NewLake Capital Partners, Inc. · OTC:NLCP
NewLake Capital Partners — Q2 2025 Earnings Presentation
30 slides from NewLake Capital Partners's earnings presentation, Aug 6, 2025
Slide 1: A Leading Provider of Real Estate Capital To State-Licensed Cannabis Operators
A Leading Provider of Real Estate Capital To State-Licensed Cannabis Operators August 7, 2025
Slide 2: Safe Harbor Statement
newlake.comOTCQX: NLCP 2 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 a
Slide 3: Investment Highlights
newlake.comOTCQX: NLCP 3 Investment Highlights Experienced Team Experienced team with a strong track record investing in cannabis real estate and delivering returns for investors Growth-Oriented Focus Cannabis is positioned for sustained long-term growth and requires significant real estate capital
Slide 4: By The Numbers
newlake.comOTCQX: NLCP 4 By The Numbers(1) 97% Rent Collected — All Triple-Net Leases Founded in 2019 — 2021 IPO ~$446 Million Deployed — Invested & Committed 79% AFFO Payout Ratio — Strong Dividend Coverage 34 Properties — 12 States, 1.7 Million Square Feet <0.2x Debt to EBITDA — $82 Million Availa
Slide 5: Experienced Management Team
newlake.comOTCQX: NLCP 5 Experienced Management Team Anthony Coniglio Chief Executive Officer & President, Director Lisa Meyer Chief Financial Officer, Treasurer & Secretary Former CEO of Primary Capital Mortgage, a residential mortgage company 14 years at J.P. Morgan as an investment banker lea
Slide 6: Experienced Board of Directors
newlake.comOTCQX: NLCP 6 Experienced Board of Directors Gordon DuGan Chairman of the Board, Independent Director Alan Carr Independent Director Joyce Johnson Independent Director Co-Founder and Chairman of the Board of Blackbrook Capital Former Chairman of the Board of INDUS Realty Trust (Nasdaq
Slide 7: Experienced Board of Directors Continued
newlake.comOTCQX: NLCP 7 Experienced Board of Directors Continued Peter Martay Independent Director David Weinstein Director CEO of Pangea Properties, a private apartment REIT that owned more than 13,000 apartments and completed over $500 million in short term bridge loans on numerous property typ
Slide 8: NewLake is Focused on a Growing Industry Demand for Real Estate Capital
newlake.comOTCQX: NLCP 8 NewLake is Focused on a Growing Industry Demand for Real Estate Capital Positions NewLake for Continued Growth Adult-Use & Medical Markets Fully Legal – Adult-use, sales not yet available Fully Legal Medical Legal Limited Medical & Low- THC Hemp Derived Oil $26.4 $29.5 $31.4
Slide 9: Continued Acceptance of Cannabis Nationally
newlake.comOTCQX: NLCP 9 Continued Acceptance of Cannabis Nationally Americans Increasingly Embrace the Use of Cannabis • 92% of the U.S. population (309 million people) reside in Medical Markets(1,2) • 52% of the U.S. population (176 million people) reside in Adult-Use Markets(2) • 88% of U.S. adul
Slide 10: Industry Catalysts at Federal Level
newlake.comOTCQX: NLCP 10 Industry Catalysts at Federal Level Legislative SAFER Banking Act, supported by President Trump, creates easier banking access for operators. STATES Act, supported by President Trump, decriminalizes cannabis and allows States to decide. Administrative DEA has proposed to re
Slide 11: Portfolio Overview
newlake.comOTCQX: NLCP 11 Portfolio Overview Early Mover Advantage Created Diverse National Platform • 12 states • 1.7M square feet • Primarily limited-license jurisdictions • 97% of contractual rent collected Curaleaf 22.3% Cresco 13.1% Trulieve 10.7%C3 8.5% Cannabist 8.2% Calypso 7.0% Acreage 6.2%
Slide 12: NewLake's Underwriting Approach
newlake.comOTCQX: NLCP 12 4.9x 4.3x 3.5x 3.2x 2.9x 2.5x FCPT NLCP EPRT BNL O GTY NewLake’s Underwriting Approach Tenant Quality Real Estate In-Depth Industry Knowledge and Proven Underwriting Approach Mitigates Portfolio Risk Focus on strong financial profiles Experienced management teams Ability to
Slide 13: Deal Structure & Risk Management
newlake.comOTCQX: NLCP 13 Deal Structure & Risk Management Deal Structure • 100% triple net leases • 15-20 year lease terms • Parent company guarantees • Annual escalations • Security deposits • Cross-collateralization and cross-securitization • Ability to substitute to better performing assets • St
Slide 14: Tenant Composition by Annualized Base Rent
newlake.comOTCQX: NLCP 14 Tenant Composition by Annualized Base Rent Tenant Annualized Base Rent (%)(1) SF # of Leases Q1 2025(2) Tenant Information Revenue Adj. EBITDA(3) MSO / SSO Curaleaf 22.3% 462,947 10 $310 $65 MSO Cresco Labs 13.1% 232,184 3 $166 $36 MSO Trulieve 10.7% 144,602 1 $298 $109 MSO
Slide 15: Portfolio Composition by State
newlake.comOTCQX: NLCP 15 Portfolio Composition by State State Annualized Base Rent (%)(1) Square Feet # of Properties Cultivation Dispensary Total Cultivation Dispensary Pennsylvania 25.3% 312,421 13,116 325,537 4 4 Florida 18.3% 417,350 - 417,350 1 - Illinois 17.2% 255,257 17,727 272,984 2 4 Massa
