NewLake Q2 revenue $12.5M (+9.5% YoY); AFFO $11.0M; dividend raised to $0.43

NewLake Capital Partners, Inc.

2024-Q2 EPS reported $0.66 revenue$25,063,000

Revenue $12.5M, net income $6.8M; FFO $10.5M (+11.3% YoY), AFFO $11.0M (+11.2% YoY).
Third consecutive quarterly dividend increase to $0.43/share ($1.72 annualized); AFFO payout ratio 82%.
Purchased CT cultivation facility for ~$4.0M with $12.0M improvement commitment; leased to existing tenant affiliate.
Entered $50M ATM program (no shares issued as of June 30); $82.4M available under $90M revolver at 5.65%.
Cash $20.7M; funded $11.4M in tenant improvements H1 2024, plus $1.2M post-quarter in AZ and PA.

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