0001854964false00018549642025-03-052025-03-05

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

March 5, 2025
Date of Report (date of earliest event reported)
NewLake_Logo_Vertical_FullColor.jpg
NewLake Capital Partners, Inc.
(Exact name of registrant as specified in its charter)
Maryland
(State or other jurisdiction of
incorporation or organization)
000-56327
(Commission File Number)
83-4400045
(I.R.S. Employer Identification Number)
50 Locust Avenue, First Floor
New Canaan, CT 06840
(Address of principal executive offices and zip code)
(203) 594-1402
(Registrant's telephone number, including area code)
___________________________________
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/AN/AN/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
(§240.12b-2 of this chapter).     ☒
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 March 5, 2025, NewLake Capital Partners, Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2024. 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
99.2
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, 2025.



NewLake Capital Partners, Inc
By:
/s/ Lisa Meyer
Name:
Lisa Meyer
Title:
Chief Financial Officer, Treasurer and Secretary

picture1a.jpg        
Exhibit 99-1

NewLake Capital Partners Reports Fourth Quarter and Full-Year 2024 Financial Results;
Declared First Quarter 2025 Common Stock Dividend of $0.43 per Share

Fourth Quarter 2024 Revenue totaled $12.5 Million
Full Year 2024 Revenue totaled $50.1 Million, an increase of 6.0% Year-Over-Year
Fourth Quarter 2024 Net Income Attributable to Common Stockholders totaled $6.0 Million, Funds From Operations totaled $9.9 Million, and Adjusted Funds From Operations totaled $10.9 Million
Full Year 2024 Net Income Attributable to Common Stockholders totaled $26.1 Million, Funds From Operations totaled $41.3 Million, and Adjusted Funds From Operations totaled $43.7 Million

Conference Call and Webcast Scheduled for March 6, 2025 at 11 a.m. Eastern Time

New Canaan, CT, March 5, 2025 /GLOBE NEWSWIRE/ — 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, 2024, and declared its first quarter 2025 cash dividend.

“While 2024 was another challenging year for the cannabis industry, we delivered year-over-year growth across all the key financial metrics of our business. As a result, we increased our annual dividend to $1.70 per share, an 8.3% increase over 2023, underscoring our commitment to delivering value to shareholders,” stated, Anthony Coniglio, NewLake’s President and Chief Executive Officer. “These results, despite ongoing industry challenges, are a testament to the strength of our underwriting process and the capabilities of our team in proactively managing portfolio risks.”

Fourth Quarter 2024 Financial Highlights
Quarterly comparisons of revenue, net income, and Funds From Operations (“FFO”)(1) were affected by one-time non-cash revenue from tenant warrants received in the fourth quarter of 2023 and a subsequent impairment loss on the tenant warrants in the fourth quarter of 2024.
Comparison to the fourth quarter ended December 31, 2023:
◦Revenue totaled $12.5 million, as compared to $13.0 million, a decrease of approximately 3.9% year-over-year.
◦Net income attributable to common stockholders totaled $6.0 million, as compared to $7.0 million.
◦FFO totaled $9.9 million, as compared to $10.7 million, a decrease of approximately 6.9% year-over-year.
◦Adjusted funds from operations-diluted (“AFFO”)(1) totaled $10.9 million, as compared to $10.8 million, an increase of approximately 1.8% year-over-year.
◦Declared a fourth quarter dividend of $0.43 per share of common stock, an increase of approximately 7.5% year-over-year.

Full Year 2024 Financial Highlights
Comparison to the twelve months ended December 31, 2023:
◦Revenue totaled $50.1 million, as compared to $47.3 million, an increase of approximately 6.0% year-over-year.
◦Net income attributable to common stockholders totaled $26.1 million, as compared to $24.6 million.
◦FFO totaled $41.3 million, as compared to $39.3 million, an increase of approximately 5.1% year-over-year.
◦AFFO totaled $43.7 million, as compared to $40.7 million, an increase of approximately 7.5% year-over-year.
◦Cash and cash equivalents as of December 31, 2024, were $20.2 million, with approximately $11.0 million committed to fund future improvements.
◦For the twelve months ended December 31, 2024, the Company declared dividends of $1.70 per share of common stock, an increase of approximately 8.3% year-over-year.

