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NewLake Capital Partners Discusses Business Model, Financials, and Cannabis Market Outlook
NLCP
Dividends
New Projects/Investments
Delisting/Listing Issues
- NewLake Capital Partners is the second largest owner of cannabis real estate in the U.S., operating as a net lease REIT with a 13% yield on its leased portfolio and a 12-year remaining weighted average lease term.
- The company has grown its dividend by approximately 80% since its mid-2021 IPO and maintains a target payout ratio of 80%-90% of AFFO, reporting 82% in the most recent quarter. NLCP has ample credit capacity with over $80 million available on its $90 million credit facility and is in a net cash position.
- Management anticipates continued volatility and distress in the cannabis sector but views Schedule III reclassification as a significant catalyst for potential credit improvement, new investors, and M&A opportunities in 2026 and 2027.
- NLCP remains on OTC due to its cannabis focus, which limits institutional demand, and Schedule III reclassification alone is not expected to resolve this issue without a change in exchange policy or a safe harbor.
Feb 5, 2026, 7:00 PM
NewLake Capital Partners Discusses Business Model, Financial Health, and Market Outlook
NLCP
Dividends
New Projects/Investments
Delisting/Listing Issues
- NewLake Capital Partners is the second largest owner of cannabis real estate in the U.S., operating as a net lease REIT with a 12-year remaining weighted average lease term and an approximate 13% yield on its leased portfolio. The company owns 34 properties across 12 states, with top tenants including Curaleaf, Cresco, and Trulieve, which represent about half of its annualized base rent.
- The company maintains a strong financial position with a well-covered dividend (82% payout ratio in the third quarter, targeting 80-90% of Available Funds from Operations) and minimal leverage, being in a net cash position with over $20 million in cash against approximately $7 million outstanding on its $90 million credit facility.
- NLCP is actively working to re-tenant three properties (two from Ayr in Pennsylvania and Nevada, one from Rev Clinics in Massachusetts) for cannabis purposes. The company is also exploring extending its real estate investment capabilities to other highly regulated, complex operating businesses outside of cannabis.
- The company notes that its stock trades on the OTC market, which limits institutional demand due to custody issues, contributing to a high dividend yield that may not reflect its strong balance sheet and payout ratio.
Feb 5, 2026, 7:00 PM
NewLake Capital Partners Discusses Business Model, Financial Health, and Cannabis Reform Outlook
NLCP
Dividends
New Projects/Investments
Delisting/Listing Issues
- NewLake Capital Partners (NLCP), a net lease REIT in the cannabis sector, owns 34 properties across 12 states with a 12-year remaining weighted average lease term and an approximate 13% yield on its leased portfolio.
- The company reports a strong financial position, including over $20 million in net cash and a Q3 payout ratio of 82% of Available Funds from Operations (AFFO), well within its 80-90% target range.
- NLCP's dividend has grown approximately 80% since its mid-2021 IPO, though recent growth has moderated due to a softer cannabis market.
- Management is actively re-tenanting properties vacated by Ayr and Rev Clinics for cannabis purposes and views the high dividend yield and discount to NAV as primarily a result of its OTC listing, which restricts institutional investment despite meeting major exchange qualifications.
- The company anticipates that Schedule III rescheduling will act as a significant catalyst, improving credit, attracting new investors, and expanding state cannabis programs, leading to new opportunities in 2026 and 2027.
Feb 5, 2026, 7:00 PM
NewLake Capital Partners Discusses Portfolio, Financials, and Industry Catalysts
NLCP
Dividends
Delisting/Listing Issues
New Projects/Investments
- NewLake Capital Partners (NLCP) is a net lease REIT focused on the cannabis industry, with a portfolio of 34 properties across 12 states and a weighted average yield of 13% over 12 years of remaining average lease term.
- The company maintains a strong financial position, being nearly unlevered with only $7 million of credit outstanding and a net cash position, complemented by $82 million in available credit capacity.
- NLCP has delivered nearly 80% dividend growth since its 2021 IPO, with a current dividend of $0.43 per share and an 82% AFFO payout ratio, providing a significant cushion for potential vacancies.
- Key industry catalysts include the potential rescheduling of cannabis to Schedule III, which would eliminate 280E tax consequences for tenants, and the SAFER Banking Act, which could facilitate NLCP's uplisting to major exchanges like NYSE or NASDAQ.
- The company focuses on underwriting in limited license jurisdictions and is actively re-tenanting two properties returned by Ayr Wellness in the second half of 2025.
Jan 21, 2026, 3:00 PM
NewLake Capital Partners Discusses Cannabis Industry Growth and Financial Position
NLCP
Dividends
New Projects/Investments
Delisting/Listing Issues
- NewLake Capital Partners is a net lease REIT focused exclusively on the cannabis industry, owning 34 properties across 12 states with a weighted average yield of 13% and over 12 years of remaining average lease term.
