properties located in Illinois and two properties located in Massachusetts, publicly announced that it had entered into definitive agreements to sell certain assets and entered into a non-binding memorandum of understanding for the sale of certain production, manufacturing, distribution and sale operations (through the sale of equity or assets) in six states, including Illinois and Massachusetts, where we lease properties to Cannabist, and commenced restructuring proceedings under the Companies Creditors Arrangement Act ("CCAA") in Canada. On May 9, 2026, the U.S. Bankruptcy Court for the District of Delaware granted recognition of the Canadian restructuring proceedings under Chapter 15 of the U.S. Bankruptcy Code. The Company continues to monitor developments related to this tenant and its restructuring proceedings.
During the three months ended June 30, 2026, we collected full rent for each of the four properties leased to Cannabist and the tenant remains current on its contractual lease obligations to us. We hold aggregate security deposits totaling approximately $481.6 thousand across these four properties.
In July 2026, Vireo Growth Inc. announced that it entered into a definitive agreement (subject to customary closing conditions) with Cannabist to acquire certain cannabis operations in five states, including Illinois and Massachusetts, where we lease properties to Cannabist. We continue to monitor developments related to Cannabist, the proposed transaction, and their impact, if any, on our leased properties and contractual lease obligations.
Financing Activity
Revolving Credit Facility
As of June 30, 2026, the Company had $7.6 million in borrowings 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 June 30, 2026, the interest rate on the revolving credit facility was 7.75%.
As of June 30, 2026, the Company was in compliance with the covenants under the revolving credit facility agreement.
Recent Developments
Revolving Credit Facility
On August 5, 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) maintains 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) extends the maturity date by two years from May 6, 2027 to May 6, 2029; (iii) modifies 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) revises the unused line fee provisions.
Property Acquisition
In August 2026, the Company acquired a dispensary located in Kentucky for approximately $0.6 million and committed approximately $1.6 million to fund improvements at the property. The property was simultaneously leased to an existing tenant.
Dividend
On June 12, 2026, the Company’s Board of Directors declared a second 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 July 15, 2026, to stockholders of record at the close of business on June 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 August 6, 2026, to discuss its quarterly financial results and answer questions about the Company's operational and financial highlights for the second quarter ended June 30, 2026.
| Event: | NewLake Capital Partners Inc. Second Quarter 2026 Earnings Call | ||||
| Date: | Thursday, August 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 August 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: 13761531.
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 35 properties, including 15 cultivation facilities and 20 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)
| June 30, 2026 | December 31, 2025 | ||||||||||
| Assets: | |||||||||||
| Real Estate | |||||||||||
| Land | $ | 22,903 | $ | 22,903 | |||||||
| Building and Improvements | 405,358 | 404,983 | |||||||||
| Total Real Estate | 428,261 | 427,886 | |||||||||
| Less Accumulated Depreciation | (64,654) | (57,916) | |||||||||
| Net Real Estate | 363,607 | 369,970 | |||||||||
| Real Estate Held for Sale | 4,802 | 4,802 | |||||||||
| Cash and Cash Equivalents | 25,762 | 23,937 | |||||||||
| In-Place Lease Intangible Assets, net | 14,725 | 15,710 | |||||||||
Loan Receivable, net (Current Expected Credit Loss of $51 and $71, respectively) | 4,949 | 4,929 | |||||||||
| Other Assets | 1,003 | 1,481 | |||||||||
| Total Assets | $ | 414,848 | $ | 420,829 | |||||||
| Liabilities and Equity: | |||||||||||
| Liabilities: | |||||||||||
| Accounts Payable and Accrued Expenses | $ | 1,078 | $ | 1,307 | |||||||
| Revolving Credit Facility | 7,600 | 7,600 | |||||||||
| Dividends and Distributions Payable | 9,048 | 9,169 | |||||||||
| Security Deposits | 6,748 | 6,728 | |||||||||
| Rent Received in Advance | 1,405 | 1,013 | |||||||||
| Other Liabilities | 91 | 324 | |||||||||
| Total Liabilities | 25,970 | 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 | 447,704 | 447,185 | |||||||||
| Accumulated Deficit | (65,670) | (59,449) | |||||||||
