NewLake Capital Partners, Inc. (OTCQX: NLCP) a leading provider of real estate capital to licensed cannabis operators, announced its financial results for the third quarter ended September 30, 2022.
“We are very pleased with our third quarter results and the strength of our business. We announced our sixth straight quarterly dividend increase and delivered significant year-over-year growth with AFFO up 75% from Q3 2021,” said Anthony Coniglio, president and CEO. “While our pipeline of quality cannabis properties remains robust, we can no longer ignore the compelling investment opportunity with our stock trading at such a discount. We have initiated a stock repurchase program demonstrating our strong conviction in the quality of our portfolio and the long-term value of our Company.”
Third Quarter 2022 Financial Highlights, as compared to the second quarter ended June 30, 2022.
- Revenue totaled $12.1 million as compared to $10.5 million, an increase of 15.0% from the prior quarter.
- Net income attributable to common stockholders and participating securities totaled $6.5 million, as compared to $3.8 million.
- Funds from operations diluted totaled $10.3 million, as compared to $6.6 million.
- Adjusted funds from operations-diluted totaled $10.6 million compared to $8.8 million, an increase of 21.4% from the prior quarter.
- Cash and cash equivalents as of September 30, 2022, were $45.0 million, with $4.8 million committed to fund tenant improvements.
Nine Months Ended September 30, 2022 Financial Highlights
- Revenue totaled $32.6 as compared to $19.1 million, an increase of 70.9% year over year.
- Net income attributable to common stockholders and participating securities totaled $15.3 million, as compared to $6.9 million.
- FFO totaled $24.7 million, as compared to $12.7 million.
- AFFO totaled $27.8 million compared to $14.6 million, an increase of 90.9% year-over-year.
Operational Highlights and Subsequent Events
- For the nine months ended September 30, 2022, the Company invested $65.4 million to acquire four cultivation facilities and funded $43.5 million of tenant improvements (“TI”) across seven properties.
- On November 3, 2022, the Company purchased a $1.6 million dispensary in Ohio.
- On November 7, 2022, the Board of Directors of the Company authorized a share repurchase program of its common stock up to $10 million through December 31, 2023.
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Price Check: NewLake Capital shares were trading up $13.79% at $16.50
per share during pre-market trading at the time of this writing Thursday morning.
