NewLake Capital Partners, Inc. · OTC:NLCP
NewLake Capital Partners — Q3 2025 Earnings Presentation
29 slides from NewLake Capital Partners's earnings presentation, Nov 6, 2025
Slide 1: A Leading Provider of Real Estate Capital
A Leading Provider of Real Estate Capital To State-Licensed Cannabis Operators November 6, 2025
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 Experienced Team Quality Portfolio Experienced team with a strong track record investing Quality portfolio has delivered dividend growth, up 79% in cannabis real estate and delivering returns for since IPO, with 12.3 year weighted average remaining investors lease term Growth-O
Slide 4: By The Numbers
By The Numbers (1) Founded ~$435 82% AFFO 34 Owned 31 Leased in 2019 Million Payout Ratio Properties Properties Deployed — — — — — 2021 IPO Invested & Strong Dividend 12 States, 1.7 Million 12 Cultivation, Committed Coverage Square Feet 19 Dispensaries 13.0% Wtd. <0.2x Debt 12.3 Years 1.2% 79% Divid
Slide 5: Experienced Management Team
Experienced Management Team Anthony Coniglio Lisa Meyer Niki Krear Chief Executive Officer Chief Financial Officer, Vice President of & President, Director Treasurer & Secretary Acquisitions Founded NewLake in 2019 NewLake CFO since 2022 Former financial services experience at Former CEO of
Slide 6: Experienced Board of Directors
Experienced Board of Directors Gordon DuGan Alan Carr Joyce Johnson Chairman of the Board, Independent Director Independent Director Independent Director Co-Founder and Chairman of the Board of Co-Founder and CEO of Drivetrain LLC. Chairman of Pacific Gate Capital Management, Blackbrook Capita
Slide 7: Experienced Board of Directors (Continued)
Experienced Board of Directors Continued Peter Martay Dina Rollman David Weinstein Independent Director Independent Director Director CEO of Pangea Properties, a private Counsel at Sperling Kenny Nachwalter CEO of NewLake from August 2020 – July apartment REIT that owned more than Previous C
Slide 8: 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 Billions $44.4 $29.5 $31.4 $26.4 * 2022 2023 2024 2029 Source: BDSA Fully Legal State-Level Growth Catalysts Fully Legal – Adult
Slide 9: Continued Acceptance of Cannabis Nationally
Continued Acceptance of Cannabis Nationally Americans Increasingly Embrace the Use of Cannabis • 92% of the U.S. population (309 million people) Changes in Self-Reported Cannabis Use in the U.S. reside in Medical Markets(1,2) • 52% of the U.S. population (176 million people) reside in Adult-Use Mark
Slide 10: Industry Catalysts at Federal Level
Industry Catalysts at Federal Level Catalysts for reform are present across all three branches of Government DEA has proposed to reschedule cannabis from Schedule 1 to Schedule 3. Administrative President Trump stated support for Schedule 3, Adult Use and legislation focused on industry reform. SAFE
Slide 11: Portfolio Overview
Portfolio Overview Early Mover Advantage Created Diverse Tenant/Borrower Composition(1) National Platform CODES PharmaCann 1.2% Budr(3) 5.5% 0.3% • 12 states* • 15 cultivation assets, 19 dispensaries* Ayr(2) 6.1% Curaleaf • 1.7M square feet* • Primarily limited-license jurisdictions 24.1% Mint 6.3%
Slide 12: 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 13: 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 14: Tenant Composition by Annualized Base Rent
Tenant Composition by Annualized Base Rent Tenant Annualized Base SF # of Leases Q2 2025(2) Tenant Information Rent (%)(1) Revenue Adj. EBITDA(3) MSO / SSO Curaleaf 24.1% 462,947 10 $314 $65 MSO Cresco Labs 13.8% 232,184 3 $164 $41 MSO Trulieve 11.3% 144,602 1 $302 $111 MSO C3 Industries 8.9% 153,00
