Calloway Real Estate Investment Trust

CALLOWAY REAL ESTATE INVESTMENT TRUST

Supplemental Information Package

For the three months ended September 30, 2006

Calloway Real Estate Investment Trust 700 Applewood Crescent, Suite #200 Vaughan, ON, L4K 5X3 Tel: (905) 326-6400 Fax: (905) 326-0783

www.callowayreit.com

Calloway Real Estate Investment Trust September 2006 Supplemental Information Package

Index

General Information ...... 2

Distribution Reinvestment Plan...... 3

Distribution History...... 3

Average Unit Trading Price...... 4

Average Daily Volume of Units Traded...... 4

Market Capitalization Summary ...... 4

Annualized Gross Rental Revenue by Province ...... 5

Area by Province...... 6

Individual Property Summary...... 7

Top 25 Tenants by Gross Rental Revenue...... 12

Lease Expiration Schedule ...... 13

Area by Age ...... 14

List of Figures

Figure 1: Annualized Gross Revenue by Province...... 5

Figure 2: Area by Province...... 6

Figure 3: Area by Age ...... 14

1 Calloway Real Estate Investment Trust September 2006 Supplemental Information Package

General Information

Stock Exchange Listing: The Toronto Stock Exchange (TSX)

Trading Symbols: Trust Units CWT.UN 6.0% Convertible Debentures CWT.DB

Corporate Office: Calloway Real Estate Investment Trust 700 Applewood Crescent, Suite #200 Vaughan, ON, L4K 5X3 Canada

Tel: (905) 326-6400 Fax: (905) 326-0783

Senior Management: Simon Nyilassy President and CEO Marc Charlebois Chief Operating Officer Bart Munn Chief Finance Officer

Transfer Agent & Registrar: Computershare Share Trust Company of Canada 100 University Avenue, 9 th Floor Toronto, ON, M5J 2Y1

Auditor: PricewaterhouseCoopers LLP 5700 Yonge Street, Suite 1900 Toronto, Ontario, M2M 4K7

Legal Counsel: Shea Nerland Calnan 1900, 715 - 5 th Avenue SW Calgary, AB, T2P 2X6

2 Calloway Real Estate Investment Trust September 2006 Supplemental Information Package

Distribution Reinvestment Plan

Unitholders who elect to participate will have their monthly cash distributions automatically reinvested in units of Calloway at a price equal to 97% of the average TSX market price over the 10 business days preceding the monthly distribution date.

Calloway’s DRIP will be administered by Computershare Trust Company of Canada. Interested unitholders can also obtain an information package and the necessary registration forms from, or direct any inquiries/concerns regarding the DRIP to, Computershare Trust Company of Canada via telephone at 1-800-564-6253 or via mail at:

Calloway Real Estate Investment Trust c/o Computershare Trust Company of Canada 100 University Avenue, 9 th Floor Toronto, ON, M5J 2Y1 Canada Attention: Dividend Reinvestment Department

Distribution History

Per unit, paid monthly 2006 2005 2004 2003 2002

$ $ $ $ $ January 0.12083 0.10500 0.09590 0.09590 n/a February 0.12083 0.10500 0.09590 0.09590 n/a March 0.12083 0.10500 0.09590 0.09590 n/a April 0.12083 0.11333 0.10000 0.09590 n/a May 0.12083 0.11333 0.10000 0.09590 n/a June 0.12083 0.11333 0.10000 0.09590 n/a July 0.12083 0.11333 0.10500 0.09590 n/a August 0.12083 0.12083 0.10500 0.09590 n/a September 0.12500 0.12083 0.10500 0.09590 n/a October 0.12083 0.10500 0.09590 n/a November 0.12083 0.10500 0.09590 0.09590 December 0.12083 0.10500 0.09590 0.09590

TOTAL 1.09164 1.37247 1.21770 1.15080 0.19180

3 Calloway Real Estate Investment Trust September 2006 Supplemental Information Package

Average Unit Trading Price

2006 2005 2004 2003 2002

$ $ $ $ $ 1st Quarter 25.50 18.64 15.28 9.52 n/a 2nd Quarter 24.42 20.06 14.71 9.59 n/a 3rd Quarter 25.58 23.27 15.98 10.46 n/a 4th Quarter 23.25 17.60 12.45 9.77 YTD/Annual 25.16 21.93 15.73 11. 04 9.77 Closing trading price at 27.27 23.74 18.75 13.75 9.85 end of period

