NewLake Capital Partners, Inc. (NLCP) Q4 2025 Earnings Call Transcript

SA Transcripts158.86K FollowersFollow5ShareSaveCommentsQ4: 2026-03-05 Earnings SummaryInsightsTranscript InsightsPlay CallPlay CallEPS of $0.30 misses by $0.02 | Revenue of $12.34M (-1.37% Y/Y) misses by $154.00K NewLake Capital Partners, Inc. (NLCP) Q4 2025 Earnings Call March 6, 2026 11:00 AM EST Company Participants Gordon DuGanAnthony Coniglio - President, CEO & DirectorLisa Meyer - CFO, Treasurer & Secretary Conference Call Participants Jack Perkins - Kanan, Corbin, Schupak & Aronow, Inc.Pablo Zuanic - Zuanic & AssociatesCraig Kucera - Lucid Capital Markets, LLC, Research Division Presentation Operator Good morning, and welcome to the NewLake Capital Partners Fourth Quarter and Full Year 2025 Earnings Conference Call. Today's call is being recorded. I will now turn the call over to Jack Perkins, Investor Relations. Jack PerkinsKanan, Corbin, Schupak & Aronow, Inc. Thank you, operator, and good morning, everyone. Joining me today are Gordon DuGan, Chairman; Anthony Coniglio, President and Chief Executive Officer; and Lisa Meyer, Chief Financial Officer. Before we begin, please note that certain statements made during today's call may be considered forward-looking under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to various risks and uncertainties. We will also reference non-GAAP measures, including FFO and AFFO. Reconciliations to the most direct comparable GAAP measures are included in our earnings release. With that, I'll turn the call over to our Chairman, Gordon DuGan. Gordon DuGan Thank you, Jack, and good morning, everyone. We are very pleased with our fourth quarter and full year 2025 performance delivered against a backdrop that remains challenging for the cannabis industry with continued capital scarcity and inconsistent operator execution. For the year, we generated $51 million of revenue, $44 million of AFFO and returned $1.72 per share in dividends from our $2.09 per share of AFFO, highlighting the cash flow generation of our business. Since our IPO in 2021, we have paid $6.86 per share in dividends. Our team remains focused on disciplined risk management, re-tenanting where necessary and sourcing high-quality