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Press release from Marketwire

Calloway Real Estate Investment Trust Announces $150 Million Series J Senior Unsecured Debenture Issue

Monday, July 29, 2013

Calloway Real Estate Investment Trust Announces $150 Million Series J Senior Unsecured Debenture Issue

14:56 EDT Monday, July 29, 2013

TORONTO, ONTARIO--(Marketwired - July 29, 2013) -

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

Calloway Real Estate Investment Trust ("Calloway") (TSX:CWT.UN), Canada's largest owner of large format unenclosed retail properties, announced today that it has agreed to issue $150 million principal amount of Series J senior unsecured debentures on a bought deal basis. These debentures will carry a coupon rate of 3.385% and will mature on December 1, 2017. The offering is being underwritten by a syndicate co-led by RBC Capital Markets, BMO Nesbitt Burns Inc. and CIBC. The offering is expected to close on or about August 7, 2013. Dominion Bond Rating Service has provided Calloway with a provisional credit rating of BBB with a stable trend relating to the debentures.

Calloway intends to use the net proceeds from the offering for future property acquisitions, including certain properties under contract, to fund development and for general trust purposes. These potential acquisitions are undergoing due diligence procedures and while efforts will be made to complete these potential acquisitions, no assurance can be given.

This offering is being made by way of a Prospectus Supplement to Calloway's existing $2 billion base shelf short form prospectus filed with Canadian securities regulatory authorities. The terms of the offering will be described in a prospectus supplement to be filed with Canadian securities regulators.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The debentures being offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the debentures may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration requirements.

About Calloway

Calloway is one of Canada's largest real estate investment trusts with an enterprise value of over $6 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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