Ms. Stacy Riffe reports

NOVA NET LEASE REIT ANNOUNCES FINANCIAL RESULTS FOR THE PERIOD ENDED JUNE 30, 2023

Nova Net Lease REIT has released its financial results for the three months ended June 30, 2023. The company's financial results are available on SEDAR+. Results are presented in United States dollars.

Results of operations for the period ended June 30, 2023, represented the REIT's sixth full quarter of rental revenue from its initial investment property, a cannabis cultivation facility in Kalamazoo, Mich. Revenue for the period ended June 30, 2023, was $388,656. General and administrative expenses for the period were $468,464, and finance costs were $36,128. The REIT also recognized a fair value loss on the Class B units of $480,000 and a fair value loss on investment properties of $111,656, resulting in a net loss of $707,592 for the period ended June 30, 2023.

For further information, please see the consolidated financial statements for the period ended June 30, 2023, and the related management's discussion and analysis for the same period, which are available on SEDAR+.

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