| Total Stockholders' Equity | 382,240 | 387,941 | |||||||||
| Noncontrolling Interests | 6,638 | 6,747 | |||||||||
| Total Equity | 388,878 | 394,688 | |||||||||
| Total Liabilities and Equity | $ | 414,848 | $ | 420,829 | |||||||
NEWLAKE CAPITAL PARTNERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except share and per share amounts)
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Rental Income | $ | 11,786 | $ | 12,564 | $ | 23,548 | $ | 25,151 | |||||||||||||||
| Interest Income from Loans | 140 | 137 | 277 | 271 | |||||||||||||||||||
| Fees and Reimbursables | 161 | 231 | 570 | 720 | |||||||||||||||||||
| Total Revenue | 12,087 | 12,932 | 24,395 | 26,142 | |||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Reimbursable Property Expenses | 50 | 41 | 385 | 668 | |||||||||||||||||||
| Property Carrying Costs | 135 | 5 | 367 | 5 | |||||||||||||||||||
| Depreciation and Amortization Expense | 3,864 | 3,877 | 7,731 | 7,760 | |||||||||||||||||||
| General and Administrative Expenses: | |||||||||||||||||||||||
| Compensation Expense | 976 | 670 | 1,958 | 1,875 | |||||||||||||||||||
| Professional Fees | 396 | 197 | 910 | 803 | |||||||||||||||||||
| Other General and Administrative Expenses | 540 | 554 | 916 | 964 | |||||||||||||||||||
| Total General and Administrative Expenses | 1,912 | 1,421 | 3,784 | 3,642 | |||||||||||||||||||
| Total Expenses | 5,961 | 5,344 | 12,267 | 12,075 | |||||||||||||||||||
| Loss on Sale of Real Estate | — | (34) | — | (34) | |||||||||||||||||||
| Provision for Current Expected Credit Loss | 9 | 10 | 20 | 23 | |||||||||||||||||||
| Income From Operations | 6,135 | 7,564 | 12,148 | 14,056 | |||||||||||||||||||
| Other Income (Expense): | |||||||||||||||||||||||
| Other Income | 78 | 91 | 152 | 177 | |||||||||||||||||||
| Interest Expense | (216) | (210) | (431) | (384) | |||||||||||||||||||
| Total Other Income (Expense) | (138) | (119) | (279) | (207) | |||||||||||||||||||
| Net Income | 5,997 | 7,445 | 11,869 | 13,849 | |||||||||||||||||||
| Net Income Attributable to Noncontrolling Interests | (101) | (126) | (199) | (234) | |||||||||||||||||||
| Net Income Attributable to Common Stockholders | $ | 5,896 | $ | 7,319 | $ | 11,670 | $ | 13,615 | |||||||||||||||
| Net Income Attributable to Common Stockholders Per Share - Basic | $ | 0.29 | $ | 0.36 | $ | 0.57 | $ | 0.66 | |||||||||||||||
| Net Income Attributable to Common Stockholders Per Share - Diluted | $ | 0.29 | $ | 0.35 | $ | 0.56 | $ | 0.66 | |||||||||||||||
| Weighted Average Shares of Common Stock Outstanding - Basic | 20,642,907 | 20,613,866 | 20,644,458 | 20,602,635 | |||||||||||||||||||
| Weighted Average Shares of Common Stock Outstanding - Diluted | 21,013,124 | 20,974,923 | 21,016,198 | 20,971,160 | |||||||||||||||||||
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 six months ended June 30, 2026 and 2025 (in thousands, except share and per share amounts):
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Net Income Attributable to Common Stockholders | $ | 5,896 | $ | 7,319 | $ | 11,670 | $ | 13,615 | ||||||||||||||||||
| Net Income Attributable to Noncontrolling Interests | 101 | 126 | 199 | 234 | ||||||||||||||||||||||
| Net Income | 5,997 | 7,445 | 11,869 | 13,849 | ||||||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||
| Real Estate Depreciation and Amortization | 3,860 | 3,873 | 7,722 | 7,751 | ||||||||||||||||||||||
| Loss on Sale of Real Estate | — | 34 | — | 34 | ||||||||||||||||||||||
| FFO Attributable to Common Stockholders - Diluted | 9,857 | 11,352 | 19,591 | 21,634 | ||||||||||||||||||||||
| Provision for Current Expected Credit Loss | (9) | (10) | (20) | (23) | ||||||||||||||||||||||
| Stock-Based Compensation | 348 | 47 | 647 | 434 | ||||||||||||||||||||||
| Non-cash Interest Expense | 67 | 67 | 135 | 135 | ||||||||||||||||||||||
| Amortization of Straight-line Rent Expense | (1) | (1) | (1) | (2) | ||||||||||||||||||||||
AFFO Attributable to Common Stockholders - Diluted | $ | 10,262 | $ | 11,455 | $ | 20,352 | $ | 22,178 | ||||||||||||||||||
| FFO per share – Diluted | $ | 0.47 | $ | 0.54 | $ | 0.93 | $ | 1.03 | ||||||||||||||||||
| AFFO per share – Diluted | $ | 0.49 | $ | 0.55 | $ | 0.97 | $ | 1.06 | ||||||||||||||||||
A Leading Provider of Real Estate Capital To State-Licensed Cannabis Operators August 6, 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 internally managed, 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 12 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. Conservative Balance Sheet Net cash position with only $7.6 million outstanding debt and a debt-to-gross-assets of just 1.6%. One of the lowest- leveraged REITs in the sector. 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.
