NewLake Capital Partners, Inc. Enters Lease Amendment and Forbearance Agreement with Revolutionary Clinics
November 01, 2023 at 04:30 pm EDT
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NewLake Capital Partners, Inc. announced that in connection with Revolutionary Clinics (?Rev Clinics?) raising new third-party capital, NewLake entered into a lease amendment and forbearance agreement (the ?Agreements?) for its existing lease with Rev Clinics on NewLake?s 145,852 square foot cultivation facility in Massachusetts, where Rev Clinics is the sole tenant. Under the terms of the Agreements NewLake recovered a portion of unpaid rent, extended the lease term by five years, reduced future monthly rental payments and received up to 9.95% of equity in Rev Clinics in the form of warrants. The tenant has paid October and November rent at the lower monthly amount.
Future rental payments may increase as certain financial metrics are achieved for the tenants? business.
NewLake Capital Partners, Inc. is an internally-managed real estate investment trust that provides real estate capital to state-licensed cannabis operators through sale-leaseback transactions and third-party purchases and funding for build-to-suit projects. The Company supplies necessary real estate capital primarily to companies that cultivate, produce and/or dispense cannabis. The Company owns a portfolio of approximately 31 properties comprised of 14 cultivation facilities and 17 dispensaries. The Company's properties are leased to single tenants on a long-term, triple-net basis, which obligates the tenant to be responsible for the ongoing expenses of a property, in addition to its rent obligations. Its properties are located in Florida, Pennsylvania, Illinois, Massachusetts, Missouri, Nevada, Arizona, California, Ohio, North Dakota, Arkansas and Connecticut.
NEWLAKE CAPITAL PARTNERS, INC. 
