NewLake Capital Partners, Inc. (Form: 8-K, Received: 11/06/2025 06:00:59)

0001854964false00018549642025-11-052025-11-05

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported)

___________________________________

NewLake Capital Partners, Inc.

(Exact name of registrant as specified in its charter)

___________________________________


Maryland (State or other jurisdiction of incorporation or organization)	000-56327 (Commission File Number)	83-4400045 (I.R.S. Employer Identification Number)
50 Locust Avenue, First Floor New Canaan, CT 06840
(Address of principal executive offices and zip code)
(203) 594-1402
(Registrant's telephone number, including area code)

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol	Name of each exchange on which registered
N/A	N/A	N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§ 230.405 of this chapter) or Rule 12b-2 Exchange Act. Emerging growth company

(§240.12b-2 of this chapter). ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 - Results of Operations and Financial Condition.

On November 5, 2025, NewLake Capital Partners, Inc. (the "Company") issued a press release announcing its financial results for the third quarter ended September 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1 to this Form 8-K.

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished pursuant to Item 9.01, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section. Furthermore, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished pursuant to Item 9.01, shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the "Securities Act") or the Exchange Act.

Item 7.01 - Regulation FD Disclosure

The Company has posted an updated investor presentation to its website, www.newlake.com. A copy of the slide presentation is attached as Exhibit 99.2 hereto and incorporated herein by reference. The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 furnished pursuant to Item 9.01, shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that section. Furthermore, the information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 furnished pursuant to Item 9.01, shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or the Exchange Act.

Item 9.01 - Financial Statements and Exhibits

(d) The following exhibits are being filed herewith:


Exhibit No.						Description
99.1						Press Release of NewLake Capital Partners, Inc., dated November 5, 2025
99.2						Investor Presentation dated November 6, 2025
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 5th day of November, 2025.


NewLake Capital Partners, Inc

By:			/s/ Lisa Meyer
Name:			Lisa Meyer
Title:			Chief Financial Officer, Treasurer and Secretary

NewLake Capital Partners Reports Third Quarter 2025 Financial Results

Third Quarter 2025 Revenue Totaled $12.6 Million, an Increase of 0.3% Year-Over-Year

Third Quarter 2025 Net Income Attributable to Common Stockholders Totaled $6.7 Million, Funds from Operations Totaled $10.7 Million, and Adjusted Funds from Operations Totaled $11.0 Million

Conference Call and Webcast Scheduled for November 6, 2025, at 11 a.m. Eastern Time

New Canaan, CT, November 05, 2025 /GLOBE NEWSWIRE/ — NewLake Capital Partners, Inc. (OCTQX: NLCP) (the “Company” or “NewLake”), a leading provider of real estate capital to state-licensed cannabis operators, today announced its financial results for the third quarter ended September 30, 2025.

“During the third quarter we remained focused on proactive tenant management while maintaining the strength of our balance sheet,” said Anthony Coniglio, NewLake's President and Chief Executive Officer. “Despite continued cannabis industry headwinds, NewLake is positioned to deliver lasting value for our shareholders.”

Third Quarter 2025 Financial and Operational Highlights

◦Revenue totaled $12.6 million.

◦Net income attributable to common stockholders totaled $6.7 million.

◦Funds From Operations (“FFO”)(1) totaled $10.7 million.

◦Adjusted Funds From Operations (“AFFO”)(1) totaled $11.0 million.

◦Declared a third quarter dividend of $0.43 per share of common stock, equivalent to an annualized dividend $1.72 per common share.

Comparison to the Third Quarter ended September 30, 2024

◦Revenue remained flat at $12.6 million year-over-year.

◦Net income attributable to common stockholders totaled $6.7 million, as compared to $6.4 million.

◦FFO totaled $10.7 million, as compared to $10.3 million, an increase of 3.8% year-over-year.

◦AFFO totaled $11.0 million, as compared to $10.8 million, an increase of 2.4% year-over-year.

◦For the third quarter ended September 30, 2025, the Company declared a dividend of $0.43 per share of common stock, consistent to the third quarter ended September 30, 2024.

Nine Months Ended September 30, 2025 Financial and Operational Highlights

Comparison to the nine months ended September 30, 2024

◦Revenue totaled $38.7 million, as compared to $37.6 million, an increase of 3.0% year-over-year.

◦Net income attributable to common stockholders totaled $20.3 million, as compared to $20.1 million.

◦FFO totaled $32.3 million, as compared to $31.4 million, an increase of 3.0% year-over-year.

◦AFFO totaled $33.2 million, as compared to $32.7 million, an increase of 1.4% year-over-year.

Balance Sheet Highlights as of September 30, 2025

◦Cash and cash equivalents as of September 30, 2025, were $23.6 million, with approximately $1.1 million committed to fund future improvements.

◦Total liquidity of $106.0 million, consisting of cash and cash equivalents and availability under the Company’s Revolving Credit Facility.

◦Gross real estate assets of $432.2 million.

◦1.6% debt to total gross assets and a debt service coverage ratio of approximately 85x.

◦No debt maturity until May 2027.

(1) FFO and AFFO are presented on a dilutive basis.

The following table presents the Company’s investment activity for the nine months ended September 30, 2025 (in thousands):

Tenant

Market

Site Type

Closing Date

Real Estate Acquisition Costs

Cresco Labs

Ohio

Dispensary

February 19, 2025

285

Cresco Labs

Ohio

Dispensary

April 25, 2025

500

Curaleaf (1)

Pennsylvania

Dispensary

June 12, 2025

950

Total

1,735

(1) This dispensary was acquired through a like-kind exchange and was recorded at its fair value. For further details, refer to the “Disposition” section below.

On June 12, 2025, the Company completed a deed-for-deed like-kind exchange with a tenant, involving the transfer of its dispensary located in Mokena, IL for a dispensary located in Brookville, PA. The transaction was structured as a nonmonetary exchange with no cash consideration. Upon completion of the exchange, the Brookville property received by the Company was leased to a current tenant under a new operating lease. The Brookville dispensary was recorded at its estimated fair value of $950 thousand and the Company recognized a de minimis loss on the exchange. For additional details, refer to the acquisition summary in the table above.

