FOR THE YEAR ENDED DECEMBER 31, 2012 THE KEYS TO SUCCESS CALLOWAY REAL ESTATE INVESTMENT TRUST

Transcription

1 Supplemental information Package FOR THE YEAR ENDED DECEMBER 31, 2012 THE KEYS TO SUCCESS CALLOWAY REAL ESTATE INVESTMENT TRUST

2 Index Conference Call Highlights Portfolio Highlights Distribution Reinvestment Plan Distribution History.. 7 Performance of Calloway Units. 8 Average Unit Trading Price 8 Average Daily Volume of Units Traded 8 Market Capitalization Summary 8 Gross Revenue and by Province Top 25 Tenants.. 10 Lease Expiration Schedule by Age Future Earnouts and Developments.. 13 Committed Earnouts and Developments Recourse Loans to Developers Individual Property Summary.. 15 Notice to Reader General Information.. 24 December 2012 Supplemental Information Package 1

3 Conference Call Highlights Operations for the quarter and year Renewed 89% of expiring tenant leases with average rents increasing 6.4% Occupancy level at 99% FFO/unit increased 4.5% for the quarter (4.9% for the year) Same property growth increased 0.5% (excluding Everything for a Dollar - 1.1%) for the quarter (0.7% and 0.9% for the year) EFAD - 14 locations totaling 57,000 square feet - 3 locations leased, 1 location sold - 6 locations under negotiations - impact in $533,000 (bad debts - $172,000, vacancy loss - $361,000) Tenant Activity Zellers: one location with a continuous operating covenant to remain open Target: two stores opening in July 2013 (Hopedale Mall in Oakville and Laurentian Mall in Kitchener) Best Buy / Future Shop: 4 Calloway locations (out of 31) closed with one to reopen as a smaller store (~10,000 square feet). Tenant will continue to pay rent until the leases mature. All four are in Walmart Supercentre-anchored centres. Modest mid box growth Extreme Fitness: none in Calloway s portfolio December 2012 Supplemental Information Package 2

4 Conference Call Highlights Growth Earnouts and development of 196,000 square feet at a 7.1% yield for the quarter (472,000 square feet at a 7.5% yield for the year) Premium Outlets Toronto - construction of 400,000 square feet underway - 85% of space preleased/committed - opening August 2013 Montreal - land purchased in December construction to commence in opening 2014 Vaughan Metropolitan Centre - KPMG rezoning and site plan submitted - contracts signed with construction manager and architects - agreements signed with TTC subway/bus terminal and cost allocation for pedestrian tunnel Future Opportunities - earnouts and developments committed pipeline of 550,000 square feet at a yield of 8.0% - Westside Mall mixed use rezoning potential resulting from Eglinton LRT/subway line in front of the centre on Calloway land - Hopedale Mall renovations to coincide with Target opening - continuing to source intensification opportunities in Calloway portfolio - additional land adjacent to Montreal Premium Outlets Recycling Capital - sale of assets totaling $86 million to re-invest in higher growth real estate December 2012 Supplemental Information Package 3

5 Conference Call Highlights Capital Activities Completed the redemption of the 6.65% Convertible Debentures Financed $189.5 million in secured mortgages with an average term of 10.5 years at 3.79% Leverage reduced to 40.9% of FMV Interest coverage improved to 2.3X Continuing to extend term as we realize interest roll down on refinancing Unencumbered asset pool increased to $1.1 billion SIFT Proposed amendments to the SIFT Rules were introduced and received first reading in the House of Commons which will allow Calloway to meet the REIT Exemption when signed into law All tax provisions reversed December 2012 Supplemental Information Package 4

6 Looking Beyond Vaughan Metropolitan Centre Vaughan Metropolitan Centre Westside Mall Caledonia Station Toronto Premium Outlets (November 26, 2012) December 2012 Supplemental Information Package 5

