NewLake Capital Partners, Inc.

Our Properties

We seek to acquire specialized real estate assets used for cultivation and processing of cannabis, as well as retail dispensaries that are strategic profit centers for our tenants and are well positioned for the regulatory evolution of the industry. These licensed facilities are critical components of the cannabis industry, particularly in limited-license jurisdictions. As of December 31, 2025, we owned 34 properties comprised of 19 dispensaries and 15 cultivation facilities that are primarily leased to state-licensed cannabis operators, with a weighted average remaining lease term of approximately 12.09 years. Based on invested capital, as of December 31, 2025, our portfolio was comprised of approximately 90.8% cultivation facilities and 9.2% dispensaries.

As of December 31, 2025, we had aggregate unfunded commitments to invest $0.4 million for the development and improvement of our existing dispensary in Ohio. We define these improvement allowances as a commitment pursuant to our lease with the tenant to fund alterations, additions or improvements to the premises. Our leases are generally structured to disburse capital over specified periods of time. The leases also generally contain certain provisions that require tenants to pay rent on the full amount of capital under each lease, whether or not disbursed.

Existing Portfolio. The table below sets forth our property portfolio as of December 31, 2025 (in thousands, except square feet):

(1) Includes estimated rentable square feet at completion of construction.

(2) Includes the purchase price (and in some cases, transaction costs that have been capitalized into the purchase price) and building and improvement commitments funded, if any, as of December 31, 2025. Excludes building and improvement commitments not funded as of December 31, 2025.

(3) Represents gross In-Place Intangibles at acquisition. Does not include accumulated amortization.

(4) This property is classified as Real Estate Held for Sale as of December 31, 2025, in the accompanying Consolidated Balance Sheet.

The following table sets forth a summary of the lease expirations for leases in place as of December 31, 2025 for each of the ten full calendar years beginning January 1, 2026. The information set forth in the table does not assume exercise of renewal options by tenants (square footage and annualized base rent in thousands).

(1) Annualized base rent is calculated by multiplying (i) contractual rental income (including base rent and fees, and excluding reimbursable revenues) for the month ended December 31, 2025, by (ii) 12.

(2) Annualized base rent per leased square foot is calculated by dividing (i) annualized contractual rental income (including base rent and fees, and excluding reimbursable revenues) by (ii) net rentable square feet. Amounts may not recalculate due to rounding.

(3) Includes one lease at a property that was classified as real estate held for sale as of December 31, 2025, since the tenant continued to operate under the existing lease as of December 31, 2025. Does not include three properties which were vacant as of December 31, 2025, since there were no active leases associated with the vacant properties as of December 31, 2025.

We target companies that have successfully navigated complex state regulation and fulfilled rigorous state-licensing requirements. We believe we have been diligent in partnering with a diverse tenant base of experienced operators in limited licensed jurisdictions that have strong management teams. Our tenants have generally demonstrated access to capital, which is critical to continuing to execute on their respective business plans.

As of December 31, 2025, we owned 34 properties, of which 31 were leased to 11 tenants and three were vacant. The following presents the tenant leased properties as of December 31, 2025 (dollars in thousands).

(1) Lease may be with a subsidiary of this entity, for which this entity or an affiliate is a guarantor.

(2) Includes the purchase price (and in some cases, transaction costs that have been capitalized into the purchase price), gross In-Place Lease Intangible Assets and building and improvement commitments funded, if any, as of December 31, 2025. Excludes building and improvement commitments not funded as of December 31, 2025.

(3) Total Investment does not include three vacant properties with an aggregate total investment of approximately$71.7 million.

(4) Annualized Rental Income is calculated by multiplying (i) contractual rental income (including base rent and fee, and excluding reimbursable revenues) for the month ended December 31, 2025, by (ii) 12.

(5) Includes one property classified as real estate held for sale since the tenant continued to operate under the existing lease as of December 31, 2025.

Curaleaf

We own nine dispensaries and one cultivation facility that are leased to subsidiaries of Curaleaf, which is, or an affiliate is, the corporate guarantor. Curaleaf is publicly-traded on the TSX and OTC markets under the symbols CURA and CURLF, respectively. Curaleaf’s filings, including their financial information, are electronically available at www.sec.gov and from the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com, the Canadian equivalent of the SEC electronic document gathering and retrieval system.