Cannabis REIT NewLake Capital Partners, Inc. (OCTQX: NLCP) announced its financial results on Monday for the fourth quarter and full year ended Dec. 31, 2023.
The Connecticut-based company reported a 6.4% year-over-year increase in revenue to $13 million in the fourth quarter. Full-year revenue totaled $47.3 million, representing an increase of 5.1% year-over-year.
“In 2023, we generated record revenue of $47.3 million, record AFFO of $40.7 million, and paid out $33.0 million or $1.57 per share in dividends to shareholders,” said Anthony Coniglio, the company’s president and CEO. “During a very challenging environment for the cannabis industry, we were able to grow our dividend distributions by 9.0% year-over-year and for the first quarter of 2024 raised our quarterly dividend from $0.40 to $0.41 per share.”
Q4 2023 Financial Highlights
Net income attributable to common stockholders totaled $7 …