Early Warning news release for Mitchell Goldhar, President and CEO of SmartCentres

EARLY WARNING NEWS RELEASE PURSUANT TO SECTION 102.1 OF THE SECURITIES ACT (ONTARIO) AND NATIONAL INSTRUMENT 62-103

TORONTO, Dec. 13, 2013 /CNW/ - Further to disclosure requirements of applicable securities laws, Mitchell Goldhar announces that he has, since the last early warning report dated April 2, 2012, acquired, directly or indirectly through controlled affiliates, beneficial ownership of equity and voting securities of Calloway Real Estate Investment Trust (the "REIT") as follows: (i) 1,470,788 units of the REIT pursuant to the exercise of previously disclosed arrangements; (ii) 1,017,348 exchangeable Class B limited partnership units (exchangeable into REIT units on a one-for-one basis) of subsidiary partnerships of the REIT (the "Partnerships"), together with an equal number of associated non-participating special voting units (the "Special Voting Units"), pursuant to private placements in the context of a previously disclosed purchase and sale transaction completed in August 2013 and the exercise of previously disclosed arrangements; and (iii) 269,292 Special Voting Units pursuant to the terms of Section 6.1.5 of the Seventh Amended and Restated Declaration of Trust of the REIT (the "Additional Special Voting Units") whereby Mitchell Goldhar has minimum voting entitlements in specified circumstances (collectively, the "Unit Acquisitions").

After giving effect to the Unit Acquisitions, Mitchell Goldhar directly or indirectly, has beneficial ownership of 13,467,653 units of the REIT, representing approximately 11.7% of the 115,577,081 outstanding units of the REIT, which together with Mitchell Goldhar's beneficial ownership of 14,683,431 exchangeable Class B limited partnership units of the Partnerships, and 21,839,568 Special Voting Units, represents approximately 21.0% and 25.0% of all of the REIT's issued and outstanding equity securities and voting securities, respectively.  The Unit Acquisitions represent approximately 1.9% and 2.0% of all of the REIT's issued and outstanding equity securities and voting securities, respectively.

The securities are being held by Mitchell Goldhar for investment purposes. In the future, Mitchell Goldhar may, whether individually or on a joint basis, directly or indirectly, increase or decrease his beneficial ownership in the securities of the REIT depending on factors including, but not limited to, the business and prospects of the REIT as well as market conditions, whether in the open market, by privately negotiated agreements, or otherwise.

This news release is being issued as required by National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

SOURCE: Mitchell Goldhar

Further information (including a copy of the early warning report to be filed on SEDAR) can be obtained at www.sedar.com under the REIT's company profile or by contacting Joseph Amato of SmartCentres at 905-760-6200.