The following is a summary of the NewLake Capital Partners, Inc. (NLCP) Q3 2024 Earnings Call Transcript:

Financial Performance:

• NewLake Capital reported Q3 2024 total revenue of $12.5 million, marking a 9.3% increase year-over-year.

• Net income attributable to common shareholders totaled $6.4 million, or $0.31 per share.

• AFFO for Q3 was $10.8 million, or $0.51 per share, reflecting a 6.7% increase from Q3 2023.

• The third quarter dividend was declared at $0.43 per share of common stock, fully supported by the portfolio's earnings power.

Business Progress:

• Continued effort to uplist to major exchanges, enhancing stock liquidity and expanding shareholder base.

• Managing underperforming assets like Revolutionary Clinics and Calypso, aiming to stabilize these investments.

• Disbursed $2.6 million on property developments, focusing on long-term asset enhancement.

• Handling the slower rollout of adult-use cannabis in established markets and preparing for eventual shifts in state policies toward adult use.

Opportunities:

• Expansion into new markets such as Kentucky, where recent legislative changes favor the cannabis sector.

• Anticipated cannabis rescheduling from Schedule I to Schedule III, likely reducing tax burdens and promoting industry growth.

Risks:

• Operational challenges due to shifting regulatory environments and slower than expected operational roll-outs in states like New York and Ohio.

• Potential financial risks from tenants like Revolutionary Clinics and Calypso, who have shown inconsistencies in meeting rental agreements.

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