Full Year 2024 Operational Highlights and Recent Developments
◦On November 19, 2024, the Company’s board of directors authorized an amendment to extended the stock repurchase program through December 31, 2026.
◦The Company entered into Equity Distribution Agreements (“EDAs”) with two investment banks for a $50 million At The Market Program.
◦During the year ended December 31, 2024, the Company purchased one cultivation facility in Connecticut for approximately $4.0 million and committed to fund approximately $12.0 million of improvements, of which approximately $11 million remains outstanding at December 31, 2024.
◦During the year ended December 31, 2024, the Company funded approximately $15.1 million of improvement allowances across four cultivation facilities.
◦On February 19, 2025, the Company purchased a dispensary in Ohio for approximately $276 thousand and committed to fund approximately $705 thousand for improvements. The property was subsequently leased to an existing tenant.
◦On March 4, 2025, the Company’s board of directors declared a first quarter 2025 dividend of $0.43 per share of common stock.
________________________________________________________________________________
(1) FFO and AFFO are presented on a dilutive basis.



Balance Sheet Highlights as of December 31, 2024:

◦Total liquidity of $102.6 million, consisting of cash and cash equivalents and availability under the Company’s revolving credit facility.
◦Gross real estate assets of $431.4 million.
◦1.6% debt to total gross assets of $483.8 million and a debt service coverage ratio of approximately 32.3x.
◦No debt maturities until May 2027.

2024 Investment Activity

Acquisitions

The following table presents the Company's investment activity for the twelve months ended December 31, 2024 (dollars in thousands):


TenantMarketSite TypeClosing Date
Acquisition
C3 IndustriesConnecticutCultivationMay 7, 2024$3,993 
Total$3,993 

Real Estate Commitments

Improvement Allowances

The following table presents the funded commitments and the remaining unfunded commitments for the twelve months ended December 31, 2024 (dollars in thousands):
TenantMarketSite TypeClosing DateFunded CommitmentsUnfunded Commitments
Ayr Wellness, Inc.PennsylvaniaCultivationJune 30, 2022$750 $— 
C3 IndustriesConnecticutCultivationMay 7, 2024981 11,043 
C3 IndustriesMissouriCultivationMarch 3, 2023(1)8,826 — 
MintArizonaCultivationJune 24, 20214,588 (2)— 
Total$15,145 $11,043 
(1) Funded commitments and unfunded commitments related to the Missouri cultivation facility expansion project.
(2) Effective June 6, 2024, the lease agreement was amended to include an additional commitment of approximately $800 thousand, which was funded during the year ended December 31, 2024.

Condition of our Tenants
As disclosed in our 2023 Annual Report on Form 10-K, during the fourth quarter of 2023, the Company amended its leases with: a) Revolutionary Clinics, Inc (“Revolutionary Clinics”) as part of a restructuring of their business, their receipt of new third-party capital and new management; and b) Calypso Enterprises (“Calypso”) in connection with their sale to Canvas Acquisition Corporation. Both tenants experienced recent operating challenges impacting their ability to pay rent as described below.
Revolutionary Clinics
From June 2024 through December 2024, Revolutionary Clinics paid approximately 50% of its contractual rent. On December 13, 2024, Revolutionary Clinics entered into receivership. The Company is working closely with the receiver and the tenant to address this matter while reserving all rights under the lease agreement.
Due to Revolutionary Clinics receivership status, the Company conducted a qualitative assessment to evaluate impairment indicators for the warrants received as part of the 2023 restructuring. Based on this assessment, the Company recorded an impairment loss on the warrants of $522 thousand in the consolidated statement of operations.



Calypso Enterprises
For the months of September 2024 through December 2024, Calypso Enterprises did not pay the contractual rent due under its lease agreement. The Company held a rent escrow deposit equivalent to approximately six months of contractual rent, and applied approximately $1.2 million from this escrow deposit to cover the outstanding rent for this period. Additionally, as of September 2024, in accordance with the lease agreement, the Company suspended its obligation to fund the remaining improvement allowance of approximately $987 thousand until all outstanding rent is paid and the escrow deposit is replenished. The remaining balance of the escrow deposit as of December 31, 2024, was approximately $446 thousand. The Company is currently in discussion with the tenant to resolve the default and has reserved all rights under the lease agreement.

2024 Financing Activity

Revolving Credit Facility

As of December 31, 2024, the Company had $7.6 million in borrowings under the Revolving Credit Facility and $82.4 million in funds available to be drawn, subject to sufficient collateral in the borrowing base. The facility bears interest at a fixed rate of 5.65% for the first three years and thereafter 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%.

The facility is subject to certain liquidity and operating covenants and includes customary representations and warranties, affirmative and negative covenants and events of default. As of December 31, 2024, the Company was in compliance with the financial covenants under the agreement.

