NewLake Capital Partners, Inc. reported second-quarter 2025 total revenue of $12.9 million, an increase of 3.8% year-over-year, and Adjusted Funds From Operations (AFFO) of $11.5 million, a 4% increase. For the six months ended June 30, 2025, total revenue rose 4.3% to $26.1 million.
The company declared a second-quarter 2025 cash dividend of $0.43 per share, equivalent to an annualized dividend of $1.72 per share, with an AFFO payout ratio of 79%. As of June 30, 2025, the company had $7.6 million in borrowings under its Revolving Credit Facility, which now bears a variable interest rate of 8.50% after May 5, 2025.
NewLake completed a deed-for-deed like-kind exchange on June 12, 2025, swapping its Mokena, IL dispensary for a dispensary in Brookville, PA, which was recorded at an estimated fair value of $950 thousand. Revolutionary Clinics, which had been paying 50% rent, vacated its Massachusetts facility in July 2025, leading to an estimated revenue reduction of $0.017 per share per quarter until re-leased, with re-leasing efforts ongoing.
A significant new tenant challenge emerged as AYR Wellness Inc., representing approximately 5.9% of the company’s rental revenue, announced a restructuring on July 30, 2025. As of August 6, 2025, NewLake had not received August rent payments from AYR Wellness, though it holds security deposits equal to approximately 3.5 months of rent for each of the two affected properties. The company intends to enforce all lease rights.
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