Subscription Receipt Issued

On April 27th, 2015, Calloway REIT closed on an offering of subscription receipts at a purchase price of $28.70 per receipt. The subscription receipts were exchanged for units of Calloway REIT on a one for one basis on May 28, 2015, and the receipt holders were entitled to the cash distribution having a record date of May 27th, 2015. If your units of Calloway REIT or Smart REIT (see message re name change) were the result of owning the subscription receipts, enter the purchase of the subscription receipts as a purchase of Calloway REIT units.