newlake.comOTCQX: NLCP 4 By The Numbers(1) Founded in 2019 — 2021 IPO ~$435 Million Deployed — Invested & Committed Q2 2026 AFFO Payout Ratio of 88% — Solid Dividend Coverage 35 Owned Properties(2) — 13 States, 1.7 Million Square Feet <0.2x Debt to EBITDA — $82 Million Available Credit Facility 13.2% Wtd. Avg. Yield(3) — 2.6% Annual Rent Escalations Note: (1) Data as of June 30, 2026, unless otherwise noted. (2) Includes dispensary acquired on August 4, 2026. (3) Based on 31 leased properties as of June 30, 2026. 1.5% G&A Ratio — Low General and Administrative Expenses 11.6 Years Remaining Lease Term(3) — Weighted Average 79% Dividend Growth Since IPO — Q2 2026 vs. Q3 2021 32 Leased Properties(2) — 12 Cultivation, 20 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 November 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 $1.6M(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 dispensary acquired on August 4, 2026
newlake.comOTCQX: NLCP 10 Curaleaf 25.2% Cresco 15.0% Trulieve 12.1% C3 9.5% Cannabist 8.1% Calypso 7.8% Mint 6.7% CODES 5.9% Holistic(2) 3.5% Acreage(3) 3.4% PharmaCann 1.3% Wellgreens 1.1% Budr(4) 0.3% Tenant/Borrower Composition(1) Portfolio Overview Early Mover Advantage Created Diverse National Platform • 13 states* • 1.7M square feet* • 15 cultivation assets, 20 dispensaries* • Primarily limited-license jurisdictions (1) Calculated based on July 2026 annualized monthly contractual rent including management fees and interest income on our note receivable. (2) Prime Wellness is an Acreage subsidiary and our lease is guaranteed by Holistic Industries. (3) Guaranteed by Canopy USA. (4) Guaranteed by GTI. * Represents owned properties, including a dispensary acquired August 4, 2026
newlake.comOTCQX: NLCP 11 5.1x 3.9x 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 June 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 Q1 2026 property level financial information, when available, and management estimates based on Tenant reporting. Comparable REIT data based on Essential Properties Trust Q1 2026 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 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 Q1 2026(2) Tenant Information Revenue Adj. EBITDA(3) MSO / SSO Curaleaf 25.2% 462,947 10 $324 $63 MSO Cresco Labs 15.0% 232,184 3 $151 $33 MSO Trulieve 12.1% 144,602 1 $287 $100 MSO C3 Industries 9.5% 153,006 2 Private Co Private Co MSO The Cannabist Company 8.1% 80,718 4 $80(4) $3(4) MSO Calypso 7.8% 99,163 1 Private Co Private Co SSO Mint 6.7% 100,758 1 Private Co Private Co MSO CODES 5.9% 89,400 2 Private Co Private Co MSO Prime Wellness(5) 3.5% 30,625 1 Private Co Private Co MSO Acreage(6) 3.4% 38,380 1 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(7) 0.3% 2,872 1 Private Co Private Co MSO Note: NewLake data is as of June30, 2026, unless otherwise noted 1) Calculated based on July 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) Represents Q3 2025 financial data. The Company has filed for Bankruptcy under Canadian Law. 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 25.0% 312,421 13,116 325,537 4 4 Florida 20.7% 417,350 - 417,350 1 - Illinois 19.4% 255,257 17,727 272,984 2 4 Missouri 13.3% 176,378 - 176,378 2 - Massachusetts 8.5% 223,122 15,406 238,528 3 2 Arizona 6.7% 100,758 - 100,758 1 - Connecticut 2.5% 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 Nevada - 56,536 - 56,536 1 - 1) Calculated based on July 2026 annualized rent and includes management fees.