Average Daily Volume of Units Traded

2006 2005 2004 2003 2002

1st Quarter 176,988 60,368 123,268 5,170 n/a 2nd Quarter 149,869 67,421 87,914 8,868 n/a 3rd Quarter 116,682 114,186 92,322 26,003 n/a 4th Quarter 129,654 64,560 25,145 24,918

ANNUAL 148,165 92,789 92,140 16,296 24,918

Market Capitalization Summary

Total Units Share Price per Unit Market Capitalization Date Outstanding (1) $ $ September 30, 2006 81,192,663 27.27 2,214,123,920 June 30, 2006 80,722,245 24.45 1,973,658,890 March 31, 2006 70,549,638 26.50 1,869,565,407 December 31, 2005 69,549,090 23.74 1,651,095,397 December 31, 2004 33,263,171 18.75 623,684,456 December 31, 2003 11,297,692 13.75 155,343,265 December 31, 2002 5,951,535 9.85 58,622,620

(1) includes Calloway Limited Partnership Class B LP and LPII units

4 Calloway Real Estate Investment Trust September 2006 Supplemental Information Package

Geographical Distribution

Annualized Gross Rental Revenue by Province

Gross Rental Revenue Province % Ontario 49.76 Quebec 15.80 British Columbia 11.31 Alberta 6.63 Manitoba 5.14 Newfoundland 3.90 Saskatchewan 3.28 Nova Scotia 1.90 New Brunswick 1.43 Prince Edward Island 0.85

Total 100.00

Annualized Gross Rental Revenue by Province

60% 50% 40% 30% 20% 10% 0%

ia o ari berta itoba t lumb l hewan n o A c O Quebec Man kat as Nova Scotia ritish C S New Brunswick Newfoundland B

Prince Edward Island

Figure 1: Annualized Gross Revenue by Province

5 Calloway Real Estate Investment Trust September 2006 Supplemental Information Package

Area by Province

Area Province % (sq. ft.) Ontario 7,597,736 45.43 Quebec 2,879,735 17.22 British Columbia 2,012,150 12.03 Alberta 1,206,807 7.22 Manitoba 816,183 4.88 Newfoundland 814,111 4.87 Saskatchewan 592,711 3.54 Nova Scotia 345,179 2.06 New Brunswick 271,084 1.62 Prince Edward Island 188,955 1.13

Total 16,724,651 100.00

Area by Province

50%

40%

30%

20%

10%

a a ck a rt an ba rio i e w o and ta ebec sw coti sl he n u n S I olumbi Alb tc O Q a C Manit ka Bru ov sh N ti dward Sas New E Newfoundland Bri ce n Pri

Figure 2: Area by Province

6 Calloway Real Estate Investment Trust September 2006 Supplemental Information Package

Individual Property Summary (September 30, 2006)

Owned Owned Rentable Non-Owned Occupancy Asset Location Rentable Area Anchor Area (1) Anchor Area (1) Anchors and Major Tenants % (sq. ft.) (sq. ft.) (sq. ft.)

Retail Properties

British Columbia Bakerview Power Centre Abbotsford, BC 97.47 91,171 43,088 - Sears, Home Outfitters Courtenay Wal-Mart Centre Courtenay, BC 100.00 232,728 106,642 - Wal-Mart, Winners, Staples, Future Shop Cranbrook Wal-Mart Centre Cranbrook, BC 97.41 135,540 107,158 185,556 Wal-Mart, Real Canadian Superstore*, Reitmans Dawson Creek Wal-Mart Centre (2) Dawson Creek, BC n/a - - 86,029 Wal-Mart* Kamloops Wal-Mart Centre Kamloops, BC 100.00 217,252 128,609 42,161 Wal-Mart, Save on Foods*, Michaels, Pier 1 Imports Langley Wal-Mart Centre Langley, BC 100.00 327,177 207,051 172,161 Wal-Mart, Home Outfitters, Home Depot*, Best Buy New Westminster Wal-Mart Centre New Westminster, BC 100.00 302,286 131,770 - Wal-Mart, Home Outfitters, Best Buy Prince George Wal-Mart Centre Prince George, BC 100.00 187,045 133,020 204,247 Wal-Mart, Canadian Tire*, Home Depot*, Reitmans Quesnel Wal-Mart Centre (2) Quesnel, BC n/a - - 82,316 Wal-Mart* Vernon Wal-Mart Centre Vernon, BC 95.30 204,259 107,655 50,300 Wal-Mart, Rona*, Future Shop, Value Village Penticton Power Centre Penticton, BC 98.20 201,948 110,795 - Zellers, Winners, Staples Subtotal British Columbia 99.00 1,899,406 1,075,788 822,770

