NewLake Capital Partners, Inc. reported its financial results for the third quarter of 2025, revealing a total revenue of $12.6 million, a slight increase from $12.5 million in the same period last year. The company's rental income rose to $12.3 million, up from $12.3 million in the prior year, while interest income from loans and fees and reimbursables contributed marginally to the overall revenue. For the nine months ended September 30, 2025, total revenue reached $38.7 million, compared to $37.6 million for the same period in 2024, reflecting a year-to-date increase in rental income of $0.8 million.
The company’s net income attributable to common stockholders for the third quarter was $6.7 million, or $0.32 per share, compared to $6.4 million, or $0.31 per share, in the prior year. For the nine-month period, net income attributable to common stockholders was $20.3 million, consistent with the previous year’s figure of $20.1 million. The increase in net income was attributed to a combination of stable rental income and reduced general and administrative expenses, which fell to $1.6 million from $2.1 million year-over-year.
In terms of operational developments, NewLake Capital Partners owned 34 properties across 12 states as of September 30, 2025, with a diversified tenant base of 11 operators in the cannabis industry. The company acquired three dispensaries during the nine months ended September 30, 2025, and committed to funding $1.1 million in improvements. However, the company faced challenges with two tenants, AYR Wellness and Revolutionary Clinics, which vacated properties and ceased rent payments, impacting overall rental income.
The company’s balance sheet showed total assets of $424.0 million, a decrease from $431.5 million at the end of 2024, primarily due to accumulated depreciation and the impact of tenant vacancies. Total liabilities decreased to $26.4 million from $27.6 million, while total stockholders' equity was reported at $397.6 million, down from $404.0 million. NewLake Capital Partners maintained a conservative leverage position with $7.6 million outstanding under its revolving credit facility, which had an interest rate of 8.25% as of the end of the quarter.
Looking ahead, NewLake Capital Partners expressed cautious optimism regarding its operational strategy, emphasizing the importance of prudent financial oversight and proactive tenant engagement amid ongoing market volatility and regulatory uncertainties in the cannabis sector. The company plans to continue monitoring market conditions and tenant performance closely, with a focus on maintaining its dividend payments and exploring further acquisition opportunities to enhance its portfolio.
About NewLake Capital Partners, Inc.
NewLake Capital Partners, Inc. is a real estate investment trust specializing in providing capital to the cannabis industry through sale-leaseback and build-to-suit transactions. It owns and leases properties such as cultivation facilities and dispensaries in regulated states, primarily to licensed operators. Its business model focuses on long-term, triple-net leases in a growing, highly regulated market with limited competition and strong demand for cannabis real estate.
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