NewLake Capital Partners, Inc. · OTC:NLCP
NewLake Capital Partners — Q3 2026 Earnings Presentation
26 slides from NewLake Capital Partners's earnings presentation, Nov 4, 2026
Slide 1: A Leading Provider of Real Estate Capital To State-Licensed Cannabis Operators
A Leading Provider of Real Estate Capital To State-Licensed Cannabis Operators November 4, 2026
Slide 2: Safe Harbor Statement and Use of Non-GAAP Financial Information
newlake.comOTCQX: NLCP 2 This presentation has been prepared by NewLake Capital Partners, Inc. (“we”,” “us” or the “Company”) solely for informational purposes. This presentation and related discussion shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be a
Slide 3: Investment Highlights
newlake.comOTCQX: NLCP 3 Investment Highlights Scale and Early Mover Founded in 2019, NewLake is the second largest owner of cannabis real estate in the U.S.(1) and the only publicly traded REIT focused exclusively on cannabis real estate. Experienced Team One of the most experienced teams focused o
Slide 4: By The Numbers
newlake.comOTCQX: NLCP 4 By The Numbers(1) Founded in 2019 — 2021 IPO ~$440 Million Invested(2) — Deployed & Committed Q3 2026 AFFO Payout Ratio of 88% — Solid Dividend Coverage 37 Owned Properties(2) — 14 States, 1.7 Million Square Feet Debt-Free Balance Sheet $90 Million Credit Facility (4) 13.3%
Slide 5: Experienced Management Team
newlake.comOTCQX: NLCP 5 Experienced Management Team Management Anthony Coniglio President, CEO, & Director Co-Founded NewLake in 2019. Former CEO of Primary Capital Mortgage. 14 years at J.P. Morgan investment banking across multiple business lines. Public company board director. Lisa Meyer CFO, T
Slide 6: Cannabis Rescheduling & Emerging Industry Catalysts
newlake.comOTCQX: NLCP 6 Cannabis Rescheduling & Emerging Industry Catalysts On April 22, 2026, Attorney General Blanche rescheduled medical marijuana to Schedule III, setting off a wave of regulatory, market, and capital tailwinds, including the first-ever NYSE listings of U.S. Cannabis companies.
Slide 7: Focused on a Growing Industry Demand for Real Estate Capital
newlake.comOTCQX: NLCP 7 NewLake is Focused on a Growing Industry Demand for Real Estate Capital Positions NewLake for Continued Growth Adult-Use & Medical Markets $37.6 $40.5 $54.1 2024 2025 2029 Bi llio ns Cannabis Industry Near-Term CAGR Source: BDSA • New states issuing medical cannabis licenses
Slide 8: Continued Acceptance of Cannabis Nationally
newlake.comOTCQX: NLCP 8 Continued Acceptance of Cannabis Nationally Americans Increasingly Embrace the Use of Cannabis • 97% of the U.S. population (323 million people) reside in Medical Markets(1,2) • 53% of the U.S. population (176 million people) reside in Adult-Use Markets(2) • 88% of U.S. adul
Slide 9: Four Engines of AFFO Growth
newlake.comOTCQX: NLCP 9 Four Engines of AFFO Growth 1 2 3 4 Embedded growth requiring no new capital with annual rent escalators averaging 2.6% across the portfolio Annual Rent Escalators Committed capital of $3.25M(1) will generate incremental rental income as capital gets deployed Funding Tenant
Slide 10: Portfolio Overview and Tenant/Borrower Composition
newlake.comOTCQX: NLCP 10 Curaleaf 26.3% Cresco 15.6% Trulieve 12.3% C3 9.8% Calypso 7.9% Mint 6.8% CODES 6.0% Cannabist(2) 4.9% Holistic(3) 3.6% Acreage(4) 3.5% Wellgreens 1.1% Stop 38 Investments(2) 1.0% PharmaCann 0.9% Budr(4) 0.3% Tenant/Borrower Composition(1) Portfolio Overview Early Mover Adv
Slide 11: NewLake's Underwriting Approach
newlake.comOTCQX: NLCP 11 5.2x 4.1x 3.5x 3.2x 2.9x 2.5x FCPT NLCP EPRT BNL O GTY NewLake’s Underwriting Approach Tenant Quality Real Estate In-Depth Industry Knowledge and Proven Underwriting Approach Mitigates Portfolio Risk Focus on strong financial profiles Experienced management teams Ability to
Slide 12: Deal Structure & Risk Management
newlake.comOTCQX: NLCP 12 Deal Structure & Risk Management Deal Structure • 100% triple net leases • 15–20 year lease terms • Parent company guarantees • Annual escalations • Security deposits • Cross-collateralization and cross-securitization • Ability to substitute to better performing assets • St
Slide 13: Tenant Composition by Annualized Base Rent
