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Visual21 Nov 2025
Data center suppliers
NewLake Capital Partners (NLCP) investor relations material
NewLake Capital Partners Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Portfolio consists of 34 properties across 12 states, leased to 11 tenants, with a focus on long-term, triple-net leases in the cannabis sector and disciplined underwriting amid industry headwinds.
Net income attributable to common shareholders was $6.7 million ($0.32 per diluted share) for Q3 2025, up from $6.4 million in Q3 2024.
Q3 2025 revenue was $12.6 million, up 0.3% year over year, with AFFO rising 2.4% to $11.0 million ($0.52 per share).
Dividend per share declared at $0.43 for Q3 2025 ($1.72 annualized), with a yield of 13.2%.
Tenant defaults (AYR Wellness, Revolutionary Clinics) led to property vacancies, but management is actively marketing these assets and applying security deposits.
Financial highlights
Total revenue for Q3 2025 was $12.6 million, with net income of $6.7 million and AFFO of $11.0 million; nine-month revenue was $38.7 million.
AFFO payout ratio was 82%, within the 80%-90% target range.
Cash and cash equivalents at quarter-end were $23.6 million, with total liquidity of $106 million and $82.4 million available on the credit facility.
Debt to total gross assets at 1.6%, with $7.6 million outstanding and no maturities until May 2027.
Dividend declared for Q3 2025 was $0.43 per share, paid October 15, 2025.
Outlook and guidance
Management expects cash flow and reserves to fund operations, dividends, and debt service over the next twelve months.
Portfolio remains solid, with tenants representing about 50% of annual base rent reporting strong Q3 results.
Minimal impact expected on net income or AFFO from C3 lease amendments; no adverse effect anticipated.
Impact from AYR property vacancies estimated at just over $0.035 per share for Q1 2026 if vacancies persist.
Growth opportunities expected mainly from dispensaries and smaller cultivation sites, with cautious industry CapEx.
What is the plan for AYR & Revolutionary Clinics properties?
How does the C3 deal impact future investment strategy?
How does the variable rate impact future interest expense?
Future AFFO impact from current vacancies
Criteria for non-cannabis real estate investments
How do state reforms drive new investment opportunities
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Next NewLake Capital Partners earnings date
Q4 20255 Mar, 2026
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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