Alberta Calgary Southeast Wal-Mart Centre Calgary, AB 100.00 215,301 169,079 - Wal-Mart, London Drugs, Mark's Work Wearhouse Crowchild Corner Calgary, AB 100.00 23,377 - - Remax Calgary Sunridge Centre Calgary, AB 100.00 51,060 - 347,401 Zellers*, HBC*, Sport Chek*, Future Shop, Petland Edmonton Northeast Wal-Mart Centre Edmonton, AB 100.00 227,059 130,718 - Wal-Mart, Michaels, Mark's Work Wearhouse Namao Centre Edmonton, AB 100.00 33,598 - 50,000 Shoppers Drug Mart Lethbridge South Wal-Mart Centre Lethbridge, AB 100.00 216,094 128,477 95,000 Wal-Mart, Home Depot*, Mark's Work Wearhouse Lloyd Mall Lloydminster, AB 98.85 204,387 107,877 - Sears, Zellers, Safeway Spruce Grove Wal-Mart Centre Spruce Grove, AB 100.00 61,879 - 106,000 Wal-Mart*, Mark's Work Wearhouse St. Albert Wal-Mart Centre St. Albert, AB 100.00 174,052 128,159 91,737 Wal-Mart, Save on Foods*, Totem* Subtotal Alberta 99.81 1,206,807 664,310 690,138

7 Calloway Real Estate Investment Trust September 2006 Supplemental Information Package

Owned Owned Rentable Non-Owned Occupancy Asset Location Rentable Area Anchor Area (1) Anchor Area (1) Anchors and Major Tenants % (sq. ft.) (sq. ft.) (sq. ft.)

Saskatchewan Regina East Wal-Mart Centre Regina, SK 100.00 370,735 222,789 218,681 Wal-Mart, Winners, London Drugs, Loblaws*, Rona* Regina North Wal-Mart Centre Regina, SK 100.00 221,976 170,498 - Wal-Mart, IGA, Mark's Work Wearhouse, TD Bank Subtotal Saskatchewan 100.00 592,711 393,287 218,681

Manitoba Winnipeg Central Wal-Mart Centre Winnipeg, MB 91.34 56,966 - 124,410 Wal-Mart*, Golf Town, CIBC Winnipeg Southwest Wal-Mart Centre Winnipeg, MB 100.00 472,574 252,572 130,000 Wal-Mart, Safeway, Home Outfitters, Winners Winnipeg West Wal-Mart Centre Winnipeg, MB 100.00 286,643 171,146 75,240 Wal-Mart, Sobeys, Canadian Tire*, Winners Subtotal Manitoba 99.40 816,183 423,718 329,650