7 Portfolio Highlights December 31, 2012 Number of properties 126 Number of Walmarts / Supercentres 77 / 55 Number of Walmarts / Supercentres (including shadows) 91 / 62 Gross leaseable area 25,908,998 Total GLA in Walmart anchored centres 22,028,123 Future developable area 3,580,974 Occupancy 99.0% Average lease term to maturity 7.8 years Net rental rate (per occupied sq. ft.) $14.37 Net rental rate excluding anchors (per occupied sq. ft.) $20.20 Total debt Weighted average interest rate (1) 5.39% Term mortgages Weighted average contractual interest rate (2) 5.59% Term mortgages Weighted average maturity 5.5 years (in $000s, except for Units and per Unit amounts) Investment properties 6,209,837 Total assets 6,480,407 Debt 2,647,615 Debt to gross book value (3) 48.7% Interest coverage 2.3X Equity (book value) 3,639,497 Units outstanding (4) 132,279,778 FFO excluding current income tax (diluted) $1.787 AFFO (diluted) $1.714 Payout ratio (5) 90.3% (1) Includes convertible debentures and acquisition date fair value adjustments. (2) Excludes acquisition date fair value adjustments. (3) Defined as debt (excluding convertible debentures) divided by total assets plus accumulated amortization and cumulative unrealized fair value gain or loss in respect of investment property and financial instruments. (4) Total Units outstanding includes Trust Units and LP Units including LP Units classified as liabilities. (5) Payout ratio is calculated as distributions per Unit divided by adjusted funds from operations per Unit. December 2012 Supplemental Information Package 6

8 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 or via mail at: 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 January February March April May June July August September October November December Total December 2012 Supplemental Information Package 7

9 Performance of Calloway Units Average Unit Trading Price Per unit st Quarter nd Quarter rd Quarter th Quarter YTD / Annual Closing trading price at end of period Average Daily Volume of Units Traded st Quarter 184, , , , ,407 2 nd Quarter 162, , , , ,995 3 rd Quarter 166, , , , ,188 4 th Quarter 173, , , , ,679 Annual 171, , , , , Market Capitalization Summary Date Total Units Outstanding (1) Share price per Unit Market Capitalization December 31, ,279, ,829,499,573 December 31, ,738, ,339,261,932 December 31, ,939, ,686,137,073 December 31, ,365, ,938,619,812 December 31, ,077, ,079,131,611 (1) Includes Calloway Limited Partnership Class D LP units. December 2012 Supplemental Information Package 8

10 Gross Revenue and by Province December 2012 Supplemental Information Package 9

11 Top 25 Tenants Rank Tenant Number of Stores Gross Rental Revenue Remaining Lease Term (years) 1 Walmart Canadian Tire / Mark s / FGL Sports Winners Best Buy / Future Shop Reitmans Sobeys Rona Home Outfitters Staples Michaels The Brick Loblaws Cara Restaurants LCBO Dollarama Shoppers Drug Mart Gap Inc Bouclair Sail Payless Shoesource Sleep Country Bonnie Togs CIBC Moores Bell Canada Total December 2012 Supplemental Information Package 10

12 Lease Expiration Schedule Year of Expiry Number of Stores Annualized Base Rent Average Rent psf Month-to-month and Holdovers , ,809, , ,437, ,449, ,318, ,491, ,013, ,699, ,233, ,708, ,930, ,872, ,807, ,069, ,665, ,953, ,806, ,364, ,054, ,793, ,753, ,802, ,371, ,340, ,008, , ,433, , ,680, ,437, ,584, , ,488, Beyond 7 785, ,151, Vacant , Total 2,458 25,908, ,547, Weighted Average Lease Expiry by area = 7.8 years. Average Rent per occupied sq. ft. = $ December 2012 Supplemental Information Package 11

13 by Age Age 2002 present 18,671, ,229, Before ,008, Total 25,908, Portfolio of high quality, newly developed assets with an average age of 10.3 years and minimal capex requirements. December 2012 Supplemental Information Package 12

