Q3 earnings flat; AYR & Revolutionary Clinics vacate properties, 5.9% of rent at risk

NewLake Capital Partners, Inc.

2025-Q3 EPS reported $0.98 revenue$38,728,000

Q3 revenue $12.6M flat YoY, net income $6.7M, AFFO $11.0M.
AYR Wellness vacated two cultivation properties (5.9% of rental income); rent ceased Aug 2025.
Revolutionary Clinics vacated Fitchburg, MA property Jul 2025; no rent since.
Dividend maintained at $0.43/share ($1.72 annualized); AFFO payout ratio 82%.
Cash $23.6M, debt 1.6% of gross assets; no debt maturities until May 2027.

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