Newlake Cap Partners Inc

Good morning. I will be your conference call operator today. At this time, I would like to welcome everyone to the New Lake Capital Partners fourth quarter and full year 2024 earnings conference call. Today's call is being recorded. I will now turn the call over to Valter Pinto, managing director of KCSA Strategic Communications. Please go ahead.

Thank you, operator. Good morning and welcome, everyone. to the New Lake Capital Partners fourth quarter and full year 2024 earnings conference call. I'm joined today by Gordon Dugan, Chairman, Anthony Coniglio, President and Chief Executive Officer, Lisa Meyer, Chief Financial Officer, and Jared Annenberg, Senior Vice President and Head of Investments. Before we begin, I'd like to remind everyone that statements made during today's conference call may be deemed forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995. and actual results may differ materially due to a variety of risks and uncertainties and other factors. For a detailed discussion of some of the ongoing risks and uncertainties in the company's business, I refer you to the press release issued yesterday and filed with the SEC on Form 8K, as well as the company's 10K and other reports filed periodically with the SEC. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. FFO and AFFO are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income attributable to common shareholders to FFO and AFFO and definitions of terms are included at the end of our press release. Please refer to that press release for more information. The company's guidance is based on current plans and assumptions and subject to the risks and uncertainties more fully described in the company's filings. with the United States Securities and Exchange Commission. This outlook reflects management's view of current and future market conditions, including assumptions such as the pace of future acquisitions and dispositions, rental rates, occupancy levels, leasing activity, uncollectible rents, operating and general administrative expenses, weighted average diluted shares outstanding, and interest rates. With that, it's my pleasure to turn the call over to Mr. Gordon Dugan. Gordon, please go ahead.

Thank you, Walter. And good morning, everyone. I appreciate you joining us today. While 2024 was another challenging year for the cannabis industry, Newlight continued to deliver stable financial results in annual growth for our shareholders across all financial metrics of our business. We achieved growth in AFFO per share of 10% year over year, marking yet another year of sustained growth since our founding in 2019 and our IPO in 2021. We also increased our annual dividends in 2024 to $1.70 per share, an 8% rise over 2023, underscoring our commitment to delivering value to shareholders. These results, despite the ongoing industry challenges, are a testament to the strength of our underwriting process and the capabilities of our team in proactively managing portfolio risks. As we look ahead to 2025, we anticipate continued headwinds for the sector while we await key developments, including the DEA's rescheduling decision, state-level catalysts, and the potential for broader federal reform under a president who has expressed support for the industry. With a strong liquidity position, one of the lowest levels of debt in the REIT industry, I believe the lowest leverage level in the REIT industry, and ample credit capacity, New Lake is well positioned to continue investing prudently in high quality tenants and navigating the evolving landscape. I'd also like to take a moment to welcome Dena Rollman to our Board of Directors. As many of you know, in December we announced that Pete Cadence will retire from the New Lake Board at the end of his current term in June. Pete has been a valued partner and his deep knowledge of the cannabis industry has been invaluable to our success. We thank him for his contributions, and we wish him the best, and we will miss him dearly as Pete is one of the great people in the industry. In preparation for Pete's planned departure, we've added Dena Rollman to our board. Dena brings over a decade of experience in the cannabis industry with recognized leadership in legal and regulatory affairs. She spent nine years at Green Thumb Industries, one of the most well-run cannabis companies in the sector, and we are thrilled to have her join our team. Her insights will be invaluable as legal and regulatory considerations continue to take center stage in shaping the industry's future. With that, I'll turn it over to our CEO, Anthony Coniglio.