14 Future Earnouts and Developments Year Total Income ($000s) Gross Commitment ($000s) Invested To-date ($000s) Net Commitment ($000s) Yield / Cap Rate Committed Earnouts , % 4,991 67,440 21,472 45, % 2014 and beyond 45, % 1,051 13,645 3,517 10, % Total Committed Earnouts 282, % 6,042 81,085 24,989 56, % Committed Developments , % 7,346 83,925 (1) 43,439 (1) 40, % (2) 2014 and beyond 45, % ,536 (1) 5,375 (1) 7, % (2) Total Committed Developments 267, % 8,210 96,460 48,814 47, % Uncommitted Future Developments Earnouts 962, % 19, ,468 64, , % Developments (3) 2,068, % 36, ,123 (1) 137,748 (1) 362, % (2) Total Uncommitted Future Developments 3,030, % 55, , , , % Total before Non-cash Development Cost 3,580, % 70, , , , % Non-cash Development Cost 70,280 Vaughan Metropolitan Centre ( VMC ) (4) 55,243 Total 3,580, % 70, , , , % (1) Includes fair value adjustment for land. (2) On a cost basis, the yield would be 8.5%, 7.5% and 6.2%, respectively. (3) 475,000 square feet of earnouts were reclassified as developments relating to properties where s did not renew it s development agreement (4) Developments do not include the estimated 3 million square feet relating to Calloway s 50% ownership of the VMC Committed Earnouts and Developments Year Executed Leases (sf) Total Income ($000s) Gross Commitment ($000s) Invested To-date ($000s) Net Commitment ($000s) Yield / Cap Rate , % 12, ,364 (1) 64,911 (1) 86, % (2) 2014 and beyond 90, % 1,916 26,181 (1) 8,892 (1) 17, % (2) Total before Non-cash Development Cost 550, % 14, ,545 (1) 73,803 (1) 103, % (2) (1) Includes fair value adjustment for land. (2) On a cost basis, the yield would be 8.0%, 7.6% and 7.9%, respectively. December 2012 Supplemental Information Package 13

15 Recourse Loans to Developers Project Loan Outstanding ($000s) Committed ($000s) Maturity Date Interest Rate Option Total upon Completion Purchase Option Pitt Meadows, BC 20,639 62,119 December % 50% 469, ,756 Salmon Arm, BC (1, 4) 13,163 23,264 October 2017 Variable 0% 215,624 0 Aurora (South), ON 11,231 34,807 June % 50% 190,535 95,268 Caledon (Mayfield), ON 8,151 12,372 December % 50% 152,028 76,014 Caledon (Valleywood), ON 11,548 17,413 December % 50% 135,485 67,743 Innisfil, ON (1, 5) 16,638 27,077 December 2020 Variable 0% 233,000 0 Mirabel (Outlet), QC (2) 0 11,550 December % 0% 391,176 0 Mirabel (Shopping Centre), QC (3) 0 18,650 December % 0% 255,000 0 Toronto (Eastern), ON (1) 22,084 40,102 December % 50% 120,000 60,000 Vaughan (7 & 427), ON 48,384 68,843 December % 50% 561, ,891 Montreal (Saint-Michel), QC 13,204 23,650 November % 50% 198,129 99,065 Total 165, , % 31% 2,922, ,736 (1) Calloway owns a 50% interest. The loan is secured against the remaining 50%. (2) Calloway owns a 25% interest. The loan is secured against a 25% interest owned by one of the JV partners. (3) Calloway owns a 33.3% interest. The loan is secured against a 33.3% interest owned by one of the JV partners. (4) Monthly variable rate based on a fixed rate of 6.35% on loans outstanding up to $7.2M (the Fixed Rate Amount ) and the bankers acceptance rate plus 1.75% on any additional loans above the Fixed Rate Amount. (5) Monthly variable rate based on the bankers acceptance rate plus 2.00%. Note: Of the $174.8M of remaining loan advances available, $74.6M is set aside as interest accrual reserve. December 2012 Supplemental Information Package 14