Real Estate Commitments

Improvement Allowances

The following table presents the funded and remaining unfunded commitments as of September 30, 2025 (in thousands):


Tenant	Market	Site Type	Closing Date	Funded Commitments		Unfunded Commitments


Cresco Labs	Ohio	Dispensary	February 19, 2025	$	—	$	705
Cresco Labs	Ohio	Dispensary	April 25, 2025	—		375

Total				$	—	$	1,080

Condition of Our Tenants

Pottsville, PA and Sparks, NV Cultivation Facilities

On July 30, 2025, AYR Wellness Inc. (“AYR”), which operated at two of the Company’s properties located in Pottsville, PA and Sparks, NV, announced that it had entered into a restructuring support agreement with its senior noteholders. Under the restructuring support agreement, certain AYR assets and operations will be acquired by the senior noteholders, while the remaining assets and operations, including those at the Company’s leased properties, are to be sold or wound down.

The cultivation properties leased to AYR accounted for approximately 5.9% of the Company’s rental income for the nine months ended September 30, 2025. AYR satisfied its rent obligations through July 2025; however, beginning in August 2025 through the end of the quarter, the Company did not receive rent for its Pottsville, PA and Sparks, NV cultivation properties, which AYR vacated during the quarter. The Company applied approximately $505.1 thousand of AYR’s security deposits toward unpaid rent in the third quarter for the Pottsville and Sparks properties. At the end of the quarter, the combined remaining security deposits held by the Company totaled approximately $408.4

thousand across both properties. The Company intends to enforce all rights available under the applicable lease agreements.

Fitchburg, MA Cultivation Facility

Revolutionary Clinics, Inc. (“Revolutionary Clinics”), which leased the Company’s Fitchburg, MA cultivation property, has experienced operational challenges that impaired its ability to meet contractual rent obligations. Beginning in June 2024, Revolutionary Clinics remitted approximately 50% of rent due. On December 13, 2024, the tenant entered into receivership. In the first quarter of 2025, the Company entered into a stipulation agreement with the court-appointed receiver to receive 50% of contractual rent on a weekly basis, along with weekly reimbursements for certain delinquent real estate taxes and utilities previously paid by the Company until the property was vacated and operations ceased. In July 2025, Revolutionary Clinics vacated the property, and rental payments ceased. The Company has engaged a broker and is actively marketing the property for lease and leasing efforts remain ongoing.

Revolving Credit Facility

As of September 30, 2025, the Company had approximately $7.6 million in borrowings under the Revolving Credit Facility and $82.4 million in funds available to be drawn, subject to sufficient collateral in the borrowing base. The Revolving Credit Facility accrued interest at a fixed rate of 5.65% through May 5, 2025. Commencing May 6, 2025, the Revolving Credit Facility bears interest at a variable rate based upon the greater of (a) the Prime Rate quoted in the Wall Street Journal (Western Edition) plus an applicable margin of 1.0% or (b) 4.75%. As of September 30, 2025, the interest rate was at 8.25%.

The facility is subject to certain liquidity and operating covenants and includes customary representations and warranties, affirmative and negative covenants, and events of default. As of September 30, 2025, the Company was in compliance with the financial covenants under the agreement.

On September 12, 2025, the Company’s Board of Directors declared a third quarter 2025 cash dividend of $0.43 per share of common stock, equivalent to an annualized dividend of $1.72 per share of common stock. The dividend was paid on October 15, 2025, to stockholders of record at the close of business on September 30, 2025, and represents an AFFO payout ratio of 82%.

On October 23, 2025, the Company amended its lease agreements with C3 Industries (“C3”) to modify the terms of both the Hartford and Missouri leases. Under the amended Hartford lease, the Company agreed to pursue a sale of the Hartford property, and in connection with that agreement, C3 is required to reimburse the Company for any shortfall if the sale proceeds are less than the Company’s investment basis. Conversely, if sale proceeds exceed the Company’s basis, a portion of the excess will be paid to C3 as reimbursement for their investment in the property. C3 will continue to pay monthly base rent through the sale date. Upon completion of the sale, a portion of the rent previously allocated to the Hartford property will be reallocated to the Missouri lease, to compensate the Company for a portion of the income no longer received from the Hartford property. C3 will continue to pay this incremental rent under the Missouri lease until the Company invests in new properties with C3 pursuant to its right of first refusal agreement.

Conference Call and Webcast Details:

Management will host a conference call and webcast at 11:00 a.m. Eastern Time on November 6, 2025, to discuss its quarterly financial results and answer questions about the Company's operational and financial highlights for the third quarter ended September 30, 2025.


Event:			NewLake Capital Partners Inc. Third Quarter 2025 Earnings Call
Date:			Thursday, November 6, 2025
Time:			11:00 a.m. Eastern Time
Live Call:			1-877-407-3982 (U.S. Toll-Free) or 1-201-493-6780 (International)
Webcast:			https://ir.newlake.com/news-events/ir-calendar

For interested individuals unable to join the conference call, a dial-in replay of the call will be available until November 20, 2025, and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 13756168.

About NewLake Capital Partners, Inc.

NewLake Capital Partners, Inc. is an internally-managed real estate investment trust that provides real estate capital to state-licensed cannabis operators through sale-leaseback transactions and third-party purchases and funding for build-to-suit projects. NewLake owns a portfolio of 34 properties comprised of 15 cultivation facilities and 19 dispensaries that are leased to single tenants on a triple-net basis. For more information, please visit www.newlake.com.

Forward-Looking Statements

This press release contains “forward-looking statements.” Forward-looking statements can be identified by words like “may,” “will,” “likely,” “should,” “expect,” “anticipate,” “future,” “plan,” “believe,” “intend,” “goal,” “project,” “continue” and similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs and expectations. Forward-looking statements are based on the Company’s current expectations and assumptions regarding capital market conditions, the Company’s business, the economy and other future conditions. All of our statements regarding anticipated growth in our funds from operations, adjusted funds from operations, anticipated market conditions, and results of operations are forward-looking statements. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law.

