NewLake Capital Partners Declares $0.43 First Quarter Dividend
NewLake Capital Partners, Inc., a real estate investment trust focused on cannabis-licensed properties, declared a first quarter 2026 dividend of $0.43 per share, matching its prior quarterly payout. The company reported full-year 2025 revenue of $51.1 million.
NewLake Capital Partners, Inc. (OTCQX: NLCP), a real estate investment trust providing capital to state-licensed cannabis operators, declared a first quarter 2026 cash dividend of $0.43 per share on March 4, 2026. The dividend matches the company's fourth quarter 2025 payout of $0.43 per share, which was declared December 15, 2025 and paid January 15, 2026. Read more dividend announcements.
The quarterly dividend represents an annualized rate of $1.72 per common share. For full-year 2025, the company declared total dividends of $1.72 per share.
| Dividend Details | Amount |
|---|---|
| Dividend Amount | $0.43 per share |
| Declaration Date | March 4, 2026 |
| Record Date | Not disclosed |
| Ex-Dividend Date | Not disclosed |
| Payment Date | Not disclosed |
| Annualized Rate | $1.72 per share |
Fourth Quarter and Full-Year 2025 Results
The company reported fourth quarter 2025 revenue of $12.3 million and full-year revenue of $51.1 million. Net income attributable to common stockholders totaled $6.0 million, or $0.29 per share, for the fourth quarter and $26.3 million, or $1.28 per share, for the full year.
Adjusted Funds From Operations reached $10.6 million, or $0.51 per share, in the fourth quarter, producing an AFFO payout ratio of 85%. Full-year AFFO totaled $43.8 million, or $2.09 per share.
"Our fourth quarter results were in line with expectations, delivering AFFO of $0.51 per share and an AFFO payout ratio of 85%," said Anthony Coniglio, the company's president and chief executive officer. "Notably, our full-year performance exceeded 2024 levels, which is a meaningful accomplishment given the continued tenant dislocations across the industry."
Balance Sheet and Portfolio Activity
As of December 31, 2025, NewLake Capital held cash and cash equivalents of $23.9 million and total liquidity of $106.3 million, including availability under its revolving credit facility. The company's gross real estate assets totaled $432.9 million.
The company reported a debt-to-total-gross-assets ratio of 1.6% and a debt service coverage ratio of approximately 77.9 times. No debt maturities are scheduled until May 2027.
During 2025, the company purchased two dispensaries in Ohio for approximately $0.8 million and committed to fund approximately $1.1 million in improvements, of which $0.7 million had been funded by year-end. The properties were leased to an existing tenant. The company also completed a like-kind exchange involving the transfer of its dispensary in Mokena, Illinois for a dispensary in Brookville, Pennsylvania.
NewLake Capital had $7.6 million in borrowings outstanding under its revolving credit facility as of December 31, 2025, with $82.4 million available to be drawn, subject to sufficient collateral in the borrowing base. The facility carried an interest rate of 7.75% at year-end.