NOVA NET LEASE REIT ANNOUNCES RESULTS OF VOTING AT SPECIAL MEETING OF UNITHOLDERS

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TORONTO, Dec. 30, 2024 /CNW/ - Nova Net Lease REIT (the "REIT") (CSE: NNL.U) (OTCQB: NNLRF), a real estate investment trust with investments in cannabis-related properties in the U.S., announced that at the special meeting (the "Special Meeting") of unitholders of the REIT ("Unitholders") held earlier today, Unitholders approved a special resolution (the "Transaction Resolution") 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 (the "Class A Unit Sale"), and subsequently distribute its net assets to Unitholders and terminate the REIT in accordance with the REIT's declaration of trust (collectively, the "Transaction").

Over 56% of the issued and outstanding units of the REIT were voted at the Special Meeting. The resolution approving the Transaction Resolution was passed with 100% of the votes cast in favour of the resolution, as well as 100% of votes cast after excluding votes attached to units beneficially owned or over which control or direction is exercised by Steve Dawson, Katie Barthmaier and their respective affiliates.

The Class A Unit Sale is expected to close on or about January 2, 2025, subject to satisfaction of customary closing conditions. The distribution of the REIT's net assets to Unitholders and the termination of the REIT is expected to occur in the first quarter of 2025.

The REIT's full report of voting results on matters presented at the Special Meeting can be found at www.sedarplus.ca.

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), 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 Executive Officer & Chief Financial Officer, Nova Net Lease REIT, Tel: +1-214-906-4037