Use of Non-GAAP Financial Information

FFO and AFFO are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income attributable to common stockholders to FFO and AFFO and definitions of terms are included at the end of this release.

Contact Information:

Chief Financial Officer, Treasurer and Secretary

NewLake Capital Partners, Inc.

Valter Pinto, Managing Director

KCSA Strategic Communications

Ellen Mellody, Senior Vice President

KCSA Strategic Communications

NEWLAKE CAPITAL PARTNERS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)


	September 30, 2025		December 31, 2024
Assets:
Real Estate
Land	$	23,224	$	22,891
Building and Improvements	408,930		408,552
Total Real Estate	432,154		431,443
Less Accumulated Depreciation	(54,698)		(44,709)
Net Real Estate	377,456		386,734
Cash and Cash Equivalents	23,569		20,213
In-Place Lease Intangible Assets, net	16,202		17,794
Loan Receivable, net (Current Expected Credit Loss of $82 and $116, respectively)	4,918		4,884

Other Assets	1,852		1,911
Total Assets	$	423,997	$	431,536

Liabilities and Equity:

Liabilities:
Accounts Payable and Accrued Expenses	$	1,303	$	1,515
Revolving Credit Facility	7,600		7,600

Dividends and Distributions Payable	9,024		9,246
Security Deposits	7,137		8,117
Rent Received in Advance	1,271		684
Other Liabilities	60		402
Total Liabilities	26,395		27,564

Commitments and Contingencies

Equity:
Preferred Stock, $0.01 Par Value, 100,000,000 Shares Authorized, 0 Shares Issued and Outstanding, respectively	—		—
Common Stock, $0.01 Par Value, 400,000,000 Shares Authorized, 20,552,632 and 20,514,583 Shares Issued and Outstanding, respectively	205		205
Additional Paid-In Capital	447,069		446,627
Accumulated Deficit	(56,469)		(50,067)
Total Stockholders' Equity	390,805		396,765

Noncontrolling Interests	6,797		7,207
Total Equity	397,602		403,972

Total Liabilities and Equity	$	423,997	$	431,536

NEWLAKE CAPITAL PARTNERS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share amounts)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Revenue:
Rental Income	$	12,335	$	12,276	$	37,485	$	36,657
Interest Income from Loans	137		134		408		399
Fees and Reimbursables	115		144		835		562
Total Revenue	12,587		12,554		38,728		37,618

Expenses:
Reimbursable Property Expenses	46		128		713		179
Property Carrying Costs	145		—		150		—
Depreciation and Amortization Expense	3,874		3,726		11,634		10,920
General and Administrative Expenses:
Compensation Expense	933		1,169		2,808		3,554
Professional Fees	334		475		1,137		1,120
Other General and Administrative Expenses	350		433		1,314		1,307
Total General and Administrative Expenses	1,617		2,077		5,259		5,981
Total Expenses	5,682		5,931		17,756		17,080

Loss on Sale of Real Estate	—		—		(34)		—
Provision for Current Expected Credit Loss	11		12		34		38

Income From Operations	6,916		6,635		20,972		20,576

Other Income (Expense):
Other Income	97		80		274		262
Interest Expense	(232)		(177)		(616)		(388)
Total Other Income (Expense)	(135)		(97)		(342)		(126)

Net Income	6,781		6,538		20,630		20,450



Net Income Attributable to Noncontrolling Interests	(115)		(116)		(348)		(363)

Net Income Attributable to Common Stockholders	$	6,666	$	6,422	$	20,282	$	20,087

Net Income Attributable to Common Stockholders Per Share - Basic	$	0.32	$	0.31	$	0.98	$	0.98

Net Income Attributable to Common Stockholders Per Share - Diluted	$	0.32	$	0.31	$	0.98	$	0.98

Weighted Average Shares of Common Stock Outstanding - Basic	20,629,562		20,578,838		20,613,788		20,558,754

Weighted Average Shares of Common Stock Outstanding - Diluted	20,995,800		20,975,718		20,981,539		20,956,515

Non-GAAP Financial Information

Funds From Operations

The Company calculates FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition. NAREIT currently defines FFO as follows: net income (loss) (computed in accordance with GAAP) excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by an entity. Other REITs may not define FFO in accordance with the NAREIT definition or may interpret the current NAREIT definition differently and therefore the Company’s computation of FFO may not be comparable to such other REITs.

Adjusted Funds From Operations

The Company calculates AFFO by starting with FFO and adjusting for non-cash and certain non-recurring transactions, including non-cash components of compensation expense and the effect of provisions for credit loss. Other REITs may not define AFFO in the same manner and therefore the Company’s calculation of AFFO may not be comparable to such other REITs. You should not consider FFO and AFFO to be alternatives to net income as a reliable measure of our operating performance; nor should you consider FFO and AFFO to be alternatives to cash flows from operating, investing or financing activities (as defined by GAAP) as measures of liquidity.

The table below is a reconciliation of net income attributable to common stockholders to FFO and AFFO for the three and nine months ended September 30, 2025 and 2024 (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

Net Income Attributable to Common Stockholders	$	6,666	$	6,422	$	20,282	$	20,087
Net Income Attributable to Noncontrolling Interests	115		116		348		363
Net Income	6,781		6,538		20,630		20,450

Adjustments:
Real Estate Depreciation and Amortization	3,870		3,722		11,621		10,907
Loss on Sale of Real Estate	—		—		34		—
FFO Attributable to Common Stockholders - Diluted	10,651		10,260		32,285		31,357


Provision for Current Expected Credit Loss	(11)		(12)		(34)		(38)
Stock-Based Compensation	316		449		750		1,223
Non-cash Interest Expense	67		67		202		202
Amortization of Straight-line Rent Expense	(1)		(1)		(4)		(2)
AFFO Attributable to Common Stockholders - Diluted	$	11,022	$	10,763	$	33,199	$	32,742