Loan Payable
On January 3, 2024, the Company paid approximately $1.0 million of principal and interest on its loan payable to the seller of a cultivation facility in Chaffee, Missouri. This represents the final installment payment on the loan.

At the Market Equity Program
On June 10, 2024, the Company entered into an equity distribution agreement (the "EDA"), with on sales agent and established the Company’s At The Market (“ATM Program”). On November 20, 2024, the Company entered into a separate equity distribution agreement (together with the EDA, collectively, the “EDAs”) related to its ATM Program to add an additional sales agent. In accordance with the terms of the EDAs, the Company may offer and sell shares of its common stock having an aggregate offering amount of up to $50.0 million from time to time through a sales agent. As of December 31, 2024, no shares of common stock had been issued under the ATM Program.

Stock Repurchase Program
On November 19, 2024, the Company’s board of directors authorized an amendment to extend the Company’s existing stock repurchase program through December 31, 2026. The remaining availability under the stock repurchase program as of December 31, 2024 was approximately $8.2 million.

Dividend

On December 12, 2024, the Company’s board of directors declared a fourth quarter 2024 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, 2025 to stockholders of record at the close of business on December 31, 2024 and represents an AFFO payout ratio of 83%.

For the year ended December 31, 2024, the Company’s board of directors declared an aggregate cash dividends of $1.70 per share of common stock and represents an annual AFFO payout ratio of 82%. The Company’s common stock dividend has increased each year since the Company’s initial public offering in 2021.

On March 4, 2025, the Company’s board of directors declared a first 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 is payable on April 15, 2025 to stockholders of record at the close of business on March 31, 2025.




Conference Call and Webcast Details:

Management will host a conference call and webcast at 11:00 a.m. Eastern Time on March 6, 2025 to discuss its fourth quarter and full year 2024 financial results and answer questions about the Company's operational and financial highlights.

Event:
NewLake Capital Partners Inc. Fourth Quarter and Full Year 2024 Earnings Call
Date:
Thursday, March 6, 2025
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://viavid.webcasts.com/starthere.jsp?ei=1704902&tp_key=537301817f

For interested individuals unable to join the conference call, a dial-in replay of the call will be available until March 20, 2025 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: 13751207.

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 33 properties comprised of 15 cultivation facilities and 18 dispensaries that are 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, 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.

--




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
Valter@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,
2024		December 31,
2023
Assets:
Real Estate
Land$22,891 $21,397 
Building and Improvements408,552 390,911 
Total Real Estate431,443 412,308 
Less Accumulated Depreciation(44,709)(31,999)
Net Real Estate386,734 380,309 
Cash and Cash Equivalents20,213 25,843 
In-Place Lease Intangible Assets, net17,794 19,779 
Loan Receivable, net (current expected credit loss $116 and $167, respectively)
4,884 4,833 
Other Assets1,911 2,528 
Total Assets$431,536 $433,292 
Liabilities and Equity:
Liabilities:
Accounts Payable and Accrued Expenses$1,515 $1,117 
Revolving Credit Facility7,600 1,000 
Loan Payable, net- 1,000 
Dividends and Distributions Payable9,246 8,385 
Security Deposits8,117 8,616 
Rent Received in Advance684 990 
Other Liabilities402 227 
Total Liabilities 27,564 21,335 
Commitments and Contingencies (Note 15)
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, 20,514,583 and 20,503,520 Shares Issued and Outstanding, respectively
205 205 
Additional Paid-In Capital446,627 445,289 
Accumulated Deficit(50,067)(40,909)
Total Stockholders' Equity396,765 404,585 
Noncontrolling Interests7,207 7,372 
Total Equity403,972 411,957 
Total Liabilities and Equity$431,536 $433,292 




