NewLake Capital Partners, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2024
May 09, 2024 at 08:33 am
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NewLake Capital Partners, Inc. reported earnings results for the first quarter ended March 31, 2024. For the first quarter, the company reported sales was USD 12.48 million compared to USD 11.29 million a year ago. Revenue was USD 12.61 million compared to USD 11.42 million a year ago.
Net income was USD 6.87 million compared to USD 5.87 million a year ago. Basic earnings per share from continuing operations was USD 0.33 compared to USD 0.27 a year ago. Diluted earnings per share from continuing operations was USD 0.33 compared to USD 0.27 a year ago.
NewLake Capital Partners, Inc. is an internally-managed real estate investment trust that provides real estate capital to state-licensed cannabis operators through sale-leaseback transactions and third-party purchases and funding for build-to-suit projects. The Company supplies necessary real estate capital primarily to companies that cultivate, produce and/or dispense cannabis. The Company owns a portfolio of approximately 31 properties comprised of 14 cultivation facilities and 17 dispensaries. The Company's properties are leased to single tenants on a long-term, triple-net basis, which obligates the tenant to be responsible for the ongoing expenses of a property, in addition to its rent obligations. Its properties are located in Florida, Pennsylvania, Illinois, Massachusetts, Missouri, Nevada, Arizona, California, Ohio, North Dakota, Arkansas and Connecticut.