NLCP
NewLake Capital Partners, Inc.13.84
+0.20+1.47%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Cautious re-tenanting; modest interest pickup.
Q&A offered cautious color on re-tenanting vacancies from Ayr and Rev Clinics, noting modest interest pickup in Massachusetts amid dispensary cap hikes and potential cultivation moratorium, but no LOIs signed despite peer optimism. Management confirmed Cannabist properties operational and compliant, with Illinois easier than Massachusetts; Wellgreens lease extended five years at unchanged rent, boosting NPV. Private tenants perform as expected, no coverage issues. Deal pipeline ticked up slightly on policy green shoots in Pennsylvania and Virginia, yet non-cannabis options face a higher bar. No SEC read-through from IIPR. Leases remain elusive. Investors will eye re-tenanting speed amid tenant health.
Key Stats
Market Cap
289.61MP/E (TTM)
10.90Basic EPS (TTM)
1.27Dividend Yield
0.13%Recent Filings
10-K
FY2025 10-K incomplete
NewLake Capital Partners' 10-K for FY2025 ended December 31, 2025 lacks financial statements, MD&A, or quarterly metrics, offering no revenue, profitability, or EPS figures. No topline growth, margin trends, or Q4 momentum disclosed. Balance sheet, cash flow, debt, or capital allocation details absent. No annual guidance provided. Tenant concentration risk looms large.
8-K
Q4 revenue dips, full-year up
NewLake Capital Partners reported Q4 2025 revenue of $12.3 million, down 1.4% from 2024 due to vacancies from AYR and Revolutionary Clinics, yet full-year revenue rose 1.9% to $51.1 million. AFFO hit $10.6 million ($0.51/share) quarterly and $43.8 million ($2.09/share) annually, beating prior year despite tenant issues. Dividends stay firm at $0.43/share. Solid balance sheet.
10-Q
Q3 FY2025 results
NewLake's Q3 revenue ticked up 0.3% y/y to $12.6M while operating income rose 4.2% y/y to $6.9M, shrugging off AYR vacating two properties (6% of rent) via security deposit offsets. Rental income held steady at $12.3M despite vacancies, boosted by escalators and new dispensaries; G&A fell 22% y/y on lower comp. Cash swelled to $23.6M with $82.4M revolver availability against $7.6M drawn at 8.25%; ops cash flow topped $32M YTD. Portfolio spans 34 cannabis sites in 12 states. Vacant units expose re-leasing risk.
8-K
Q3 revenue flat, FFO up
NewLake Capital Partners posted Q3 revenue of $12.6 million, flat year-over-year, yet lifted FFO to $10.7 million and AFFO to $11.0 million amid cannabis headwinds. Balance sheet stays rock-solid: $23.6 million cash, $106 million liquidity, debt at 1.6% of assets. Tenant issues hit: AYR vacated two sites, skipping August-September rent; Fitchburg remains empty. Steady $0.43 dividend endures.
10-Q
Q2 FY2025 results
NewLake's Q2 revenue climbed 4% y/y to $12.9M, driven by escalations, new dispensaries, and improvement funding, yet Revolutionary Clinics paid only 50% rent amid receivership. Operating income rose 9% y/y to $7.6M as G&A fell on lower compensation; diluted EPS held at $0.35 on 21.0M shares. Cash swelled to $21.9M with $21.6M operating cash YTD, revolver at $7.6M (8.5% rate, $82.4M available). Like-kind exchange swapped Illinois for Pennsylvania dispensary. Portfolio spans 34 properties in 12 states. Tenant distress lingers.
BNL
Broadstone Net Lease, Inc.
17.57-0.27
DOC
Healthpeak Properties, Inc.
16.36-0.30
DTLAP
Brookfield DTLA Inc.
0.04+0.00
FCPT
Four Corners Property Trust, In
22.98-0.29
GNL
Global Net Lease, Inc.
8.45+0.05
IIPR
Innovative Industrial Propertie
58.14+1.61
LTC
LTC Properties, Inc.
34.41-0.57
LXP
LXP Industrial Trust
50.00+0.02
NEN
New England Realty Associates L
65.00+0.40
NTST
NetSTREIT Corp.
17.22-0.27