Cannabis REIT NewLake Capital Partners Q2 Revenue Jumps 219% To $6.7M

Cannabis-focused REIT NewLake Capital Partners, Inc. NLCP reported its second-quarter financial results with revenue of $6.7 million, compared to $2.1 million in the same period of 2020. The New Canaan, Connecticut-based company recently closed its initial public offering of 3.91 million common shares at an offering price of $26.00 per share, collecting gross proceeds of around $102 million.

Second Quarter 2021 Financial Highlights and Subsequent Events

• Net income attributable to common shareholders totaled $2.7 million or $0.16 per basic and diluted share as compared to $0.3 million.
• Adjusted funds from operations totaled $4.9 million or $0.28 per basic and diluted share.
• Rental income for the period reached around $6.7 million, compared to approximately $2.1 million.
• Cash and cash equivalents as of June 30, 2021, equaled $76.5 million.
• On August 11, 2021, prior to closing the company’s IPO, the Company declared a special cash dividend on its common stock, dividend equivalents on its restricted stock units and, in its capacity as a general partner of the operating partnership, it authorized distributions on its OP units totaling approximately $2.1 million ($0.12 per share) to shareholders of record on August 11, 2021.

 “We are pleased with the Company’s growth during the second quarter of 2021 and given the capital we recently raised in our Initial Public Offering, we are well-positioned to continue that growth,” David Weinstein, CEO of NewLake Capital Partners said.

Price Action

NewLake Capital Partner’s shares were trading 1.38% lower at $30.00 per share at the time of writing Friday morning.

Photo: Courtesy of Esteban Lopez on Unsplash