newlake.comOTCQX: NLCP 15 Stockholders’ Equity $382 Million Invested & Committed Capital $435 Million Cash $26 Million Debt $8 Million Market Capitalization1 $324 Million Stock Price1 $15.75 Dividend Yield2 10.9% Common Shares Outstanding 20,580,766 Book Value per share $18.57 2Q26 Annualized Dividend3 $1.72 Target AFFO Payout Ratio 80% - 90% 2Q26 Revenue Annualized4 $48 Million G&A Expense Ratio5 1.5% Key Data Dividend Growth per Share Note: Data is as of June 30, 2026, unless otherwise noted. 1 Based on the August 4, 2026, closing price. 2 Calculated as Q2 2026 annualized dividend divided by the August 4, 2026, closing stock price. 3 Dividends for 2021 reflect a partial year following our August 2021 IPO. 2026 reflects the annualized Q2 2026 dividend of $0.43 per share, declared on June 12, 2026. 4 Calculated using annualized Total Revenue for the three months ending June 30, 2026. 5 Calculated using annualized general and administrative expenses, excluding stock-based compensation, for the three months ending June 30, 2026, over Total Assets as of June 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 internally managed, 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 12 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. Conservative Balance Sheet Net cash position with only $7.6 million outstanding debt and a debt-to-gross-assets of just 1.6%. One of the lowest- leveraged REITs in the sector. Attractive Relative to Peers Higher dividend yield with an 88% AFFO Q2 2026 payout ratio supported by recurring revenue and lowest leverage among REIT peers. (1) Based on management estimates of third-party ownership.
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) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Total Revenue $12,087 $12,309 $12,343 $12,587 $12,932 $13,209 General and Administrative Expense(1) $1,564 $1,573 $1,547 $1,301 $1,374 $1,832 General and Administrative Expense(1)/Total Revenues 12.9% 12.8% 12.5% 10.3% 10.6% 13.9% General and Administrative Expense(1)/Total assets 1.5% 1.5% 1.4% 1.2% 1.3% 1.7% Net Income Attributable to Common Stockholders $5,896 $5,775 $6,036 $6,666 $7,319 $6,297 Net Income Attributable to Common Stockholders Per Share - Diluted $0.29 $0.28 $0.29 $0.32 $0.36 $0.31 FFO Attributable to Common Stockholders – Diluted $9,857 $9,737 $10,020 $10,651 $11,352 $10,283 FFO per share – Diluted $0.47 $0.46 $0.48 $0.51 $0.54 $0.49 AFFO Attributable to Common Stockholders – Diluted $10,262 $10,091 $10,624 $11,022 $11,455 $10,724 AFFO per share – Diluted $0.49 $0.48 $0.51 $0.52 $0.55 $0.51 Payout Ratio 88% 90% 85% 82% 79% 84% $12,087 $12,309 $12,343 $12,587 $12,932 $13,209 Q2'26 1Q'26 Q4'25 3Q'25 2Q'25 1Q'25 Revenue $0.49 $0.48 $0.51 $0.52 $0.55 $0.51 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 AFFO $0.47 $0.46 $0.48 $0.51 $0.54 $0.49 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) June 30, 2026 December 31, 2025 Assets: Real Estate Land $22,903 $22,903 Building and Improvements 405,358 404,983 Total Real Estate 428,261 427,886 Less Accumulated Depreciation (64,654) (57,916) Net Real Estate 363,607 369,970 Real Estate Held for Sale 4,802 4,802 Cash and Cash Equivalents 25,762 23,937 In-Place Lease Intangible Assets, net 14,725 15,710 Loan Receivable, net (Current Expected Credit Loss of $51 and $71, respectively) 4,949 4,929 Other Assets 1,003 1,481 Total Assets $414,848 $420,829 Liabilities and Equity: Liabilities: Accounts Payable and Accrued Expenses $1,078 $1,307 Revolving Credit Facility 7,600 7,600 Dividends and Distributions Payable 9,048 9,169 Security Deposits 6,748 6,728 Rent Received in Advance 1,405 1,013 Other Liabilities 91 324 Total Liabilities 25,970 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 447,704 447,185 Accumulated Deficit (65,670) (59,449) Total Stockholders' Equity 382,240 387,941 Noncontrolling Interests 6,638 6,747 Total Equity 388,878 394,688 Total Liabilities and Equity $414,848 $420,829
