NewLake Capital Partners, Inc. Reports Earnings Results for the Full Year Ended December 31, 2023
March 11, 2024 at 08:32 am
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NewLake Capital Partners, Inc. reported earnings results for the full year ended December 31, 2023. For the full year, the company reported sales was USD 46.34 million compared to USD 42.22 million a year ago. Revenue was USD 47.3 million compared to USD 45 million a year ago.
Net income was USD 24.59 million compared to USD 21.98 million a year ago. Basic earnings per share from continuing operations was USD 1.16 compared to USD 1.03 a year ago. Diluted earnings per share from continuing operations was USD 1.16 compared to USD 1.03 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.