16 Individual Property Summary Property Location Occupancy Non-Owned Anchors and Major Tenants Retail Properties British Columbia Courtenay Courtenay, BC , ,925 - Cranbrook Cranbrook, BC , , ,556 Cowichan Commons Duncan, BC , ,696 Kamloops Kamloops, BC , ,793 - Langley Langley, BC , , ,161 New Westminster New Westminster, BC , ,963 - Penticton Power Centre Penticton, BC , ,339 - Prince George Prince George, BC , , ,247 Surrey West Surrey, BC , Vernon Vernon, BC ,296-50,300 Subtotal British Columbia ,603,083 1,049, ,960 Walmart Supercentre, Winners, Staples, Future Shop, Sport Chek, RBC Walmart Supercentre, Real Canadian Superstore*, Home Hardware* Walmart Supercentre*, Rona*, Canadian Tire, Home Depot, Future Shop Walmart, Michaels, Lordco Auto Parts, Pier 1 Imports, Reitmans Walmart Supercentre, Home Depot*, Save-on-Foods*, Home Outfitters, London Drugs, Best Buy Walmart Supercentre, Home Outfitters, Best Buy, Tommy Hilfiger, Bonnie Togs Real Canadian Superstore, Staples, Winners, Petcetera, TD Canada Trust Walmart Supercentre, Home Depot*, Canadian Tire*, Michaels Walmart Supercentre, Dollar Tree, Sleep Country, Reitmans Walmart Supercentre, Rona*, Future Shop, Value Village Alberta Calgary Southeast Calgary, AB , ,811 - Crowchild Corner Calgary, AB , ,838 - Edmonton Northeast Edmonton, AB ,353 64,104 - Lethbridge Lethbridge, AB ,630-95,000 St. Albert St. Albert, AB , ,273 91,737 Subtotal Alberta ,120, , ,737 Walmart Supercentre, London Drugs, Mark's Work Wearhouse Re/Max, Respiratory Homecare Solutions Inc. Walmart Supercentre, Michaels, Mark's Work Wearhouse, Moores Walmart Supercentre, Home Depot*, Ashley Furniture, Best Buy Walmart Supercentre, Save-on- Foods*, Totem*, Sleep Country December 2012 Supplemental Information Package 15

17 Individual Property Summary Property Location Occupancy Non-Owned Anchors and Major Tenants Saskatchewan Regina East Regina, SK ,269 48, ,681 Regina North Regina, SK , ,390 - Saskatoon South Saskatoon, SK , ,235 98,395 Walmart Supercentre, Real Canadian Superstore*, Rona*, HomeSense Walmart Supercentre, Sobeys, Mark's Work Wearhouse, Dollarama, TD Canada Trust Walmart Supercentre, Home Depot*, HomeSense, The Brick Subtotal Saskatchewan ,022, , ,076 Manitoba Kenaston Common Winnipeg Southwest Winnipeg, MB ,222 97, ,000 Winnipeg, MB ,146-95,000 Winnipeg West Winnipeg, MB ,252-75,240 Subtotal Manitoba ,085,620 97, ,240 Rona, Costco*, Indigo Books, Golf Town, Petland, HSBC, RBC Walmart, Home Depot*, Safeway, Home Outfitters, HomeSense Walmart Supercentre, Canadian Tire*, Sobeys, Winners, Value Village, Staples Ontario Ancaster Ancaster, ON ,090-51,268 Aurora North ** Aurora, ON , ,727 - Aurora Aurora, ON , ,819 63,500 Barrie North Barrie, ON , ,940 81,373 Barrie South Barrie, ON ,195 65,461 - Bolton Bolton, ON ,793 45,877 - Bramport Brampton, ON , ,610 - Brampton East Brampton, ON , Brampton North Walmart Supercentre, Canadian Tire*, Future Shop, Dollar Tree Walmart Supercentre, Rona, Best Buy, Golf Town, Dollarama Canadian Tire*, Winners, Bank of Nova Scotia Walmart Supercentre, Zehrs*, Old Navy, Bonnie Togs, Addition-Elle Walmart, Sobeys, Winners, Michaels, PetSmart, La-Z-Boy Walmart Supercentre, LCBO, Mark's Work Wearhouse, Reitmans LA Fitness, LCBO, Dollarama, Swiss Chalet, CIBC, Bank of Montreal Walmart Supercentre, The Brick, Winners, Staples Brampton, ON , ,635 62,496 Fortinos*, Shoppers Drug Mart Brockville Brockville, ON , , ,370 Walmart Supercentre*, Real Canadian Superstore*, Home Depot*, Winners, Future Shop, Michaels, LCBO December 2012 Supplemental Information Package 16

