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

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