nlcp-20260507
0001854964false00018549642026-05-072026-05-07

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

May 7, 2026
Date of Report (date of earliest event reported)
NewLake_Logo_Vertical_FullColor.jpg
___________________________________
NewLake Capital Partners, Inc.
(Exact name of registrant as specified in its charter)
___________________________________

Maryland
(State or other jurisdiction of
incorporation or organization)
000-56327
(Commission File Number)
83-4400045
(I.R.S. Employer Identification Number)
50 Locust Avenue, First Floor
New Canaan, CT 06840
(Address of principal executive offices and zip code)
(203) 594-1402
(Registrant's telephone number, including area code)
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
N/A
N/A
N/A
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§ 230.405 of this chapter) or Rule 12b-2 Exchange Act. Emerging growth company
(§240.12b-2 of this chapter).     ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 - Results of Operations and Financial Condition.
On May 7, 2026, NewLake Capital Partners, Inc. (the "Company") issued a press release announcing its financial results for the first quarter ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1 to this Form 8-K.

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished pursuant to Item 9.01, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section. Furthermore, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished pursuant to Item 9.01, shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the "Securities Act") or the Exchange Act.

Item 7.01 - Regulation FD Disclosure
The Company has posted an updated investor presentation to its website, www.newlake.com. A copy of the slide presentation is attached as Exhibit 99.2 hereto and incorporated herein by reference. The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 furnished pursuant to Item 9.01, shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that section. Furthermore, the information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 furnished pursuant to Item 9.01, shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or the Exchange Act.

Item 9.01 - Financial Statements and Exhibits
(d) The following exhibits are being filed herewith:

Exhibit No.
Description
99.1
99.2
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 7th day of May, 2026.



NewLake Capital Partners, Inc
By:
/s/ Lisa Meyer
Name:
Lisa Meyer
Title:
Chief Financial Officer, Treasurer and Secretary

picture1.jpg        
Exhibit 99-1

NewLake Capital Partners Reports First Quarter 2026 Financial Results

First Quarter 2026 Revenue Totaled $12.3 Million

First Quarter 2026 Net Income Attributable to Common Stockholders Totaled $5.8 Million, Funds from Operations Totaled $9.7 Million, and Adjusted Funds from Operations Totaled $10.1 Million

Conference Call and Webcast Scheduled for May 8, 2026, at 11 a.m. Eastern Time

New Canaan, CT, May 07, 2026 /GLOBE NEWSWIRE/ — NewLake Capital Partners, Inc. (OCTQX: NLCP) (the “Company” or “NewLake”), a leading provider of real estate capital to state-licensed cannabis operators, today announced its financial results for the first quarter ended March 31, 2026.

“Our first quarter results were in line with expectations, highlighted by 100% collection of contractual rent during the period,” said Anthony Coniglio, NewLake’s President and Chief Executive Officer. “We remain focused on disciplined capital management and proactively reducing risk while improving the quality and resilience of our portfolio.”

“The rescheduling of medical cannabis represents a historic shift in the federal government’s approach and is a pivotal moment for the industry,” continued Mr. Coniglio. “While implementation will take time and further guidance is needed from federal authorities, we believe increased regulatory clarity marks an important step forward and has the potential to strengthen the operating environment for our tenants.”

First Quarter 2026 Financial Highlights

◦Total revenue of $12.3 million.
◦Net income attributable to common stockholders totaled $5.8 million, or $0.28 per share of common stock.
◦Funds From Operations (“FFO”)(1) totaled $9.7 million, or $0.46 per share of common stock.
◦Adjusted Funds From Operations (“AFFO”)(1) totaled $10.1 million, or $0.48 per share of common stock.
◦Declared a first quarter dividend of $0.43 per share of common stock, equivalent to an annualized dividend of $1.72 per common share.

Balance Sheet Highlights as of March 31, 2026

◦Cash and cash equivalents as of March 31, 2026, were $24.8 million, with approximately $0.4 million committed to fund future improvements at an existing dispensary in Ohio.
◦Total liquidity of $107.2 million, consisting of cash and cash equivalents and availability under the Company’s revolving credit facility.
◦Gross real estate assets of $432.9 million, including one property classified as Real Estate Held for Sale.
◦1.6% debt to total gross assets and a debt service coverage ratio of approximately 72x.
◦No debt maturities until May 2027.




(1) FFO and AFFO are presented on a dilutive basis.


Financial Results

The following table summarizes the Company’s financial results for the three months ended March 31, 2026 (dollars in thousands, except per share amounts):
Three Months Ended March 31,
20262025
Total Revenue$12,309 $13,209 
Net Income Attributable to Common Stockholders$5,775 $6,297 
Net Income Attributable to Common Stockholders Per Share - Diluted$0.28 $0.31 
FFO Attributable to Common Stockholders - Diluted$9,737 $10,283 
FFO per share – Diluted$0.46 $0.49 
AFFO Attributable to Common Stockholders - Diluted $10,091 $10,724 
AFFO per share – Diluted$0.48 $0.51 

For the three months ended March 31, 2026, the Company generated total revenue of approximately $12.3 million, representing a 6.8% decrease compared to $13.2 million for the same period in 2025. The decline was partially offset by a full quarter of rental income from two Ohio dispensaries acquired in 2025, as well as annual contractual rent escalators. The net decrease was primarily due to vacancies at three properties located in Pottsville, PA; Sparks, NV; and Fitchburg, MA. The impact of these vacancies resulted in lower rental income and additional property carrying costs, which also contributed to a 5.9% decline in AFFO for the quarter compared to the same period in the prior year.