newlake.comOTCQX: NLCP 21 Statement of Operations For the Three Months Ended June 30, For the Six Months Ended June 30, (In thousands, except share amounts) 2026 2025 2026 2025 Revenue: Rental Income $11,786 $12,564 $23,548 $25,151 Interest Income from Loans 140 137 277 271 Fees and Reimbursables 161 231 570 720 Total Revenue 12,087 12,932 $24,395 $26,142 Expenses: Reimbursable Property Expenses 50 41 385 668 Property Carrying Costs 135 5 367 5 Depreciation and Amortization Expense 3,864 3,877 7,731 7,760 General and Administrative Expenses: Compensation Expense 976 670 1,958 1,875 Professional Fees 396 197 910 803 Other General and Administrative Expenses 540 554 916 964 Total General and Administrative Expenses 1,912 1,421 3,784 3,642 Total Expenses 5,961 5,344 12,267 12,075 Loss on Sale of Real Estate - (34) - (34) Provision for Current Expected Credit Loss 9 10 20 23 Income From Operations 6,135 7,564 12,148 14,056 Other Income (Expense): 78 91 152 177 Interest Expense (216) (210) (431) (384) Total Other Income (Expense) (138) (119) (279) (207) Net Income 5,997 7,445 11,869 13,849 Net Income Attributable to Noncontrolling Interests (101) (126) (199) (234) Net Income Attributable to Common Stockholders $5,896 $7,319 $11,670 $13,615 Net Income Attributable to Common Stockholders Per Share - Basic $0.29 $0.36 $0.57 $0.66 Net Income Attributable to Common Stockholders Per Share - Diluted $0.29 $0.35 $0.56 $0.66 Weighted Average Shares of Common Stock Outstanding – Basic 20,642,907 20,613,866 20,644,458 20,602,635 Weighted Average Shares of Common Stock Outstanding – Diluted 21,013,124 20,974,923 21,016,198 20,971,160
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 six months ended June 30, 2026 and 2025, (in thousands, except share and per share amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, (In thousands, except share amounts) 2026 2025 2026 2025 Net Income Attributable to Common Stockholders $5,896 $7,319 $11,670 $13,615 Net Income Attributable to Noncontrolling Interests 101 126 199 234 Net Income 5,997 7,445 11,869 13,849 Adjustments: Real Estate Depreciation and Amortization 3,860 3,873 7,722 7,751 Loss on Sale of Real Estate - 34 - 34 FFO Attributable to Common Stockholders – Diluted $9,857 $11,352 $19,591 $21,634 Provision for Current Expected Credit Loss (9) (10) (20) (23) Stock-Based Compensation 348 47 647 434 Non-Cash Interest Expense 67 67 135 135 Amortization of Straight-Line Rent Expense (1) (1) (1) (2) AFFO Attributable to Common Stockholders – Diluted $10,262 $11,455 $20,352 $22,178 FFO per share – Diluted $0.47 $0.54 $0.93 $1.03 AFFO per share – Diluted $0.49 $0.55 $0.97 $1.06
newlake.comOTCQX: NLCP 23 Lease Expiration Schedule(1) 0.8% 0.9% 3.5% 1.3% 35.7% 0.3% 57.5% 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 3.5% 2033 2 10 0.7% $615 1.3% 2034 7 448 30.8% $17,081 35.7% 2035 2 9 0.6% $167 0.3% Thereafter 9 925 63.6% $27,516 57.5% Total 31 1,455 100.0% $47,894 100.0% (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 10/31/2019 100% 38,380 $9,787,999 - $9,787,999 $255 Prime Wellness(2) Pennsylvania Sinking Springs 10/31/2019 100% 30,625 $10,158,372 - $10,158,372 $332 C3 Industries 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) 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 $ 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 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 1/31/2021 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 Wellgreens California San Diego 12/23/2019 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