Slide 15: Portfolio Composition by State
Portfolio Composition by State State Annualized Base Square Feet # of Properties Rent (%)(1) Cultivation Dispensary Total Cultivation Dispensary Pennsylvania(2) 26.7% 312,421 13,116 325,537 4 4 Florida 19.8% 417,350 - 417,350 1 - Illinois 18.2% 255,257 17,727 272,984 2 4 Missouri 12.5% 176,378 - 176
Slide 16: Financial Overview
Financial Overview Key Data Dividend Growth per Share Stockholders’ Equity $391 Million 4Q21 $0.31 1Q22 $0.33 Invested & Committed Capital $435 Million 2Q22 $0.35 3Q22 $0.37 Cash $24 Million 4Q22 $0.39 1Q23 $0.39 Debt $8 Million 2Q23 $0.39 3Q23 $0.39 Market Capitalization1 $268 Million 4Q23 $0.40 1Q
Slide 17: Undervalued vs. REIT Peers
Undervalued vs. REIT Peers AFFO Multiple(1) Q3 Payout Ratio 13.0x 111% 98% 82% 80-90% 71% 7.3x target 6.3x 5.9x NLCP IIPR Non-Cannabis REIT Cannabis Mortgage NLCP IIPR Non-Cannabis REIT Cannabis Mortgage Peers (3) REIT Peers (4) Peers (3) REIT Peers (4) Q3 Debt / Equity Dividend Yield as of 11/4/25(
Slide 18: Investment Highlights
Investment Highlights Experienced Team Quality Portfolio Experienced team with a strong track record investing Quality portfolio has delivered dividend growth, up 79% in cannabis real estate and delivering returns for since IPO, with 12.3 year weighted average remaining investors lease term Growth-O
Slide 19: 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 20: Supplemental Information
——. —_—-> NewLake Supplemental Information
Slide 21: Quarterly Performance Summary
Quarterly Performance Summary 2025 2024 (In thousands, except share amounts) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Total Revenue $12,587 $12,932 $13,209 $12,514 $12,554 $12,455 $12,608 General and Administrative Expense(1) $1,301 $1,374 $1,832 $1,482 $1,628 $1,424 $1,705 General an
Slide 22: Balance Sheet
Balance Sheet (In thousands, except share amounts) September 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 (54,698) (44,709) Net Real Estate 377,456 386,734 Cash and Cash E
Slide 23: Statement of Operations
Statement of Operations For the Three Months Ended September 30, For the Nine Months Ended June 30, (In thousands, except share amounts) 2025 2024 2025 2024 Revenue: Rental Income $12,335 $12,276 37,485 $36,657 Interest Income from Loans 137 134 408 399 Fees and Reimbursables 115 144 835 562 Total R
Slide 24: 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 and nine months ended September 30, 2025, and 2024, (in thousands, except share and per share amounts) For the Three Months Ended September 30, For the N
Slide 25: Capital Commitments
Capital Commitments As of June 30, 2025(1) Tenant Location Site Type Amount Cresco Labs Ohio Dispensary $375 Cresco Labs Ohio Dispensary $705 Total $1,080 (1) $’s in thousands OTCQX: NLCP newlake.com 25
Slide 26: Lease Expiration Schedule
Lease Expiration Schedule(1) 58.1% Less than 3% of leases expiring in the next 6 years 34.3% 1.9% 0.9% 3.5% 1.3% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter Year # of Leases Rentable SF Annualized Base Rent SF % ABR % 2025 - - - - - 2026 - - - - - 2027 - - - - - 2028 - - - - - 2029
Slide 27: Cultivation Property List
Cultivation Property List Tenant State City Date % Leased Square Feet Invested / Committed Capital $ Acquired In Place Invested Committed Total $ Total $ PSF Acreage Massachusetts Sterling 10/31/2019 100% 38,380 $9,787,999 - $9,787,999 $255 Acreage Pennsylvania Sinking Springs 10/31/2019 100% 30,625
Slide 28: 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 29: 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 — Q3 2025 Earnings Presentation on 6ix