Investment Activity
Real Estate Commitments
As of March 31, 2026, we had aggregate unfunded commitments of $0.4 million to develop and improve our dispensary in Ohio.
Portfolio and Tenant Updates
The Cannabist Company
On March 24, 2026, The Cannabist Company ("Cannabist"), which operates at four of the Company's properties, including two properties located in Illinois and two properties located in Massachusetts, publicly announced that it has entered into definitive agreements to sell certain assets and has commenced restructuring proceedings under the Cannabist’s Creditors Arrangement Act in Canada, with the intention to seek recognition of such proceedings in the United States under Chapter 15 of the U.S. Bankruptcy Code. As disclosed by Cannabist, they entered into a non-binding memorandum of understanding for the sale of certain of its production, manufacturing, distribution and sale operations (through the sale of equity or assets) in six states, including Illinois and Massachusetts, where we lease properties to Cannabist. The Company continues to monitor developments related to this tenant and its restructuring proceedings.
During the three months ended March 31, 2026, we collected full rent for each of the four properties leased to Cannabist and the tenant remains current on its contractual lease obligations to us. We hold aggregate security deposits totaling approximately $481.6 thousand across these four properties.
Lease Modifications
San Diego, CA
On January 28, 2026, we entered into a First Amendment to the Lease Agreement (the “Amendment”) for our dispensary property located in San Diego, California. Pursuant to the Amendment, we consented to a change in control of the tenant, pursuant to which Wellgreens acquired the tenant entity formerly operated by Cannabist. In connection with the Amendment, the lease term was extended by five years, through December 31, 2034, with three renewal options and annual contractual rent escalators. In addition, the existing purchase option under the lease remained with the tenant. All other material terms of the lease remain unchanged.
Sinking Springs, PA
As a result of a third‑party transaction involving Acreage Holdings, Inc.’s Pennsylvania cultivation operations (Prime Wellness) during March 2026, we added Holistic Industries as an additional guarantor under the lease for our Sinking Springs, Pennsylvania property. As part of this same transaction, we also added Canopy USA as an additional guarantor under the lease with Acreage Holdings’ Massachusetts subsidiary, The Botanist, for our Sterling, Massachusetts cultivation facility.
Other than the addition of these guarantors, there were no modifications to the economic or non‑economic terms of either lease, and the Company did not provide capital, financing, or other consideration in connection with these arrangements.


Re-leasing Activity
As of March 31, 2026, three of our cultivation facilities, located in Pottsville, PA, Sparks, NV, and Fitchburg, MA, remained vacant following tenant departures in 2025. During the three months ended March 31, 2026, we continued to actively market these properties for lease. There was no rental income recognized for these properties during the three months ended March 31, 2026.

Financing Activity

Revolving Credit Facility

As of March 31, 2026, the Company had approximately $7.6 million in borrowings under its revolving credit facility and $82.4 million in funds available to be drawn, subject to sufficient collateral in the borrowing base. The revolving credit facility bears interest at a variable rate based upon the greater of (a) the Prime Rate quoted in the Wall Street Journal (Western Edition) (“Base Rate”) plus an applicable margin of 1.0% or (b) 4.75%. As of March 31, 2026, the interest rate on the revolving credit facility was 7.75%.
As of March 31, 2026, the Company was in compliance with the covenants under the revolving credit facility agreement.
Dividend
On March 4, 2026, the Company’s Board of Directors declared a first quarter 2026 cash dividend of $0.43 per share of common stock, equivalent to an annualized dividend of $1.72 per share of common stock. The dividend was paid on April 15, 2026, to stockholders of record at the close of business on March 31, 2026, and represents an AFFO payout ratio of 90%.

Conference Call and Webcast Details:

Management will host a conference call and webcast at 11:00 a.m. Eastern Time on May 8, 2026, to discuss its quarterly financial results and answer questions about the Company's operational and financial highlights for the first quarter ended March 31, 2026.

Event:
NewLake Capital Partners Inc. First Quarter 2026 Earnings Call
Date:
Friday, May 8, 2026
Time:11:00 a.m. Eastern Time
Live Call:1-877-407-3982 (U.S. Toll-Free) or 1-201-493-6780 (International)
Webcast:https://ir.newlake.com/news-events/ir-calendar

For interested individuals unable to join the conference call, a dial-in replay of the call will be available until May 22, 2026, and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 13759851.

About NewLake Capital Partners, Inc.

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. NewLake owns a portfolio of 34 properties, including 15


cultivation facilities and 19 dispensaries, primarily leased to single tenants under triple-net lease agreements. For more information, please visit www.newlake.com.

Forward-Looking Statements

This press release contains “forward-looking statements.” Forward-looking statements can be identified by words like “may,” “will,” “likely,” “should,” “expect,” “anticipate,” “future,” “plan,” “believe,” “intend,” “goal,” “project,” “remain” and similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs and expectations. Forward-looking statements are based on the Company’s current expectations and assumptions regarding capital market conditions, the Company’s business, the economy and other future conditions. All of our statements regarding anticipated growth in our funds from operations, adjusted funds from operations, anticipated market conditions, and results of operations are forward-looking statements. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law.

