Calloway Real Estate Investment Trust Declares January 2009 Distribution

TORONTO, ONTARIO--(Marketwire - Jan. 19, 2009) - Calloway REIT (TSX:CWT.UN)(TSX:CWT.DB)(TSX:CWT.DB.A) announced today that the trustees of the REIT have declared a distribution for the month of January 2009 of CDN$0.129 per trust unit, representing CDN$1.548 per unit on an annualized basis. Payment will be made on February 17, 2009 to unitholders of record on January 30, 2009.

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.