Cannabis REIT NewLake Capital Partners Inc. NLCP announced its financial results Thursday for the first quarter of the year ended March 31, 2024. With a primary focus on providing real estate capital to state-licensed cannabis operators, the company’s performance underscores its resilience and strategic positioning within the burgeoning cannabis industry.
Q1 2024 Financial Highlights
- Revenue totaled $12.6 million, as compared to $11.4 million in Q1 2023, an increase of 10.4% year-over-year.
- Net income attributable to common stockholders totaled $6.9 million, as compared to $5.9 million in the same quarter last year.
- FFO totaled $10.6 million, as compared to $9.5 million, an increase of 10.8% year-over-year.
- AFFO totaled $11 million, as compared to $9.9 million, an increase of 10.6% year-over-year.
Operational Highlights And Strategic Moves
NewLake’s operational highlights underscore its commitment to value creation and strategic expansion. Notably, the company increased its Q1 dividend to $0.41 per common share, reflecting confidence in its financial performance and growth prospects.
Stay ahead in the cannabis industry by joining industry leaders and experts at the upcoming Benzinga Cannabis Capital Conference in Chicago on Oct. 8-9. Get your tickets now before prices surge by following this link.
Recent developments, including the acquisition of a cultivation facility in Connecticut for $4 million and commitment to fund $12 million for tenant improvements, underscore NewLake’s proactive approach to capital deployment and portfolio enhancement.
Investment And Financing
In terms of investment, NewLake’s activity remains robust, with approximately $7.9 million funded for tenant improvements across various properties in Q1 2024. Additionally, the company’s prudent financing strategy is evident through its revolving credit facility, with $86 million in funds available to be drawn, subject to sufficient collateral.
Leadership Commentary
"We are pleased with the performance of our portfolio and financial results during the first quarter of 2024. Our growth in revenue and AFFO year-over-year and sequentially, after deducting one-time adjustments in the fourth quarter, are what drove our second consecutive quarterly dividend increase to $0.41 per share, or $1.64 per share annually," Anthony Coniglio, NewLake Capital's president and CEO said.
"Looking forward, the cannabis industry has much to be excited about following the proposal to reschedule cannabis from Schedule I to Schedule 3, an increase in meaningful dialogue among congressional leaders, and medical to adult-use conversion in Ohio and the Adult-use ballot in Florida," he added.
NLCP Price Action
NLCP's shares were trading 0.33% higher at $20.35 per share at the time of this writing around 1 PM ET Tuesday.
Related News
- Cannabis REIT NewLake Invests $16M In Connecticut Marijuana Cultivation Facility, Expands Partnership With Michigan’s C3 Industries
- 4 REITs That Have Beaten The Latest Correction
- How To Secure Dividends And Returns In Marijuana Real Estate: Analysis Reveals Stock With Potential
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!