Use of Non-GAAP Financial Information

FFO and AFFO are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income attributable to common stockholders to FFO and AFFO and definitions of terms are included at the end of this release.
Contact Information:
Lisa Meyer
Chief Financial Officer, Treasurer and Secretary
NewLake Capital Partners, Inc.
[email protected]

Investor Contact:
Valter Pinto, Managing Director
KCSA Strategic Communications
[email protected]
PH: (212) 896-1254

Media Contact:
Ellen Mellody, Senior Vice President
KCSA Strategic Communications
[email protected]
PH: (570) 209-2947


NEWLAKE CAPITAL PARTNERS, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share amounts)

March 31, 2026December 31, 2025
Assets:
Real Estate
Land$22,903 $22,903 
Building and Improvements404,983 404,983 
Total Real Estate427,886 427,886 
Less Accumulated Depreciation(61,287)(57,916)
Net Real Estate366,599 369,970 
Real Estate Held for Sale4,802 4,802 
Cash and Cash Equivalents24,766 23,937 
In-Place Lease Intangible Assets, net15,218 15,710 
Loan Receivable, net (Current Expected Credit Loss of $60 and $71, respectively)
4,940 4,929 
Other Assets1,306 1,481 
Total Assets$417,631 $420,829 
Liabilities and Equity:
Liabilities:
Accounts Payable and Accrued Expenses$1,085 $1,307 
Revolving Credit Facility7,600 7,600 
Dividends and Distributions Payable9,036 9,169 
Security Deposits6,728 6,728 
Rent Received in Advance1,445 1,013 
Other Liabilities109 324 
Total Liabilities 26,003 26,141 
Commitments and Contingencies
Equity:
Preferred Stock, $0.01 Par Value, 100,000,000 Shares Authorized, 0 Shares Issued and Outstanding, respectively
— — 
Common Stock, $0.01 Par Value, 400,000,000 Shares Authorized, 20,580,766 and 20,552,632 Shares Issued and Outstanding, respectively
206 205 
Additional Paid-In Capital447,363 447,185 
Accumulated Deficit(62,625)(59,449)
Total Stockholders' Equity384,944 387,941 
Noncontrolling Interests6,684 6,747 
Total Equity391,628 394,688 
Total Liabilities and Equity$417,631 $420,829 



NEWLAKE CAPITAL PARTNERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except share and per share amounts)

Three Months Ended
March 31,
20262025
Revenue:
Rental Income$11,763 $12,586 
Interest Income from Loans137 134 
Fees and Reimbursables409 489 
Total Revenue12,309 13,209 
Expenses:  
Reimbursable Property Expenses335 626 
Property Carrying Costs232 — 
Depreciation and Amortization Expense3,867 3,883 
General and Administrative Expenses:
Compensation Expense982 1,205 
Professional Fees514 605 
Other General and Administrative Expenses376 410 
Total General and Administrative Expenses1,872 2,220 
Total Expenses6,306 6,729 
Provision for Current Expected Credit Loss11 13 
Income From Operations6,014 6,493 
Other Income (Expense):  
Other Income74 86 
Interest Expense(214)(175)
Total Other Income (Expense)(140)(89)
Net Income5,874 6,404 
Net Income Attributable to Noncontrolling Interests(99)(107)
Net Income Attributable to Common Stockholders$5,775 $6,297 
Net Income Attributable to Common Stockholders Per Share - Basic$0.28 $0.31 
Net Income Attributable to Common Stockholders Per Share - Diluted$0.28 $0.31 
Weighted Average Shares of Common Stock Outstanding - Basic20,646,02620,597,584
Weighted Average Shares of Common Stock Outstanding - Diluted21,019,28920,973,610




Non-GAAP Financial Information

Funds From Operations

The Company calculates FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition. NAREIT currently defines FFO as follows: net income (loss) (computed in accordance with GAAP) excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by an entity. Other REITs may not define FFO in accordance with the NAREIT definition or may interpret the current NAREIT definition differently and therefore the Company’s computation of FFO may not be comparable to such other REITs.

Adjusted Funds From Operations

The Company calculates AFFO by starting with FFO and adjusting for non-cash and certain non-recurring transactions, including non-cash components of compensation expense and the effect of provisions for credit loss. Other REITs may not define AFFO in the same manner and therefore the Company’s calculation of AFFO may not be comparable to such other REITs. You should not consider FFO and AFFO to be alternatives to net income as a reliable measure of our operating performance; nor should you consider FFO and AFFO to be alternatives to cash flows from operating, investing or financing activities (as defined by GAAP) as measures of liquidity.
The table below is a reconciliation of net income attributable to common stockholders to FFO and AFFO for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share amounts):
Three Months Ended March 31,
20262025
Net Income Attributable to Common Stockholders$5,775 $6,297 
Net Income Attributable to Noncontrolling Interests99 107 
Net Income5,874 6,404 
Adjustments:
Real Estate Depreciation and Amortization3,863 3,879 
FFO Attributable to Common Stockholders - Diluted9,737 10,283 
Provision for Current Expected Credit Loss(11)(13)
Stock-Based Compensation299 388 
Non-cash Interest Expense67 67 
Amortization of Straight-line Rent Expense(1)(1)
AFFO Attributable to Common Stockholders - Diluted
$10,091 $10,724 
FFO per share – Diluted$0.46 $0.49 
AFFO per share – Diluted$0.48 $0.51 


A Leading Provider of Real Estate Capital To State-Licensed Cannabis Operators May 7, 2026

 
newlake.comOTCQX: NLCP 2 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 sale of securities. This presentation contains forward‐looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts, and are often indicated by words such as “anticipates,” “estimates,” “expects,” “intends,” “plans,” “believes,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” “and “could.” Forward looking statements include, among others, statements relating to the Company’s future financial performance, business prospects and strategy, the use of proceeds from our initial public offering, future dividend payments, anticipated financial position, the Company’s acquisition pipeline, liquidity and capital needs and other similar matters. These statements are based on the Company’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. The Company’s actual results may differ materially from those expressed in, or implied by, the forward-looking statements. The Company is providing the information contained herein as of the date of this presentation. Except as required by applicable law, the Company does not plan to update or revise any statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. Safe Harbor Statement Use of Non-GAAP Financial Information Adjusted Funds From Operations (“AFFO”) and Funds From Operations (“FFO”) are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income attributable to common stockholders and participating securities to AFFO and FFO are included in the appendix to this presentation.