NEWLAKE CAPITAL PARTNERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
For the Three Months EndedFor the Twelve Months Ended
December 31,December 31,
2024202320242023
Revenue:
Rental Income$12,270 $12,704 $48,926 $46,341 
Interest Income from Loans134 131 533 521 
Fees and Reimbursables110 186 672 442 
Total Revenue12,514 13,021 50,131 47,304 
Expenses:    
Property Expenses60 429 239 657 
Depreciation and Amortization Expense3,792 3,568 14,713 14,266 
General and Administrative Expenses:
Compensation Expense1,120 1,027 4,675 4,477 
Professional Fees387 376 1,506 1,361 
Other General and Administrative Expenses427 412 1,733 1,721 
Total General and Administrative Expenses1,934 1,815 7,914 7,559 
Total Expenses5,786 5,812 22,866 22,482 
Provision for Current Expected Credit Loss13 (167)51 (167)
Impairment Loss on Warrants(522)— (522)— 
Income From Operations6,219 7,042 26,794 24,655 
Other Income (Expense):    
Other Income92 141 354 747 
Interest Expense(177)(95)(565)(379)
Total Other Income (Expense)(85)46 (211)368 
Net Income6,134 7,088 26,583 25,023 
Net Income Attributable to Noncontrolling Interests(105)(126)(468)(438)
Net Income Attributable to Common Stockholders$6,029 $6,962 $26,115 $24,585 
Net Income Attributable to Common Stockholders Per Share - Basic$0.29 $0.34 $1.27 $1.16 
Net Income Attributable to Common Stockholders Per Share - Diluted$0.29 $0.34 $1.27 $1.16 
Weighted Average Shares of Common Stock Outstanding - Basic20,580,33720,691,15520,564,17921,169,010
Weighted Average Shares of Common Stock Outstanding - Diluted20,984,47121,080,91320,963,53221,548,976




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, 2024 and 2023 (in thousands, except share and per share amounts):
Three Months Ended December 31,Twelve Months Ended December 31,
2024202320242023
Net Income Attributable to Common Stockholders$6,029 $6,962 $26,115 $24,585 
Net Income Attributable to Noncontrolling Interests105 126 468 438 
Net Income6,134 7,088 26,583 25,023 
Adjustments:
Real Estate Depreciation and Amortization3,788 3,568 14,695 14,266 
FFO Attributable to Common Stockholders - Diluted9,922 10,656 41,278 39,289 
Impairment Loss on Warrants522 — 522 — 
Non-cash rental income - other— (522)— (522)
Provision for current expected credit loss(13)167 (51)167 
Stock-Based Compensation452 379 1,674 1,439 
Non-Cash Interest Expense67 71 269 282 
Amortization of Straight-Line Rent Expense(1)— (3)(1)
AFFO Attributable to Common Stockholders - Diluted$10,949 $10,751 $43,689 $40,654 
FFO per share - Diluted
$0.47 $0.51 $1.97 $1.82 
AFFO per share - Diluted
$0.52 $0.51 $2.08 $1.89 


A Leading Provider of Real Estate Capital To State-Licensed Cannabis Operators March 6, 2025

 
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 Exceptional Portfolio Quality portfolio has delivered consistent dividend growth, up 79% since IPO, with 13.4 year weighted average remaining lease term Financial Position Solid financial position provides significant flexibility: $432 million of assets, $8 million of debt outstanding on our $90 million credit facility and an 82% AFFO payout ratio Undervalued Compared to Peers At current valuation, NewLake is undervalued compared to REIT peers (1) Based on management estimates of third-party ownership.

 
newlake.comOTCQX: NLCP 4 By The Numbers(1) 100% Leased — All Triple-Net Leases Founded in 2019 — 2021 IPO ~$444 Million Deployed — Invested & Committed 83% AFFO 2024 Payout Ratio — Strong Dividend Coverage 33 Properties(2) — 12 States, 1.7 Million Square Feet >0.2x Debt to EBITDA — $82 Million Available Credit Facility 12.1% Wtd. Avg. Yield — 2.6% Annual Rent Escalations Note: (1) Data as of December 31, 2024 (2) Includes one property acquired in Q1 2025 1.4% Annualized G&A Ratio — Low General and Administrative Expenses 13.4 Years Remaining Lease Term — Weighted Average 79% Dividend Growth Since IPO — Q4 2024 vs. Q3 2021

 
newlake.comOTCQX: NLCP 5 Experienced Management Team Anthony Coniglio Chief Executive Officer & President, Director Lisa Meyer Chief Financial Officer, Treasurer & Secretary Jarrett Annenberg Senior Vice President & Head of Investments  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  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  Co-Founder of a cannabis REIT leading its acquisition activities  10 years at CBRE in the Transactions and Advisory Services Group, one of the youngest SVPs in the U.S.

