TORONTO, ON -- (Marketwired) -- 12/18/14

Calloway Real Estate Investment Trust ("Calloway") (TSX: CWT.UN) announced that the trustees of Calloway have declared a distribution for the month of December 2014 of CDN $0.1334 per trust unit, representing CDN $1.60 per unit on an annualized basis. Payment will be made on January 15, 2015 to unitholders of record on December 31, 2014.

About Calloway

Calloway is one of Canada's largest real estate investment trusts with total assets in excess of $7 billion. It owns and manages approximately 27 million square feet in 119 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 more information, please contact:

Peter Sweeney
Chief Financial Officer
Calloway Real Estate Investment Trust
(905) 326-6400 ext. 7865