 
newlake.comOTCQX: NLCP 3 Investment Highlights Scale and Early Mover Founded in 2019, NewLake is the second largest owner of cannabis real estate in the U.S.(1) and the only internally managed, publicly traded REIT focused exclusively on cannabis real estate. Experienced Team One of the most experienced teams focused on investing in cannabis real estate, outperforming peers and demonstrating consistent capital return to shareholders. Quality Portfolio Quality portfolio has delivered dividend growth, up 79% since IPO, with 12 year weighted average remaining lease term. Growth-Oriented Focus Structural tailwinds from recent regulatory catalysts enhance long-term growth profile of the cannabis industry with meaningful opportunity to convert illicit sales to the legal channel and expand consumer demand. Conservative Balance Sheet Debt-to-gross-assets of just 1.6% with $107M total liquidity and no maturities until May 2027, one of the lowest-leveraged REITs in any sector. Attractive Relative to Peers Higher dividend yield with a 90% AFFO Payout ratio supported by recurring revenue and lowest leverage among REIT peers. (1) Based on management estimates of third-party ownership.

 
newlake.comOTCQX: NLCP 4 By The Numbers(1) Founded in 2019 — 2021 IPO ~$435 Million Deployed — Invested & Committed Q1 2026 AFFO Payout Ratio of 90% — Solid Dividend Coverage 34 Owned Properties — 12 States, 1.7 Million Square Feet <0.2x Debt to EBITDA — $82 Million Available Credit Facility 13.3% Wtd. Avg. Yield(2) — 2.6% Annual Rent Escalations Note: (1) Data as of March 31, 2026 (2) Based on 31 leased properties 1.5% G&A Ratio — Low General and Administrative Expenses 11.9 Years Remaining Lease Term(2) — Weighted Average 79% Dividend Growth Since IPO — Q1 2026 vs. Q3 2021 31 Leased Properties — 12 Cultivation, 19 Dispensaries

 
newlake.comOTCQX: NLCP 5 Experienced Management Team Management Anthony Coniglio President, CEO, & Director Co-Founded NewLake in 2019. Former CEO of Primary Capital Mortgage. 14 years at J.P. Morgan investment banking across multiple business lines. Public company board director​. Lisa Meyer CFO, Treasurer & Secretary NewLake CFO since 2022 with deep real estate finance leadership experience. Former President & CFO of Western Asset Mortgage Capital Corporation (NYSE-listed REIT); prior experience includes Ernst &Young LLP, Northstar Realty Finance Corp. (NYSE-listed REIT), and FTI Consulting. Niki Krear Vice President of Acquisitions Former financial services experience at William Blair and Maranon Capital. Background in investment banking, private credit, and real estate investing Board of Directors Gordon DuGan Chairman Formerly was CEO of W.P. Carey & CO., CEO of Gramercy Property Trust, and Chairman of the Board of INDUS Realty Trust Alan Carr Independent Director Co-Founder and CEO of Drivetrain LLC., Director at Unit Corporation and Former MD at Strategic Value Partners Joyce Johnson Independent Director Chairman of Pacific Gate Capital Management; Former Sr. MD of Relativity Capital & MD of Cerberus Capital Peter Martay Independent Director CEO of Pangea Properties. Former banker at Bernstein Global Wealth Management, Glencoe Capital and Deutsche Bank Dina Rollman Independent Director Counsel at Sperling Kenny Nachwalter. Former SVP of Government Affairs at GreenThumb Industries Inc. David Weinstein Independent Director Former CEO of NewLake and MPG Office Trust. Former MD at Goldman Sachs and Belvedere Capital

 
newlake.comOTCQX: NLCP 6 Cannabis Rescheduling & Emerging Industry Catalysts On April 22, 2026, Attorney General Blanche rescheduled medical marijuana to Schedule III, setting off a wave of regulatory, market, and capital tailwinds. Federal Rescheduling Hemp Restrictions Banking & Capital • Eliminates 280E tax burden as Medical Cannabis Operators registered with the DEA are Federally legal businesses • Medical operators can deduct ordinary business expenses for the first time, materially improving cashflow and EBITDA • Stronger operating cash flow = stronger rent coverage = more resilient dividends for NewLake shareholders • Unregulated, untested, hemp-derived THC products compete directly with state-legal cannabis dispensaries • Enforced restrictions on these products redirect consumers to the state licensed, regulated market • Incremental demand flows to state-licensed operators whose cultivation facilities and dispensaries NewLake owns • SAFER Banking Act would allow federally insured institutions to serve cannabis businesses without federal prosecution risk • CLIMB Act would enable U.S. cannabis operators, and ancillary firms like NewLake, to uplist to major exchanges such as NYSE and NASDAQ, and allow access to traditional capital markets • Could attract new institutional investors as cannabis-related stigma in financial markets diminishes Moving medical cannabis from Schedule I, the most restrictive federal category, to Schedule III​ November 2026 Federal ban and state actions targeting hemp-derived THC products (delta-8, etc.) Legislative pathways to normalize financial services for state-licensed cannabis

