The following is a summary of the NewLake Capital Partners, Inc. (NLCP) Q1 2024 Earnings Call Transcript:
Financial Performance:
NewLake Capital Partners showed strong growth in Q1 2024, with a more than 10% increase in AFFO.
Quarterly dividends boosted to $0.41 per share, equal to $1.64 on an annualized basis, following a similar hike in Q4 2023.
The Q1 2024 total revenue amounted to $12.6 million, marking a 10.4% YoY increase.
Net income attributable to common shareholders for Q1 2024 was $6.9 million or $0.33 per share.
Gross real estate assets stand at $420 million, with minimal debt of $4 million.
Business Progress:
NewLake Capital Partners remains committed to its investment strategy, predominantly concentrating on resilient operators in the cannabis sector.
The firm disclosed a new transaction with its existing tenant, C3 Industries, tipped to stimulate future AFFO growth.
With $107 million in liquidity and a robust balance sheet, NewLake is well-equipped to execute its business plans and enhance earnings for its investors.
The possible reclassification of cannabis from Schedule I to Schedule III by the DEA is expected to lower taxes for the company's tenant portfolio, bettering their credit quality and cash flow.
NewLake envisages leveraging industry catalysts by 2024 and continues to consider potential opportunities to uplist to a major exchange.
More details: NewLake Capital Partners, Inc. IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.