NewLake Capital Partners, Inc. reported full-year 2024 revenue of $50.1 million, a 6.0% increase year-over-year, and full-year Adjusted Funds From Operations (AFFO) of $43.7 million, a 7.5% increase. For the fourth quarter of 2024, revenue totaled $12.5 million and AFFO was $10.9 million.
The company's board of directors increased the annual dividend to $1.70 per share for 2024, an 8.3% increase over 2023, underscoring its commitment to shareholder value. The first-quarter 2025 cash dividend was declared at $0.43 per share, equivalent to an annualized $1.72 per share, with a full-year 2024 AFFO payout ratio of 82%.
Tenant issues continued, with Revolutionary Clinics entering receivership on December 13, 2024, after paying approximately 50% of contractual rent from June through December 2024. This led to an impairment loss on warrants of $522 thousand. Calypso Enterprises did not pay rent from September through December 2024, resulting in the application of $1.2 million from its escrow deposit and the suspension of a $987 thousand improvement allowance.
NewLake also announced the extension of its stock repurchase program through December 31, 2026, with approximately $8.2 million remaining available. The company established an At The Market (ATM) Equity Program in June 2024, with an aggregate offering amount of up to $50.0 million, though no shares had been issued as of December 31, 2024. The company's portfolio expanded to 33 properties, including 15 cultivation facilities and 18 dispensaries, reflecting an acquisition of an Ohio dispensary in February 2025.
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