newlake.comOTCQX: NLCP 13 Tenant Composition by Annualized Base Rent Tenant Annualized Base Rent (%)(1) SF # of Leases Q2 2026(2) Tenant Information Revenue Adj. EBITDA(3) MSO / SSO Curaleaf 26.3% 462,947 10 $340 $70 MSO Cresco Labs 15.6% 235,250 4 $173 $40 MSO Trulieve 12.3% 144,602 1 $271 $98 MSO
Slide 14: Portfolio Composition by State
newlake.comOTCQX: NLCP 14 Portfolio Composition by State State Annualized Base Rent (%)(1) Square Feet # of Properties Cultivation Dispensary Total Cultivation Dispensary Pennsylvania 25.4% 312,421 13,116 325,537 4 4 Florida 21.6% 417,350 - 417,350 1 - Illinois 17.4% 255,257 17,727 272,984 2 4 Misso
Slide 15: Key Data
newlake.comOTCQX: NLCP 15 Stockholders’ Equity $378 Million Invested & Committed Capital $435 Million Cash $18 Million Debt None Market Capitalization1 $281 Million Stock Price1 $13.66 Dividend Yield2 12.6% Common Shares Outstanding 20,580,766 Book Value per share $18.35 3Q26 Annualized Dividend3 $1
Slide 16: Investment Highlights
newlake.comOTCQX: NLCP 16 Investment Highlights Scale and Early Mover Founded in 2019, NewLake is the second largest owner of cannabis real estate in the U.S.(1) and the only publicly traded REIT focused exclusively on cannabis real estate. Experienced Team One of the most experienced teams focused
Slide 17: How to Buy Our Stock
newlake.comOTCQX: NLCP 17 How to Buy Our Stock E-Trade ----------------------------------------------- 800.387.2331 Charles Schwab ------------------------------------ 866.855.9102 Interactive Brokers --------------------------------- 877.442.2757 StoneX ---------------------------------------------
Slide 18: NewLake Supplemental Information
NewLake Supplemental Information
Slide 19: Quarterly Performance Summary
newlake.comOTCQX: NLCP 19 Quarterly Performance Summary 2026 2025 (In thousands, except share amounts) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Total Revenue $12,024 $12,087 $12,309 $12,343 $12,587 $12,932 $13,209 General and Administrative Expense(1) 1,323 $1,564 $1,573 $1,547 $1,301
Slide 20: Balance Sheet
newlake.comOTCQX: NLCP 20 Balance Sheet (In thousands, except share amounts) September 30, 2026 December 31, 2025 Assets: Real Estate Land $23,453 $22,903 Building and Improvements 405,358 404,983 Total Real Estate 428,811 427,886 Less Accumulated Depreciation (68,019) (57,916) Net Real Estate 360,7
Slide 21: Statement of Operations
newlake.comOTCQX: NLCP 21 Statement of Operations For the Three Months Ended September 30, For the Nine Months Ended September 30, (In thousands, except share amounts) 2026 2025 2026 2025 Revenue: Rental Income $11,828 $12,335 $35,376 $37,485 Interest Income from Loans 138 137 415 408 Fees and Reimb
Slide 22: Non-GAAP Financial Information
newlake.comOTCQX: NLCP 22 Non-GAAP Financial Information The table below is a reconciliation of net income attributable to common stockholders to FFO and AFFO for the three and nine months ended September 30, 2026 and 2025, (in thousands, except share and per share amounts) For the Three Months Ende
Slide 23: Lease Expiration Schedule
newlake.comOTCQX: NLCP 23 Lease Expiration Schedule(1) 0.8% 0.9% 3.6% 1.3% 32.8% 0.4% 60.1% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter Less than 2% of leases expiring in the next 6 years Year # of Leases Rentable SF Annualized Base Rent SF % ABR % 2026 - - - - - 2027 - - - - - 2028
Slide 24: Cultivation Property List
newlake.comOTCQX: NLCP 24 Cultivation Property List Tenant State City Date Acquired % Leased Square Feet Invested / Committed Capital $ Invested Committed Total $ Total $ PSF Acreage(1) Massachusetts Sterling 10/24/2019 100% 38,380 $9,787,999 - $9,787,999 $255 Prime Wellness(2) Pennsylvania Sinking
Slide 25: Dispensary Property List
newlake.comOTCQX: NLCP 25 Dispensary Property List Tenant State City Date Acquired % Leased Square Feet Invested / Committed Capital $ In Place Total Invested Total Committed Total $ PSF Budr(1) Connecticut Uncasville 10/30/2019 100% 2,872 $925,751 $322 The Cannabist Company Illinois Chicago 12/24/2
Slide 26: Thank You
Thank You Company Contact: Lisa Meyer CFO, Treasurer and Secretary [email protected] Investor Relations Contact: Valter Pinto / Jack Perkins KCSA Strategic Communications [email protected] (212) 896-1254
NewLake Capital Partners — Q3 2026 Earnings Presentation on 6ix