NOVA NET LEASE REIT RESCHEDULES THE UPCOMING SPECIAL MEETING AND REMINDS UNITHOLDERS TO CAST THEIR VOTE

/Not for distribution to U.S. newswire services or dissemination in the United States/

TORONTO, Dec. 17, 2024 /CNW/ - Nova Net Lease REIT ("Nova" or the "REIT") (CSE: NNL.U) (OTCQB: NNLRF), a real estate investment trust with investments in cannabis-related properties in the U.S., announced today that it has rescheduled its upcoming special meeting (the "Meeting") of unitholders (the "Unitholders") as a result of the strike by the Canadian Union of Postal Workers (the "Postal Strike") to ensure all Unitholders have the opportunity to vote, including beneficial owners. The Meeting, which was originally scheduled for December 20, 2024, will now be held on Monday, December 30, 2024.

At the Meeting, Unitholders will be asked to approve various matters in connection with its previously announced transaction whereby the REIT will indirectly sell all of the Class A Units of Nova Net Lease Operating LLC to BlueBird Real Estate Holdings, LLC for total gross proceeds of US$3.71 million, and subsequently distribute its net assets to Unitholders and terminate the REIT in accordance with the REIT's declaration of trust (collectively, the "Transaction"). Full details of the Transaction are available in the management information circular for the Meeting.

The REIT reminds and encourages Unitholders to vote ahead of the Meeting. No changes have been, or are expected to be, made to the record date for the Meeting or business to be brought before the Meeting. All proxies submitted to date remain valid. In light of the Postal Strike, Unitholders may not receive their meeting materials (the "Meeting Materials") on time. The REIT is encouraging Unitholders to access the management information circular and related Meeting Materials online and vote by proxy well in advance of the proxy deadline. The proxy deadline has been moved to 10:00 a.m. (Toronto time) on December 26, 2024.

The Meeting is to be held by teleconference on Monday, December 30, 2024 at 10:00 a.m. (Toronto time), unless further adjourned or postponed to a later date. To access the teleconference, dial toll-free: 1 437-703-4645 and use the meeting code: 733 237 051#.

Access to Meeting Materials

Shareholders are encouraged to access the Meeting Materials electronically under the REIT's profile on SEDAR+ at www.sedarplus.ca, or on the REIT's corporate website at https://novanetleasereit.com/special-meeting-materials. In addition, Unitholders may also obtain copies of the Meeting Materials by email or by courier upon request at [email protected].

Voting

Registered Unitholders

Registered Unitholders can vote by completing, signing and dating their form of proxy and returning it to Olympia Trust Company ("Olympia") through one of the following methods:

• on the internet by going to https://css.olympiatrust.com/pxlogin and enter your 12-digit control number shown on your form of proxy;
• by email to [email protected]; or
• by facsimile to [phone].

All proxies must be received by Olympia no later than 10:00 a.m on December 26, 2024.

Beneficial Unitholders

Beneficial Unitholders, being those who hold their investment through a brokerage house, depository company or other intermediary, should contact their brokerage house or depository company or other intermediary and ask to obtain their voting control number and the steps of how to vote, which could include internet voting, completing a form of proxy and emailing it, directing your broker over the phone on how you wish to vote or some other method as described by your brokerage house or depository company.

About Nova

Nova Net Lease REIT is a cross-border real estate investment trust which has investments in cannabis-related properties located in the United States through its operating partnership.

Forward-Looking Information

Certain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws. In some cases, forward-looking information can be identified by such terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts. Some of the specific forward-looking statements in this press release include, but are not limited to, statements with respect to the expected completion of the Transaction, the anticipated benefits of the Transaction to the Unitholders (including the liquidating distribution), the Meeting and the termination of the REIT. There can be no assurance that the Transaction will be completed, or that it will be completed on the terms and conditions contemplated in this press release. The Transaction could be modified or terminated in accordance with its terms.

The REIT has based these forward-looking statements on factors and assumptions about future events and financial trends that it believes may affect its financial condition, financial performance, business strategy and financial needs, including, that the unit purchase agreement for the Transaction will not be amended; and all conditions precedent to completing the Transaction will be met.

Although the forward-looking statements contained in this press release are based upon assumptions that senior officers of the REIT believe are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond the REIT's control, that may cause the REIT's or the industry's actual results, performance, achievements, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those identified in the REIT's materials filed under the REIT's profile at www.sedarplus.ca from time to time and the risk that the conditions to the Transaction will be satisfied.

The forward-looking statements made in this press release relate only to events or information as of the date hereof. Except as required by applicable Canadian law, the REIT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

SOURCE Nova Net Lease REIT

For further information, please contact: Stacy Riffe, Chief Financial Officer, Nova Net Lease REIT, Tel: [phone]