18 Individual Property Summary Property Location Occupancy Non-Owned Anchors and Major Tenants Burlington (Appleby) Burlington North Burlington, ON , Burlington, ON , , ,663 Cambridge (I) Cambridge, ON , ,392 - Cambridge (II) Cambridge, ON , , ,720 Carleton Place Carleton Place, ON , ,634 - Chatham ** Chatham, ON , , ,000 Cobourg Cobourg, ON , ,158 85,000 Leaside East York, ON , , ,000 Etobicoke (Index) Toys R Us, LA Fitness, Shoppers Drug Mart, Golf Town, Bank of Montreal Walmart Supercentre, Reitmans, Moores, Bank of Nova Scotia Walmart Supercentre, Rona, Best Buy, Staples, Bed Bath & Beyond, Future Shop, Dollarama Home Depot*, Canadian Tire*, 2001 Audio Video, Henry's Photography Walmart Supercentre, Dollarama, Mark's Work Wearhouse, Bulk Barn Walmart Supercentre, Zehrs*, Winners, Mark's Work Wearhouse, PetSmart, LCBO Walmart Supercentre, Home Depot*, Winners, Swiss Chalet Home Depot*, Winners, Sport Chek, Best Buy, Sobeys, Golf Town Etobicoke, ON , ,396 - Marshalls, PetSmart, Bouclair Etobicoke Etobicoke, ON , ,000 Rexdale Etobicoke, ON , , ,083 Guelph Guelph, ON , , ,000 Hamilton South Hamilton, ON ,631 52,700 - Huntsville Huntsville, ON , ,376 68,837 Walmart Supercentre, Home Depot*, Best Buy, Sport Chek, Old Navy Walmart Supercentre*, Dollarama, Bank of Nova Scotia Walmart Supercentre, Home Depot*, HomeSense, Michaels, Dollarama, CIBC Walmart Supercentre, Shoppers Drug Mart, LCBO, Moores, CIBC, Bulk Barn, The Beer Store Walmart Supercentre, Your Independent Grocer*, Dollar Tree Kapuskasing Kapuskasing, ON , ,736 - Walmart, Reitmans Laurentian Power Centre Kitchener, ON , , ,978 London East Argyle Mall London, ON , ,854 - London North ** London Northwest Markham Woodside ** London, ON , ,262 London, ON , ,834 - Markham, ON , Target, Rona*, Zehrs*, Staples, Home Outfitters, CIBC Walmart, No Frills, Winners, Staples, Sport Chek, GoodLife Fitness Walmart Supercentre, Canadian Tire*, Future Shop, Winners, Sport Chek Boston Pizza, Montana's, Bank of Montreal, TD Canada Trust, RBC Home Depot, Longo's*, Winners, Staples, Chapters, Michaels, La-Z- Boy, LCBO December 2012 Supplemental Information Package 17

