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Connecticut-based NewLake Capital Partners (OCTQX: NLCP) on Wednesday reported net income of $26.1 million for the 2024 calendar year, including $6 million in the fourth quarter, which closed Dec. 31. That allowed NewLake to issue a shareholder dividend of $1.70 per share of common stock, the company reported, up 8.3% year-over-year.

The cannabis real estate investment trust’s revenue for 2024 was up 6% year-over-year to $50.1 million from $47.3 million, despite final-quarter revenue decreasing 3.9% year-over-year to $12.5 million. The company attributed the final quarter’s revenue dip to a “one-time non-cash revenue from tenant warrants received in the fourth quarter of 2023 and a subsequent impairment loss.”

That decline was at least partially related to Massachusetts-based Revolutionary Clinics being put into receivership at the end of last year, which meant that it didn’t pay its full-year rent due to NewLake, which cost the company roughly $522,000.

Another problematic tenant was Calypso Enterprises in Pennsylvania, which NewLake said didn’t pay its rent from September to December last year, and is in default. Thus far, however, NewLake hasn’t lost any money because Calypso had an escrow account with roughly six months’ worth of rent payments. NewLake has already tapped that fund for $1.2 million, leaving $446,000 at the end of 2024. NewLake is still in negotiations with Calypso to resolve the matter.

During the most recent quarter, NewLake reauthorized a stock buyback program and also inked a pair of equity distribution agreements with two banks for a $50 million at-the-market program.

The company highlighted its purchase of a Connecticut cannabis grow from C3 Industries for $3.9 million last year and its investment of $15.1 million worth of improvements to four other cultivation facilities it owns.

So far in 2025, NewLake has added another Ohio dispensary to its portfolio for just $276,000, which it’s already leased. On March 4, the NewLake board authorized a first-quarter dividend to shareholders of $0.43 per share.

At the end of 2024, NewLake had $431.5 million in total assets, including $20.2 million in cash, against $27.5 million in total liabilities, with no debt maturities until May 2027.