- The company maintains a strong financial position, being nearly unlevered with only $8 million of debt outstanding and $82 million of available credit capacity, and has delivered nearly 80% dividend growth since its 2021 IPO.
- Key industry catalysts include the potential rescheduling of cannabis to Schedule III, which would eliminate the 280E tax rule and improve tenant cash flow, and the SAFER Banking Act, which could enable NLCP's uplisting to major exchanges like NYSE or NASDAQ.
- NLCP's underwriting strategy emphasizes tenant quality, focusing on limited license jurisdictions to ensure better margins and credit quality, and assessing property-level cash flows to enhance asset durability.
- The company's capital allocation prioritizes funding new investments through its credit facility without immediate plans for equity issuance, while also evaluating opportunities for share buybacks.
Jan 21, 2026, 3:00 PM
NewLake Capital Partners Discusses Cannabis REIT Strategy and Growth Catalysts
NLCP
Dividends
New Projects/Investments
Delisting/Listing Issues
- NewLake Capital Partners (NLCP) operates as a net lease REIT focused on the cannabis industry, owning 34 properties across 12 states with a weighted average portfolio yield of 13% and over 12 years of remaining average lease term.
- The company maintains a strong financial position with only $8 million of debt outstanding and $82 million of available credit capacity, operating in a net cash position.
- NLCP has demonstrated significant shareholder returns, delivering nearly 80% dividend growth since its 2021 IPO, with a consistent $0.43 per share dividend and an 82% AFFO payout ratio.
- Significant catalysts for the company include the potential rescheduling of cannabis to Schedule III, which would improve tenant cash flow by eliminating the 280E tax, and the SAFER Banking Act, which could facilitate uplisting to major exchanges like NYSE or NASDAQ, enhancing liquidity and institutional interest.
- The company's underwriting strategy prioritizes limited license jurisdictions and property-level cash flows, contributing to a robust tenant retention metric.
Jan 21, 2026, 3:00 PM
NewLake Capital Reports Q3 2025 Financial Results and Dividend
NLCP
Earnings
Dividends
New Projects/Investments
- For Q3 2025, NewLake Capital (NLCP) reported $12.587 million in total revenue, $0.51 in FFO per share diluted, and $0.52 in AFFO per share diluted.
- The company declared a Q3 2025 dividend of $0.43 per common share, resulting in an annualized dividend of $1.72 and a dividend yield of 13.2% as of November 4, 2025. The Q3 2025 AFFO payout ratio was 82%, aligning with its target range of 80% - 90%.
- As of September 30, 2025, NLCP maintained a strong financial position with $24 million in cash, $8 million in debt, and a low debt-to-equity ratio of 1.9%.
- The portfolio is characterized by 100% triple net leases with 15-20 year lease terms and parent company guarantees. Top tenants by annualized base rent include Curaleaf (24.1%) and Cresco Labs (13.8%), while top states are Pennsylvania (26.7%) and Florida (19.8%).
Nov 6, 2025, 4:00 PM
NewLake Capital Partners Reports Third Quarter 2025 Financial Results
NLCP
Earnings
Dividends
Demand Weakening
- NewLake Capital Partners reported Q3 2025 revenue of $12.6 million, which remained flat year-over-year, and net income attributable to common stockholders of $6.7 million, compared to $6.4 million in Q3 2024.
- For the third quarter ended September 30, 2025, Funds From Operations (FFO) totaled $10.7 million, an increase of 3.8% year-over-year, and Adjusted Funds From Operations (AFFO) totaled $11.0 million, an increase of 2.4% year-over-year.
- The company declared a Q3 2025 cash dividend of $0.43 per share of common stock, consistent with the third quarter ended September 30, 2024, representing an AFFO payout ratio of 82%.
- NewLake faced tenant challenges, with AYR Wellness Inc. not paying rent from August 2025 for properties that accounted for approximately 5.9% of the company's rental income for the nine months ended September 30, 2025, and Revolutionary Clinics, Inc. vacating its property in July 2025 due to operational issues.
Nov 5, 2025, 10:44 PM
NewLake Capital Partners Reports Q3 2025 Financial Results
NLCP
Earnings
Dividends
New Projects/Investments
- NewLake Capital Partners reported Q3 2025 revenue of $12.6 million, an increase of 0.3% year-over-year, with net income attributable to common stockholders reaching $6.7 million.
- For the third quarter ended September 30, 2025, Funds From Operations (FFO) were $10.7 million and Adjusted Funds From Operations (AFFO) were $11.0 million.
- The company declared a Q3 2025 dividend of $0.43 per share, equivalent to an annualized dividend of $1.72 per common share, representing an 82% AFFO payout ratio.
- As of September 30, 2025, NewLake Capital Partners maintained a strong balance sheet with $23.6 million in cash and cash equivalents and $106.0 million in total liquidity, alongside gross real estate assets of $432.2 million.
- Investment activity for the nine months ended September 30, 2025, included the acquisition of three dispensaries for a total of $1,735 thousand.
Nov 5, 2025, 10:41 PM
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