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The following table summarizes the Trust's portfolio information:

Quarterly Results

During the quarter, the Trust issued $100.0 million in Series K senior unsecured debentures bearing interest at a variable rate based on the three-month Canadian dealer offered rate plus 1.38% per annum maturing in October 2015.

The Trust also received full repayment of one mortgage receivable with commitments of $17.4 million and an outstanding balance of $12.4 million in cash.

The following table summarizes the Trust's key financial highlights for the quarters ended December 31⁽³⁾:

FFO for the quarter was $63.8 million compared to $60.4 million in the same quarter of 2012. FFO increased by $3.4 million compared to the same quarter in 2012 mainly due to an increase in net operating income of $5.6 million, partially offset by an increase in general and administrative costs of $0.4 million, increase in interest expense of $0.4 million and decrease in interest income of $1.6 million. On a per Unit basis, FFO only increased by 0.9% over 2012, however, excluding a lease termination settlement of $1.9 million received from one large tenant and loan repayment penalty of $1.6 million from the early repayment of two mortgages receivable offset by the large bad debt of $1.0 million which occurred in the fourth quarter of 2012, FFO per Unit would have increased by approximately 5.0% in the fourth quarter of 2013 over the prior year, reflecting the growing strength of our business.

Annual Results

During the year, the Trust acquired three income properties for $102.6 million in cash, adjusted for working capital amounts, totalling 416,589 square feet from third parties.

The Trust also acquired four income properties totalling 696,867 square feet for a total of $184.2 million from SmartCentres and Walmart Canada Realty Inc. and formed a 50:50 joint venture with Investors Group Inc. for the purchase of the largest of these properties. The purchase price was satisfied by the issuance of 397,000 Class B Series 6 LP III Units with a value of $10.2 million to SmartCentres and the balance paid in cash and other working capital adjustments.

The Trust issued $150.0 million of 3.985% Series I senior unsecured debentures due on May 30, 2023, $150.0 million of 3.385% Series J senior unsecured debentures due on December 1, 2017 and $100,000 of Series K unsecured debentures at a variable rate based on the three month CDOR plus 1.38%, due on October 16, 2015. Proceeds from the issuance of the senior unsecured debentures were used to redeem $75.0 million of 7.950% Series D senior unsecured debentures, acquire investment properties and for general trust purposes.

The Trust also obtained $316.7 million in new mortgages with an average term of 11 years and weighted average interest rate of 4.17%.

The Trust's debt to gross book value was 51.6% at December 31, 2013 (December 31, 2012 - 48.7%), which is below the Trust's target range, and the debt to total assets ratio was 43.8% (December 31, 2012 - 40.9%). The increases in the debt to gross book value and debt to total assets ratios are primarily due to $400.0 million of senior unsecured debentures issued during the year and new term mortgages described above, which were issued at more favourable interest rates, resulting in an improvement in the interest coverage ratio which increased to 2.5X at December 31, 2013 from 2.3X at December 31, 2012. In addition, properties with an aggregate appraised value of $1,482.8 million are now unencumbered or debt-free. This will provide flexibility to the Trust to address its committed obligations and to grow its portfolio in future years.

The following table summarizes the Trust's key financial highlights for the years ended December 31⁽³⁾:

FFO for the year (excluding income tax recovery) was $247.1 million compared to $226.9 million in 2012. The increase of $20.2 million is primarily due to an increase in net operating income of $15.6 million and decrease in interest expense net of yield maintenance on early redemption of unsecured debentures and penalty on early repayment of term mortgages of $5.9 million partially offset by an increase in general and administrative costs of $0.7 million. On a per Unit basis, FFO increased by 3.4% over 2012.

The high occupancy level of 99.0%, as well as the Trust's acquisition and development program, generated rental revenue of $573.0 million during the year. NOI of $374.3 million increased by 4.3% over the previous year including a 1.0% increase on a same properties basis.

The non-IFRS measures used in this Press Release, including AFFO, FFO, NOI, debt to gross book value, payout ratio and interest coverage ratio do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and are therefore unlikely to be comparable to similar measures presented by other issuers. These non-IFRS measures are more fully defined and discussed in the management discussion and analysis of the Trust for the year ended December 31, 2013, available on SEDAR website at www.sedar.com.

⁽¹⁾ December 31, 2012 excludes income tax recovery.

⁽²⁾ December 31, 2013 excludes yield maintenance fees on redemption of unsecured debentures and related write-off of unamortized financing costs and CEO transition costs. December 31, 2012 excludes income taxes and penalty on early repayment of term mortgages.

⁽³⁾ Includes the Trust's share of investments in associates.

Full reports of the financial results of the Trust for the year ended December 31, 2013 are outlined in the audited financial statements and the related management discussion and analysis of the Trust, available on the SEDAR website at www.sedar.com. In addition, supplemental information is available on the Trust's website at www.callowayreit.com.

The Trust will hold a conference call on Thursday, February 13, 2014 at 10:00 a.m. (ET). Participating on the call will be members of Calloway's senior management.

Investors are invited to access the call by dialing 1-877-974-0445. You will be required to identify yourself and the organization on whose behalf you are participating. A recording of this call will be made available Thursday, February 13, 2014 beginning at 11:00 a.m. (ET) through to 11:59 p.m. (ET) on Thursday February 20, 2014. To access the recording, please call 1-877-289-8525 and use the reservation number 4660949#.

Certain statements in this Press Release are "forward-looking statements" that reflect management's expectations regarding the Trust's future growth, results of operations, performance and business prospects and opportunities as outlined under the headings "Business Overview and Strategic Direction" and "Outlook". More specifically, certain statements contained in this Press Release, including statements related to the Trust's maintenance of productive capacity, estimated future development plans and costs, view of term mortgage renewals including rates and upfinancing amounts, timing of future payments of obligations, intentions to secure additional financing and potential financing sources, and vacancy and leasing assumptions, and statements that contain words such as "could", "should", "can", "anticipate", "expect", "believe", "will", "may" and similar expressions and statements relating to matters that are not historical facts, constitute "forward-looking statements". These forward-looking statements are presented for the purpose of assisting the Trust's Unitholders and financial analysts in understanding the Trust's operating environment, and may not be appropriate for other purposes. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. However, such forward-looking statements involve significant risks and uncertainties, including those discussed under the heading "Risks and Uncertainties" and elsewhere in the Trust's Management's Discussion & Analysis for the year ended December 31, 2013 and under the heading "Risk Factors" in its Annual Information Form for the year ended December 31, 2013. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Although the forward-looking statements contained in this Press Release are based on what management believes to be reasonable assumptions, the Trust cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. These forward-looking statements are made as at the date of this Press Release and the Trust assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation.

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