 
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  Director on several boards in diverse industries including Unit Corporation and 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 Kadens Independent Director Peter Martay Independent Director David Weinstein Director  Co-Founder and former CEO of Green Thumb Industries, Inc., one of the leading public cannabis companies  Co-Founder and former CEO of SoCore Energy, one of the largest commercial solar companies in the U.S.  Former Director of KushCo Holdings, Inc. (OTCQX: KSHB) and Choice Consolidation Corp., a SPAC targeting cannabis businesses  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  CEO of StrainBrain, an AI-powered technology company revolutionizing cannabis shopping experiences through personalized product recommendations  Co-Founder 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 Fully Legal – Adult-use, sales not yet available Fully Legal Medical Legal Limited Medical & Low- THC Hemp Derived Oil $26.4 $29.5 $31.4 $44.4 2022 2023 2024 2029 Bi llio ns Cannabis Industry Near-Term CAGR Source: BDSA • New states issuing medical cannabis licenses (i.e. KY and NE) • Limited medical states expanding programs (i.e. TX and GA) • Strong medical markets transitioning to adult use (i.e. PA and FL) • Adult use states with sales not yet available (i.e. VA and MN) • Continued growth in currently undersupplied adult use markets (i.e. NY, NJ, OH, and CT) State-Level Growth Catalysts Medical Legal – sales not yet available *NE voters approved medical cannabis; program regulations still in process *

 
newlake.comOTCQX: NLCP 9 Continued Acceptance of Cannabis Nationally Americans Increasingly Embrace the Use of Cannabis • 92% of the U.S. population (309 million people) reside in Medical Markets(1,2) • 52% 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 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 DEA has proposed to reschedule cannabis from Schedule 1 to Schedule 3. President Trump stated support for Schedule 3, Adult Use and legislation focused on industry reform. Legal Federal Circuit Courts rule restrictions on gun rights for state-legal cannabis consumers unconstitutional. Lawsuit filed by operators led by David Boies argues states have right to regulate their own economies without federal oversight. 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 • Primarily limited-license jurisdictions • 100% leased Note: Data as of December 31, 2024 based on current annualized base rent. Curaleaf 22.8% Cresco 12.9% Trulieve 11.0%Cannabist 8.2% C3 7.5% Calypso 7.1% Acreage 6.6% Mint 5.9% Ayr 5.8% Revolutionary Clinics 5.7% CODES 4.8% PharmaCann 1.2% Greenlight 0.5% Tenant/Borrower Composition * *Previously Organic Remedies

 
newlake.comOTCQX: NLCP 12 4.9x 4.0x 3.5x 3.3x 2.9x 2.6x 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 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, 2024. Data based on current rent. 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 2024 property level financial information, when available, and management estimates based on Tenant reporting. Comparable REIT data based on Essential Properties Trust March 2025 Investor Presentation. 3 includes one cultivation property owned by a single state entity but managed by an MSO 67% Public 33% Private 87% MSO(3) 13% SSO 93% Vertically Integrated in the State Cannabis Market Emphasis on limited-license jurisdictions Better operating environment for tenant More value created for real estate 129 60 33 21 20 OR WA MA MO PA IL FL Est. # of Cultivation Licenses Operating1 1,682 1,200

 
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 (%) SF # of Leases Q3 2024(1) Tenant Information Revenue Adj. EBITDA(2) MSO / SSO Curaleaf 22.8% 462,980 10 $342 $73 MSO Cresco Labs 12.9% 222,455 1 $184 $54 MSO Trulieve 11.0% 144,602 1 $303 $107 MSO The Cannabist Company 8.2% 83,188 5 $125 $18 MSO C3 Industries 7.5% 153,006 2 Private Co Private Co MSO Calypso 7.1% 99,200 1 Private Co Private Co SSO Acreage (Canopy USA) 6.6% 71,877 3 Private Co Private Co MSO Mint 5.9% 100,758 1 Private Co Private Co MSO Ayr Wellness 5.8% 94,567 2 $117 $26 MSO Revolutionary Clinics 5.7% 145,852 1 Private Co Private Co SSO CODES(4) 4.8% 81,808 1 Private Co Private Co MSO PharmaCann 1.2 % 18,332 3 Private Co Private Co MSO Greenlight 0.5% 7,592 1 Private Co Private Co MSO Note: NewLake data is as of December 31, 2024, unless otherwise noted 1) 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 2) 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 3) U.S. dollars in millions, per Bloomberg as of 3/3/25 4) Single state entity managed by an MSO; previously Organic Remedies

