NOVA NET LEASE REIT ANNOUNCES FINANCIAL RESULTS FOR THE PERIOD ENDED MARCH 31 2024

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

TORONTO, May 23, 2024 /CNW/ - Nova Net Lease REIT ("NOVA" or the "REIT") (CSE: NNL.U) (OTCQB: NNLRF), a real estate investment trust focused on delivering attractive financing solutions to quality U.S. Cannabis Operators, and strong risk-adjusted returns to Investors in a tax-efficient structure, today announced its financial results for the three months ended March 31, 2024. The REITs financial results are available on SEDAR+ (www.sedarplus.ca). Results are presented in U.S. dollars.

Results for the first quarter of 2024:

	Three Months ended March 31, 2024
Total Revenues	$                      392,665
General and Administrative Expenses	420,092
Finance Costs	50,278
Interest Income	(22,638)
Share of earnings from Joint Venture	(56,744)
Fair Value Change - Derivative	(47,752)
Fair Value Change – Class B Units	2,000,000
Fair Value Change – Investment Properties	256,192
Total Expenses and Other Income	2,599,428
Net Loss and Comprehensive Loss	$               (2,206,763)

Commenting on first quarter results, CEO Tyson Macdonald said, "The cost savings initiatives adopted by the REIT last year, combined with the addition of the joint venture at the end of 2023, resulted in modest positive earnings on a cash basis for the quarter, despite showing a net loss for Q1 as reported under IFRS."

For further information, please see the Condensed Consolidated Interim Financial Statements for the period ended March 31, 2024, and the related Management's Discussion and Analysis for the same period, which are available on SEDAR+ at www.sedarplus.ca.

Forward-Looking Statements

This press release contains statements that include forward-looking information within the meaning of Canadian securities laws. These forward-looking statements reflect the current expectations of the REIT regarding future events, including statements concerning the ability of the REIT to achieve its stated investment objectives, any future acquisitions and the future success of the platform. In some cases, forward-looking statements can be identified by terms such as "may", "will", "could", "occur", "expect", "anticipate", "believe", "intend", "estimate", "target", "project", "predict", "forecast", "continue", or the negative thereof or other similar expressions concerning matters that are not historical facts.

These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any result expressed or implied by such forward-looking statements, including the risk factors set forth in the REIT's final Prospectus dated December 22, 2021, under the heading "Risk Factors".

Although forward-looking statements contained in this press release are based upon what management of NOVA believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. NOVA undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

SOURCE Nova Net Lease REIT

Stacy Riffe, Chief Financial Officer, Nova Net Lease REIT, Tel: [phone]