NewLake Capital Partners, Inc. reported a total revenue of approximately $51.1 million for the fiscal year ended December 31, 2025, marking a 1.9% increase from $50.1 million in 2024. The growth in revenue was primarily driven by an increase in rental income, which rose to $49.5 million from $48.9 million, attributed to a full year of rental income from a Connecticut cultivation facility acquired in May 2024, as well as contributions from two dispensaries acquired in Ohio during 2025. However, the overall revenue growth was tempered by declines in rental income from properties vacated by tenants, including Revolutionary Clinics and AYR Wellness, which collectively accounted for a significant portion of the rental income decline.
In terms of operational developments, NewLake Capital's portfolio consisted of 34 properties across 12 states, with 31 properties leased to 11 tenants and three properties vacant as of December 31, 2025. The company experienced tenant defaults during the year, with two tenants vacating properties, which increased the risk of vacancy and re-leasing. The company is actively working to re-lease these properties. As of the end of 2025, NewLake Capital had a total investment in real estate of approximately $432.9 million, with a weighted average remaining lease term of about 12.09 years.
The company’s financial performance was also impacted by increased expenses, which rose to $23.8 million from $22.9 million in the previous year. This increase was driven by higher reimbursable property expenses and property carrying costs associated with maintaining vacant properties. General and administrative expenses decreased slightly, reflecting a reduction in compensation expenses due to staff changes. NewLake Capital reported a net income attributable to common stockholders of approximately $26.3 million, a modest increase from $26.1 million in 2024.
Looking ahead, NewLake Capital remains focused on its strategy of acquiring properties in the cannabis sector, which is characterized by ongoing regulatory changes and market dynamics. The company has identified opportunities for growth as more states legalize cannabis, although it acknowledges the challenges posed by tenant defaults and the broader economic environment. The company plans to continue leveraging its existing portfolio while exploring new acquisitions, with a commitment to maintaining its REIT status by distributing at least 90% of its taxable income to shareholders.
As of December 31, 2025, NewLake Capital had approximately $23.9 million in cash and cash equivalents, along with $82.4 million available under its Revolving Credit Facility, indicating a solid liquidity position to support its operational and investment needs. The company’s ability to navigate the evolving cannabis market, manage tenant relationships, and maintain financial discipline will be critical to its future performance and growth prospects.
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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