Calloway Real Estate Investment Trust declares July 2006 distribution

TORONTO, July 17 /CNW/ - Calloway REIT (TSX: CWT.UN) (TSX: CWT.DB) today
announced that the trustees of the REIT have declared a distribution for the
month of July 2006 of $0.12083 per trust unit, representing $1.45 per unit on
an annualized basis. Payment will be made on August 15, 2006 to unitholders of
record on July 31, 2006.

Calloway Real Estate Investment Trust is an unincorporated open-end real
estate investment trust created to invest in a geographically diversified
portfolio of high quality retail shopping centres in Canada.

The Toronto Stock Exchange neither approves nor disapproves of the
contents of this Press Release.