19 Individual Property Summary Property Location Occupancy Non-Owned Anchors and Major Tenants Milton Walmart Centre** Milton, ON , , ,400 Mississauga (Erin Mills) Mississauga (Go Lands) ** Mississauga (Meadowvale) Mississauga, ON ,823 88,649 - Mississauga, ON , ,000 Mississauga, ON , ,121 - Napanee Napanee, ON , , & Weston Power Centre** North York, ON ,476 98, ,000 Hopedale Mall Oakville, ON , ,609 - Orleans Orleans, ON , ,136 Oshawa North Oshawa, ON ,271 84, ,832 Oshawa South ** Ottawa South ** Oshawa, ON , ,795 - Ottawa, ON , ,572 - Owen Sound Owen Sound, ON , , ,000 Pickering Pickering, ON ,205-82,000 Richmond Hill ** Richmond Hill, ON , ,864 - Rockland Rockland, ON , ,807 - Sarnia Sarnia, ON ,617 35,108 - Scarborough (1900 Eglinton) Scarborough East St. Catharines West (I) St. Catharines West (II) Scarborough, ON , ,693 - Scarborough, ON , ,356 - St. Catharines, ON , ,132 St. Catharines, ON ,438 69,283 - St. Thomas St. Thomas, ON , , ,252 Walmart Supercentre*, Canadian Tire*, Indigo, Staples, Bouclair, RBC Walmart Supercentre, No Frills, GoodLife Fitness Real Canadian Superstore*, Toys R Us, TD Canada Trust Walmart Supercentre, Rona, Home Outfitters, Winners, Staples, Michaels Walmart, Dollarama, Mark's Work Wearhouse, EasyHome Real Canadian Superstore*, Canadian Tire, The Brick, Home Outfitters Target, Metro, Shoppers Drug Mart, LCBO, CIBC Walmart Supercentre, Canadian Tire*, Home Outfitters, Future Shop, Shoppers Drug Mart Walmart Supercentre, Loblaws, Home Depot*, Future Shop Walmart Supercentre, Lowe's, Sail, CIBC, Urban Barn, Moores Walmart Supercentre, Loblaws, Cineplex Odeon, Future Shop Walmart Supercentre, Home Depot*, Penningtons, Dollarama Walmart Supercentre, Lowe's, Sobeys, Canadian Tire*, Toys R Us, Winners Walmart Supercentre, Metro, Shoppers Drug Mart Walmart Supercentre, Dollarama, LCBO, Boston Pizza Walmart Supercentre, Winners, Michaels, LCBO, PetSmart, Penningtons Walmart Supercentre, Winners, Mark's Work Wearhouse, LCBO Walmart Supercentre, Cineplex Odeon, LCBO, Reitmans Walmart Supercentre, Real Canadian Superstore*, Canadian Tire*, Home Outfitters, Best Buy The Brick, Michaels, Shoppers Drug Mart, Golf Town, Bouclair Walmart Supercentre, Real Canadian Superstore*, Canadian Tire*, Staples, Dollar Tree December 2012 Supplemental Information Package 18

20 Individual Property Summary Property Location Occupancy Non-Owned Anchors and Major Tenants Stouffville Stouffville, ON , ,633 Sudbury South Sudbury, ON , ,691 - Toronto Stockyards Toronto, ON , ,194 Westside Mall Toronto, ON , Rutherford Village Shopping Centre Vaughan (400 & 7) Vaughan, ON , ,101 - Vaughan, ON , , ,000 Vaughan ** Vaughan, ON ,878 48,808 - Welland Welland, ON , ,957 98,784 Whitby North Whitby, ON , , ,571 Whitby Northeast Whitby, ON , ,448 - Windsor South Windsor, ON , ,659 - Woodbridge ** Woodbridge, ON , , ,073 Woodstock Woodstock, ON ,830-93,333 Subtotal Ontario ,993,056 8,762,242 4,262,890 Walmart Supercentre*, Canadian Tire, Winners, Staples Walmart Supercentre, LCBO, Mark's Work Wearhouse, Dollarama, Bouclair Walmart*, Bank of Montreal, Citifinancial Canadian Tire, FreshCo., Shoppers Drug Mart, CIBC Sobeys, Pharma Plus, TD Canada Trust Sail, The Brick, Home Depot*, Staples, Value Village, GoodLife Fitness Walmart Supercentre, Future Shop, Home Outfitters Walmart Supercentre, Canadian Tire*, Rona, Mark's Work Wearhouse Walmart Supercentre, Real Canadian Superstore*, LCBO Boston Pizza, Swiss Chalet, Bell World, RBC Walmart Supercentre, Part Source, Dollarama, Super Pet, Moores, The Beer Store Canadian Tire*, Fortinos*, Winners, Best Buy, Toys R Us, Chapters, Michaels Walmart Supercentre, Canadian Tire*, Staples, Mark's Work Wearhouse, Reitmans Quebec Hull ** Hull, QC , , ,717 Walmart, Rona*, Famous Players*, Super C*, Winners, Staples Kirkland Kirkland, QC , ,810 - Walmart, The Brick Laval East Laval, QC , ,101 - Laval West Laval, QC , ,000 Magog Magog, QC ,976-60,000 Mascouche Mascouche, QC , , ,000 Walmart Supercentre, Canadian Tire, IGA, Winners, Michaels, Bouclair Walmart Supercentre, Rona, Canadian Tire*, IGA*, Home Outfitters, Bouclair, Archambault Walmart, Canadian Tire*, TD Canada Trust Walmart Supercentre, Rona*, IGA, Home Outfitters, Winners, Staples, Bouclair December 2012 Supplemental Information Package 19