Ontario Ancaster Wal-Mart Centre Ancaster, ON 100.00 133,535 111,205 50,000 Wal-Mart, Canadian Tire* Yonge Aurora Centre Aurora, ON 100.00 50,463 - 63,500 Canadian Tire*, Winners, Bank of Nova Scotia Barrie North Wal-Mart Centre Barrie, ON 100.00 201,612 128,548 81,373 Wal-Mart, Zehrs*, Old Navy, Reitmans Barrie South Wal-Mart Centre Barrie, ON 100.00 359,183 184,727 - Wal-Mart, Sobeys, Winners, Michaels, LCBO Bolton Wal-Mart Centre Bolton, ON 100.00 183,146 109,639 160,000 Wal-Mart, Loblaws*, Reitmans, LCBO Brampton East Centre Brampton, ON 100.00 35,777 - 218,250 Rona*, Canadian Tire*, The Beer Store Brampton East Wal-Mart Centre Brampton, ON 92.63 227,055 130,702 - Wal-Mart, Winners, Staples, Mark's Work Wearhouse Brampton North Centre Brampton, ON 75.88 41,366 - 105,855 Fortino's*, Shoppers Drug Mart Burlington / QEW Centre Burlington, ON 100.00 103,902 - 133,060 Home Depot*, Future Shop, Staples, Sears Burlington North Wal-Mart Centre Burlington, ON 100.00 46,853 - 129,663 Wal-Mart*, Reitmans, Moores Burlington (Appleby) Centre (2) Burlington, ON n/a - - - Cambridge North Centre (2) Cambridge, ON 100.00 14,360 - 224,695 Sam's Club*, Home Depot* Cambridge Wal-Mart Centre Cambridge, ON 100.00 517,878 230,392 39,720 Wal-Mart, Rona, Canadian Tire*, Linens n' Things Chatham Wal-Mart Centre** Chatham, ON 100.00 98,306 66,403 89,000 Wal-Mart, Winners, Loblaws*, Bank of Montreal Cobourg Wal-Mart Centre Cobourg, ON 100.00 128,429 110,520 80,000 Wal-Mart, Loblaws* Dunnville Wal-Mart Centre (2) Dunnville, ON n/a - - - Wal-Mart*, Canadian Tire* Etobicoke Wal-Mart Centre Etobicoke, ON 100.00 293,735 131,730 135,000 Wal-Mart, Home Depot*, Best Buy, Linens n' Things Fort Erie Wal-Mart Centre (2) Fort Erie, ON n/a - - 100,000 Wal-Mart*, Loblaws* Hanover Wal-Mart Centre Hanover, ON 100.00 15,858 - 150,000 Wal-Mart*, Loblaws*, Mark's Work Wearhouse Huntsville Wal-Mart Centre Huntsville, ON 100.00 111,008 84,861 68,837 Wal-Mart, Loblaws*, Mark's Work Wearhouse

8 Calloway Real Estate Investment Trust September 2006 Supplemental Information Package

Owned Owned Rentable Non-Owned Occupancy Asset Location Rentable Area Anchor Area (1) Anchor Area (1) Anchors and Major Tenants % (sq. ft.) (sq. ft.) (sq. ft.)