 
newlake.comOTCQX: NLCP 7 NewLake is Focused on a Growing Industry Demand for Real Estate Capital Positions NewLake for Continued Growth Adult-Use & Medical Markets $37.6 $40.5 $54.1 2024 2025 2029 Bi llio ns Cannabis Industry Near-Term CAGR Source: BDSA • New states issuing medical cannabis licenses (i.e. TX and NE) • Limited medical states expanding programs (i.e. TX and GA) • Strong medical markets transitioning to adult use (i.e. PA and FL) • New adult-use states initiating sales (i.e. KY and MN) • Adult-use states with sales not yet available (i.e. VA) • Continued growth in currently undersupplied adult use markets (i.e. NY, NJ, OH, and CT) State-Level Growth CatalystsAdult-Use Medical-Use Limited Medical CBD Only N/A * *sales not yet available

 
newlake.comOTCQX: NLCP 8 Continued Acceptance of Cannabis Nationally Americans Increasingly Embrace the Use of Cannabis • 97% of the U.S. population (323 million people) reside in Medical Markets(1,2) • 53% of the U.S. population (176 million people) reside in Adult-Use Markets(2) • 88% of U.S. adults support Adult-Use and/or Medical Cannabis(3) • 140% growth in Americans consuming cannabis in past 10 years(4) • 54% of American adults believe alcohol is more harmful than cannabis(4) Note: population counts based on United States Census Bureau 2023 counts 1) Includes limited medical CBD only markets. 2) Includes markets with sales not yet available. 3) Pew Research most recent survey. 4) Source: Monmouth University poll. Changes in Self-Reported Cannabis Use in the U.S. Source: Wiley Library – Society for the Study of Addiction. Note: DND refers to “daily or near-daily users”.

 
newlake.comOTCQX: NLCP 9 Four Engines of AFFO Growth 1 2 3 4 Embedded growth requiring no new capital with annual rent escalators averaging 2.6% across the portfolio Annual Rent Escalators Committed capital of $375k will generate incremental rent income as capital gets deployed Funding Tenant Improvement Commitments 240k SF across three properties available for lease following tenant disruptions Leasing Available Properties Capacity to fund new sale-leasebacks, built-to-suit projects, and third-party acquisitions with $107M in total liquidity New Transaction Deployments

 
newlake.comOTCQX: NLCP 10 Curaleaf 25.3% Cresco 15.0% Trulieve 12.1% C3 9.5% Cannabist 8.1% Calypso 7.8% Mint 6.6% CODES 5.9% Prime Wellness(2) 3.6% Acreage(3) 3.4% PharmaCann 1.3% Wellgreens 1.1% Budr(4) 0.3% Tenant/Borrower Composition(1) Portfolio Overview Early Mover Advantage Created Diverse National Platform • 12 states* • 1.7M square feet* • 15 cultivation assets, 19 dispensaries* • Primarily limited-license jurisdictions (1) Calculated based on April 2026 annualized monthly contractual rent including management fees and interest income on our note receivable. (2) Prime Wellness is an Acreage subsidiary and our lease is guaranteed by Holistic Industries. (3) Guaranteed by Canopy USA. (4) Guaranteed by GTI. * Represents owned properties

 
newlake.comOTCQX: NLCP 11 5.1x 4.0x 3.5x 3.2x 2.9x 2.5x FCPT NLCP EPRT BNL O GTY NewLake’s Underwriting Approach Tenant Quality Real Estate In-Depth Industry Knowledge and Proven Underwriting Approach Mitigates Portfolio Risk Focus on strong financial profiles Experienced management teams Ability to raise capital Strong property level cashflows Above market four-wall coverage Most properties in/near major metropolitan areas Estimated Four-Wall2 Coverage Note: Data as of March 31, 2026; based on current rent for leased properties. 1 Cultivation licenses sourced from state reporting and management estimates. 2 NewLake Four Wall coverage is calculated as property-level EBITDA+rent divided by rent. Estimates based on actual Q4 2025 property level financial information, when available, and management estimates based on Tenant reporting. Comparable REIT data based on Essential Properties Trust Q1 2026 Investor Presentation. 3 Includes one cultivation property owned by a single state entity but managed by an MSO 68% Public 32% Private 91% MSO(3) 9% SSO 91% Vertically Integrated in the State Cannabis Market Emphasis on limited-license jurisdictions Better operating environment for tenant More value created for real estate 155 63 33 21 21 OR WA MA MO PA IL FL Est. # of Cultivation Licenses Operating1 1,350 1,150

 
newlake.comOTCQX: NLCP 12 Deal Structure & Risk Management Deal Structure • 100% triple net leases • 15–20 year lease terms • Parent company guarantees • Annual escalations • Security deposits • Cross-collateralization and cross-securitization • Ability to substitute to better performing assets • Strategic divestiture of underutilized assets • Third-party construction review Financial Reporting Portfolio Management • All leases require quarterly facility level reporting • Review quarterly financials and annual audited financials • Regular operational update calls with tenants Deal Structure and Active Portfolio Management Proactively Addresses Portfolio Concerns

