Not for distribution to
"We are pleased with this quarter's 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
Results of operations for the period ended
For further information, please see the Condensed Interim Consolidated Financial Statements for the period ended
- Management continues to pursue multiple investment opportunities amid positive fundamental developments across the US cannabis real estate sector despite the challenging capital markets for cannabis issuers and the broader REIT sector.
- NOVA's existing property is well positioned for the current macro conditions as the lease structure of the REIT's
Kalamazoo property includes rental rate escalations tied to CPI – the REIT strives to negotiate similar terms in potential follow-on acquisitions. - The REIT's acquisition pipeline remains robust and well diversified across property type, tenant and geography, now sitting at over
US$800 million . - Given the current capital market environment the REIT is prioritizing opportunities with like-minded vendors who are excited to pursue investing alongside the REIT, similar to owners of Cloud Cannabis, who see the attractive opportunity in an early-stage REIT.
- The REIT currently has a Net Asset Value (1) of
$ 11,467,842 , which equates to$0.766 per unit (2) which demonstrates the underlying value in the REIT's units.
(1) | Total Assets less Total Liabilities plus Contingently redeemable Class B units | |
(2) | Total number of trust units outstanding plus Contingently Redeemable Class |
"As we navigate a challenging macro environment, we would like to take this opportunity to thank our unitholders for their continued support, and we remain committed to maximizing value for the REIT through our investment strategy. We look forward to continuing to update you as we progress with our business strategy" commented
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, 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
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
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