Canadian Net Real Estate Investment Trust : REIT Announces its Results for the Quarter Ended June 30, 2021 and Distributions for the Months of October, November and December 2021

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Canadian Net Real Estate Investment Trust Fonds de placement immobilier Canadien Net 106 Gun Avenue Pointe Claire, Qc, H9R 3X3 (450) 536-5328 www.cnetreit.com PRESS RELEASE FOR IMMEDIATE RELEASE August 20, 2021 CANADIAN NET REIT ANNOUNCES ITS RESULTS FOR THE QUARTER ENDED JUNE 30, 2021 AND DISTRIBUTIONS FOR THE MONTHS OF OCTOBER, NOVEMBER AND DECEMBER 2021 Montréal (Québec) - (TSX-V: NET.UN) Canadian Net Real Estate Investment Trust ("Canadian Net" or the "Trust") announces its results for the quarter ended June 30 th , 2021, and monthly distributions for the months of October, November and December 2021. RESULTS For the quarter ended June 30th, 2021 , Canadian Net reported recurring funds from operations ("Recurring FFO") per unit of $0.150 compared to $0.125 per unit for the quarter ended June 30, 2020, an increase of 20%. Recurring FFO was $2,624,484, an increase of 43% relative to $1,830,892 in Q2 2020. During Q2 2021, the Trust's property rental income was $4,681,568 compared to $3,203,394 in Q2 2020, an increase of 46%. Net Operating Income was $3,412,257 compared to $2,450,381 in Q2 2020, an increase of 39%. Canadian Net recorded a net income attributable to unitholders of $6,220,770, or $0.356 per unit, compared to $2,515,312, or $0.171 per unit in Q2 2020. For the six-month period ended June 30 th , 2021 , Canadian Net reported Recurring FFO per unit of $0.290 compared to $0.235 per unit for the comparable period in 2020, an increase of 23%. Recurring FFO was $5,057,751, an increase of 54% relative to $3,293,605 for the same period in 2020. During the 6-month period ended June 30 th , 2021, the Trust's property rental income was $9,135,359 compared to $6,067,000 for the same period in 2020, an increase of 51%. Net operating Income was $6,691,671 compared to $4,649,167 for the same period in 2020, an increase of 44%. Canadian Net recorded a net income attributable to unitholders of $6,444,443, or $0.370 per unit, compared to a net income of $6,633,788, or $0.474 per unit for the same period in 2020. DISTRIBUTIONS Canadian Net announces that it will make monthly cash distributions of $0.025 per unit, representing $0.30 per unit on an annualized basis, on October 29 th , November 30 th and December 31 st , 2021, to unitholders of record on October 15 th , November 15 th and December 15 th , 2021, respectively. COLLECTIONS During Q2 2021, Canadian Net collected 100% of its rents. Jason Parravano, President and CEO says: "Q2 2021 marks our first quarter under our new brand, Canadian Net REIT. It was another solid quarter for the REIT as we continue to demonstrate significant per unit FFO growth. We completed a handful of transactions, added the Food Basics banner to our tenant roster and we acquired 3 parcels of land slated for development and redevelopment. Subsequent to quarter end, we announced and closed our first bought deal equity financing. After the exercise in full of the underwriters's over-allotment option, the REIT raised gross proceeds of approximately $20.1M. This will allow us to continue with our growth initiatives and focus on delivering results for our unit holders." Canadian Net Real Estate Investment Trust Fonds de placement immobilier Canadien Net The tables below represent other financial highlights as well as the reconciliation from net income to FFO for the periods ended June 30 th , 2021, and its comparative period. This information should be read in conjunction with the Consolidated Financial Statements and MD&A for the quarter ended June 30 th , 2021, and Consolidated Financial Statements and MD&A for the quarter ended June 30 th , 2020. SUMMARY OF SELECTED FINANCIAL INFORMATION 6 months Periods ended June 30 2021 2020 % Financial info Property rental income 9,135,359 6,067,000 3,068,359 51% Total revenue 9,135,359 6,067,000 3,068,359 51% Net income and comprehensive income 6,444,443 6,633,788 (189,345) (3%) NOI (1) 6,691,671 4,649,167 2,042,504 44% FFO (1) 5,029,936 3,293,605 1,736,331 53% Recurring FFO (1)(2) 5,057,751 3,293,605 1,764,146 54% AFFO (1) 4,632,317 3,046,411 1,585,906 52% EBITDA 9,265,266 7,376,512 1,888,754 26% Adjusted EBITDA (1) 6,776,356 4,588,405 2,187,951 48% Investment properties 209,636,216 142,107,148 67,529,068 48% Adjusted investment properties (3) 249,533,216 168,805,328 80,727,888 48% Total assets 232,046,925 157,837,222 74,209,703 47% Total