 
newlake.comOTCQX: NLCP 13 Tenant Composition by Annualized Base Rent Tenant Annualized Base Rent (%)(1) SF # of Leases Q4 2025(2) Tenant Information Revenue Adj. EBITDA(3) MSO / SSO Curaleaf 25.3% 462,947 10 $333 $69 MSO Cresco Labs 15.0% 232,184 3 $162 $40 MSO Trulieve 12.1% 144,602 1 $293 $105 MSO C3 Industries 9.5% 153,006 2 Private Co Private Co MSO The Cannabist Company 8.1% 80,718 4 $80(4) $3(4) MSO Calypso 7.8% 99,163 1 Private Co Private Co SSO Mint 6.6% 100,758 1 Private Co Private Co MSO CODES 5.9% 89,400 2 Private Co Private Co MSO Prime Wellness(5) 3.6% 30,625 1 Private Co Private Co MSO Acreage(6) 3.4% 38,380 1 Private Co Private Co MSO PharmaCann 1.3% 18,332 3 Private Co Private Co MSO Wellgreens 1.1% 2,470 1 Private Co Private Co SSO Budr(7) 0.3% 2,872 1 Private Co Private Co MSO Note: NewLake data is as of March 31, 2026, unless otherwise noted 1) Calculated based on April 2026 annualized monthly contractual rent and includes management fees. 2) U.S dollars in millions, based on each company’s public securities filings and earnings release, available at www.sec.gov or www.sedar.com. 3) Adjusted EBITDA is a non-GAAP financial measure utilized in the industry. For definitions and reconciliations of Adjusted EBITDA to net income, see each company’s public securities filings. 4) Represents Q3 2025 financial data. The Company has filed for Bankruptcy under Canadian Law. 5) Owned by Acreage Holdings and our lease is guaranteed by Holistic Industries. 6) Guaranteed by Canopy USA. 7) Guaranteed by GTI.

 
newlake.comOTCQX: NLCP 14 Portfolio Composition by State State Annualized Base Rent (%)(1) Square Feet # of Properties Cultivation Dispensary Total Cultivation Dispensary Pennsylvania 25.1% 312,421 13,116 325,537 4 4 Florida 20.7% 417,350 - 417,350 1 - Illinois 19.4% 255,257 17,727 272,984 2 4 Missouri 13.4% 176,378 - 176,378 2 - Massachusetts 8.6% 223,122 15,406 238,528 3 2 Arizona 6.6% 100,758 - 100,758 1 - Connecticut 2.5% 58,436 14,053 72,489 1 2 Ohio 1.6% - 20,249 20,249 - 4 California 1.1% - 2,470 2,470 - 1 Arkansas 0.5% - 7,592 7,592 - 1 North Dakota 0.5% - 4,590 4,590 - 1 Nevada - 56,536 - 56,536 1 - 1) Calculated based on April 2026 annualized rent and includes management fees.

 
newlake.comOTCQX: NLCP 15 Stockholders’ Equity $385 Million Invested & Committed Capital $435 Million Cash $25 Million Debt $8 Million Market Capitalization1 $300 Million Stock Price1 $14.57 Dividend Yield2 11.8% Common Shares Outstanding 20,580,766 Book Value per share $18.70 1Q26 Annualized Dividend3 $1.72 Target AFFO Payout Ratio 80% - 90% 1Q26 Revenue Annualized4 $49.2 Million G&A Expense Ratio5 1.5% Key Data Dividend Growth per Share Note: Data is as of March 31, 2026, unless otherwise noted. 1 Based on the May 6, 2026, closing price. 2 Calculated as Q1 2026 annualized dividend divided by the May 6, 2026, closing stock price. 3 Dividends for 2021 reflect a partial year following our August 2021 IPO. 2026 reflects the annualized Q1 2026 dividend of $0.43 per share, declared on March 4, 2026. 4 Calculated using annualized Total Revenue for the three months ending March 31, 2026. 5 Calculated using annualized general and administrative expenses, excluding stock-based compensation, for the three months ending March 31, 2026, over Total Assets as of March 31, 2026. $0.55 $1.44 $1.57 $1.70 $1.72 $1.72 2021 2022 2023 2024 2025 2026 33 Financial Overview

 
newlake.comOTCQX: NLCP 16 Investment Highlights Scale and Early Mover Founded in 2019, NewLake is the second largest owner of cannabis real estate in the U.S.(1) and the only internally managed, publicly traded REIT focused exclusively on cannabis real estate. Experienced Team One of the most experienced teams focused on investing in cannabis real estate, outperforming peers and demonstrating consistent capital return to shareholders. Quality Portfolio Quality portfolio has delivered dividend growth, up 79% since IPO, with 12 year weighted average remaining lease term. Growth-Oriented Focus Structural tailwinds from recent regulatory catalysts enhance long-term growth profile of the cannabis industry with meaningful opportunity to convert illicit sales to the legal channel and expand consumer demand. Conservative Balance Sheet Debt-to-gross-assets of just 1.6% with $107M total liquidity and no maturities until May 2027, one of the lowest-leveraged REITs in any sector. Attractive Relative to Peers Higher dividend yield with a 90% AFFO Payout ratio supported by recurring revenue and lowest leverage among REIT peers. (1) Based on management estimates of third-party ownership.

 
newlake.comOTCQX: NLCP 17 How to Buy Our Stock E-Trade ----------------------------------------------- 800.387.2331 Charles Schwab ------------------------------------ 866.855.9102 Interactive Brokers --------------------------------- 877.442.2757 StoneX ------------------------------------------------ www.stonex.com Roth Capital ----------------------------------------- 800.678.9147 ATB ---------------------------------------------------- atbcm.atb.com BTIG --------------------------------------------------- www.btig.com Jones Trading --------------------------------------- 800.203.6611 Fidelity ------------------------------------------------ 800.972.2155 Ameriprise-------------------------------------------- 800.862.7919 Wells Fargo Advisors------------------------------ 877.573.7997 You can buy NewLake Capital share on the US OTC Markets under the ticker symbol NLCP with the brokers listed below. Note: Brokers are based on the Company's most recent knowledge. Broker policies may change without notice.

