NewLake Capital Partners, Inc. · OTC:NLCP
NewLake Capital Partners — Q1 2025 Earnings Presentation
30 slides from NewLake Capital Partners's earnings presentation, May 7, 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 May 8, 2025
Slide 2: Safe Harbor Statement and Use of Non-GAAP Financial Information
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 an
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) 98% Rent Collected(2) — All Triple-Net Leases Founded in 2019 — 2021 IPO ~$445 Million Deployed — Invested & Committed 84% AFFO Payout Ratio — Strong Dividend Coverage 34 Properties(3) — 12 States, 1.7 Million Square Feet <0.2x Debt to EBITDA — $82 Million
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 Jarrett Annenberg Senior Vice President & Head of Investments Former CEO of Primary Capital Mortgage, a residential mortgage
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 Kadens Independent Director Peter Martay Independent Director David Weinstein Director Co-Founder and former CEO of Green Thumb Industries, Inc., one of the leading public cannabis companies Co-Founder and former CEO of SoCo
Slide 8: NewLake is Focused on a Growing Industry
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: Recession Resistant Industry
newlake.comOTCQX: NLCP 10 Recession Resistant Industry Historical Alcohol Sales During Recessions and Shifting Consumer Preferences Towards Cannabis Support the Case for Cannabis Resilience Historic Alcohol Sales • Alcohol sales have historically held up in downturns • Cannabis use is growing as you
Slide 11: Industry Catalysts at Federal Level
newlake.comOTCQX: NLCP 11 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 12: Portfolio Overview
newlake.comOTCQX: NLCP 12 Portfolio Overview Early Mover Advantage Created Diverse National Platform • 12 states • 1.7M square feet • Primarily limited-license jurisdictions • 98% of contractual rent collected(1) Curaleaf 22.4% Cresco 13.1% Trulieve 10.8%C3 8.5% Columbia Care 8.2% Calypso 7.0% Acrea
Slide 13: NewLake's Underwriting Approach
newlake.comOTCQX: NLCP 13 4.9x 4.0x 3.5x 3.3x 2.9x 2.6x 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 Strong financial profiles Experienced management teams Ability to raise ca
Slide 14: Deal Structure & Risk Management
newlake.comOTCQX: NLCP 14 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 15: Tenant Composition by Annualized Base Rent
newlake.comOTCQX: NLCP 15 Tenant Composition by Annualized Base Rent Tenant Annualized Base Rent (%) SF # of Leases Q4 2024(1) Tenant Information Revenue Adj. EBITDA(2) MSO / SSO Curaleaf 22.4% 462,980 10 $331 $76 MSO Cresco Labs 13.1% 228,261 2 $176 $42 MSO Trulieve 10.8% 144,602 1 $301 $111 MSO C3
Slide 16: Portfolio Composition by State
newlake.comOTCQX: NLCP 16 Portfolio Composition by State State Annualized Base Rent (%) Square Feet # of Properties Cultivation Dispensary Total Cultivation Dispensary Pennsylvania 25.1% 312,421 8,949 321,370 4 3 Florida 18.4% 417,350 - 417,350 1 - Illinois 17.5% 255,257 21,927 277,184 2 5 Massachus
Slide 17: Financial Overview
newlake.comOTCQX: NLCP 17 Financial Overview Stockholders’ Equity $394 Million Invested & Committed Capital $445 Million Cash $20 Million Debt $8 Million Market Capitalization1 $297 Million Stock Price1 $14.44 Dividend Yield2 11.9% Common Shares Outstanding 20,538,785 Book Value per share $19.19 1Q2
Slide 18: Undervalued vs. REIT Peers
newlake.comOTCQX: NLCP 18 11.9% 14.3% 5.4% 10.9% NLCP IIPR Non-Cannabis REIT Peers Cannabis Mortgage REIT Peers Dividend Yield as of 5/6/25(3) 0.7x 0.8x 1.5x 0.8x NLCP IIPR Non-Cannabis REIT Peers Cannabis Mortgage REIT Peers Price to Book as of 5/6/25 1.9% 15.5% 77.5% 50.9% NLCP IIPR Non-Cannabis R
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 2025 2024 2023 (In thousands, except share amounts) Q1 2025 Q4 2024 Q3 2024 2Q 2024 4Q 2023 3Q 2023 2Q 2023 1Q 2023 Total Revenue $13,209 $12,514 $12,554 $12,455 $13,021 $11,491 $11,376 $11,416 General and Administrative Expense(1) $1,832 $1,48
Slide 23: Balance Sheet
newlake.comOTCQX: NLCP 23 Balance Sheet (In thousands, except share amounts) March 31, 2025 December 31, 2024 Assets: Real Estate Land $23,073 $22,891 Building and Improvements 408,655 408,552 Total Real Estate 431,728 431,443 Less Accumulated Depreciation (48,091) (44,709) Net Real Estate 383,637 3
Slide 24: Statement of Operations
newlake.comOTCQX: NLCP 24 Statement of Operations For the Three Months Ended March 31, (In thousands, except share amounts) 2025 2024 Revenue: Rental Income $12,586 $12,127 Interest Income from Loans 134 131 Fees and Reimbursables 489 350 Total Revenue 13,209 12,608 Expenses: Property Expenses 626 2
Slide 25: Non-GAAP Financial Information
newlake.comOTCQX: NLCP 25 Non-GAAP Financial Information For the Three Months Ended March 31, (In thousands, except share amounts) 2025 2024 Net Income Attributable to Common Stockholders $6,279 $6,869 Net Income Attributable to Noncontrolling Interests 107 125 Net Income attributable to common stoc
Slide 26: Capital Commitments
newlake.comOTCQX: NLCP 26 Capital Commitments As of September 30, 2023(1) Tenant Location Site Type Amount C3 Connecticut Cultivation $11,043 Cresco Labs Ohio Dispensary $705 Total $11,748 (1) $’s in thousands
Slide 27: Lease Expiration Schedule
newlake.comOTCQX: NLCP 27 Lease Expiration Schedule 1.7% 0.8% 3.4% 1.1% 30.5% 62.5% 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 Acreage 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 — Q1 2025 Earnings Presentation on 6ix