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Press release from Marketwire

Calloway Real Estate Investment Trust Announces Redemption of Series D Unsecured Debentures

Tuesday, May 21, 2013

Calloway Real Estate Investment Trust Announces Redemption of Series D Unsecured Debentures

14:15 EDT Tuesday, May 21, 2013

TORONTO, ONTARIO--(Marketwired - May 21, 2013) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

Calloway Real Estate Investment Trust ("Calloway") (TSX:CWT.UN) today announced that it is issuing a notice of redemption to holders of its $75 million 7.95% Series D senior unsecured debentures due June 30, 2014 (the "Series D Debentures"), representing a redemption in full of all of the currently outstanding Series D Debentures. The Series D Debentures will be redeemed on June 26, 2013, in accordance with their terms, at a total redemption price of $1,055.47 plus accrued and unpaid interest of $38.77 to but excluding the redemption date, both per $1,000 principal amount. Total redemption price, including accrued interest, will be $82,067,990 (for the entire $75 million principal amount outstanding).

About Calloway

Calloway is one of Canada's largest real estate investment trusts with an enterprise value of approximately $6.7 billion. It owns and manages approximately 26 million square feet in 115 value oriented retail centres having the strongest national and regional retailers, as well as strong neighbourhood merchants. Calloway's vision is to provide a value-oriented shopping experience to Canadian consumers.

For more information on Calloway, visit www.callowayreit.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
Calloway Real Estate Investment Trust
Mario Calabrese
Interim Chief Financial Officer
(905) 326-6400 ext. 7610
www.callowayreit.com

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