 
Supplemental Information

 
newlake.comOTCQX: NLCP 19 Quarterly Performance Summary 2026 2025 (In thousands, except share amounts) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Total Revenue $12,309 $12,343 $12,587 $12,932 $13,209 General and Administrative Expense(1) $1,573 $1,547 $1,301 $1,374 $1,832 General and Administrative Expense(1)/Total Revenues 12.8% 12.5% 10.3% 10.6% 13.9% General and Administrative Expense(1)/Total assets 1.5% 1.4% 1.2% 1.3% 1.7% Net Income Attributable to Common Stockholders $5,775 $6,036 $6,666 $7,319 $6,297 Net Income Attributable to Common Stockholders Per Share - Diluted $0.28 $0.29 $0.32 $0.36 $0.31 Funds From Operations("FFO") attributable to Common Stockholders - Diluted $9,737 $10,020 $10,651 $11,352 $10,283 FFO Attributable to Common Stockholders - Diluted $0.46 $0.48 $0.51 $0.54 $0.49 Adjusted Funds From Operations ("AFFO") - Diluted $10,091 $10,624 $11,022 $11,455 $10,724 AFFO Attributable to Common Stockholders - Diluted $0.48 $0.51 $0.52 $0.55 $0.51 Payout Ratio 90% 85% 82% 79% 84% $12,309 $12,343 $12,587 $12,932 $13,209 1Q'26 Q4'25 3Q'25 2Q'25 1Q'25 Revenue $0.48 $0.51 $0.52 $0.55 $0.51 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 AFFO $0.46 $0.48 $0.51 $0.54 $0.49 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25' FFO (1) General and administrative expenses excludes stock-based compensation

 
newlake.comOTCQX: NLCP 20 Balance Sheet (In thousands, except share amounts) March 31, 2026 December 31, 2025 Assets: Real Estate Land $22,903 $22,903 Building and Improvements 404,983 404,983 Total Real Estate 427,886 427,886 Less Accumulated Depreciation (61,287) (57,916) Net Real Estate 366,599 369,970 Real Estate Held for Sale 4,802 4,802 Cash and Cash Equivalents 24,766 23,937 In-Place Lease Intangible Assets, net 15,218 15,710 Loan Receivable, net (Current Expected Credit Loss of $60 and $71, respectively) 4,940 4,929 Other Assets 1,306 1,481 Total Assets $417,631 $420,829 Liabilities and Equity: Liabilities: Accounts Payable and Accrued Expenses $1,085 $1,307 Revolving Credit Facility 7,600 7,600 Dividends and Distributions Payable 9,036 9,169 Security Deposits 6,728 6,728 Rent Received in Advance 1,445 1,013 Other Liabilities 109 324 Total Liabilities 26,003 26,141 Commitments and Contingencies Equity: Preferred Stock, $0.01 Par Value, 100,000,000 Shares Authorized, 0 and 0 Shares Issued and Outstanding, Respectively - - Common Stock, $0.01 Par Value, 400,000,000 Shares Authorized, 20,580,766 and 20,552,632 Shares Issued and Outstanding, Respectively 206 205 Additional Paid-In Capital 447,363 447,185 Accumulated Deficit (62,625) (59,449) Total Stockholders' Equity 384,944 387,941 Noncontrolling Interests 6,684 6,747 Total Equity 391,628 394,688 Total Liabilities and Equity $417,631 $420,829

 
newlake.comOTCQX: NLCP 21 Statement of Operations For the Three Months Ended March 31, (In thousands, except share amounts) 2026 2025 Revenue: Rental Income $11,763 $12,586 Interest Income from Loans 137 134 Fees and Reimbursables 409 489 Total Revenue 12,309 13,209 Expenses: Reimbursable Property Expenses 335 626 Property Carrying Costs 232 - Depreciation and Amortization Expense 3,867 3,883 General and Administrative Expenses: Compensation Expense 982 1,205 Professional Fees 514 605 Other General and Administrative Expenses 376 410 Total General and Administrative Expenses 1,872 2,220 Total Expenses 6,306 6,729 Provision for Current Expected Credit Loss 11 13 Income From Operations 6,014 6,493 Other Income (Expense): 74 86 Interest Expense (214) (175) Total Other Income (Expense) (140) (89) Net Income 5,874 6,404 Net Income Attributable to Noncontrolling Interests (99) (107) Net Income Attributable to Common Stockholders $5,775 $6,297 Net Income Attributable to Common Stockholders Per Share - Basic $0.28 $0.31 Net Income Attributable to Common Stockholders Per Share - Diluted $0.28 $0.31 Weighted Average Shares of Common Stock Outstanding – Basic 20,646,026 20,597,584 Weighted Average Shares of Common Stock Outstanding - Diluted 21,019,289 20,973,610

 
newlake.comOTCQX: NLCP 22 Non-GAAP Financial Information The table below is a reconciliation of net income attributable to common stockholders to FFO and AFFO for the three months ended March 31, 2026, and 2025, (in thousands, except share and per share amounts) For the Three Months Ended March 31, (In thousands, except share amounts) 2026 2025 Net Income Attributable to Common Stockholders $5,775 $6,297 Net Income Attributable to Noncontrolling Interests 99 107 Net Income attributable to common stockholders - diluted 5,874 6,404 Adjustments: Real Estate Depreciation and Amortization 3,863 3,879 FFO Attributable to Common Stockholders – diluted $9,737 $10,283 Provision for Current Expected Credit Loss (11) (13) Stock-Based Compensation 299 388 Non-Cash Interest Expense 67 67 Amortization of Straight-Line Rent Expense (1) (1) AFFO Attributable to Common Stockholders - diluted $10,091 $10,724 FFO per share – diluted $0.46 $0.49 AFFO per share – diluted $0.48 $0.51

