Nova Net Lease REIT announced the implementation of a cash retention plan (the "Plan") resulting in annual cash savings of approximately USD 913,000. The Board has also unanimously agreed to the suspension of the REIT's monthly cash distribution. The Plan's components include: suspension of its monthly cash distribution of USD 0.00225 per unit resulting in annual cash retention of USD 404,000.

The Plan will be effective July 1, 2023, and the suspension of the monthly distribution will be effective for the distribution payable on July 17, 2023 to unitholders of record on June 30, 2023.