NewLake Archives - Green Market Report

StaffJuly 8, 2022


Cannabis REIT NewLake Capital Partners, Inc. (OTCQX: NLCP) reported $50 million of investments across three properties, marking the full commitment of capital raised during the company’s initial public offering (IPO). NewLake acquired two properties from a leading publicly-traded U.S. multi-state cannabis operator (MSO) and amended its existing lease with another leading publicly-traded U.S. MSO to fund an already completed expansion. As of June 30, 2022, NewLake has approximately $28.7 million of unfunded commitments.

The two properties NewLake acquired include an approximately 38,000 square-foot operational cultivation facility in Pennsylvania for $14.5 million and an approximately 56,500 square-foot operational cultivation facility in Nevada, a new market for NewLake, for $13.6 million. NewLake is also providing an additional $750,000 for tenant improvements at the Pennsylvania property. NewLake’s $21.0 million investment in an existing operational cultivation facility funded an approximately 50,000 square foot expansion as well as other capital improvements at the site.

“We are excited to announce these transactions, where 98% of our capital commitment was funded at closing. Through these transactions, we have added a new publicly-traded MSO Tenant partner, a new market to NewLake’s portfolio, and taken advantage of built-in growth in our portfolio,” said David Weinstein, NewLake’s Chief Executive Officer. “With capital available from our credit facility, we continue to have runway to invest in the U.S. cannabis industry.”

First Quarter Earnings

In May, the company reported total revenue in the first quarter of 2022 as $10.2 million. Rental Income increased by approximately $4.8 million, to approximately $9.2 million, compared to approximately $4.4 million.

The company said the increase in Rental Income was primarily attributable to:

  • The nineteen properties acquired in March 2021 in connection with the merger generated an increase of approximately $2.7 million of Rental Income during the three months ended March 31, 2022.
  • The four properties acquired after the first quarter of 2021 generated approximately $2.0 million of Rental Income during the three months ended March 31, 2022.
  • Rental Income from the pre-merger portfolio properties generated an increase of approximately $0.1 million of rental income during the three months ended March 31, 2022.

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