Kapuskasing Wal-Mart Centre Kapuskasing, ON 100.00 65,592 61,087 - Wal-Mart, Reitmans Kenora Wal-Mart Centre Kenora, ON 100.00 80,881 80,881 58,486 Wal-Mart, Canadian Tire* Laurentian Power Centre Kitchener, ON 100.00 185,993 116,770 225,978 Zellers, Rona*, Zehrs*, Home Outfitters, Staples, CIBC London Argyle Wal-Mart Centre London, ON 98.24 365,367 128,638 - Wal-Mart, No Frills, Winners, Sport Chek, LCBO London North Wal-Mart Centre** London, ON 100.00 143,296 65,295 - Wal-Mart, Winners, Linens n' Things, Golf Town London Northwest Centre (2) London, ON n/a - - 130,589 Sam's Club* London Northwest Centre (II) (2) London, ON n/a - - - Markham Woodside Centre (I)** Markham, ON 100.00 162,901 65,197 - Home Depot, Winners, Staples, Chapters, Michaels Markham Woodside Centre (II)** Markham, ON 100.00 6,750 - 38,000 Longo's*, LCBO Midland Wal-Mart Centre Midland, ON 100.00 5,789 - 108,528 Wal-Mart*, Boston Pizza Mississauga (Erin Mills) Wal-Mart Centre** Mississauga, ON 99.98 165,999 103,184 - Wal-Mart, Loblaws, Goodlife Fitness, Bank of Montreal Westgate Shopping Centre** Mississauga, ON 100.00 253,092 147,355 - Wal-Mart, Rona, HBC Home Outfitters, Winners Napanee Wal-Mart Centre (2) Napanee, ON 100.00 88,649 88,649 - Wal-Mart, Canadian Tire* Ottawa (South Keys) Wal-Mart Centre** Ottawa, ON 100.00 243,064 122,855 - Wal-Mart, Loblaws, Cineplex Odeon, Future Shop Owen Sound Wal-Mart Centre Owen Sound, ON 100.00 150,098 105,963 131,000 Wal-Mart, Home Depot*, Reitmans Pembroke Wal-Mart Centre Pembroke, ON 100.00 11,247 - 200,000 Wal-Mart*, Your Independent Grocer*, Reitmans Pickering Wal-Mart Centre** Pickering, ON 100.00 316,786 207,911 82,000 Wal-Mart, Sam's Club, Sobeys, Canadian Tire* Renfrew Wal-Mart Centre Renfrew, ON 100.00 9,471 - 117,189 Wal-Mart*, Canadian Tire*, Mark's Work Wearhouse Sarnia Price Chopper Centre Sarnia, ON 100.00 79,743 49,152 - Sobeys, LCBO Scarborough / 401 Centre Scarborough, ON 100.00 74,689 - 111,647 Home Depot*, Staples, Sears, Mark's Work Wearhouse Scarborough Morningside Northwest Wal-Mart Centre Scarborough, ON 100.00 232,020 176,187 - Wal-Mart, Cineplex Odeon, Reitmans, LCBO St. Catharines North Centre (2) St. Catharines, ON n/a - - 253,031 Wal-Mart*, Canadian Tire*, Zehrs* St. Catharines Wal-Mart Centre St. Catharines, ON 92.90 360,713 127,791 125,240 Wal-Mart, Canadian Tire*, Zehrs*, Home Outfitters St. Thomas Wal-Mart Centre St. Thomas, ON 100.00 166,133 106,624 189,252 Wal-Mart, Loblaws*, Canadian Tire* British Colonial Building Toronto, ON 93.04 17,833 - - Irish Embassy Pubs Inc. Westside Plaza Toronto, ON 100.00 144,377 75,000 - Canadian Tire, Sobeys, Shoppers Drug Mart, CIBC 401 Weston Centre** Toronto, ON 93.67 169,873 43,920 - Canadian Tire, The Brick, Future Shop, Staples, LCBO 400 & 7 Power Centre Toronto, ON 94.58 237,949 110,620 - The Brick, Home Depot*, Staples Leaside Shopping Centre** Toronto, ON 100.00 46,018 - 131,000 Home Depot*, Best Buy, Linens n' Things, LCBO Vaughan Sevenbridge Wal-Mart Centre Vaughan, ON 100.00 194,576 129,066 - Wal-Mart, Future Shop, Home Outfitters Welland Wal-Mart Centre (2) Welland, ON 100.00 131,721 131,721 100,939 Wal-Mart, Canadian Tire* Whitby North Wal-Mart Centre Whitby, ON 100.00 231,771 132,724 164,000 Wal-Mart, Loblaws*, Bank of Nova Scotia, LCBO Windsor Wal-Mart Centre Windsor, ON 94.61 197,588 129,121 - Wal-Mart, Moores, The Beer Store, CIBC

9 Calloway Real Estate Investment Trust September 2006 Supplemental Information Package

Owned Owned Rentable Non-Owned Occupancy Asset Location Rentable Area Anchor Area (1) Anchor Area (1) Anchors and Major Tenants % (sq. ft.) (sq. ft.) (sq. ft.)

Woodbridge Centre** Woodbridge, ON 98.43 212,140 - 142,073 Canadian Tire*, Fortino's*, Best Buy, Linens n' Things Woodstock Wal-Mart Centre Woodstock, ON 100.00 216,281 130,387 68,741 Wal-Mart, Canadian Tire*, Staples, Reitmans Brockville Wal-Mart Centre Brockville, ON 100.00 34,398 - 322,051 Wal-Mart*, Loblaws*, Home Depot* Rexdale Wal-Mart Centre Rexdale, ON 100.00 32,475 - 126,083 Wal-Mart*, Bank of Nova Scotia Subtotal Ontario 98.71 7,597,736 3,924,822 4,654,780

