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Nova Net Lease REIT Unit (NNLu)

CSE

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0.41 0.00 0.00%

13/02 - Closed. Currency in USD

Type: Equity

Market: Canada

Volume: 275,000
Bid/Ask: 0.08 / 0.14
Day's Range: 0.41 - 0.41

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Nova Net Lease REIT Unit Company Profile

Get an in-depth profile of Nova Net Lease REIT Unit, including a general overview of the company's business and key management, as well as employee data and location and contact information.

IndustryResidential & Commercial REITs

SectorReal Estate

Employees

Equity Type

Unit

The REIT was formed on July 27, 2021, as a newly created, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario, where one unit of the REIT was issued for $10 in cash. The declaration of trust of the REIT was filed on SEDAR+ at www.sedarplus.ca in conjunction with the filing of the Prospectus for the REIT’s initial public offering of trust units (the “Offering”) on the CSE. The REIT’s registered office is located at 200 Bay Street, North Tower, Suite 1200, Toronto, Ontario, Canada, M5J 2J2. From formation to September 1, 2021, the REIT had no operations. On September 1, 2021, all of the outstanding shares of Verdant Growth Properties Corp. (“Verdant”) were exchanged for shares in the REIT on a 10 for 1 basis, making Verdant a wholly-owned subsidiary of the REIT (the “Share Exchange”). Verdant, a Delaware corporation, was formed on October 27, 2020, for the purpose of owning and leasing, on a triple-net basis, cannabis-related real estate assets in the United States (the “U.S.”). From inception until the Share Exchange, Verdant had been preparing for an initial public offering on the CSE. The REIT was formed to affect the cross-border structure whereby the REIT is classified as a U.S. corporation for U.S. federal income tax purposes pursuant to section 7874 of the United States Internal Revenue Code of 1986, as amended (the “Code”). As a result, it is permitted to elect to be treated as a real estate investment trust under the Code, notwithstanding it is organized as a Canadian entity. The REIT is considered an umbrella partnership real estate investment trust for U.S. federal income tax purposes. Operations of the REIT are conducted primarily through the Operating Partnership, a subsidiary of Verdant, which was formed under the laws of the State of Delaware. At formation, the Operating Partnership was a single member LLC with Verdant owning 100% of the Class A Units.

Contact Information

Address 200 Bay Street, North Tower Suite 1200
Toronto, M5J 2J2
Canada

Phone 214 906 4037

Fax -

Web www.novanetleasereit.com

Top Executives

Name	Age	Since	Title
Malcolm Patrick Burke	-	2021	Independent Trustee
Edward Lowenthal	81	2021	Independent Trustee
G. Steven Dawson	68	2021	Independent Chair of the Board
Andrew I. Shapack	53	2021	Independent Trustee
Kathleen Barthmaier	-	2021	Independent Vice-Chair of the Board
Andrew L. Oppenheim	73	2021	Independent Trustee
David C. Carroll	67	-	Special Advisor & Observer
Thomas Richard Turner	68	2022	Independent Trustee

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