21 Individual Property Summary Property Location Occupancy Non-Owned Anchors and Major Tenants Montreal (Decarie) ** Montreal, QC ,545 35,483 - Montreal North Montreal, QC , Place Bourassa Mall Montreal, QC , ,087 - Rimouski Rimouski, QC , , ,000 Saint-Constant Saint-Constant, QC , ,567 95,000 Saint-Jean Saint-Jean, QC , ,708 80,000 Saint-Jerome Saint-Jerome, QC , , ,500 Sherbrooke Sherbrooke, QC , ,000 Valleyfield Valleyfield, QC , Victoriaville Victoriaville, QC , , ,519 Subtotal Quebec ,971,847 1,900,434 1,502,736 Walmart, South 95, Baton Rouge, P.F. Chang's, Roots, Sleep Country Walmart Supercentre, IGA, Winners, Dollarama, Mark's Work Wearhouse Zellers, Super C, Pharmaprix, L'Aubainerie, SAQ Walmart, Tanguay*, Super C*, Winners, Future Shop, SAQ Walmart, Home Depot*, Super C, L Aubainerie Concept Mode Walmart, Maxi*, Michaels, Mark's Work Wearhouse, TD Canada Trust Walmart Supercentre*, Home Depot*, IGA, Future Shop, Michaels, Bouclair Walmart, Home Depot*, Canadian Tire*, Best Buy, The Brick, Mark's Work Wearhouse Walmart, Dollarama, SAQ, Reitmans Walmart*, Home Depot*, Maxi*, Winners New Brunswick Saint John Saint John, NB , , ,122 Subtotal New Brunswick , , ,122 Walmart, Kent*, Canadian Tire*, Winners, Future Shop, CIBC Nova Scotia Colby Village Dartmouth, NS , Halifax Bayers Lake Centre Halifax, NS , , ,000 New Minas New Minas, NS , , ,994 Truro Truro, NS ,673-60,000 Subtotal Nova Scotia , , ,994 Walmart, Atlantic Superstore, Cleves Source for Sports, Pharma Save Zellers*, Atlantic Superstore*, Future Shop, Winners, Bouclair, Reitmans, Addition-Elle Walmart*, Sport Chek, Mark's Work Wearhouse, Bulk Barn, Bank of Nova Scotia Walmart, Kent*, Stitches, Reitmans, Penningtons December 2012 Supplemental Information Package 20

22 Individual Property Summary Property Location Occupancy Non-Owned Anchors and Major Tenants Prince Edward Island Charlottetown Charlottetown, PE , , ,000 Subtotal Prince Edward Island , , ,000 Walmart, Canadian Tire*, Home Depot*, Michaels, Future Shop, Old Navy, Gap Outlet Newfoundland Corner Brook Corner Brook, NL , ,240 Gander Gander, NL , ,524 88,402 Mount Pearl Mount Pearl, NL , , ,351 Pearlgate Mount Pearl, NL , ,350 - St. John's Central St. John's, NL , , ,854 St. John's East St. John's, NL , ,910 80,000 Subtotal Newfoundland ,019, , ,847 Walmart, Canadian Tire*, Dominion (Loblaw)*, Staples, Bulk Barn Walmart*, Penningtons, EasyHome, Bank of Nova Scotia Walmart, Canadian Tire*, Dominion (Loblaw)*, GoodLife Fitness, Staples, Reitmans, CIBC Shoppers Drug Mart, TD Canada Trust, Bulk Barn Walmart*, Home Depot*, Canadian Tire*, Sobeys, Moores, Staples, Dollarama Walmart, Dominion (Loblaw)*, Winners, Staples, Future Shop, Old Navy, Michaels Total Retail Properties ,780,081 14,062,701 8,924,602 Industrial / Office Properties Airtech Centre Richmond, BC , British Colonial Building Toronto, ON , Total Industrial / Office Properties , MTU Maintenance, Amre Supply Co., William L. Rutherford, RE/MAX Navigator Limited, Irish Embassy Pubs Inc. December 2012 Supplemental Information Package 21