Quebec Anjou Home Outfitters Centre Anjou, QC 100.00 42,431 40,030 - Home Outfitters Beauport Wal-Mart Centre Beauport, QC 94.27 174,271 128,206 118,806 Wal-Mart, Canadian Tire*, Tanguay*, Reitmans Drummondville Wal-Mart Centre Drummondville, QC 69.05 47,844 - 245,224 Wal-Mart*, Loblaws*, Mark's Work Wearhouse, CIBC Hull Silver City** Hull, QC 100.00 24,976 - 184,600 Rona*, Cineplex Odeon*, Winners Hull Wal-Mart Centre** Hull, QC 100.00 122,683 52,700 129,717 Wal-Mart, Cineplex Odeon*, Super C*, Staples Laval West Wal-Mart Centre Laval, QC 100.00 549,362 252,973 124,000 Wal-Mart, Rona, IGA*, Canadian Tire*, Best Buy Mascouche Wal-Mart Centre Mascouche, QC 99.31 364,153 190,990 120,000 Wal-Mart, Sobeys, Home Outfitters, Rona* Montreal (Decarie) Wal-Mart Centre** Montreal, QC 100.00 112,383 64,104 - Wal-Mart, Mark's Work Wearhouse, Pier 1 Imports Montreal North Wal-Mart Centre Montreal, QC 100.00 247,054 173,668 - Wal-Mart, Sobeys, Winners, Mark's Work Wearhouse Place Bourassa Mall Montreal, QC 98.94 278,232 170,083 - Zellers, Super C, RBC, National Bank Rimouski Wal-Mart Centre Rimouski, QC 100.00 167,648 127,087 104,973 Wal-Mart, Tanguay*, Super C*, Reitmans Saint-Constant Wal-Mart Centre Saint-Constant, QC 100.00 302,357 168,235 95,000 Wal-Mart, Metro Richelieu, Home Depot*, L'Aubenerie Saint-Jean Wal-Mart Centre Saint-Jean-sur-Richelieu, QC 100.00 168,354 127,356 80,000 Wal-Mart, Maxi*, Mark's Work Wearhouse, TD Bank Saint-Jerome Wal-Mart Centre Saint-Jerome, QC 100.00 116,750 44,856 252,983 Wal-Mart*, Sobeys, Home Depot*, TD Bank Valleyfield Wal-Mart Centre Valleyfield, QC 100.00 161,236 107,128 - Wal-Mart, Reitmans Subtotal Quebec 98.95 2,879,735 1,647,416 1,455,303

New Brunswick Saint John Wal-Mart Centre Saint John, NB 100.00 271,084 173,390 102,122 Wal-Mart, Winners, Kent*, Future Shop, Sport Chek Subtotal New Brunswick 100.00 271,084 173,390 102,122

Nova Scotia Bridgewater Wal-Mart Centre Bridgewater, NS 100.00 25,854 - 149,933 Wal-Mart*, Canadian Tire*, Boston Pizza Halifax Bayers Lake Centre Halifax, NS 100.00 155,377 - 300,000 Loblaws*, Zellers*, Future Shop, Winners, Reitmans New Minas Wal-Mart Centre New Minas, NS 100.00 45,487 - 108,994 Wal-Mart*, Sport Chek

10 Calloway Real Estate Investment Trust September 2006 Supplemental Information Package

Owned Owned Rentable Non-Owned Occupancy Asset Location Rentable Area Anchor Area (1) Anchor Area (1) Anchors and Major Tenants % (sq. ft.) (sq. ft.) (sq. ft.)

Truro Wal-Mart Centre Truro, NS 100.00 118,461 106,329 60,000 Wal-Mart, Kent*, Reitmans Subtotal Nova Scotia 100.00 345,179 106,329 618,927

Prince Edward Island Charlottetown Wal-Mart Centre Charlottetown, PE 97.88 188,955 104,392 210,000 Wal-Mart, Canadian Tire*, Home Depot*, Sobeys* Subtotal Prince Edward Island 97.88 188,955 104,392 210,000

Newfoundland Corner Brook Wal-Mart Centre Corner Brook, NL 100.00 178,955 106,352 135,240 Wal-Mart, Canadian Tire*, Loblaws*, Staples Gander Wal-Mart Centre (2) Gander, NL 100.00 16,656 - 148,402 Wal-Mart*, Home Depot* St. John's (Kenmount) Wal-Mart Centre St. John's, NL 100.00 97,012 47,586 310,854 Wal-Mart*, Sobeys, Home Depot*, Canadian Tire* St. John's (Mount Pearl) Wal-Mart Centre St. John's, NL 99.40 248,736 131,001 165,351 Wal-Mart, Canadian Tire*, Loblaws*, Staples St. John's (Stavanger) Wal-Mart Centre St. John's, NL 100.00 272,752 128,273 - Wal-Mart, Winners, Sport Chek, Pier 1 Imports Subtotal Newfoundland 99.82 814,111 413,212 759,847

