NewLake Capital Q3 revenue misses estimates on rental income loss
NLCP•NLCP•NLCP•NLCP•NewLake Capital's third-quarter revenue fell 4.5% year over year to $12 million, below the $12.14 million estimate. Adjusted funds from operations were $10.3 million and beat analyst expectations.
NewLake Capital said third-quarter revenue fell 4.5% year over year to $12 million, missing the $12.14 million analyst estimate. Adjusted funds from operations were $10.3 million and beat expectations; net income was $4.2 million. The company attributed the revenue decline and AFFO decline primarily to lost rental income from three properties available for lease. Rental income from newly acquired dispensary properties and rent escalations partly offset the declines, while additional carrying costs for available properties contributed to the AFFO decline. The company did not provide specific financial guidance for upcoming quarters or the full year.