FFO per share – Diluted	$	0.51	$	0.49	$	1.54	$	1.50

AFFO per share – Diluted	$	0.52	$	0.51	$	1.58	$	1.56

A Leading Provider of Real Estate Capital To State-Licensed Cannabis Operators November 6, 2025

newlake.comOTCQX: NLCP 2 This presentation has been prepared by NewLake Capital Partners, Inc. (“we”,” “us” or the “Company”) solely for informational purposes. This presentation and related discussion shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities. This presentation contains forward‐looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts, and are often indicated by words such as “anticipates,” “estimates,” “expects,” “intends,” “plans,” “believes,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” “and “could.” Forward looking statements include, among others, statements relating to the Company’s future financial performance, business prospects and strategy, the use of proceeds from our initial public offering, future dividend payments, anticipated financial position, the Company’s acquisition pipeline, liquidity and capital needs and other similar matters. These statements are based on the Company’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. The Company’s actual results may differ materially from those expressed in, or implied by, the forward-looking statements. The Company is providing the information contained herein as of the date of this presentation. Except as required by applicable law, the Company does not plan to update or revise any statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. Safe Harbor Statement Use of Non-GAAP Financial Information Adjusted Funds From Operations (“AFFO”) and Funds From Operations (“FFO”) are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income attributable to common stockholders and participating securities to AFFO and FFO are included in the appendix to this presentation.

newlake.comOTCQX: NLCP 3 Investment Highlights Experienced Team Experienced team with a strong track record investing in cannabis real estate and delivering returns for investors Growth-Oriented Focus Cannabis is positioned for sustained long-term growth and requires significant real estate capital for expansion. Scale and Early Mover Second largest owner of cannabis real estate in the U.S.(1), building relationships and knowledge since 2019 Quality Portfolio Quality portfolio has delivered dividend growth, up 79% since IPO, with 12.3 year weighted average remaining lease term Financial Position Solid financial position provides significant flexibility: $432 million in gross real estate assets, $8 million of debt outstanding on our $90 million credit facility and an 82% AFFO payout ratio Undervalued Compared to Peers At current valuation, NewLake is undervalued compared to REIT peers (1) Based on management estimates of third-party ownership.

newlake.comOTCQX: NLCP 4 By The Numbers(1) Founded in 2019 — 2021 IPO ~$435 Million Deployed — Invested & Committed 82% AFFO Payout Ratio — Strong Dividend Coverage 34 Owned Properties — 12 States, 1.7 Million Square Feet <0.2x Debt to EBITDA — $82 Million Available Credit Facility 13.0% Wtd. Avg. Yield(2) — 2.6% Annual Rent Escalations Note: (1) Data as of September 30, 2025 (2) Based on 31 leased properties 1.2% Annualized G&A Ratio — Low General and Administrative Expenses 12.3 Years Remaining Lease Term(2) — Weighted Average 79% Dividend Growth Since IPO — Q3 2025 vs. Q3 2021 31 Leased Properties — 12 Cultivation, 19 Dispensaries

newlake.comOTCQX: NLCP 5 Experienced Management Team Anthony Coniglio Chief Executive Officer & President, Director Lisa Meyer Chief Financial Officer, Treasurer & Secretary  Founded NewLake in 2019  Former CEO of Primary Capital Mortgage, a residential mortgage company  14 years at J.P. Morgan as an investment banker leading various businesses  Public company director  NewLake CFO since 2022  Former President & CFO of Western Asset Mortgage Capital Corporation, a NYSE- listed REIT  Extensive experience providing financial leadership to various public and private entities in the real estate industry Niki Krear Vice President of Acquisitions  Former financial services experience at William Blair and Maranon Capital  Background in investment banking, private credit, and real estate investing

newlake.comOTCQX: NLCP 6 Experienced Board of Directors Gordon DuGan Chairman of the Board, Independent Director Alan Carr Independent Director Joyce Johnson Independent Director  Co-Founder and Chairman of the Board of Blackbrook Capital  Former Chairman of the Board of INDUS Realty Trust (Nasdaq: INDT)  Former CEO of Gramercy Property Trust, a NYSE-listed triple-net lease REIT  Former CEO of W.P. Carey & CO., a NYSE- listed triple-net lease REIT  Co-Founder and CEO of Drivetrain LLC.  Director at Unit Corporation  Previously served as Director on several other boards in diverse industries including Cazoo Group Ltd.  Former Managing Director at Strategic Value Partners investing in various sectors in North America and Europe  Chairman of Pacific Gate Capital Management, LLC, an investment firm  Former Senior Managing Director and Partner of Relativity Capital, LLC and Managing Director of Cerberus Capital Management, L.P.  Director at Ayr Wellness  Experienced board member for 22 companies

newlake.comOTCQX: NLCP 7 Experienced Board of Directors Continued Peter Martay Independent Director David Weinstein Director  CEO of Pangea Properties, a private apartment REIT that owned more than 13,000 apartments and completed over $500 million in short term bridge loans on numerous property types across the U.S.  Former banker at Bernstein Global Wealth Management, Glencoe Capital and Deutsche Bank  CEO of NewLake from August 2020 – July 2022, Director Since 2019  Former CEO of MPG Office Trust, a NYSE- listed office REIT  10 years at Goldman Sachs as a real estate investment banker and investor  10 years at Belvedere Capital, a real estate investment firm Dina Rollman Independent Director  Counsel at Sperling Kenny Nachwalter  Previous CEO of StrainBrain, an AI-powered technology company revolutionizing cannabis shopping experiences through personalized product recommendations  Member of the founding team and former SVP of Government Affairs at Green Thumb Industries Inc., one of the leading public cannabis companies

newlake.comOTCQX: NLCP 8 NewLake is Focused on a Growing Industry Demand for Real Estate Capital Positions NewLake for Continued Growth Adult-Use & Medical Markets Fully Legal – Adult-use, sales not yet available Fully Legal Medical Legal Limited Medical & Low- THC Hemp Derived Oil $26.4 $29.5 $31.4 $44.4 2022 2023 2024 2029 Bi llio ns Cannabis Industry Near-Term CAGR Source: BDSA • New states issuing medical cannabis licenses (i.e. NE and TX) • Limited medical states expanding programs (i.e. TX and GA) • Strong medical markets transitioning to adult use (i.e. PA and FL) • Adult use states with sales not yet available (i.e. KY, VA, and MN) • Continued growth in currently undersupplied adult use markets (i.e. NY, NJ, OH, and CT) State-Level Growth Catalysts Medical Legal – sales not yet available *NE voters approved medical cannabis; program regulations still in process *TX expended medical program and expect to issue new licenses in December 2025 * *

