From GlobeNewswire: 2025-03-05 17:20:00

NewLake Capital Partners, Inc. reported fourth quarter 2024 revenue of $12.5 million and full year revenue of $50.1 million, a 6.0% increase year-over-year. Net income for Q4 was $6.0 million, with Funds From Operations at $9.9 million and Adjusted Funds From Operations at $10.9 million. A conference call is scheduled for March 6, 2025.

Despite challenges in the cannabis industry, NewLake saw growth in all key financial metrics in 2024, leading to an annual dividend increase to $1.70 per share, up 8.3% from 2023. The company’s President and CEO, Anthony Coniglio, highlighted the strength of their underwriting process and risk management capabilities.

Full Year 2024 financial highlights include revenue of $50.1 million, net income of $26.1 million, FFO of $41.3 million, and AFFO of $43.7 million. Cash and cash equivalents totaled $20.2 million, with $11.0 million committed to future improvements. The company declared dividends of $1.70 per share, up 8.3% year-over-year.

In 2024, NewLake made strategic investments, acquiring a cultivation facility in Connecticut and funding improvement allowances across multiple facilities. They also entered into Equity Distribution Agreements totaling $50 million and extended their stock repurchase program. A dividend of $0.43 per share was declared for Q1 2025.

Financial activities in 2024 included borrowings under the Revolving Credit Facility, loan repayments, and the establishment of an Equity Distribution Agreement. A stock repurchase program was extended, and dividends were declared. The company aims to deliver value to shareholders through strategic investments and financial management.



Read more at GlobeNewswire:: NewLake Capital Partners Reports Fourth Quarter and