New Lake Capital Reports 142% YoY Revenue Increase In 2021, Q4 Net Income Of $4.3M

NewLake Capital Partners, Inc. NLCP announced its financial results for the fourth quarter and full year ended December 31, 2021.

David Weinstein, the company’s CEO called 2021”a transformative year for our company.”

“After closing a merger in March and our IPO in August, we have been deploying capital strategically and with the upmost discipline. Our portfolio today has a 14.5 year weighted average lease term, 12.5% weighted average yield and 2.5% average annual rent escalations,” he continued. “Additionally, we have increased our quarterly dividend in each of the last four quarters, to $0.33 per share in the first quarter of 2022 or $1.32 annually.”

Fourth Quarter 2021 Financial Highlights & Subsequent Events

• Revenue more than doubled totaling $9 million, as compared to $4.1 million.
• Net income attributable to common stockholders totaled $4.3 million, as compared to net income attributable to common stockholders of $2.9 million.
• Funds from operations totaled $6.8 million, as compared to FFO of $5.1 million.
• Adjusted funds from operations totaled $7 million, as compared to AFFO of $5.9 million.
• Cash and cash equivalents as of December 31, 2021 was $127.1 million.
• As of December 31, 2021, $24 million was committed to funding tenant improvements.
• Subsequent to December 31, 2021, funded $3.4 million of tenant improvements.
• Subsequent to December 31, 2021, the board of directors declared a first quarter 2022 dividend of $0.33 per common share, equivalent to an annualized dividend of $1.32 per common share. The dividend is for the period beginning January 1, 2022 through March 31, 2022 and is payable on April 14, 2022 to stockholders of record at the close of business on March 31, 2022.

Full Year 2021 Financial Highlights (comparison to full year 2020)

• Revenue totaled $28.2 million, as compared to $11.7 million.
• Net income attributable to common stockholders totaled $11.2 million, as compared to a net loss of $10.7 million.
• Funds from operations totaled $19.1 million.
• Adjusted funds from operations totaled $21 million.
• Photo: Courtesy of Markus Winkler on Unsplash