NewLake Capital Partners Business Summary

NewLake Capital Partners, Inc. (NLCP) operates as an internally managed real estate investment trust (REIT) specializing in the state-licensed cannabis industry. The company generates revenue primarily through triple-net lease agreements, where tenants are responsible for all property-related expenses, including taxes, insurance, and maintenance. Its business model focuses on providing capital to cannabis operators through sale-leaseback transactions, third-party acquisitions, and build-to-suit projects. As of February 2026, NLCP manages a diversified portfolio of 34 properties across two primary segments: industrial cultivation facilities and retail dispensaries. In the competitive landscape, NLCP competes directly with specialty REITs such as Innovative Industrial Properties (IIPR), Chicago Atlantic Real Estate Finance (REFI), and AFC Gamma (AFCG). NLCP distinguishes itself in the market through a highly conservative capital structure, maintaining significantly lower leverage and a higher dividend yield relative to its larger peers. The leadership team is anchored by President and CEO Anthony Coniglio, a veteran executive with over 30 years of experience, including a tenure as Managing Director at JPMorgan where he led complex financial restructurings and major IPOs. Chief Financial Officer Lisa Meyer provides deep REIT expertise, having previously served as President and CFO of Western Asset Mortgage Capital and as Chief Accounting Officer at NorthStar Realty Finance Corp. The executive team is supported by Niki Krear, Vice President of Acquisitions, who oversees portfolio expansion. The Board of Directors is chaired by Gordon DuGan, former CEO of Gramercy Property Trust, and includes notable industry figures such as Dina Rollman, a former Senior VP at Green Thumb Industries. This leadership pedigree combines institutional Wall Street experience with specialized cannabis regulatory knowledge, positioning the firm as a disciplined institutional partner for multi-state operators.