newlake.comOTCQX: NLCP 9 Continued Acceptance of Cannabis Nationally Americans Increasingly Embrace the Use of Cannabis • 92% of the U.S. population (309 million people) reside in Medical Markets(1,2) • 52% of the U.S. population (176 million people) reside in Adult-Use Markets(2) • 88% of U.S. adults support Adult-Use and/or Medical Cannabis(3) • 140% growth in Americans consuming cannabis in past 10 years(4) • 54% of American adults believe alcohol is more harmful than cannabis(4) Note: population counts based on United States Census Bureau 2023 counts 1) Includes limited medical markets. 2) Includes markets with sales not yet available. 3) Pew Research most recent survey. 4) Source: Monmouth University poll. Changes in Self-Reported Cannabis Use in the U.S. Source: Wiley Library – Society for the Study of Addiction. Note: DND refers to “daily or near-daily users”.

newlake.comOTCQX: NLCP 10 Industry Catalysts at Federal Level Legislative SAFER Banking Act, supported by President Trump, creates easier banking access for operators. STATES Act, supported by President Trump, decriminalizes cannabis and allows States to decide. Administrative DEA has proposed to reschedule cannabis from Schedule 1 to Schedule 3. President Trump stated support for Schedule 3, Adult Use and legislation focused on industry reform. Legal Supreme Court to hear case involving gun rights for state-legal cannabis consumers. Operators, led by David Boies, petitioned the Supreme Court to hear case involving states rights to regulate their own cannabis economies without federal oversight. Catalysts for reform are present across all three branches of Government

newlake.comOTCQX: NLCP 11 Portfolio Overview Early Mover Advantage Created Diverse National Platform • 12 states* • 1.7M square feet* • 15 cultivation assets, 19 dispensaries* • Primarily limited-license jurisdictions Curaleaf 24.1% Cresco 13.8% Trulieve 11.3% C3 8.9% Cannabist 8.6% Calypso 7.3% Acreage 6.5% Mint 6.3% Ayr(2) 6.1% CODES 5.5% PharmaCann 1.2% Budr(3) 0.3% Tenant/Borrower Composition(1) (1) Calculated based on October 2025 annualized monthly contractual rent and includes management fees. (2) Tenant has vacated the property and security deposit is being applied. (3) Guaranteed by GTI. * Represents owned properties

newlake.comOTCQX: NLCP 12 4.9x 4.2x 3.5x 3.2x 2.9x 2.5x FCPT NLCP EPRT BNL O GTY NewLake’s Underwriting Approach Tenant Quality Real Estate In-Depth Industry Knowledge and Proven Underwriting Approach Mitigates Portfolio Risk Focus on strong financial profiles Experienced management teams Ability to raise capital Strong property level cashflows Above market four-wall coverage Most properties in/near major metropolitan areas Estimated Four-Wall2 Coverage Note: Data as of September 30, 2025; based on current rent for leased properties. 1 Cultivation licenses sourced from state reporting and management estimates. 2 NewLake Four Wall coverage is calculated as property-level EBITDA+rent divided by rent. Estimates based on actual Q2 2025 property level financial information, when available, and management estimates based on Tenant reporting. Comparable REIT data based on Essential Properties Trust June 2025 Investor Presentation. 3 Includes one cultivation property owned by a single state entity but managed by an MSO 69% Public 31% Private 92% MSO(3) 8% SSO 92% Vertically Integrated in the State Cannabis Market Emphasis on limited-license jurisdictions Better operating environment for tenant More value created for real estate 129 60 33 21 20 OR WA MA MO PA IL FL Est. # of Cultivation Licenses Operating1 1,682 1,200

newlake.comOTCQX: NLCP 13 Deal Structure & Risk Management Deal Structure • 100% triple net leases • 15-20 year lease terms • Parent company guarantees • Annual escalations • Security deposits • Cross-collateralization and cross-securitization • Ability to substitute to better performing assets • Strategic divestiture of underutilized assets • Third-party construction review Financial Reporting Portfolio Management • All leases require quarterly facility level reporting • Review quarterly financials and annual audited financials • Regular operational update calls with tenants Deal Structure and Active Portfolio Management Proactively Addresses Portfolio Concerns

newlake.comOTCQX: NLCP 14 Tenant Composition by Annualized Base Rent Tenant Annualized Base Rent (%)(1) SF # of Leases Q2 2025(2) Tenant Information Revenue Adj. EBITDA(3) MSO / SSO Curaleaf 24.1% 462,947 10 $314 $65 MSO Cresco Labs 13.8% 232,184 3 $164 $41 MSO Trulieve 11.3% 144,602 1 $302 $111 MSO C3 Industries 8.9% 153,006 2 Private Co Private Co MSO The Cannabist Company 8.6% 83,188 5 $86 $8 MSO Calypso 7.3% 99,163 1 Private Co Private Co SSO Acreage (Canopy USA) 6.5% 69,005 2 Private Co Private Co MSO Mint 6.3% 100,758 1 Private Co Private Co MSO Ayr Wellness(4) 6.1% 94,566 2 N/A N/A MSO CODES(5) 5.5% 89,400 2 Private Co Private Co MSO PharmaCann 1.2% 18,332 3 Private Co Private Co MSO Budr(6) 0.3% 2,872 1 Private Co Private Co MSO Note: NewLake data is as of September 30, 2025, unless otherwise noted 1) Calculated based on October 2025 annualized monthly contractual rent and includes management fees. 2) U.S dollars in millions, based on each company’s public securities filings and earnings release, available at www.sec.gov or www.sedar.com. 3) Adjusted EBITDA is a non-GAAP financial measure utilized in the industry. For definitions and reconciliations of Adjusted EBITDA to net income, see each company’s public securities filings. 4) Tenant has vacated the property and security deposit is being applied. 5) Single state entities managed by an MSO; previously Organic Remedies and Greenlight. 6) Guaranteed by GTI.

