NewLake Capital Partners (NLCP) investor relations material

Executive summary

• Achieved Q2 2026 revenue of $12.1 million, net income of $5.9 million, and AFFO of $10.3 million, with an 88% AFFO payout ratio and a $0.43 per-share dividend.

• Portfolio includes 35 properties across 13 states, with a focus on disciplined underwriting, conservative balance sheet management, and property-level performance.

• Industry milestones include federal rescheduling of medical cannabis to Schedule III and NYSE listings of major operators, signaling normalization and improved capital market access.

• 100% rent collection achieved in Q2 2026, despite ongoing monitoring of tenant The Cannabist, which remains current on rent amid restructuring.

• Dividend per share has grown 79% since IPO, with a current annualized yield of 10.9%.

Financial highlights

• Q2 2026 revenue was $12.1 million, down from $12.9 million year-over-year; net income attributable to common stockholders was $5.9 million ($0.29 per diluted share).

• AFFO for Q2 2026 was $10.3 million ($0.49 per diluted share), with an 88% payout ratio; FFO was $9.9 million ($0.47 per diluted share).

• Six-month 2026 revenue was $24.4 million, net income $11.7 million ($0.56 per diluted share), FFO $19.6 million ($0.93 per diluted share), and AFFO $20.4 million ($0.97 per diluted share).

• Book value per share as of Q2 2026 is $18.57; G&A expense ratio remains low at 1.5%.

• Dividend of $0.43 per share declared for Q2, annualized at $1.72 per share.

Outlook and guidance

• Management remains optimistic about industry catalysts, including further rescheduling, exchange listing opportunities, and potential banking reform.

• No formal guidance changes; focus remains on disciplined underwriting, capital preservation, and risk management.

• Uplisting to a major exchange is under evaluation, contingent on regulatory developments.

• Management expects sufficient liquidity to fund operations, dividends, and debt service over the next 12 months.

• Forward-looking statements caution about uncertainties in capital markets, tenant performance, and economic conditions.