mortgage/loans/long term debt (4) 118,162,042 75,298,413 42,863,629 57% (including revolving line of credit) 124,632,042 79,228,413 45,403,629 57% Total convertible debentures 8,314,560 3,041,705 5,272,855 173% Total equity 94,579,889 72,971,365 21,608,524 30% Weighted average units o/s - basic 17,442,846 13,996,645 3,446,201 25% Amounts on a per unit basis FFO 0.288 0.235 0.053 23% Recurring FFO 0.290 0.235 0.055 23% AFFO 0.266 0.218 0.048 22% Distributions 0.150 0.128 0.022 17% See appropriate sections for reconciliation to the closest IFRS measure and section "Explanation of non-IFRS financial measures" Recurring FFO excludes ''Other revenues'' as presented on the Consolidated Financial Statements Adjusted Investment Properties includes the Trust's proportionate share of value of investment properties owned through joint ventures; Refer to Note 4 Properties) and Note 5 ([1] value of developed properties, [2] leased properties and [3] properties under development) in Canadian Net's financial statements Excludes convertible debentures Canadian Net Real Estate Investment Trust Fonds de placement immobilier Canadien Net RECONCILIATION OF NET INCOME TO FFO 3 months 6 months Periods ended June 30 2021 2020 2021 2020 Net income (loss) attributable to unitholders 6,220,770 2,515,312 (3,894,803) 6,444,443 6,633,788 (189,345) Debenture issuance costs - - - - - - in value of investment properties (4,658,162) 14,908 (4,673,070) (3,207,396) (2,362,973) (844,423) in value of investment - - - properties in joint ventures (447,461) (20,228) (427,233) 718,486 (425,134) 1,143,620 Unit based compensation 11,280 (75,550) 86,830 310,451 104,450 206,001 in liability component of - - - convertible debentures - 56,167 (56,167) - 18,379 (18,379) fair value adjustments on derivative - - - financial instruments 1,463,847 (666,305) 2,130,152 750,470 (688,205) 1,438,675 Accretion of lease payments 7,184 6,804 380 14,271 13,516 755 Income taxes (789) (216) (573) (789) (216) (573) FFO (1) 2,596,669 1,830,892 42% 5,029,936 3,293,605 53% FFO per unit 0.149 0.125 19% 0.288 0.235 23% Write off of transaction costs 27,815 - 27,815 27,815 - 27,815 Recurring FFO (1) 2,624,484 1,830,892 43% 5,057,751 3,293,605 54% Recurring FFO per unit 0.150 0.125 20% 0.290 0.235 23% Distributions 1,310,183 939,031 371,152 2,617,333 1,814,824 802,509 Distributions per unit 0.075 0.064 17% 0.150 0.128 17% FFO per unit - after distributions 0.074 0.061 21% 0.138 0.108 28% Recurring FFO per unit - after distributions 0.075 0.061 23% 0.140 0.108 30% Distributions per unit as a % of FFO per unit 50% 51% (1%) 52% 54% (2%) Recurring FFO per unit 50% 51% (1%) 52% 54% (2%) Weighted avg. units o/s Basic 17,465,066 14,696,650 2,768,416 17,442,846 13,996,645 3,446,201 (1) See appropriate sections for reconciliation to the closest IFRS measure and section "Explanation of non-IFRS financial measures" About Canadian Net - Canadian Net Real Estate Investment Trust is an open-ended trust that acquires and owns high quality triple net and management-free commercial real estate properties. Forward-Looking Statements - This press release contains forward-looking statements and information as defined by applicable securities laws. Canadian Net warns the reader that actual events may differ materially from current expectations due to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such statements. Among these include the risks related to economic conditions, the risks associated with the local real estate market, the dependence to the financial condition of tenants, the uncertainties related to real estate activities, the changes in interest rates, the availability of financing in the form of debt or equity, the effects related to the adoption of new IFRS standards, as well as other risks and factors described from time to time in the documents filed by Canadian Net with securities regulators, including the management report. Canadian Net does not update or modify its forward-looking statements even if future events occur or for any other reason, unless required by law or any regulatory authority. Neither the TSX Venture Exchange Inc., nor its Regulatory Services Provider (as that term is defined in the Policy of the TSX Venture Exchange and its Regulatory Services Provide) accepts any responsibility for the adequacy or accuracy of this release. The June 30 th , 2021, financial statements and management discussion & analysis of Canadian Net may be viewed on SEDAR at www.sedar.com. For further information please contact Jason Parravano at (450) 536-5328.

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