newlake.comOTCQX: NLCP 15 Portfolio Composition by State State Annualized Base Rent (%)(1) Square Feet # of Properties Cultivation Dispensary Total Cultivation Dispensary Pennsylvania(2) 26.7% 312,421 13,116 325,537 4 4 Florida 19.8% 417,350 - 417,350 1 - Illinois 18.2% 255,257 17,727 272,984 2 4 Missouri 12.5% 176,378 - 176,378 2 - Massachusetts(3) 8.0% 77,270 15,406 92,676 2 2 Arizona 6.3% 100,758 - 100,758 1 - Nevada(2) 2.9% 56,536 - 56,536 1 - Connecticut 2.4% 58,436 14,053 72,489 1 2 Ohio 1.3% - 20,249 20,249 - 4 California 1.0% - 2,470 2,470 - 1 Arkansas 0.5% - 7,592 7,592 - 1 North Dakota 0.5% - 4,590 4,590 - 1 1) Calculated based on October 2025 annualized monthly contractual rent and includes management fees. 2) Includes security deposit applied to one vacated property in PA and one vacated property in NV. 3) Excludes one vacant cultivation property.

newlake.comOTCQX: NLCP 16 Financial Overview Stockholders’ Equity $391 Million Invested & Committed Capital $435 Million Cash $24 Million Debt $8 Million Market Capitalization1 $268 Million Stock Price1 $13.02 Dividend Yield2 13.2% Common Shares Outstanding 20,552,632 Book Value per share $19.01 3Q25 Annualized Dividend3 $1.72 Target AFFO Payout Ratio 80% - 90% 3Q25 Revenue Annualized4 $50.3 Million G&A Expense Ratio Annualized5 1.2% Key Data Dividend Growth per Share Note: Data is as of September 30, 2025, unless otherwise noted 1 Based on the Nov 4, 2025, closing price. 2 Calculated as Q3 2025 annualized dividend divided by the Nov 4, 2025, closing stock price. 3 Annualized based on Q3 2025 dividend of $0.43 per common share, declared on September 12, 2025. 4 Annualized revenue is calculated using actual revenue for the three months ended September 30, 2025. 5 Calculated using annualized General and Administrative Expense, excluding stock-based compensation, for the three months ending September 30, 2025, over Total Assets as of September 30, 2025. $0.43 $0.43 $0.43 $0.43 $0.43 $0.43 $0.41 $0.40 $0.39 $0.39 $0.39 $0.39 $0.37 $0.35 $0.33 $0.31 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21

newlake.comOTCQX: NLCP 17 6.3x 7.3x 13.0x 5.9x NLCP IIPR Non-Cannabis REIT Peers Cannabis Mortgage REIT Peers AFFO Multiple(1) 1.9% 18.3% 83.5% 43.3% NLCP IIPR Non-Cannabis REIT Peers Cannabis Mortgage REIT Peers Q3 Debt / Equity Undervalued vs. REIT Peers 1) Calculated using the November 4, 2025 closing stock price divided by Q3 annualized AFFO 2) Calculated as Q3 2025 annualized dividend divided by the November 4, 2025 closing stock price 3) Average of NNN, PSTL, VICI, FCPT, NTST, EPRT 4) Average of REFI and AFCG, utilizing distributable earnings in place of AFFO; REFI AFFO, debt, and equity as of Q2 (Q3 not yet available) (3) (3) (3) (4) (4) (4) 13.2% 15.3% 5.5% 16.7% NLCP IIPR Non-Cannabis REIT Peers Cannabis Mortgage REIT Peers Dividend Yield as of 11/4/25(2) 82% 111% 98% 71% NLCP IIPR Non-Cannabis REIT Peers Cannabis Mortgage REIT Peers Q3 Payout Ratio (3) (4) 80-90% target

newlake.comOTCQX: NLCP 18 Investment Highlights Experienced Team Experienced team with a strong track record investing in cannabis real estate and delivering returns for investors Growth-Oriented Focus Cannabis is positioned for sustained long-term growth and requires significant real estate capital for expansion. Scale and Early Mover Second largest owner of cannabis real estate in the U.S.(1), building relationships and knowledge since 2019 Quality Portfolio Quality portfolio has delivered dividend growth, up 79% since IPO, with 12.3 year weighted average remaining lease term Financial Position Solid financial position provides significant flexibility: $432 million in gross real estate assets, $8 million of debt outstanding on our $90 million credit facility and an 82% AFFO payout ratio Undervalued Compared to Peers At current valuation, NewLake is undervalued compared to REIT peers (1) Based on management estimates of third-party ownership.

newlake.comOTCQX: NLCP 19 How to Buy Our Stock E-Trade ----------------------------------------------- 800.387.2331 Charles Schwab ------------------------------------ 866.855.9102 Interactive Brokers --------------------------------- 877.442.2757 StoneX ------------------------------------------------ www.stonex.com Roth Capital ----------------------------------------- 800.678.9147 ATB ---------------------------------------------------- atbcm.atb.com BTIG --------------------------------------------------- www.btig.com Jones Trading --------------------------------------- 800.203.6611 Fidelity ------------------------------------------------ 800.972.2155 Ameriprise-------------------------------------------- 800.862.7919 Wells Fargo Advisors------------------------------ 877.573.7997 You can buy NewLake Capital share on the US OTC Markets under the ticker symbol NLCP with the brokers listed below. Note: Brokers are based on the Company's most recent knowledge. Broker policies may change without notice.

