NewLake Capital Partners Q3 2026 Results: $12M Revenue, $10.3M Adjusted FFO and Zero Debt

By Nicolás Rodríguez, Managing Editor

NewLake Capital Partners (OTCQX: NLCP), a real estate investment trust specializing in cannabis properties, reported third-quarter 2026 revenue of approximately $12 million, net income of $4.2 million, and adjusted funds from operations (AFFO) of $10.3 million, or $0.49 per share.

Funds from operations (FFO) totaled approximately $10 million. The company ended September with $17.9 million in cash and no outstanding debt after repaying $7.6 million during the quarter.

NewLake reported a 99.7% rent collection rate, reflecting continued payments from its cannabis industry tenants despite financial pressures across several state markets.

The company maintained its quarterly dividend of $0.43 per share, equivalent to $1.72 annually. Its third-quarter AFFO of $0.49 per share exceeded the quarterly dividend, providing coverage of approximately 1.14 times.

Acquisitions and Capital Allocation

During the quarter, NewLake expanded its property portfolio through dispensary acquisitions in Kentucky and Michigan. The investments support its strategy of acquiring cannabis properties and leasing them to licensed operators.

The company also extended its share repurchase authorization through December 2028, preserving flexibility to allocate capital between property acquisitions and stock buybacks.

NewLake’s debt-free balance sheet distinguishes it from many cannabis businesses that continue to face elevated borrowing costs and limited access to traditional financing.

For investors, the company’s results highlight the importance of rental income, tenant creditworthiness and dividend coverage in evaluating cannabis-focused real estate investments.

Cannabis financing, real estate investment, and the regulatory developments shaping access to capital will be among the topics discussed at IgniteIt’s Capital & Policy Summit in Washington, D.C. on November 18.