Calloway Real Estate Investment Trust declares November 2006 distribution

TORONTO, Nov. 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 November 2006 of $0.12500 per trust unit, representing $1.50 per unit
on an annualized basis. Payment will be made on December 15, 2006 to
unitholders of record on November 30, 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.

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