NewLake Capital Partners, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting total revenue of $12.6 million, an increase of 9.3% year-over-year. Adjusted Funds From Operations (AFFO) reached $10.8 million, while Funds From Operations (FFO) totaled $10.3 million.
The company declared a third-quarter cash dividend of $0.43 per share, equivalent to an annualized dividend of $1.72 per share, with an AFFO payout ratio of 84%. This dividend reflects the company's commitment to shareholder returns despite industry volatility.
Tenant challenges persisted, with Revolutionary Clinics paying approximately 50% of contractual rent from June through October 2024. Calypso Enterprises did not pay its September and October contractual rent, leading NewLake to apply $299 thousand from an escrow deposit and suspend a $1.0 million improvement allowance until outstanding rent is paid and the deposit is replenished. As of September 30, 2024, the company had $7.6 million in borrowings under its Revolving Credit Facility and $82.4 million available.
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