Slide 16: Financial Overview
newlake.comOTCQX: NLCP 16 Financial Overview Stockholders’ Equity $393 Million Invested & Committed Capital $446 Million Cash $22 Million Debt $8 Million Market Capitalization1 $287 Million Stock Price1 $13.96 Dividend Yield2 12.3% Common Shares Outstanding 20,552,632 Book Value per share $19.11 2Q2
Slide 17: Undervalued vs. REIT Peers
newlake.comOTCQX: NLCP 17 1.9% 15.5% 80.2% 41.7% NLCP IIPR Non-Cannabis REIT Peers Cannabis Mortgage REIT Peers Q2 Debt / Equity(5) Undervalued vs. REIT Peers 1) Calculated using the August 5, 2025 closing stock price divided by Q2 annualized AFFO; IIPR and Cannabis Mortgage REIT Peers divided by Q1
Slide 18: Outperformed Peers in Growth of AFFO & Dividends
newlake.comOTCQX: NLCP 18 Outperformed Peers in Growth of AFFO & Dividends 3-Year Growth (12%)3 49% 3-Year Growth 6%3 30% 1) NLCP and IIPR report Available Funds from Operations; REFI and AFCG report Distributable Earnings 2) Average of NNN, PSTL, VICI, FCPT, NTST, EPRT 3) Average of IIPR, REFI, and
Slide 19: Investment Highlights
newlake.comOTCQX: NLCP 19 Investment Highlights Experienced Team Experienced team with a strong track record investing in cannabis real estate and delivering returns for investors Growth-Oriented Focus Cannabis is positioned for sustained long-term growth and requires significant real estate capital
Slide 20: How to Buy Our Stock
newlake.comOTCQX: NLCP 20 How to Buy Our Stock E-Trade ----------------------------------------------- 800.387.2331 Charles Schwab ------------------------------------ 866.855.9102 Interactive Brokers --------------------------------- 877.442.2757 StoneX ---------------------------------------------
Slide 21: NewLake Supplemental Information
NewLake Supplemental Information
Slide 22: Quarterly Performance Summary
newlake.comOTCQX: NLCP 22 Quarterly Performance Summary (1) General and administrative expenses excludes equity-based compensation $12,932 $13,209 $12,514 $12,554 $12,455 $12,608 2Q25 1Q'25 Q4'24' Q3'24' Q2'24 Q1'24' Revenue $0.55 $0.51 $0.52 $0.51 $0.53 $0.52 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 1Q'24 AFF
Slide 23: Balance Sheet
newlake.comOTCQX: NLCP 23 Balance Sheet (In thousands, except share amounts) June 30, 2025 December 31, 2024 Assets: Real Estate Land $23,224 $22,891 Building and Improvements 408,930 408,552 Total Real Estate 432,154 431,443 Less Accumulated Depreciation (51,321) (44,709) Net Real Estate 380,833 38
Slide 24: Statement of Operations
newlake.comOTCQX: NLCP 24 Statement of Operations For the Three Months Ended June 30, For the Six Months Ended June 30, (In thousands, except share amounts) 2025 2024 2025 2024 Revenue: Rental Income $12,564 $12,253 25,151 $24,380 Interest Income from Loans 137 134 271 265 Fees and Reimbursables 231
Slide 25: Non-GAAP Financial Information
newlake.comOTCQX: NLCP 25 Non-GAAP Financial Information The table below is a reconciliation of net income attributable to common stockholders to FFO and AFFO for the three and six months ended June 30, 2025 and 2024, (in thousands, except share and per share amounts) For the Three Months Ended June
Slide 26: Capital Commitments
newlake.comOTCQX: NLCP 26 Capital Commitments As of June 30, 2025(1) Tenant Location Site Type Amount C3 Connecticut Cultivation $11,043 Cresco Labs Ohio Dispensary $375 Cresco Labs Ohio Dispensary $705 Total $12,123 (1) $’s in thousands
Slide 27: Lease Expiration Schedule
newlake.comOTCQX: NLCP 27 Lease Expiration Schedule 1.7% 0.8% 3.2% 1.1% 30.6% 62.6% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter Less than 3% of leases expiring in the next 7 years Year # of Leases Rentable SF Annualized Base Rent SF % ABR % 2025 - - - - - 2026 - - - - - 2027 - - - -
Slide 28: Cultivation Property List
newlake.comOTCQX: NLCP 28 Cultivation Property List Tenant State City Date Acquired % Leased Square Feet Invested / Committed Capital $ In Place Under Development Invested Committed Total $ Total $ PSF Acreage Massachusetts Sterling 10/31/2019 100% 38,380 $9,787,999 - $9,787,999 $255 Acreage Pennsyl
Slide 29: Dispensary Property List
newlake.comOTCQX: NLCP 29 Dispensary Property List Tenant State City Date Acquired % Leased Square Feet Invested / Committed Capital $ In Place Under Development Total Invested Total Committed Total $ Total $ PSF Budr(1) Connecticut Uncasville 10/31/2019 100% 2,872 $925,751 $322 The Cannabist Compan
Slide 30: Thank You
Thank You Company Contact: Lisa Meyer CFO, Treasurer and Secretary Lmeyer@newlake.com Investor Relations Contact: Valter Pinto / Jack Perkins KCSA Strategic Communications NewLake@KCSA.com (212) 896-1254
NewLake Capital Partners — Q2 2025 Earnings Presentation on 6ix