Total Retail Assets 99.04 16,611,907 8,926,664 9,862,218

Industrial Properties

Airtech Centre Vancouver, BC 100.00 112,744 50,193 - MTU Maintenance

Total Industrial Assets 100.00 112,744 50,193 -

Total Portfolio 99.04 16,724,651 8,976,857 9,862,218

* Non-owned anchor ** CWT interest – Indicates Calloway’s ownership interest (CWT owns a 44.4% interest in the 401 Weston Centre, 49.9% interests in Hull Wal-Mart Centre and Hull Silver City, 50% interests in London North Wal-Mart Centre, Chatham Wal-Mart Centre, Ottawa (South Keys) Wal-Mart Centre, Montreal (Decarie) Wal-Mart Centre, Markham Woodside I and II Centres, Woodbridge Piazza del Sol Centre, Leaside Shopping Centre, and Westgate Shopping Centre, and 60% interests in Pickering Wal-Mart Centre and Mississauga (Erin Mills) Wal-Mart Centre ) (1) Anchors are tenants in excess of 40,000 square feet. (2) Development property

11 Calloway Real Estate Investment Trust September 2006 Supplemental Information Package

Top 25 Tenants by Gross Rental Revenue

Gross Rental Revenue Rank Tenant %

1 Wal-Mart 27.31 2 Canadian Tire / Mark's Work Wearhouse 4.10 3 HBC 4.06 4 Best Buy / Future Shop 3.62 5 Reitmans Group of Companies 3.54 6 Winners 3.17 7 Sobeys 2.83 8 Staples Business Depot 2.60 9 Rona 1.85 10 Cara Restaurants 1.75 11 Payless Shoesource 1.17 12 Linens n' Things 1.10 13 Michaels 1.06 14 LCBO 0.88 15 Old Navy 0.88 16 Sport Chek 0.87 17 London Drugs 0.84 18 EB Games 0.77 19 Hallmark 0.75 20 Moores 0.71 21 Tim Hortons/ Wendy's 0.70 22 The Brick 0.69 23 Sleep Country 0.69 24 The Source by Circuit City 0.69 25 Loblaws 0.64

Total 67.26

12 Calloway Real Estate Investment Trust September 2006 Supplemental Information Package

Lease Expiration Schedule

Area Area Rental Revenues Average Rent Year of Expiry (sq. ft.) % $ per sq. ft.

2006 198,689 1.19 2,172,478 10.93 2007 297,467 1.78 4,451,155 14.96 2008 409,911 2.45 7,172,683 17.50 2009 399,284 2.39 7,048,382 17.65 2010 642,550 3.84 9,995,445 15.56 2011 1,007,734 6.03 16,646,739 16.52 2012 747,882 4.47 12,615,764 16.87 2013 1,216,459 7.27 21,979,119 18.07 2014 1,140, 845 6.82 19,180,800 16.81 2015 1,041,956 6.23 18,523,521 17.78 2016 725,098 4.34 10,914,466 15.05 2017 804,823 4.81 10,339,641 12.85 2018 506,906 3.03 4,942,872 9.75 2019 1,315,602 7.87 11,728,624 8.92 2020 1,234,408 7.38 11,729,917 9.50 2021 1,473,310 8.81 12,961,535 8.80 Beyond 3,401,943 20.34 34,426,104 10.12 Vacant 159,783 0.96 - -

Total 16,724,651 100.00 216,829,245 12.96

Weighted Average Lease Expiry by area = 10.5 years

13 Calloway Real Estate Investment Trust September 2006 Supplemental Information Package

Area by Age

Area Age % (sq. ft.) 2000 - present 13,985,054 83.62 1995 - 1999 1,695,202 10.14 Before 1994 1,044,395 6.24

Total 16,724,651 100.00

Weighted Average Age by area = 5.8 years

Area by Age

100%

80%

60%

40%

20%

0% 2000 - present 1995 - 1999 Before 1994 Year Built

Figure 3: Area by Age