NewLake Capital Partners, Inc. · OTC:NLCP
NewLake Capital Partners — Q1 2026 Earnings Presentation
27 slides from NewLake Capital Partners's earnings presentation, May 7, 2026
Slide 1: A Leading Provider of Real Estate Capital
A Leading Provider of Real Estate Capital To State-Licensed Cannabis Operators May 7, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation has been prepared by NewLake Capital Partners, Inc. (“we”,” “us” or the “Company”) solely for informational purposes. This presentation and related discussion shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any
Slide 3: Investment Highlights
Investment Highlights Scale and Early Mover Growth-Oriented Focus Founded in 2019, NewLake is the second largest owner of Structural tailwinds from recent regulatory catalysts enhance cannabis real estate in the U.S.(1) and the only internally long-term growth profile of the cannabis industry with m
Slide 4: By The Numbers
By The Numbers (1) Founded ~$435 Q1 2026 34 Owned 31 Leased in 2019 Million AFFO Payout Properties Properties Deployed Ratio of 90% — — — — — 2021 IPO Invested & Solid Dividend 12 States, 1.7 Million 12 Cultivation, Committed Coverage Square Feet 19 Dispensaries 13.3% Wtd. <0.2x Debt 11.9 Years 1.5%
Slide 5: Experienced Management Team
Experienced Management Team Management Anthony Coniglio Lisa Meyer Niki Krear President, CEO, & Director CFO, Treasurer & Secretary Vice President of Acquisitions Co-Founded NewLake in 2019. Former CEO of Primary NewLake CFO since 2022 with deep real estate finance Former financial services experien
Slide 6: Cannabis Rescheduling & Emerging Industry Catalysts
Cannabis Rescheduling & Emerging Industry Catalysts On April 22, 2026, Attorney General Blanche rescheduled medical marijuana to Schedule III, setting off a wave of regulatory, market, and capital tailwinds. Federal Rescheduling Hemp Restrictions Banking & Capital Moving medical cannabis from Schedu
Slide 7: NewLake is Focused on a Growing Industry
NewLake is Focused on a Growing Industry Demand for Real Estate Capital Positions NewLake for Continued Growth Adult-Use & Medical Markets Cannabis Industry Near-Term CAGR $54.1 Billions $37.6 $40.5 2024 2025 2029 * Source: BDSA Adult-Use State-Level Growth Catalysts • New states issuing medical can
Slide 8: Continued Acceptance of Cannabis Nationally
Continued Acceptance of Cannabis Nationally Americans Increasingly Embrace the Use of Cannabis • 97% of the U.S. population (323 million people) Changes in Self-Reported Cannabis Use in the U.S. reside in Medical Markets(1,2) • 53% of the U.S. population (176 million people) reside in Adult-Use Mark
Slide 9: Four Engines of AFFO Growth
Four Engines of AFFO Growth Annual Rent Escalators 1 Embedded growth requiring no new capital with annual rent escalators averaging 2.6% across the portfolio Funding Tenant Improvement Commitments 2 Committed capital of $375k will generate incremental rent income as capital gets deployed Leasing Ava
Slide 10: Portfolio Overview
Portfolio Overview Early Mover Advantage Created Diverse Tenant/Borrower Composition(1) National Platform Acreage(3) PharmaCann 1.3% Wellgreens 3.4% 1.1% • 12 states* • 15 cultivation assets, 19 dispensaries* Prime Wellness(2) Budr(4) 3.6% 0.3% • 1.7M square feet* • Primarily limited-license jurisdi
Slide 11: NewLake's Underwriting Approach
NewLake’s Underwriting Approach In-Depth Industry Knowledge and Proven Underwriting Approach Mitigates Portfolio Risk Tenant Quality Cannabis Market Real Estate Focus on strong financial profiles Emphasis on limited-license jurisdictions Strong property level cashflows Experienced management teams B
Slide 12: Deal Structure & Risk Management
Deal Structure & Risk Management Deal Structure and Active Portfolio Management Proactively Addresses Portfolio Concerns Deal Structure Financial Reporting Portfolio Management • 100% triple net leases • All leases require quarterly • Ability to substitute to better facility level reporting performi
Slide 13: Tenant Composition by Annualized Base Rent
Tenant Composition by Annualized Base Rent Tenant Annualized Base SF # of Leases Q4 2025(2) Tenant Information Rent (%)(1) Revenue Adj. EBITDA(3) MSO / SSO Curaleaf 25.3% 462,947 10 $333 $69 MSO Cresco Labs 15.0% 232,184 3 $162 $40 MSO Trulieve 12.1% 144,602 1 $293 $105 MSO C3 Industries 9.5% 153,00