 
newlake.comOTCQX: NLCP 15 Portfolio Composition by State State Annualized Base Rent (%) Square Feet # of Properties Cultivation Dispensary Total Cultivation Dispensary Pennsylvania 25.2% 312,421 8,949 321,370 4 3 Florida 18.5% 417,350 - 417,350 1 - Illinois 17.6% 255,257 21,927 277,184 2 5 Massachusetts 13.2% 223,122 15,406 238,528 3 2 Missouri 11.8% 176,378 - 176,378 2 - Arizona 5.8% 100,758 - 100,758 1 - Nevada 2.7% 56,536 - 56,536 1 - Connecticut 2.2% 58,436 14,053 72,489 1 2 Ohio 1.1% - 10,935 10,935 - 2 California 1.0% - 2,470 2,470 - 1 Arkansas 0.4% - 7,592 7,592 - 1 North Dakota 0.4% - 4,590 4,590 - 1 Note: NewLake data is as of December 31, 2024

 
newlake.comOTCQX: NLCP 16 Financial Overview Stockholders’ Equity $397 Million Invested & Committed Capital $444 Million Cash $20 Million Debt $8 Million Market Capitalization1 $327 Million Stock Price1 $15.95 Dividend Yield2 10.8% Common Shares Outstanding 20,514,583 Book Value per share $19.34 4Q24 Annualized Dividend3 $1.72 Target AFFO Payout Ratio 80% - 90% 4Q24 Revenue Annualized4 $50.1 Million G&A Expense Ratio Annualized5 1.4% Key Data Dividend Growth per Share Note: Data is as of December 31, 2024, unless otherwise noted 1 Based on the March 4, 2025, closing price. 2 Calculated as Q4 2024 annualized dividend divided by the March 4, 2025, closing stock price. 3 Annualized based on Q4 2024 dividend of $0.43 per common share, declared on December 12, 2024. 4 Annualized revenue is calculated using actual revenue for the three months ended December 31, 2024. 5 Calculated using annualized General and Administrative Expense, excluding stock-based compensation, for the three months ending December 31, 2024, over Total Assets as of December 31, 2024. $0.43 $0.43 $0.43 $0.41 $0.40 $0.39 $0.39 $0.39 $0.39 $0.37 $0.35 $0.33 $0.31 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21

 
newlake.comOTCQX: NLCP 17 1.9% 15.9% 76.4% 45.2% NLCP IIPR Non-Cannabis REIT Peers Cannabis Mortgage REIT Peers Q4 Debt / Equity Undervalued vs. REIT Peers 1) Calculated using the March 4, 2025 closing stock price divided by Q4 annualized AFFO 2) Calculated as Q4 2024 annualized dividend divided by the March 4, 2025 closing stock price 3) Average of NNN, PSTL, VICI, FCPT, NTST, EPRT 4) Average of REFI and AFCG, utilizing distributable earnings in place of AFFO; utilizing Q3 distributable earnings to calculate AFFO multiple; debt/equity as of 9/30/24 (3) (3) (3) (3) (4) (4) (4) (4) 7.7x 8.0x 13.8x 6.6x NLCP IIPR Non-Cannabis REIT Peers Cannabis Mortgage REIT Peers AFFO Multiple(1) 0.8x 1.1x 1.5x 1.0x NLCP IIPR Non-Cannabis REIT Peers Cannabis Mortgage REIT Peers Price to Book as of 3/4/25 10.8% 10.7% 5.4% 13.7% NLCP IIPR Non-Cannabis REIT Peers Cannabis Mortgage REIT Peers Dividend Yield as of 3/4/25(2)

