NewLake reports Q4 AFFO $0.51, revenue $12.3M; FY AFFO $2.09, declares $0.43 dividend

NewLake Capital Partners, Inc.

Q4 2025 revenue $12.3M (-1.4% YoY); AFFO $10.6M ($0.51/share); payout ratio 85%.
Full year 2025 revenue $51.1M (+1.9% YoY); AFFO $43.8M ($2.09/share); net income $26.3M ($1.28 EPS).
Declared Q1 2026 dividend $0.43/share (annualized $1.72); payable Apr 15 to record Mar 31; AFFO payout 82% FY.
Cash $23.9M, liquidity $106.3M; debt 1.6% of total assets; no maturities until May 2027.
Acquired two Ohio dispensaries for $0.8M; like-kind exchange Mokena, IL for Brookville, PA; Hartford CT property for sale.

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