NewLake Capital Partners Q2 Revenue Grows 8.2% YoY, Here Are The Details

NewLake Capital Partners, Inc. NLCP a provider of real estate capital to state-licensed cannabis operators, released its financial results for the second quarter ended June 30, 2023, revealing revenue of $11.4 million, an increase of 8.2% compared to $10.5 million in Q2 2022.

Q2 2023 Financial Highlights

• Net income attributable to common stockholders totaled $5.8 million, as compared to $3.8 million in Q2 2022.

• Funds from operations (“FFO”) totaled $9.5 million, an increase of 43.6% compared to $6.6 million in Q2 2022.

• Adjusted funds from operations (“AFFO”) totaled $9.9 million, an increase of 13.3% compared to $8.8 million in Q2 2022.

• Cash and cash equivalents as of June 30, 2023, were $40.7 million, with $22.8 million committed to fund tenant improvements.

Anthony Coniglio, president and CEO, stated, “We are pleased with our second quarter financial results, which were in line with the guidance we provided last quarter. We maintained our quarterly dividend of $0.39 per share and in the first six months of this year we have repurchased 105,679 shares in the open market through our $10.0 million stock repurchase program. We continue to believe our focus on properties in limited license jurisdictions with quality property level cash flows was the right strategic focus for our business and we are providing guidance for full year 2023 AFFO of $39.8 to $40.8 million. With over $40 million of cash and $89 million available under our credit facility, we are well positioned to take advantage of quality opportunities as they arise.”

Dividends

On June 15, 2023, the company declared a second quarter 2023 cash dividend of $0.39 per share of common stock, equivalent to an annualized dividend of $1.56 per share of common stock. The dividend was paid on July 14, 2023 to stockholders of record at the close of business on June 30, 2023.

Outlook for 2023

NewLake Capital is providing AFFO guidance for full year 2023 of $39.8 to $40.8 million, an increase of 4.1% over AFFO for the same period the prior year, assuming the midpoint of that range.

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