NewLake Q2 revenue $12.9M (+3.8% YoY), AFFO $11.5M; notes AYR Wellness rent risk

NewLake Capital Partners, Inc.

2025-Q2 EPS reported $0.66 revenue$26,142,000

Revenue $12.9M, net income $7.3M, AFFO $11.5M; declared $0.43 dividend (annual $1.72).
YoY growth: revenue +3.8%, FFO +7.7%, AFFO +4.0%.
AYR Wellness (5.9% of rental revenue) entered restructuring; August rent unpaid as of Aug 6.
Revolutionary Clinics vacated July 2025; leasing efforts ongoing.
Cash $21.9M, total liquidity $104.3M, debt/assets 1.6%, no debt maturity until May 2027.

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