A Leading Provider of Cannabis Capital
NewLake's Underwriting Approach
Industry leading rent collection
Licensing
Emphasis on limited-license jurisdictions
Better operating environment for tenant
Created more value for real estate
Est. # of Licenses Operating¹
Hi
OR WA
New Lake
110
ΜΑ
54
ΜΟ
OTCQX: NLCP
25
PA
21
IL
20
FL
Tenant Quality
Strong financial profiles
64% Public, 36% Private
Vertical Integration Within State
7.5%
■Vertically Integrated
92.5%
■Not Vertical
Note: Data as of September 30, 2023, Data based on Committed Capital
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 2023 property
level financial information, when available, and management estimates based on Tenant reporting. REIT industry data based on Green
Street Advisory Group U.S. Cannabis Sector Primer, November 2022
Real Estate
Strong property level cashflows
Above market four-wall coverage
Most properties in/near major metropolitan areas
Estimated Four-Wall2 Coverage
9.8x
4.0x
3.5x
3.3x
2.9x
2.5x
NLCP NLCP Ground Hospital Gaming Net Lease
Retail Cultivation Lease
newlake.com
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