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NewLake Capital Partners
NewLake Capital Partners (NLCP) investor relations material
NewLake Capital Partners Status update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Status update summary5 Feb, 2026
Business overview and performance
Operates as a net lease REIT focused on cannabis real estate, with 34 properties across 12 states and a 12-year weighted average lease term.
Portfolio yield is approximately 13%, significantly higher than non-cannabis REITs, reflecting sector risk.
Top three tenants (Curaleaf, Cresco, Trulieve) account for about half of annualized base rent.
Dividend has grown about 80% since IPO in 2021, though growth has recently leveled off due to a softer cannabis environment.
Maintains a net cash position with low leverage and an 82% AFFO payout ratio in Q3.
Market positioning and comparison
Sale-leaseback REITs offer higher yields and longer duration compared to mortgage REITs and BDCs, with different risk and return profiles.
Non-cannabis REITs typically have lower yields (6-7%) and trade near NAV, while cannabis REITs trade at higher yields and discounts to NAV.
High dividend yield is attributed to OTC listing and limited institutional demand, not leverage or unsustainable payout.
Focuses exclusively on cannabis, unlike some peers who have diversified outside the sector.
Investment rationale and risk factors
Provides current income with lower volatility than plant-touching stocks, but less upside potential.
Discount to NAV is driven by stock price, not asset volatility; properties are valued at acquisition cost and depreciated over time.
Well-covered dividend and low leverage distinguish it from competitors with higher payout ratios.
Concentration risk exists, with 24% of revenue from a single tenant, but properties are diversified and focus is on long-term winners.
NASDAQ listing post-Schedule III?
Operator choice: Sale-leaseback vs. debt?
IRS approach to past 280E tax liabilities?
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Raising capital for global EV and AI expansion, with regulatory and dilution risks highlighted.
Next NewLake Capital Partners earnings date
Q4 20255 Mar, 2026
NewLake Capital Partners
Next NewLake Capital Partners earnings date
Q4 20255 Mar, 2026
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Frequently asked questions
NewLake Capital Partners is a leading provider of real estate capital to state-licensed cannabis operators, including dispensaries, cultivation and processing companies and property landlords. Their investment team uses a proven set of criteria to identify top-tier transactions and ensure only strong investment opportunities are considered for NewLake’s portfolio, which currently totals over $200 million.
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