Supplemental Information

newlake.comOTCQX: NLCP 21 Quarterly Performance Summary 2025 2024 (In thousands, except share amounts) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Total Revenue $12,587 $12,932 $13,209 $12,514 $12,554 $12,455 $12,608 General and Administrative Expense(1) $1,301 $1,374 $1,832 $1,482 $1,628 $1,424 $1,705 General and Administrative Expense(1)/Total Revenues 10.3% 10.6% 13.9% 11.8% 13.0% 11.4% 13.5% General and Administrative Expense(1)/Total assets 1.2% 1.3% 1.7% 1.4% 1.5% 1.3% 1.6% Net Income Attributable to Common Stockholders $6,666 $7,319 $6,297 $6,029 $6,422 $6,796 6,869 Net Income Attributable to Common Stockholders Per Share - Diluted $0.32 $0.36 $0.31 $0.29 $0.31 $0.33 $0.33 Funds From Operations("FFO") attributable to Common Stockholders - Diluted $10,651 $11,352 $10,283 $9,992 $10,260 $10,540 $10,558 FFO Attributable to Common Stockholders - Diluted $0.51 $0.54 $0.49 $0.47 $049 $0.50 $0.50 Adjusted Funds From Operations ("AFFO") - Diluted $11,022 $11,455 $10,724 $10,949 $10,763 $11,019 $10,960 AFFO Attributable to Common Stockholders - Diluted 0.52 $0.55 $0.51 0.52 $0.51 $0.53 $0.52 Payout Ratio 82% 79% 84% 83% 84% 82% 79% $12,587 $12,932 $13,209 $12,514 $12,554 $12,455 $12,608 3Q25 2Q25 1Q'25 Q4'24' Q3'24' Q2'24 Q1'24' Revenue $0.52 $0.55 $0.51 $0.52 $0.51 $0.53 $0.52 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 1Q'24 AFFO $0.51 $0.54 $0.49 $0.47 $0.49 $0.50 $0.50 Q3'25 Q2'25 Q1'25' Q4'24' Q3'24' Q2'24 1Q'24 FFO

newlake.comOTCQX: NLCP 22 Balance Sheet (In thousands, except share amounts) September 30, 2025 December 31, 2024 Assets: Real Estate Land $23,224 $22,891 Building and Improvements 408,930 408,552 Total Real Estate 432,154 431,443 Less Accumulated Depreciation (54,698) (44,709) Net Real Estate 377,456 386,734 Cash and Cash Equivalents 23,569 20,213 In-Place Lease Intangible Assets, net 16,202 17,794 Loan Receivable, net (Current Expected Credit Loss of $82 and $116, respectively) 4,918 4,884 Other Assets 1,852 1,911 Total Assets $423,997 $431,536 Liabilities and Equity: Liabilities: Accounts Payable and Accrued Expenses $1,303 $1,515 Revolving Credit Facility 7,600 7,600 Dividends and Distributions Payable 9,024 9,246 Security Deposits 7,137 8,117 Rent Received in Advance 1,271 684 Other Liabilities 60 402 Total Liabilities 26,395 27,564 Commitments and Contingencies Equity: Preferred Stock, $0.01 Par Value, 100,000,000 Shares Authorized, 0 and 0 Shares Issued and Outstanding, Respectively - - Common Stock, $0.01 Par Value, 400,000,000 Shares Authorized, 20,552,632 and 20,514,583 Shares Issued and Outstanding, Respectively 205 205 Additional Paid-In Capital 447,069 446,627 Accumulated Deficit (56,469) (50,067) Total Stockholders' Equity 390,805 396,765 Noncontrolling Interests 6,797 7,207 Total Equity 397,602 403,972 Total Liabilities and Equity 423,997 431,536

newlake.comOTCQX: NLCP 23 Statement of Operations For the Three Months Ended September 30, For the Nine Months Ended June 30, (In thousands, except share amounts) 2025 2024 2025 2024 Revenue: Rental Income $12,335 $12,276 37,485 $36,657 Interest Income from Loans 137 134 408 399 Fees and Reimbursables 115 144 835 562 Total Revenue 12,587 12,554 38,728 37,618 Expenses: Reimbursable Property Expenses 46 128 713 179 Property Carrying Costs 145 - 150 - Depreciation and Amortization Expense 3,874 3,726 11,634 10,920 General and Administrative Expenses: Compensation Expense 933 1,169 2,808 3,554 Professional Fees 334 475 1,137 1,120 Other General and Administrative Expenses 350 433 1,314 1,307 Total General and Administrative Expenses 1,617 2,077 5,259 5,981 Total Expenses 5,682 5,931 17,756 17,080 Loss on Sale of Real Estate - - (34) - Provision for Current Expected Credit Loss 11 12 34 38 Income From Operations 6,916 6,635 20,972 20,576 Other Income (Expense): 97 80 274 262 Interest Expense (232) (177) (616) (388) Total Other Income (Expense) (135) (97) (342) (126) Net Income 6,781 6,538 20,630 20,450 Net Income Attributable to Noncontrolling Interests (115) (116) (348) (363) Net Income Attributable to Common Stockholders 6,666 $6,422 20,282 $20,087 Net Income Attributable to Common Stockholders Per Share - Basic $0.32 $0.31 $0.98 $0.98 Net Income Attributable to Common Stockholders Per Share - Diluted $0.32 $0.31 $0.98 $0.98 Weighted Average Shares of Common Stock Outstanding – Basic 20,629,562 20,578,838 20,613,788 20,558,754 Weighted Average Shares of Common Stock Outstanding - Diluted 20,995,800 20,975,718 20,981,539 20,956,515

newlake.comOTCQX: NLCP 24 Non-GAAP Financial Information The table below is a reconciliation of net income attributable to common stockholders to FFO and AFFO for the three and nine months ended September 30, 2025, and 2024, (in thousands, except share and per share amounts) For the Three Months Ended September 30, For the Nine Months Ended June 30, (In thousands, except share amounts) 2025 2024 2025 2024 Net Income Attributable to Common Stockholders $6,666 $6,422 $20,282 $20,087 Net Income Attributable to Noncontrolling Interests 115 116 348 363 Net Income attributable to common stockholders - diluted 6,781 6,538 20,630 20,450 Adjustments: Real Estate Depreciation and Amortization 3,870 3,722 11,621 10,907 Loss on Sale of Real Estate - - 34 - FFO Attributable to Common Stockholders – diluted $10,651 $10,260 $32,285 $31,357 Provision for Current Expected Credit Loss (11) (12) (34) (38) Stock-Based Compensation 316 449 750 1,223 Non-Cash Interest Expense 67 67 202 202 Amortization of Straight-Line Rent Expense (1) (1) (4) (2) AFFO Attributable to Common Stockholders - diluted $11,022 $10,763 $33,199 $32,742 FFO per share – diluted $0.51 $0.49 $1.54 $1.50 AFFO per share – diluted $0.52 $0.51 $1.58 $1.56

