CA - NewLake Capital Partners Q4: An 8% Yielding REIT You Should Be Loading Up On (Rating Upgrade)
2024-03-23 08:00:00 ET
Summary
- NewLake Capital Partners reported impressive Q4 earnings, beating estimates on both revenue and FFO.
- NLCP demonstrated resilience and the ability to navigate challenges, collecting 100% rent during the fourth quarter.
- The company's healthy balance sheet, low leverage, and growing dividend make it an attractive investment with room for future growth.
- Although their share price has appreciated 13% since my last article, the REIT still trades at less than 10x P/AFFO, below the sector median and direct peer IIPR.
- Although 3 rate cuts are still on the table for 2024, many are still calling for no rate cuts until 2025. If so, this will likely continue to place downward pressure on the company in the near term.