NOVA NET LEASE REIT ANNOUNCES FINANCIAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2022

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TORONTO, April 6, 2023 /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 year ended December 31, 2022. The Company's financial results are available on SEDAR (www.sedar.com). Results are presented in U.S. dollars.

"We are pleased to present 2022 full-year results as our existing property continues to display the consistency of revenues for cannabis real estate assets notwithstanding the volatility in the broader economy and capital markets" said Tyson Macdonald, President and CEO. "The best-in-class management team and board of trustees of Nova remains singularly focused on delivering value and total returns to unitholders." he added.

Results of operations for the period ended December 31, 2022, represented the REIT's fourth full quarter of rental revenue from its initial investment property, a cannabis cultivation facility in Kalamazoo, Michigan. Revenue for the period ended December 31, 2022, was $1,554,622. General and administrative expenses for the period were $2,960,256 and finance costs of $212,871, a fair value gain on the Class B Units of $9,280,000 and a fair value gain on investment properties of $77,209 resulting in net income of $7,738,704.

For further information, please see the Consolidated Financial Statements for the period ended December 31, 2022, and the related Management's Discussion and Analysis for the same period, which are available on SEDAR at www.sedar.com.

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, continue its operations as a going concern, 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, , the REIT's Annual Information Form for the period from July 27, 2021 to December 31, 2021 and the REIT's Management Discussion and Analysis for the year ended December 31, 2022, in each case, 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]