newlake.comOTCQX: NLCP 25 Capital Commitments As of June 30, 2025(1) Tenant Location Site Type Amount Cresco Labs Ohio Dispensary $375 Cresco Labs Ohio Dispensary $705 Total $1,080 (1) $’s in thousands

newlake.comOTCQX: NLCP 26 Lease Expiration Schedule(1) 1.9% 0.9% 3.5% 1.3% 34.3% 58.1% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter Less than 3% of leases expiring in the next 6 years Year # of Leases Rentable SF Annualized Base Rent SF % ABR % 2025 - - - - - 2026 - - - - - 2027 - - - - - 2028 - - - - - 2029 3 11 0.8% $891 1.9% 2030 - - - - - 2031 2 15 1.0% $417 0.9% 2032 7 39 2.7% $1,654 3.5% 2033 2 10 0.7% $598 1.3% 2034 6 446 30.6% $16,055 34.3% Thereafter 11 934 64.2% $27,207 58.1% Total 31 1,455 100.0% $46,821 100.0% (1) Data based on operational properties.

newlake.comOTCQX: NLCP 27 Cultivation Property List Tenant State City Date Acquired % Leased Square Feet Invested / Committed Capital $ In Place Invested Committed Total $ Total $ PSF Acreage Massachusetts Sterling 10/31/2019 100% 38,380 $9,787,999 - $9,787,999 $255 Acreage Pennsylvania Sinking Springs 10/31/2019 100% 30,625 $10,158,372 - $10,158,372 $332 Ayr Wellness(1) Pennsylvania Pottsville 6/30/2022 100% 38,031 $15,278,586 - $15,278,586 $402 Ayr Wellness(1) Nevada Sparks 6/30/2022 100% 56,536 $13,578,804 - $13,578,804 $240 C3 Industries(2) Connecticut East Hartford 5/8/2024 100% 58,436 $4,973,093 - $4,973,093 $85 C3 Industries Missouri O'Fallon 4/1/2022 100% 94,570 $34,000,000 - $34,000,000 $360 Calypso Pennsylvania Erie 11/1/2021 100% 99,163 $32,013,378 - $32,013,378 $323 The Cannabist Company Illinois Aurora 12/23/2019 100% 32,802 $11,469,139 - $11,469,139 $350 The Cannabist Company Massachusetts Lowell 12/23/2019 100% 38,890 $14,777,302 - $14,777,302 $380 Cresco Labs Illinois Lincoln 12/31/2019 100% 222,455 $50,677,821 - $50,677,821 $228 Curaleaf Florida Mt. Dora 8/31/21 100% 417,350 $75,983,217 - $75,983,217 $182 CODES(2) Missouri Chaffee 12/20/2021 100% 81,808 $21,132,965 $21,132,965 $258 Mint Arizona Phoenix 3/30/2021 100% 100,758 $21,815,268 - $21,815,268 $209 Trulieve Pennsylvania Mckeesport 10/31/2019 100% 144,602 $41,500,000 - $41,500,000 $287 Vacant Massachusetts Fitchburg 6/30/2021 0% 145,852 $42,275,000 - $42,275,000 $290 (1) Tenant has vacated the property and security deposit is being applied. (2) The Company amended its lease agreement with C3; for details refer to Note 4 – “Leases” in the Company’s September 30, 2025, Form 10Q.

newlake.comOTCQX: NLCP 28 Dispensary Property List Tenant State City Date Acquired % Leased Square Feet Invested / Committed Capital $ In Place Under Development Total Invested Total Committed Total $ Total $ PSF Budr(1) Connecticut Uncasville 10/31/2019 100% 2,872 $925,751 $322 The Cannabist Company Illinois Chicago 12/23/2019 100% 4,736 $1,127,931 $238 The Cannabist Company Massachusetts Greenfield 12/23/2019 100% 4,290 $2,108,951 $492 The Cannabist Company California San Diego 12/23/2019 100% 2,470 $4,581,419 $1,855 Cresco Labs Ohio Proctorville 2/19/2025 100% 5,807(3) $285,000 $705,000 $990,000 $171 Cresco Labs Ohio Bridgeport 4/25/25 100% - 3,508 $500,000 $375,000 $875,000 $223 Curaleaf Illinois Chicago 1/31/2021 100% 5,040 $3,152,185 $625 Curaleaf North Dakota Minot 1/31/2021 100% 4,590 $2,011,530 $438 Curaleaf Connecticut Groton 2/28/2020 100% 11,181 $2,773,755 $248 Curaleaf Pennsylvania King of Prussia 1/31/2020 100% 1,968 $1,752,788 $891 Curaleaf Pennsylvania Brookville 6/12/2025 100% 4,167 $963,811 $231 Curaleaf Illinois Litchfield 1/31/2020 100% 1,851 $540,700 $292 Curaleaf Illinois Morris 1/31/2020 100% 6,100 $1,567,005 $257 Curaleaf Ohio Newark 2/28/2020 100% 7,200 $3,207,606 $446 Curaleaf Pennsylvania Morton 2/28/2020 100% 3,500 $2,111,999 $603 CODES(2) Arkansas Little Rock 1/31/2020 100% 7,592 $1,964,801 $259 PharmaCann Pennsylvania Shamokin 2/28/2020 100% 3,481 $1,200,000 $345 PharmaCann Massachusetts Shrewsbury 2/28/2020 100% 11,116 $1,900,000 $171 PharmaCann Ohio Wapakoneta 11/4/2022 100% 3,735 $1,550,000 $415 (1) Previously owned by Acreage; new tenant guaranteed by GTI (2) Previously owned by Greenlight (3) Property became operational in Q3; TI to be dispersed in Q3

Thank You Company Contact: Lisa Meyer CFO, Treasurer and Secretary Lmeyer@newlake.com Investor Relations Contact: Valter Pinto / Jack Perkins KCSA Strategic Communications NewLake@KCSA.com (212) 896-1254