The stock's high dividend yield (10.8%) and strong liquidity provide a defensive profile, but traders should monitor the performance of key tenants like The Cannabist Company and the impact of ongoing vacancies on future AFFO growth.
Price Chart
Executive Summary
NewLake Capital Partners reported modest revenue growth for full-year 2025 ($51.1M, +1.9% YoY) but a slight decline in Q4 2025 ($12.3M, -1.4% YoY), driven by tenant vacancies. Adjusted Funds From Operations (AFFO) grew 0.3% annually but declined 3.0% in Q4. The company maintained its dividend at $0.43 per share and has strong liquidity ($23.9M cash, $106.3M total) with minimal debt. A key tenant, The Cannabist Company, is under a forbearance agreement but remains in compliance.
Key Financial Metrics
Key Facts
- Full-year 2025 revenue was $51.1 million, a 1.9% increase from 2024.
- Q4 2025 revenue was $12.3 million, a 1.4% decrease from Q4 2024.
- Full-year 2025 AFFO was $43.8 million, a 0.3% increase from 2024.
- Q4 2025 AFFO was $10.6 million, a 3.0% decrease from Q4 2024.
- The company declared a first-quarter 2026 dividend of $0.43 per share, maintaining the annualized rate of $1.72.
- Cash and cash equivalents were $23.9 million as of December 31, 2025, with total liquidity of $106.3 million.
- A key tenant, The Cannabist Company, is operating under a forbearance agreement but remains in compliance with its lease.
Financial Impact
Full-year revenue increased by $1.0 million, and AFFO increased by $0.1 million compared to 2024.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Q4 2025 | $12.3M | -1.4% |
| Full Year 2025 | $51.1M | +1.9% |
Risk Factors
- Tenant vacancies led to a decline in Q4 revenue and AFFO.
- A key tenant, The Cannabist Company, is under a forbearance agreement, posing a credit risk.
- The company's growth is minimal, with only a 0.3% increase in annual AFFO.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001854964-26-000003 |
| Document: newlake_investorpresenta.htm | 0001854964-26-000003 |
| Document: nclp-20260305.htm | 0001854964-26-000003 |
| Document: 0001854964-26-000003-index-headers.html | 0001854964-26-000003 |
| Document: 0001854964-26-000003-index.html | 0001854964-26-000003 |
| Document: 0001854964-26-000003.txt | 0001854964-26-000003 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 15, 2026 14w ago | 8-K | $15.54 $15.73 | ▲ +1.22% | ▼ −1.12% | $13.86 (−10.81%) |
Mar 5, 2026 33w ago | 8-K | $15.01 $14.00 | ▼ −6.73% | ▼ −4.69% | $13.86 (−7.66%) |
US Market Status
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