As of September 30, 2024, NewLake Capital Partners, Inc. reported total assets of $434.6 million, a slight increase from $433.3 million at the end of 2023. Total real estate assets rose to $430.3 million, up from $412.3 million, while net real estate value increased to $388.8 million from $380.3 million. However, total liabilities also grew to $27.7 million from $21.3 million, primarily due to a significant rise in the revolving credit facility balance, which increased to $7.6 million from $1.0 million.

The company’s total stockholders' equity decreased to $399.7 million from $404.6 million, with an accumulated deficit widening to $(47.0 million) from $(40.9 million). Additional paid-in capital rose slightly to $446.5 million from $445.3 million.

In terms of financial performance, NewLake reported rental income of $12.3 million for Q3 2024, up from $11.3 million in Q3 2023, contributing to total revenue of $12.6 million, an increase from $11.5 million. Year-to-date revenue also saw growth, reaching $37.6 million compared to $34.3 million in the prior year. Total expenses for Q3 2024 were $5.9 million, up from $5.5 million, while income from operations increased to $6.6 million from $6.0 million. Net income for Q3 2024 was $6.5 million, compared to $6.1 million in Q3 2023, with net income attributable to common stockholders rising to $6.4 million from $6.0 million.

For the nine months ended September 30, 2024, net income attributable to common stockholders was $20.1 million, up from $17.6 million in the same period of 2023. The company’s net cash provided by operating activities increased to $32.7 million from $27.6 million year-over-year.

Strategically, NewLake made significant real estate acquisitions, including a cultivation facility in Connecticut for approximately $4.0 million and committed to fund $12.0 million in improvements. The company also funded about $14.0 million towards improvement allowances across four tenants during the nine months ended September 30, 2024. However, it faced challenges with two tenants, Revolutionary Clinics and Calypso Enterprises, who did not meet their rental obligations, impacting overall rental income.

The company declared a cash dividend of $0.43 per share on September 12, 2024, reflecting its ongoing commitment to return value to shareholders. As of September 30, 2024, NewLake had total liquidity of $102.2 million, consisting of $19.8 million in cash and $82.4 million available under its revolving credit facility.