 
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 Exceptional Portfolio Quality portfolio has delivered consistent dividend growth, up 79% since IPO, with 13.4 year weighted average remaining lease term Financial Position Solid financial position provides significant flexibility: $432 million of assets, $8 million of debt outstanding on our $90 million credit facility and an 83% AFFO payout ratio Undervalued Compared to Peers At current valuation, NewLake is undervalued compared 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 2024 2023 (In thousands, except share amounts) Q4 2024 Q3 2024 Q2 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 1Q 2023 Total Revenue $12,514 $12,554 $12,455 $12,608 $13,021 $11,491 $11,376 $11,416 General and Administrative Expense(1) $1,482 $1,628 $1,424 $1,705 $1,436 $1,561 $1,648 $1,705 General and Administrative Expense(1)/Total Revenues 11.8% 13.0% 11.4% 13.5% 11.0% 13.6% 14.5% 14.9% General and Administrative Expense(1)/Total assets 1.4% 1.5% 1.3% 1.6% 1.3% 1.4% 1.5% 1.5% Net Income Attributable to Common Stockholders $6,029 $6,422 $6,796 $6,869 $6,962 $5,958 $5,797 $5,868 Net Income Attributable to Common Stockholders Per Share - Diluted $0.29 $0.31 $0.33 $0.33 $0.34 $0.28 $0.27 $0.27 Funds From Operations("FFO") attributable to Common Stockholders - Diluted $9,992 $10,260 $10,540 $10,558 $10,656 $9,634 $9,466 $9,531 FFO Attributable to Common Stockholders - Diluted $0.47 $049 $0.50 $0.50 $0.51 $0.45 $0.44 $0.44 Adjusted Funds From Operations ("AFFO") - Diluted $10,949 $10,763 $11,019 $10,960 $10,751 $10,084 $9,912 $9,907 AFFO Attributable to Common Stockholders - Diluted 0.52 $0.51 $0.53 $0.52 $0.51 $0.47 $0.46 $0.46 Percentage of Portfolio Leased 100% 100% 100% 100% 100% 100% 100% 100% Payout Ratio 83% 84% 82% 79% 78% 83% 85% 85% (1) General and administrative expenses excludes equity-based compensation $11,416 $11,376 $11,491 $13,021 $12,608 $12,455 $12,554 $12,514 1Q'23 2Q'23 3Q'23 4Q,23 1Q'24 Q2'24 Q3'24' Q4'24' Revenue $0.46 $0.46 $0.47 $0.51 $0.52 $0.53 $0.51 $0.52 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 Q2'24 Q3'24 Q4'24 AFFO $0.44 $0.44 $0.45 $0.51 $0.50 $0.50 $0.49 $0.47 1Q'23 2Q'23 3Q'23 4Q,23 1Q'24 Q2'24 Q3'24' Q4'24' FFO

 
newlake.comOTCQX: NLCP 22 Balance Sheet (In thousands, except share amounts) December 31, 2024 December 31, 2023 Assets: Real Estate Land $22,891 $21,397 Building and Improvements 408,552 390,911 Total Real Estate 431,443 412,308 Less Accumulated Depreciation (44,709) (31,999) Net Real Estate 386,734 380,309 Cash and Cash Equivalents 20,213 25,843 In-Place Lease Intangible Assets, net 17,794 19,779 Loan Receivable, net (Current Expected Credit Loss of $116 and $167, respectively) 4,884 4,833 Other Assets 1,911 2,528 Total Assets $431,536 $433,292 Liabilities and Equity: Liabilities: Accounts Payable and Accrued Expenses $1,515 $1,117 Revolving Credit Facility 7,600 1,000 Loan Payable, net - 1,000 Dividends and Distributions Payable 9,246 8,385 Security Deposits 8,117 8,616 Rent Received in Advance 684 990 Other Liabilities 402 227 Total Liabilities 27,564 21,335 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, 20,514,583 and 20,503,520 Shares Issued and Outstanding, Respectively 205 205 Additional Paid-In Capital 446,627 445,289 Accumulated Deficit (50,067) (40,909) Total Stockholders' Equity 396,765 404,585 Noncontrolling Interests 7,207 7,372 Total Equity 403,972 411,957 Total Liabilities and Equity 431,536 $433,292

 
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) 2024 2023 2024 2023 Revenue: Rental Income $12,270 $12,704 $48,926 $46,341 Interest Income from Loans 134 131 533 521 Fees and Reimbursables 110 186 672 442 Total Revenue 12,514 13,021 50,131 47,304 Expenses: Property Expenses 60 429 239 657 Depreciation and Amortization Expense 3,792 3,568 14,713 14,266 General and Administrative Expenses: Compensation Expense 1,120 1,027 4,675 4,477 Professional Fees 387 376 1,506 1,361 Other General and Administrative Expenses 427 412 1,733 1,721 Total General and Administrative Expenses 1,934 1,815 7,914 7,559 Total Expenses 5,786 5,812 22,866 22,482 Provision for Current Expected Credit Loss 13 (167) 51 (167) Impairment Loss on Warrants (522) - (522) - Income From Operations 6,219 7,042 26,794 24,655 Other Income 92 141 354 747 Interest Expense (177) (95) (565) (379) Total Other Income (Expense) (85) 46 (211) 368 Net Income 6,134 7,088 26,583 25,023 Net Income Attributable to Noncontrolling Interests (105) (126) (468) (438) Net Income Attributable to Common Stockholders $6,029 $6,962 $26,115 $24,585 Net Income Attributable to Common Stockholders Per Share - Basic $0.29 $0.34 $1.27 $1.16 Net Income Attributable to Common Stockholders Per Share - Diluted $0.29 $0.34 $1.27 $1.16 Weighted Average Shares of Common Stock Outstanding – Basic 20,580,337 20,691,155 20,564,179 21,169,010 Weighted Average Shares of Common Stock Outstanding - Diluted 20,984,471 21,080,913 20,963,532 21,548,976

