NewLake Capital Partners, Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $12.9 million, a 3.8% increase from $12.5 million in the same period last year. The growth was primarily driven by a rise in rental income, which reached $12.6 million, up from $12.3 million in the prior year. The company also recorded net income attributable to common stockholders of $7.3 million, or $0.36 per share, compared to $6.8 million, or $0.33 per share, in the second quarter of 2024. For the first half of 2025, total revenue was $26.1 million, a 4.3% increase from $25.1 million in the first half of 2024, while net income attributable to common stockholders was $13.6 million, slightly down from $13.7 million in the previous year.
In terms of operational developments, NewLake Capital Partners expanded its portfolio by acquiring three dispensaries during the first half of 2025, with a total investment of approximately $1.7 million. The company also engaged in a like-kind exchange, trading a dispensary in Mokena, Illinois, for one in Brookville, Pennsylvania, valued at $950,000. As of June 30, 2025, the company owned 34 properties across 12 states, leased to 13 tenants, including notable operators in the cannabis industry. The company’s real estate portfolio continues to be diversified, with a focus on long-term, single-tenant, triple-net leases.
The financial performance of NewLake Capital Partners was impacted by challenges faced by one of its tenants, Revolutionary Clinics, which entered receivership in December 2024. The tenant has been paying only 50% of its contractual rent, which contributed to a decline in rental income. Despite this, the company has maintained a conservative leverage position, with only $7.6 million outstanding under its revolving credit facility as of June 30, 2025. The company reported total assets of $425.8 million, a slight decrease from $431.5 million at the end of 2024, while total liabilities decreased to $26.3 million from $27.6 million.
Looking ahead, NewLake Capital Partners remains focused on its growth strategy within the cannabis sector, despite ongoing regulatory uncertainties and market conditions. The company has a robust liquidity position, with $21.9 million in cash and $82.4 million available under its revolving credit facility. The management expressed optimism about future acquisitions and the potential for increased rental income through annual escalations in lease agreements. However, they also acknowledged the risks associated with the cannabis industry, including the impact of federal regulations and the financial health of their tenants.
About NewLake Capital Partners, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.