Mr. Peter Sweeney reports

CALLOWAY REAL ESTATE INVESTMENT TRUST ANNOUNCES $160 MILLION SERIES N SENIOR UNSECURED DEBENTURE ISSUE

Calloway Real Estate Investment Trust has agreed to issue $160-million principal amount of Series N senior unsecured debentures on a bought-deal basis. These debentures will carry a coupon rate of 3.556 per cent and will mature on Feb. 6, 2025. The offering is being underwritten by a syndicate co-led and bookrun by BMO Capital Markets and RBC Capital Markets, and co-led by CIBC. The offering is expected to close on or about Feb. 6, 2015. DBRS Ltd. has provided Calloway with a provisional credit rating of BBB with a stable trend relating to the debentures.

The net proceeds to Calloway from the sale of the Series N debentures will be used to repay existing indebtedness, including the redemption of its $150-million 5.37-per-cent Series B senior unsecured debentures due Oct. 12, 2016.

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.