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Calloway Real Estate Investment Trust Declares December 2003 Distribution

Thursday, December 18, 2003

CALGARY, ALBERTA--Calloway REIT (TSX: CWT.UN) today announced that the trustees of the REIT have declared a distribution for the month of December 2003 of $0.0959 per trust unit, representing $1.1508 per unit on an annualized basis. Payment will be made on or about December 31, 2003 to unitholders of record on December 31, 2003.

Calloway Real Estate Investment Trust is an unincorporated closed-end real estate investment trust created to invest in a geographically diversified portfolio of office, retail and industrial properties.

FOR FURTHER INFORMATION PLEASE CONTACT:

Calloway Real Estate Investment Trust
Keith N. McRae
Director of Operations
(403) 266-6438
(403) 266-6522  (FAX)
Website: www.callowayreit.com

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

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