Slide 14: Portfolio Composition by State
Portfolio Composition by State State Annualized Base Square Feet # of Properties Rent (%)(1) Cultivation Dispensary Total Cultivation Dispensary Pennsylvania 25.1% 312,421 13,116 325,537 4 4 Florida 20.7% 417,350 - 417,350 1 - Illinois 19.4% 255,257 17,727 272,984 2 4 Missouri 13.4% 176,378 - 176,37
Slide 15: Financial Overview
Financial Overview Key Data Dividend Growth per Share Stockholders’ Equity $385 Million $1.70 $1.72 $1.72 Invested & Committed Capital $435 Million $1.57 $1.44 Cash $25 Million Debt $8 Million Market Capitalization1 $300 Million $0.55 Stock Price1 $14.57 Dividend Yield2 11.8% 2021 3 2022 2023 2024 2
Slide 16: Investment Highlights
Investment Highlights Scale and Early Mover Growth-Oriented Focus Founded in 2019, NewLake is the second largest owner of Structural tailwinds from recent regulatory catalysts enhance cannabis real estate in the U.S.(1) and the only internally long-term growth profile of the cannabis industry with m
Slide 17: How to Buy Our Stock
How to Buy Our Stock You can buy NewLake Capital share on the US OTC Markets under the ticker symbol NLCP with the brokers listed below. E-Trade ----------------------------------------------- 800.387.2331 Charles Schwab ------------------------------------ 866.855.9102 Interactive Brokers ---------
Slide 18: Supplemental Information
——. —_—-> NewLake Supplemental Information
Slide 19: Quarterly Performance Summary
Quarterly Performance Summary 2026 2025 (In thousands, except share amounts) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Total Revenue $12,309 $12,343 $12,587 $12,932 $13,209 General and Administrative Expense(1) $1,573 $1,547 $1,301 $1,374 $1,832 General and Administrative Expense(1)/Total Revenues 12.
Slide 20: Balance Sheet
Balance Sheet (In thousands, except share amounts) March 31, 2026 December 31, 2025 Assets: Real Estate Land $22,903 $22,903 Building and Improvements 404,983 404,983 Total Real Estate 427,886 427,886 Less Accumulated Depreciation (61,287) (57,916) Net Real Estate 366,599 369,970 Real Estate Held fo
Slide 21: Statement of Operations
Statement of Operations For the Three Months Ended March 31, (In thousands, except share amounts) 2026 2025 Revenue: Rental Income $11,763 $12,586 Interest Income from Loans 137 134 Fees and Reimbursables 409 489 Total Revenue 12,309 13,209 Expenses: Reimbursable Property Expenses 335 626 Property C
Slide 22: Non-GAAP Financial Information
Non-GAAP Financial Information The table below is a reconciliation of net income attributable to common stockholders to FFO and AFFO for the three months ended March 31, 2026, and 2025, (in thousands, except share and per share amounts) For the Three Months Ended March 31, (In thousands, except shar
Slide 23: Capital Commitments
Capital Commitments As of June 30, 2025(1) Tenant Location Site Type Amount Cresco Labs Ohio Dispensary $375 Total $375 (1) $’s in thousands OTCQX: NLCP newlake.com 23
Slide 24: Lease Expiration Schedule
Lease Expiration Schedule(1) 57.5% Less than 2% of leases expiring in the next 6 years 35.7% 0.8% 0.9% 3.5% 1.3% 0.3% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter Year # of Leases Rentable SF Annualized Base Rent SF % ABR % 2026 - - - - - 2027 - - - - - 2028 - - - - - 2029 2 9 0.6% $
Slide 25: Cultivation Property List
Cultivation Property List Tenant State City Date % Leased Square Feet Invested / Committed Capital $ Acquired Invested Committed Total $ Total $ PSF Acreage(1) Massachusetts Sterling 10/31/2019 100% 38,380 $9,787,999 - $9,787,999 $255 Prime Wellness(2) Pennsylvania Sinking Springs 10/31/2019 100% 30
Slide 26: Dispensary Property List
Dispensary Property List Tenant State City Date % Leased Square Feet Invested / Committed Capital $ Acquired In Place Under Total Invested Total Committed Total $ Total $ PSF Development Budr(1) Connecticut Uncasville 10/31/2019 100% 2,872 $925,751 $322 The Cannabist Company Illinois Chicago 12/23/2
Slide 27: Thank You
Thank You Company Contact: Investor Relations Contact: Lisa Meyer Valter Pinto / CFO, Treasurer and Secretary Jack Perkins Lmeyer@newlake.com KCSA Strategic Communications NewLake@KCSA.com (212) 896-1254
NewLake Capital Partners — Q1 2026 Earnings Presentation on 6ix