 
newlake.comOTCQX: NLCP 23 Capital Commitments As of June 30, 2025(1) Tenant Location Site Type Amount Cresco Labs Ohio Dispensary $375 Total $375 (1) $’s in thousands

 
newlake.comOTCQX: NLCP 24 Lease Expiration Schedule(1) 0.8% 0.9% 3.5% 1.3% 35.7% 0.3% 57.5% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter Less than 2% of leases expiring in the next 6 years Year # of Leases Rentable SF Annualized Base Rent SF % ABR % 2026 - - - - - 2027 - - - - - 2028 - - - - - 2029 2 9 0.6% $385 0.8% 2030 - - - - - 2031 2 15 1.0% $432 0.9% 2032 7 39 2.7% $1,698 3.5% 2033 2 10 0.7% $615 1.3% 2034 7 448 30.8% $17,081 35.7% 2035 2 9 0.6% $167 0.3% Thereafter 9 925 63.6% $27,516 57.5% Total 31 1,455 100.0% $47,894 100.0% (1) Data based on operational properties.

 
newlake.comOTCQX: NLCP 25 Cultivation Property List Tenant State City Date Acquired % Leased Square Feet Invested / Committed Capital $ Invested Committed Total $ Total $ PSF Acreage(1) Massachusetts Sterling 10/31/2019 100% 38,380 $9,787,999 - $9,787,999 $255 Prime Wellness(2) Pennsylvania Sinking Springs 10/31/2019 100% 30,625 $10,158,372 - $10,158,372 $332 C3 Industries Connecticut East Hartford 5/8/2024 100% 58,436 $4,973,093 - $4,973,093 $85 C3 Industries Missouri O'Fallon 4/1/2022 100% 94,570 $34,000,000 - $34,000,000 $360 Calypso Pennsylvania Erie 11/1/2021 100% 99,163 $32,013,378 - $32,013,378 $323 The Cannabist Company Illinois Aurora 12/23/2019 100% 32,802 $11,469,139 - $11,469,139 $350 The Cannabist Company Massachusetts Lowell 12/23/2019 100% 38,890 $14,777,302 - $14,777,302 $380 Cresco Labs Illinois Lincoln 12/31/2019 100% 222,455 $50,677,821 - $50,677,821 $228 Curaleaf Florida Mt. Dora 8/31/21 100% 417,350 $75,983,217 - $75,983,217 $182 CODES Missouri Chaffee 12/20/2021 100% 81,808 $21,132,965 $21,132,965 $258 Mint Arizona Phoenix 3/30/2021 100% 100,758 $21,815,268 - $21,815,268 $209 Trulieve Pennsylvania Mckeesport 10/31/2019 100% 144,602 $41,500,000 - $41,500,000 $287 Vacant Massachusetts Fitchburg 6/30/2021 0% 145,852 $42,275,000 - $42,275,000 $290 Vacant Pennsylvania Pottsville 6/30/2022 0% 38,031 $15,278,586 - $15,278,586 $402 Vacant Nevada Sparks 6/30/2022 0% 56,536 $13,578,804 - $13,578,804 $240 (1) Guaranteed by Canopy USA. (2) Prime Wellness is an Acreage subsidiary and our lease is guaranteed by Holistic Industries.

 
newlake.comOTCQX: NLCP 26 Dispensary Property List Tenant State City Date Acquired % Leased Square Feet Invested / Committed Capital $ In Place Under Development Total Invested Total Committed Total $ Total $ PSF Budr(1) Connecticut Uncasville 10/31/2019 100% 2,872 $925,751 $322 The Cannabist Company Illinois Chicago 12/23/2019 100% 4,736 $1,127,931 $238 The Cannabist Company Massachusetts Greenfield 12/23/2019 100% 4,290 $2,108,951 $492 Cresco Labs Ohio Proctorville 2/19/2025 100% 5,807 $990,000 $171 Cresco Labs Ohio Bridgeport 4/25/25 100% - 3,508 $500,000 $375,000 $875,000 $223 Curaleaf Illinois Chicago 1/31/2021 100% 5,040 $3,152,185 $625 Curaleaf North Dakota Minot 1/31/2021 100% 4,590 $2,011,530 $438 Curaleaf Connecticut Groton 2/28/2020 100% 11,181 $2,773,755 $248 Curaleaf Pennsylvania King of Prussia 1/31/2020 100% 1,968 $1,752,788 $891 Curaleaf Pennsylvania Brookville 6/12/2025 100% 4,167 $963,811 $231 Curaleaf Illinois Litchfield 1/31/2020 100% 1,851 $540,700 $292 Curaleaf Illinois Morris 1/31/2020 100% 6,100 $1,567,005 $257 Curaleaf Ohio Newark 2/28/2020 100% 7,200 $3,207,606 $446 Curaleaf Pennsylvania Morton 2/28/2020 100% 3,500 $2,111,999 $603 CODES Arkansas Little Rock 1/31/2020 100% 7,592 $1,964,801 $259 PharmaCann Pennsylvania Shamokin 2/28/2020 100% 3,481 $1,200,000 $345 PharmaCann Massachusetts Shrewsbury 2/28/2020 100% 11,116 $1,900,000 $171 PharmaCann Ohio Wapakoneta 11/4/2022 100% 3,735 $1,550,000 $415 Wellgreens California San Diego 12/23/2019 100% 2,470 $4,581,419 $1,855 (1) Guaranteed by GTI

 
Thank You Company Contact: Lisa Meyer CFO, Treasurer and Secretary [email protected] Investor Relations Contact: Valter Pinto / Jack Perkins KCSA Strategic Communications [email protected] (212) 896-1254