NewLake Capital Partners, Inc. reported first-quarter 2025 total revenue of $13.2 million, an increase of 4.8% year-over-year. Adjusted Funds From Operations (AFFO) for the quarter reached $10.7 million, with Funds From Operations (FFO) totaling $10.3 million.
The company declared a first-quarter 2025 cash dividend of $0.43 per share, equivalent to an annualized dividend of $1.72 per share, maintaining an AFFO payout ratio of 84%. This consistent dividend reflects the company's disciplined risk management and portfolio construction.
Regarding tenant issues, Calypso Enterprises' outstanding rent for the first quarter of 2025 was fully collected following a financial restructuring, after applying remaining escrow and security deposits. Revolutionary Clinics, which entered receivership in December 2024, continued to pay approximately 50% of contractual rent, with NewLake entering a stipulation agreement to receive weekly payments and reimbursements for delinquent taxes and utilities. The company has hired a broker to lease the Revolutionary Clinics property. The Revolving Credit Facility's interest rate transitioned from a fixed 5.65% to a variable rate after May 5, 2025.
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