Newlake Capital Partners, Inc. (NLCP)
OTHER OTC:NLCP
Earnings Data
Report Date
May 07, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.28Last Year’s EPS
0.31Same Quarter Last Year
Based on 0 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call conveyed cautious optimism: NewLake reported modest revenue and AFFO growth, strong tenant cash flows from top operators, very low leverage and ample liquidity—key financial strengths. Offsetting these positives are persistent industry headwinds (capital scarcity, 280E tax burden), pockets of tenant stress and vacancies that pressured quarterly results, and ongoing re‑tenanting challenges. Management emphasized disciplined risk management and maintained conservative origination, signaling resilience but also limited near-term upside until policy reforms and tenant stability improve.Company Guidance
Modest Full-Year Revenue Growth
Total revenue of $51.1M for full year 2025, a 1.9% increase versus $50.1M in 2024 driven by 2025 Ohio dispensary acquisitions, full-year rent from a 2024 acquisition, funded improvement allowances and annual rent escalators.
Stable AFFO and Per-Share Performance
Full-year AFFO of $43.8M or $2.09 per share, up 0.3% year-over-year; fourth quarter AFFO of $10.6M or $0.51 per share (3% decline YoY).
Consistent Dividends and Payout Ratios
Aggregate dividend of $1.72 per share for 2025 (AFFO payout ratio 82% for the year). Q4 cash dividend of $0.43 per share (paid) and Q1 2026 dividend declared at $0.43 per share; Q4 AFFO payout ratio was 85%.
High-Quality Tenant Cash Flow Metrics
Top three tenants (Curaleaf, Trulieve, Cresco) represent >50% of annualized base rent and reported strong 2025 operating results: Curaleaf $1.3B net revenue, 50% adjusted gross margin, $90M free cash flow; Trulieve ~60% gross margins, $230M free cash flow; Cresco improved gross margins to 52%, extended debt maturities to 2030 and generated >$70M operating cash flow.
Very Strong Balance Sheet and Liquidity
Gross real estate assets $433M, only $7.6M outstanding debt; debt to assets 1.6%; debt service coverage ~78x; no debt maturities until May 2027; total liquidity $106.3M (cash $23.9M + $82.4M undrawn revolver).
Active Asset Management and Re‑tenants
Completed re-tenanting transaction in San Diego (Wellgreens), achieving a lease amendment with a 5-year extension, reducing Cannabist exposure from 9% to 8% of ABR; closed two smaller transactions with Cresco and partnered with Curaleaf and C3 to optimize property performance.
Disciplined Origination and Risk Management
Management emphasized a measured pace of origination, low leverage (described as among the lowest in REITs), cautious underwriting, and a focus on re‑tenanting vacant assets only when terms are compelling.
Long-term Shareholder Returns
Since IPO in 2021, NewLake has paid $6.86 per share in dividends, demonstrating sustained cash return to shareholders.
NLCP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
NLCP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 05, 2026 | $15.94 | $15.46 | -3.01% |
Nov 05, 2025 | $12.90 | $13.00 | +0.78% |
Aug 06, 2025 | $13.41 | $13.19 | -1.64% |
May 07, 2025 | $13.56 | $13.66 | +0.74% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Newlake Capital Partners, Inc. (NLCP) report earnings?
Newlake Capital Partners, Inc. (NLCP) is schdueled to report earning on May 07, 2026, Before Open (Confirmed).
What is Newlake Capital Partners, Inc. (NLCP) earnings time?
Newlake Capital Partners, Inc. (NLCP) earnings time is at May 07, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is NLCP EPS forecast?
NLCP EPS forecast for the fiscal quarter 2026 (Q1) is 0.28.