Thu, Mar 6, 10:30 PM (50 days ago)
**NewLake Capital Partners, Inc. (NLCP) 10-K Summary (Year Ended December 31, 2024)** NewLake Capital Partners, Inc. (NLCP), a Maryland-based REIT focused on cannabis-related real estate, reported total revenue of $50.1 million for the fiscal year 2024, marking a $2.8 million increase from 2023. Rental income rose to $48.9 million, driven by acquisitions and improvements to existing properties. Net income attributable to common stockholders was $26.1 million, up from $24.6 million in 2023. The company’s total assets stood at $431.5 million, with a net real estate value of $386.7 million. Operating expenses totaled $22.9 million, with depreciation and amortization at $14.7 million. The company maintained a conservative leverage profile, with only $7.6 million drawn on its Revolving Credit Facility. NewLake's portfolio consisted of 32 properties across 12 states, 100% leased to 13 tenants, primarily in cultivation and dispensary operations. Strategically, NewLake aims to capitalize on the growing cannabis market, which is projected to reach $46 billion by 2028. However, risks include tenant defaults, regulatory changes, and market competition. The company has taken measures to mitigate these risks, including thorough tenant evaluations and maintaining a diversified portfolio. Future growth will depend on successful acquisitions and tenant performance amid evolving regulations.