 
newlake.comOTCQX: NLCP 24 Non-GAAP Financial Information For the Three Months Ended December 31, For the Year Ended December 31, (In thousands, except share amounts) 2024 2023 2024 2023 Net Income Attributable to Common Stockholders $6,029 $6,962 $26,115 $24,585 Net Income Attributable to Noncontrolling Interests 105 126 468 438 Net Income attributable to common stockholders - diluted 6,134 7,088 26,586 25,023 Adjustments: Real Estate Depreciation and Amortization 3,788 3,568 14,695 14,266 FFO Attributable to Common Stockholders – diluted 9,922 10,656 41,278 39,289 Loss on Warrants 522 - 522 - Non-Cash Rental Income - Other - (522) - (522) Provision for Current Expected Credit Loss (13) 167 (51) 167 Stock-Based Compensation 452 379 1,674 1,439 Non-Cash Interest Expense 67 71 269 282 Amortization of Straight-Line Rent Expense (1) - (3) (1) AFFO Attributable to Common Stockholders - diluted $10,949 $10,751 $43,689 $40,654 FFO per share – diluted $0.47 $0.51 $1.97 $1.82 AFFO per share – diluted $0.52 $0.51 $2.08 $1.89 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, 2024, and 2023 (in thousands, except share and per share amounts)

 
newlake.comOTCQX: NLCP 25 Capital Commitments As of September 30, 2023(1) Tenant Location Site Type Amount C3 Connecticut Cultivation $11,043 Total $11,043 (1) $’s in thousands

 
newlake.comOTCQX: NLCP 26 Lease Expiration Schedule 1.7% 0.8% 3.4% 1.2% 92.9% 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Thereafter Less than 5% of leases expiring in the next 10 years Year # of Leases Rentable SF Annualized Base Rent SF % ABR % 2024 - - - - - 2025 - - - - - 2026 - - - - - 2027 - - - - - 2028 - - - - - 2029 3 11 0.7% $869 1.7% 2030 - - - - - 2031 2 15 0.9% $405 0.8% 2032 8 44 2.6% $1,725 3.4% 2033 2 10 0.6% $584 1.2% Thereafter 17 1,607 95.3% $46,927 92.9% Total 32 1,686 100.0% $50,510 100.0%

 
newlake.comOTCQX: NLCP 27 Cultivation Property List Tenant State City Date Acquired % Leased Square Feet Invested / Committed Capital $ In Place Under Development 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 Ayr Wellness Pennsylvania Pottsville 6/30/2022 100% 38,031 $15,278,586 - $15,278,586 $402 Ayr Wellness Nevada Sparks 6/30/2022 100% 56,536 $13,578,804 - $13,578,804 $240 C3 Industries Connecticut East Hartford 5/8/2024 100% - 58,436 $4,973,093 $11,043,442 $16,016,536 $274 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% 99,200 $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 8/31/2021 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 Revolutionary Clinics Massachusetts Fitchburg 6/30/2021 100% 145,852 $42,275,000 - $42,275,000 $290 Trulieve Pennsylvania Mckeesport 10/31/2019 100% 144,602 $41,500,000 - $41,500,000 $287 *Previously Organic Remedies

 
newlake.comOTCQX: NLCP 28 Dispensary Property List Tenant State City Date Acquired % Leased Square Feet Invested / Committed Capital $ Total Invested Total $ PSF Acreage 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 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 Illinois Litchfield 1/31/2020 100% 1,851 $540,700 $292 Curaleaf Illinois Mokena 1/31/2020 100% 4,200 $963,811 $229 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 Greenlight 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

 
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

 
v3.25.0.1
Cover
Mar. 05, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Mar. 05, 2025
Entity Registrant Name NewLake Capital Partners, Inc.
Entity Incorporation, State or Country Code MD
Entity File Number 000-56327
Entity Tax Identification Number 83-4400045
Entity Address, Address Line One 50 Locust Avenue
Entity Address, Address Line Two First Floor
Entity Address, City or Town New Canaan
Entity Address, State or Province CT
Entity Address, Postal Zip Code 06840
City Area Code 203
Local Phone Number 594-1402
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Entity Ex Transition Period false
Entity Central Index Key 0001854964
Amendment Flag false
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