Ms. Stacy Riffe reports

NOVA NET LEASE REIT ANNOUNCED FINANCIAL RESULTS FOR THE PERIOD ENDED MARCH 31, 2023

Nova Net Lease REIT has released its financial results for the three months ended March 31, 2023. The company's financial results are available on SEDAR. Results are presented in U.S. dollars.

Results of operations for the period ended March 31, 2023, represented the real estate investment trust's fifth full quarter of rental revenue from its initial investment property, a cannabis cultivation facility in Kalamazoo, Mich. Revenue for the period ended March 31, 2023, was $388,655. General and administrative expenses for the period were $563,860 and finance costs were $53,978. The REIT also recognized a fair-value gain on the Class B units of $240,000 and a fair-value loss on investment properties of $39,655, resulting in a net loss of $28,838 for the period ended March 31, 2023.

For further information, please see the Condensed Consolidated Interim Financial Statements for the period ended March 31, 2023, and the related Management's Discussion and Analysis for the same period, which are available on SEDAR at www.sedar.com.

We seek Safe Harbor.