Nova Net Lease REIT (C:NNL.U)
Business Focus: Specialized REITs (NEC)
| Sector: Real Estate | Industry: Specialized REITs |
| Company Contact | |
| Address: | 200 Bay Street, North Tower Suite 1200 Toronto ON M5J 2J2 |
| Tel: | N/A |
| Website: | https://novanetleasereit.com |
| IR: | See website |
| Key People | ||
| Tyson Macdonald Chief Executive Officer | Stacy Riffe Chief Financial Officer, Executive Vice President | Potter Polk Executive Vice President, Chief Investment Officer |
| Business Overview |
| Nova Net Lease REIT (the REIT) is a Canada-based real estate investment trust focused on increasing unitholder value through the acquisition and ownership of cannabis related properties in the United States. The REIT seeks to enter long-term capital relationships with cannabis operations owning top-tier real estate assets, by entering into sale leaseback and build-to-suit arrangements. The REIT intends to primarily acquire properties through sale-leaseback transactions with experienced operators in the cannabis industry and expects to lease its properties on a triple-net lease basis with annual rental rate increases. Additionally, the REIT seeks to acquire properties occupied by tenants operating in the regulated medical and recreational cannabis industry focused on cultivation, processing and/or grow operations. The REIT also has an interest in specialized retail facilities in the form of dispensaries for portfolio growth and diversification. |
| Financial Overview |
| For the fiscal year ended 31 December 2023, Nova Net Lease REIT revenues remained flat at $1.6M. Net income decreased 79% to $1.6M. Revenues reflect market conditions. Net income was partially offset by Fair value change - contingently redeema decrease of 97% to $320K (income). Basic Earnings per Share excluding Extraordinary Items decreased from $1.14 to $0.23. |
| Reporting Currency: | U.S. Dollars |
| Enterprise value: | $2.41M as of Dec 31, 2023 |
| Annual revenue (TTM): | $1.56M as of Dec 31, 2023 |
| EBITDA (TTM): | $0.27M as of Dec 31, 2023 |
| Net annual income (TTM): | $1.64M as of Dec 31, 2023 |
| Free cash flow (TTM): | -$0.39M as of Dec 31, 2023 |
| Net Debt Last Fiscal Year: | $1.64M as of Dec 31, 2023 |
| Shares outstanding: | 7,251,493 as of Dec 31, 2023 |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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