Calloway Real Estate Investment Trust Announces Redemption of 5.75% Convertible

May 27, 2015

Calloway Real Estate Investment Trust today announced that it is issuing a notice of redemption to holders of
its 5.75% convertible unsecured subordinated debentures due June 30,
2017 (the “Debentures“), representing a redemption in
full of all of the currently outstanding 5.75% Convertible Debentures.
The Debentures will be redeemed on June 30, 2015 (the “Redemption Date“),
in accordance with their terms, at a total redemption price of $1,000
plus accrued and unpaid interest of $28.75 up to but excluding the
Redemption Date, both per $1,000 principal amount. Calloway intends to
use cash on hand to pay the redemption price and accrued and unpaid
interest to the extent that there are any unconverted Debentures
outstanding on the Redemption Date. As at the close of trading on May
26, 2015, the aggregate principal amount of the Debentures outstanding
was $55,579,000.

Pursuant to the terms of the trust indenture and the supplemental trust

indenture governing the Debentures (collectively, the “Trust Indenture“),
holders of the Debentures have the right until 5:00 p.m. on the last
business day prior to the Redemption Date to convert their Debentures
into Units of Calloway (“Units“) in accordance with the
Trust Indenture, at a conversion price of $25.75 per Unit, being a rate
of approximately 38.84 Units per $1,000 principal amount of Debentures.

About Calloway

is one of Canada’s largest real estate investment trusts with an
enterprise value of approximately $7 billion. It owns and manages
approximately 27 million square feet in 121 value-oriented principally
Walmart anchored retail centres having the strongest national and
regional retailers, as well as strong neighbourhood merchants. In
addition, Calloway is a joint-venture partner in the Toronto and
Montreal Premium Outlets. Calloway’s vision is to provide a
value-oriented shopping experience to Canadian consumers. For more
information on Calloway, visit

Contact Information

For more information, please contact:

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



Housing Construction in Halifax to Increase in 2015

May 25, 2015

According to Canada Mortgage and Housing
Corporation’s (CMHC’s) Spring Housing Market Outlook – Halifax report,
residential construction in the city is expected to increase in 2015 and
remain stable in 2016.

“Multiple starts are forecast to take the lion’s share of
construction activity in both 2015 and 2016, as the low vacancy rate in
new buildings and favourable interest rates stimulate construction
activity in the Halifax CMA,” said Guillaume Neault, Principal, Market
Analysis with CMHC’s Atlantic Business Centre.

“Inventory levels of unsold new homes will continue to impact
single-detached home starts in 2015 with 525 units expected. However,
demand will remain relatively stable for new single-detached homes
located in peripheral areas of Halifax CMA over the forecast period,”
added Neault.

“The resale market in Halifax is expected to remain in a buyers’ market in 2015 and as a result the average MLS®
house price will record no real growth. Sales, on the other hand, are
expected to increase slightly this year and next to 4,800 units,” said

As Canada’s authority on housing, CMHC contributes to the
stability of the housing market and financial system, provides support
for Canadians in housing need, and offers objective housing research and
information to Canadian governments, consumers and the housing

For more information, visit or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

Follow CMHC on Twitter @CMHC_ca

Additional data is available upon request.

(Ce document existe également en français)

Contact Information

  • Market Analysis Contact:
    Guillaume Neault
    Cell: 902-221-1826
    gneault@cmhc.caMedia Contact:
    Katherine LeBlanc
    Cell: 902-789-5709