NLCPOTCReal Estate Investment TrustsUS GAAP · USD

NewLake Capital Partners, Inc.

NewLake Capital Partners is a Maryland-based internally managed REIT that owns and finances real estate used by state-licensed cannabis operators in the United States. Its portfolio is built through sale-leaseback transactions, third-party property purchases, and build-to-suit funding, with properties typically leased on a long-term triple-net basis to single tenants.

Ask about the company
Revenue51.1m USD
+1.9 %y/y
Operating profit (EBIT)27.3m USD
+1.7 %y/y
EBIT margin53.4%
−0.1 ppy/y
Net income26.3m USD
+0.8 %y/y
Free cash flow42.5m USD
−2.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-200204060m USD2020: 12 m USD2020: EBIT -11 m USD20202021: 28 m USD2021: EBIT 11 m USD20212022: 45 m USD2022: EBIT 23 m USD20222023: 47 m USD2023: EBIT 25 m USD20232024: 50 m USD2024: EBIT 27 m USD20242025: 51 m USD2025: EBIT 27 m USD20255127
RevenueOperating profit (EBIT)

Business

Share of revenue
Sale-leaseback transactions45 %

Acquisition of operating real estate from cannabis companies with simultaneous long-term leasebacks.

Owned cannabis properties45 %

Rental income from dispensaries and cultivation facilities leased to single tenants.

Build-to-suit funding5 %

Capital provided to develop or customize facilities for licensed cannabis operators.

Fees and reimbursables3 %

Property-related fees and reimbursed expenses associated with leased assets.

Interest income from loans2 %

Interest earned on loans or similar financing arrangements tied to real estate capital.

Customers

NewLake's customers are state-licensed cannabis operators that need real estate capital to acquire, expand, or refinance cultivation and dispensary facilities. The company also serves operators that prefer to monetize owned property while continuing to use it under a long-term lease. Its tenant base is concentrated in the regulated cannabis industry, where access to traditional bank financing is limited.

Cannabis cultivation operators

Buy sale-leaseback or build-to-suit capital for cultivation facilities and production sites.

Dispensary operators

Lease retail dispensary properties on long-term triple-net terms.

Multi-state cannabis operators

Use NewLake for financing across multiple licensed markets and facility types.

Cannabis real estate owners

Sell properties to unlock capital while retaining operational use through leaseback.

Strategy

NewLake's strategy is to provide specialized real estate capital to cannabis operators through disciplined underwriting and long-term triple-net leases. It focuses on acquiring properties with strong tenant relationships, parent or affiliate guarantees, and durable cash rent streams in a market where financing remains constrained.

Acquire specialized cannabis real estateMedium term

The business depends on sourcing properties that fit regulated cannabis use and can be leased long term.

Protect tenant credit qualityShort term

Rent collection and asset value depend on operators' ability to meet lease obligations.

Maintain diversified lease portfolioMedium term

Diversification across tenants and states reduces concentration risk in a niche asset class.

Geography

NewLake's portfolio is geographically diversified across 12 U.S. states, reflecting the state-by-state structure of cannabis regulation. Its business depends on licensed properties in jurisdictions where cannabis cultivation, production, and retail are permitted, so local regulatory regimes directly shape where it can invest and lease assets.

Risks

The main risks come from tenant credit quality, lease concentration, and the regulatory uncertainty surrounding cannabis. Because the company owns specialized properties leased to a small number of operators, tenant distress, refinancing pressure, or lease default can directly affect rent collections and re-leasing outcomes.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Tenant default and non-payment1Asset re-leasing and resale risk3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Tenant default and non-paymentImpact: HighLikelihood: High

    Rental income depends on a small number of cannabis operators meeting lease obligations.

    Exposure: Single-tenant triple-net leases

  2. Cannabis regulatory uncertaintyImpact: High

    The business model relies on state-licensed operations while federal law remains restrictive.

    Exposure: U.S. cannabis real estate

  3. Asset re-leasing and resale riskImpact: MediumLikelihood: High

    Specialized facilities may have limited alternative uses if a tenant exits.

    Exposure: Dispensaries and cultivation facilities

  4. Competition for scarce propertiesImpact: Medium

    More capital providers or alternative financing can reduce acquisition opportunities and pricing power.

    Exposure: Cannabis real estate acquisitions

Accounting

Judgemental items
Investment property valuation and depreciation

Acquisition cost allocation and useful lives determine reported asset values and expense recognition.

Impact: Affects depreciation expense and carrying value of real estate

Current expected credit loss provision

Tenant financial stress can require reserves against receivables or other exposures.

Impact: Affects operating income and balance sheet reserves

Rental income classification

Fees and reimbursables may be included in rental income presentation but classified differently in operations.

Impact: Affects revenue mix and comparability across periods

Similar listed companies

Publicly listed companies with a comparable business focus.

Newmark Group, Inc

NMRK · Real Estate Agents & Managers (For Others)

New Mountain Finance Corp

NMFC

Global Net Lease, Inc.

GNL · Real Estate Investment Trusts

Chicago Atlantic Real Estate Finance, Inc.

REFI · Real Estate Investment Trusts

Innovative Industrial Properties, Inc

IIPR · Real Estate

NNN REIT, Inc

NNN · Real Estate Investment Trusts

Last updated: 24/09/2026