23 Individual Property Summary Property Location Occupancy Non-Owned Anchors and Major Tenants Retail Development Lands Quesnel Quesnel, BC ,316 Walmart* Salmon Arm ** Salmon Arm, BC Walmart (2) Dunnville Dunnville, ON ,343 Canadian Tire*, Sobeys* Fort Erie Fort Erie, ON ,142 Walmart Supercentre*, No Frills* Toronto Premium Outlets (Halton Hills)** Halton Hills, ON Innisfil ** Innisfil, ON Mississauga (Dixie and Dundas) Centre Mississauga, ON Toronto (Eastern) Centre** Toronto, ON Mirabel ** Mirabel, QC Montreal Premium Outlets (Mirabel)** Fredericton North Mirabel, QC Fredericton, NB ,906 Walmart*, Canadian Tire*, Kent* Total Retail Development Lands ,707 Total Portfolio ,908,998 14,062,701 9,511,309 * Non-owned anchor. ** Calloway interest indicates Calloway s ownership interest (Calloway owns a 25% interest in Montreal Premium Outlets (Mirabel), a 33.3% interest in Mirabel, a 44.4% interest in 401 & Weston Power Centre, a 49.9% interest in Hull, 50% interests in Aurora North, Chatham, Innisfil, London North, Markham Woodside, Milton Wal-Mart Centre, Montreal (Decarie), Oshawa South, Ottawa South, Richmond Hill, Salmon Arm, Toronto (Eastern) Centre, Toronto Premium Outlets (Halton Hills), and Woodbridge ). (1) Anchors are tenants in excess of 30,000 square feet. (2) Currently in the development phase (Salmon Arm ). December 2012 Supplemental Information Package 22

24 Notice to Reader Certain statements in this supplemental information package may be considered forward-looking statements within the meaning of existing securities laws. Although Calloway Real Estate Investment Trust ( Calloway or the REIT ) believes that the expectations set forth in such statements are based on reasonable assumptions, Calloway s future operations and its actual performance may differ materially from those in any forward-looking statements. Additional information that could cause actual results to differ materially from these statements are detailed in earnings press releases and in other publicly filed documents, including recent Annual Reports, Annual Information Forms and Quarterly Reports. The information contained herein has been prepared to assist investors in making its own assessment of Calloway and does not purport to contain all of the information that investors may desire. Calloway does not make any representations or warranties as to the accuracy or completeness of this presentation or the information contained herein, or for any omissions from this presentation or any other written or oral communications transmitted to investors in the course of its assessment of Calloway. December 2012 Supplemental Information Package 23

25 General Information Stock Exchange Listing: The Toronto Stock Exchange (TSX) Trading Symbols: Trust Units CWT.UN 5.75% Convertible Debentures CWT.DB.B Corporate Office: 700 Applewood Crescent, Suite 200 Vaughan, ON, L4K 5X3 Canada Tel: (905) Fax: (905) Senior Management: Al Mawani President and Chief Executive Officer Bart Munn Chief Financial Officer Rudy Gobin Executive Vice President Asset Management Steve Liew Vice President Finance and Acquisitions Mario Calabrese Vice President & Controller Transfer Agent & Registrar: Computershare Share Trust Company of Canada 100 University Avenue, 9 th Floor Toronto, ON, M5J 2Y1 Auditors: PricewaterhouseCoopers LLP PwC Tower 18 York Street, Suite 2600 Toronto, ON, M5J 0B2 Legal Counsel: Osler, Hoskin & Harcourt LLP 100 King Street West 1 First Canadian Place Suite 6100, P.O. Box 50 Toronto, ON, M5X 1B8 December 2012 Supplemental Information Package 24