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NewLake Capital Partners Inc. (NLCP+4.20%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations as an internally managed real estate investment trust (REIT) focused on providing real estate capital to state-licensed cannabis operators through sale-leaseback transactions, third-party purchases, and funding for build-to-suit projects.
As of the end of 2024, NewLake Capital Partners owned a portfolio of 32 properties across 12 states, leased to 13 tenants. The properties include 17 dispensaries and 15 cultivation facilities.
The company reported total revenue of $50.1 million for the year, an increase from $47.3 million in 2023. This growth was attributed to new acquisitions and improvements made to existing properties.
Net income for the year was $26.6 million, compared to $25.0 million in the previous year. The increase was driven by higher rental income and interest income from loans.
NewLake Capital Partners declared dividends totaling $1.70 per share for 2024, up from $1.57 per share in 2023, reflecting its commitment to returning value to shareholders.
The company's financial position remains strong with $102.6 million in liquidity, including $20.2 million in cash and cash equivalents and $82.4 million available under its revolving credit facility.
The report highlights the challenges faced by the cannabis industry, including regulatory uncertainties and financial market constraints, which impact NewLake's tenants and their operations.
NewLake Capital Partners continues to focus on expanding its portfolio and managing risks associated with the cannabis industry, maintaining a diversified tenant base and geographical presence.
The filing also provides an overview of the company's governance, risk management strategies, and compliance with REIT requirements, ensuring adherence to federal income tax regulations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NewLake Capital Partners Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.