Overview

• US cannabis real estate lender's Q1 revenue fell 6.8% yr/yr but beat analyst expectations

• Q1 adjusted funds from operations also beat analyst expectations despite yr/yr decline

• Company attributed declines to vacancies at three properties and higher carrying costs

Outlook

• Company did not provide specific financial guidance for the current or future periods

Result Drivers

• PROPERTY VACANCIES - Co said lower revenue and AFFO were primarily due to vacancies at three cultivation facilities and related carrying costs

• NEW RENTAL INCOME - Full quarter of rental income from two Ohio dispensaries acquired in 2025 and annual rent escalators partially offset revenue decline

• RENT COLLECTION - Co reported 100% collection of contractual rent during the period, per CEO Anthony Coniglio

Company press release: ID:nGNX7Tn2QN

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$12.30 mln	$11.85 mln (3 Analysts)
Q1 Net Income		$5.77 mln
Q1 Adjusted FFO		$10.09 mln
Q1 FFO		$9.73 mln
Q1 Dividend		$0.43

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the real estate rental, development & operations peer group is "buy"

• Wall Street's median 12-month price target for Newlake Capital Partners Inc is $15.50, about 6.9% above its May 6 closing price of $14.50

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 13 three months ago

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