NewLake Capital Partners, Inc.
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Range $17 – $17
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About the company
NewLake Capital Partners stands as a premier financier of real estate for businesses operating within the state-licensed cannabis sector. Established in 2019, this triple-net lease Real Estate Investment Trust (REIT) strategically secures commercial and retail assets. It accomplishes this through various avenues, including sale-leaseback arrangements, direct property acquisitions, and custom build-to-suit developments.
- CEO
- Anthony Coniglio
- IPO
- 2021
- Employees
- 7
- HQ
- New Canaan, CT, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $329.43M
- P/E
- 13.57
- Fwd P/E
- 14.08
- PEG
- -1.91
- P/S
- 6.68
- P/B
- 0.86
- EV/EBITDA
- 7.58
- Div Yield
- 10.75%
- Gross Margin
- 3.15%
- Op Margin
- 51.38%
- Net Margin
- 49.41%
- ROE
- 6.31%
- ROIC
- 55.78%
Latest fiscal year · YoY change
- Revenue
- $51.07M+1.9%
- Gross Profit
- $18.84M-62.2%
- Op Income
- $27.25M
- Net Income
- $26.32M+0.8%
- EPS
- $1.28+0.8%
- OCF Growth
- -2.9%
- FCF Growth
- -4.5%
- 52W High
- $16.75
- 52W Low
- $12.09
- 50D MA
- $15.63
- 200D MA
- $14.82
- Beta
- 0.83
- RSI (14)
- 60
- Avg Volume
- 77.39K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
NewLake Capital said Q2 was in line with expectations, with solid dividend coverage and a stronger balance sheet, while management highlighted improving cannabis-sector regulation and cautious optimism on new investment opportunities.· August 6, 2026
- Q2 revenue was $12.1 million versus $12.9 million a year ago; net income was $5.9 million, or $0.29 per diluted share.
- AFFO was $10.3 million, or $0.49 per diluted share, and the quarterly dividend of $0.43 per share implied an 88% AFFO payout ratio.
- Management said the portfolio remains resilient, but vacant cultivation assets in Pennsylvania, Nevada, and Massachusetts weighed on results.
- The company extended its $90 million revolver to May 2029 and lowered borrowing costs by 100 basis points, from Prime plus 1% to Prime.
- Management sees more industry catalysts ahead, including medical rescheduling, possible broader reform, and potential exchange uplisting paths for cannabis companies and possibly NewLake itself.
For Q2, total revenue was $12.1 million, down from $12.9 million in the prior-year period. Net income attributable to common stockholders was $5.9 million, or $0.29 per diluted share. FFO was $9.9 million, or $0.47 per diluted share, and AFFO was $10.3 million, or $0.49 per diluted share. For the first 6 months, revenue was $24.4 million versus $26.1 million a year ago; net income was $11.7 million, or $0.56 per diluted share; FFO was $19.6 million, or $0.93 per diluted share; and AFFO was $20.4 million, or $0.97 per diluted share. The quarterly dividend was $0.43 per share, or $1.72 annualized, with an 88% AFFO payout ratio, within the 80% to 90% target range. As of 6/30/2026, cash was $25.8 million, borrowings were $7.6 million on the $90 million credit facility, debt to total assets was 1.6%, and debt to EBITDA was approximately 0.2x. After quarter-end, the revolver maturity was extended to May 2029 and the rate was lowered to Prime.
Anthony Coniglio framed the quarter around improving industry regulation and normalization, citing Schedule III rescheduling, broader reform momentum, and exchange listings by Trulieve and Glasshouse as meaningful signs for the sector. He said NewLake is encouraged by the direction of travel, but remains disciplined on underwriting and focused on capital preservation over growth for growth’s sake. He also said the company is actively evaluating a possible uplist path, though no decision has been made.
Lisa Meyer said results were in line with expectations and pointed to the main year-over-year pressure points: three vacant cultivation facilities in Pennsylvania, Nevada, and Massachusetts that reduced rental income and increased property carrying costs. Offsetting that were 2.6% average contractual rent escalations, rent from two Ohio dispensaries acquired in 2025, and funded improvement allowances. She highlighted a very conservative balance sheet with $25.8 million in cash, only $7.6 million drawn on the revolver, a 1.6% debt-to-total-assets ratio, and roughly 0.2x debt-to-EBITDA, plus the post-quarter-end amendment that cut revolver pricing by 100 basis points and pushed maturity to May 2029.
Analysts focused on whether recent regulatory changes were speeding up tenant activity and real estate demand in newer medical markets such as Georgia, Virginia, Texas, and Kentucky. Management said conversations are happening, but capex and expansion are slower than in prior years, and they are not yet seeing a broad pickup in medical-only transactional activity or cap-rate compression. Questions also addressed vacant properties, The Cannabist/C3-style lease dynamics, and whether other tenants might restructure to take advantage of rescheduling; management said most public tenants are taking a wait-and-see approach, often using reverse splits rather than business restructurings.
The bull case from this call is that NewLake has a very conservative balance sheet, solid dividend coverage, and enough liquidity to keep pursuing accretive deals. Management also sounded more optimistic about the industry backdrop, with medical rescheduling, potential broader reform, and possible exchange access all viewed as supportive catalysts. The new Kentucky acquisition and a more active pipeline suggest capital deployment opportunities are improving.
The biggest risks discussed were vacant properties, especially in Pennsylvania, Nevada, and Massachusetts, and uncertainty around The Cannabist portfolio, where rent has been paid only through August. Management also said new market expansion is slower than in prior cycles and that they have not seen cap-rate compression or a clear pickup in medical-only demand. Regulatory timing remains uncertain, and management noted that any final rule could still be followed by litigation and further delays.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 88.0%
- Shares Outstanding
- 20.58M
- Float Shares
- 18.12M
of shares held by institutions
2 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jun 4, 26 | Carr Alan Jeffrey | other | 4,035 |
| Jun 4, 26 | Carr Alan Jeffrey | other | 482 |
| Jun 4, 26 | Carr Alan Jeffrey | sell | 482 |
| Jun 4, 26 | JOHNSON JOYCE | other | 4,035 |
| Jun 4, 26 | JOHNSON JOYCE | other | 482 |
| Jun 4, 26 | JOHNSON JOYCE | sell | 482 |
| Jun 4, 26 | Martay Peter Wiser | other | 4,035 |
| Jun 4, 26 | Martay Peter Wiser | other | 482 |
| Jun 4, 26 | Martay Peter Wiser | sell | 482 |
| Jun 4, 26 | Rollman Dina | other | 4,035 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our NLCP coverage
Recent articles, reports, and earnings notes.
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Generate NLCP report →NewLake Capital: Discounted Cannabis REIT Offers Inflation-Beating Yields And Rich Upsides
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seekingalpha.com · Aug 17
NewLake Capital Partners: Two Big Catalysts Ahead
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1 REIT To Sell And 1 Better REIT To Buy
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NewLake Capital Partners, Inc. (NLCP) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 6
NewLake Capital Partners Reports Second Quarter 2026 Financial Results
globenewswire.com · Aug 5
NewLake Capital Partners Announces Board Transition
globenewswire.com · Jul 15
NewLake Capital Partners to Host Second Quarter 2026 Earnings Call on August 6th at 11:00 a.m. ET
globenewswire.com · Jul 14
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