NewLake Capital Partners, Inc. (OCTQX:NLCP) released its financial results for the first quarter ended March 31, 2023, revealing revenue of $11.4 million, a decrease of 6.8% compared to $12.2 million in the prior quarter, and an increase of 12.3% compared to $10.2 million in Q1 2022.

On a sequential basis, total revenue decrease is mainly attributable to one non-performing tenant that failed to pay contractual rent under its lease agreement in the first quarter of 2023. The company held a security deposit of approximately three months of contractual rent, and in the first quarter of 2023, applied 25%, or $315,000, of the security deposit towards the outstanding rent. The company continues to monitor the situation and is in discussions with the tenant …

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