NewLake Q1 revenue $13.2M (+4.8%); net income $6.3M, AFFO $10.7M; tenant defaults noted

NewLake Capital Partners, Inc.

2025-Q1 EPS reported $0.31 revenue$13,209,000

Revenue $13.2M, up 4.8% YoY; net income $6.3M vs $6.9M YoY.
FFO $10.3M (-2.6% YoY), AFFO $10.7M (-2.2% YoY); dividend $0.43/share (annual $1.72, payout 84%).
Collected ~98% contractual rent; defaults: Revolutionary Clinics in receivership (50% rent), Calypso deposits used.
Cash $19.9M, liquidity $102.3M; debt/assets 1.6%; no debt maturity until May 2027.
Acquired one dispensary for $285k; unfunded commitments $11.7M (C3, Cresco).

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