NewLake Capital Q2 revenue falls as rental income declines
NLCP•Key details
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | Slight Beat* | $12.10 mln | $11.99 mln (3 Analysts) |
| Q2 Net Income Attributable to Common Stockholder | $5.90 mln | ||
| Q2 Adjusted FFO | $10.30 mln | ||
| Q2 FFO | $9.90 mln | ||
| Q2 Dividend | $0.43 |
*Applies to a deviation of less than 1%; not applicable for per-share numbers.
Analyst coverage
- The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell".
- The average consensus recommendation for the real estate rental, development & operations peer group is "buy".
- Wall Street's median 12-month price target for NewLake Capital Partners Inc is $17.50, about 11.1% above its August 4 closing price of $15.75.
- The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 12 three months ago.
Quarterly results
- NewLake Capital Partners Inc's Q2 revenue slightly beat analyst expectations, but fell 6.5% year over year.
- Q2 adjusted FFO totaled $10.3 million, or $0.49 per share of common stock.
- Revenue decline was driven by loss of rental income from three properties available for lease.
