Calloway Real Estate Investment Trust (the Trust) is an open-ended mutual fund trust. The Trust owns and manages shopping centers in Canada. The Trust�s purpose is to own and manage shopping centers, which provide its retailers with a platform to reach their customers through locations, designs, and a tenant mix. The Trust�s shopping centers focus on retailers and neighborhood merchants. As at December 31, 2011, the Trust owned 127 shopping centers, one office building and one industrial building, with total gross leasable area of 25.5 million square feet, located in communities across Canada. The portfolio is located across Canada with assets in each of the 10 provinces. The Trust targets urban centers and shopping centers. On August 17, 2011 and August 31, 2011, the Trust acquired 580,300 square feet of retail space in three retail properties from a joint venture between SmartCentres and Wal-Mart Canada Realty Inc.