Added to YB: 2026-08-27
Pitch date: 2026-08-25
NLCP [bullish]
NewLake Capital Partners, Inc.
-0.3%
current return
Author Info
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Company Info
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.
Market Cap
$326.6M
Pitch Price
$15.78
Price Target
24.60 (+56%)
Dividend
10.84%
EV/EBITDA
7.72
P/E
13.45
EV/Sales
6.39
Sector
Industrial REITs
Category
dividend
A 0.88x Book Value, 11% Dividend Yield, 8xFFO & Net Cash REIT - $NLCP
NLCP: Long NLCP: 2nd-largest US cannabis REIT, OTC small-cap, triple-net sale-leasebacks; 0.87x BV, 8x FFO, 11% div ($1.72), net cash ($25.8m cash vs $7.6m debt). Mispricing: market prices up to 7 props vacant (3 available since end-'25 + 4 Cannabist locations, in CCAA restructuring — 8% of portfolio, Vireo acquiring ops Jul'26, still paying) plus fund aversion to cannabis. Not priced: '26 Schedule III reschedule removes 280E for ~half portfolio (improves tenant credit), plus uplisting optionality→re-rate. Risks: 3 tenants=53% rev (Curaleaf 10, Cresco 3, Cannabist 4); cannabis-specific improvements may not fetch book on re-tenanting. Scenarios to FY28: Bear $10 (-37%, 6x FFO, div cut); Base $17.7 (+11%, 9x); Bull $24.6 (+53%, 12x, uplist). Thesis: div-protected downside, upside pure optionality.
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