NewLake Capital Partners (NLCP) investor relations material

Business model and portfolio

• U.S. cannabis real estate owner operating as a REIT; leases properties to operators, collects monthly rent and pays quarterly dividends.

• Portfolio: 35 properties across 13 states and 12 tenants; 32 leased and three available for lease.

• Leases have a ~12-year weighted-average remaining term; leased properties yield over 13% on invested capital. Triple-net leases place taxes, insurance, maintenance and CapEx with tenants.

• Portfolio includes 15 industrial cultivation buildings and 20 retail properties; three vacancies could add rent and reduce carrying costs when leased.

• Underwriting favors strong tenant credits and limited-license states; quarterly property and parent financials and EBITDAR coverage help flag tenant distress.

U.S. industry and regulatory outlook

• Medical cannabis rescheduling to Schedule III enabled compliant operators to seek DEA registration; 50% of properties are dedicated to medical use.

• Full-plant rescheduling remained in process after a July hearing; management estimated a decision at the earliest in late 2026, more likely late December or Q1, following the judge’s recommendation and a 25-day response period.

• Hemp-derived intoxicating products were set to become illegal on December 12; Ohio’s earlier ban coincided with state-legal channel sales rising 5%-25%.

• Roughly 50% of the U.S. population was in adult-use states; refined medical programs in Georgia and Texas were expected to support significant growth over the next five years.

• Management cited younger consumers shifting from alcohol toward cannabis and illicit-market consumers moving into state-licensed channels as industry growth drivers.

Growth plans

• Annual portfolio rent escalators average 2.6%; triple-net lease structure means rent growth largely reaches the bottom line.

• Four growth avenues: contractual rent increases, rent on newly funded acquisitions and tenant improvements, leasing three vacant properties, and new transactions.

• An August transaction included $1.6 million for a dispensary build; rent is expected both on the acquired property and as the tenant-improvement capital is deployed.

• Transaction activity was expected to pick up as rescheduling bolstered operator confidence and renewed industry CapEx; the pipeline had grown.