NewLake Capital Partners, Inc. NLCP released its financial results for the first quarter ended March 31, 2023, revealing revenue of $11.4 million, a decrease of 6.8% compared to $12.2 million in the prior quarter, and an increase of 12.3% compared to $10.2 million in Q1 2022.
On a sequential basis, total revenue decrease is mainly attributable to one non-performing tenant that failed to pay contractual rent under its lease agreement in the first quarter of 2023. The company held a security deposit of approximately three months of contractual rent, and in the first quarter of 2023, applied 25%, or $315,000, of the security deposit towards the outstanding rent. The company continues to monitor the situation and is in discussions with the tenant to negotiate a resolution, which might include rent deferrals or other concessions.
Q1 2023 Financial Highlights
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Net income attributable to common stockholders totaled $5.9 million, as compared to $6.7 million in the previous quarter and $5 million in Q1 2022.
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Funds from operations-diluted totaled $9.5 million, a decrease of 9.4% from the prior quarter, and an increase of 21.1% year-over-year.
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Adjusted funds from operations-diluted totaled $9.9 million, a decrease of 9.0% from the prior quarter, and an increase of 19.6% year-over-year compared to $8.3 million in Q1 2022.
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Cash and cash equivalents as of March 31, 2023, were $41.5 million, with $17.9 million committed to fund tenant improvements.
Anthony Coniglio, president and CEO, stated, “For the first quarter we delivered results in-line with our revenue guidance and maintained our quarterly dividend of $0.39 per share of common stock, resulting in a conservative AFFO payout ratio of 86%. Our team acquired a Missouri property for expansion of an existing facility and took the opportunity to enhance shareholder value by repurchasing nearly 50,000 shares of our common stock at an attractive valuation.”
Dividend
On March 7, 2023, the company declared a first quarter 2023 cash dividend of $0.39 per share of common stock, equivalent to an annualized dividend of $1.56 per share of common stock. The dividend was paid on April 14, 2023 to stockholders of record at the close of business on March 31, 2023.
Photo by Richard T on Unsplash
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