By Nicole Strandlund Business Edge

ACT I: GONE SHOPPING

* The Player: Calloway REIT (TSX:CWT.UN)

* Action: Up 10 per cent or $1.95 in a month (from $19.36 March 21)

* Recent Price: $21.31

* 52-Week High/Low: $27.75/$18.50 Buying six shopping centres takes money, and now Ontario-based Calloway REIT has it.

Earlier this month, Calloway announced it would pay around $375 million for six shopping centres from SmartCentres and Wal-Mart Canada Corp., totalling roughly 1.8 million sq. ft. The deal is expected to close later this month.

And now, Calloway has announced that it is selling $100 million convertible unsecured subordinated debentures to a syndicate of underwriters, the proceeds of which will be used to partially fund the shopping centre deal.

Other financing includes approximately $160 million of mortgage debt and acquisition loans against the new centres as well as limited partnership units, cash, and additional mortgage financing on Calloway's other properties.

ACT II: NASTY BUSINESS

* The Player: MI Developments (TSX:MIM.A)

* Action: Up 24 per cent or $5.23 in a month (from $22.20 March 21)

* Recent Price: $27.43

* 52-Week High/Low: $43.84/$20.79 Politics may be dirty sometimes, but business can get downright nasty. MI Developments (MID), an Aurora, Ont.-based real estate company, is publicly feuding with one of its shareholders over MID restructuring plans - and it seems the gloves are off.

Frank Stronach, controlling shareholder of MID, created a proposal to restructure the company and sell its stake in racetrack and gambling firm Magna Entertainment Corp. As part of the complex deal, MID would transfer $150 million cash, $247 million in loans and roughly $50 million in real estate to a new company controlled by Stronach.

Two other major MID shareholders are objecting. Greenlight Capital Inc. and Hotchkis and Wiley Capital Management say the problem isn't the restructuring, it's that the money is going to Stronach.

And this is where the nasty begins.

Greenlight's most recent press release charges that if Stronach "is richly paid off," he will agree to proposed changes. But if not, "value destruction" in MID will occur "until shareholders surrender."

In response, MID blasted Greenlight for its "unwarranted public disparagement of the MID board," and accuses Greenlight of having "repeatedly resorted to these types of tactics in an attempt to intimidate" MID.

Second-graders have nothing on these guys.

ACT III: FORT McMONEY

* The Player: Lanesborough REIT (TSX:LRT.UN)

* Action: Up five per cent or $0.21 in a month (from $4.49 March 21)

* Recent Price: $4.70

* 52-Week High/Low: $5.85/$4.32 When the going's good, why not buy more?

Lanesborough REIT, a Winnipeg-based real estate investment trust, just bought a 66-suite luxury apartment complex in Fort McMurray for $30 million. That boosts the company's collection in the northern Alberta community to 1,167 townhouse and apartment units.

Lanesborough also gains the right of first refusal on Phase 2 of the apartment development, which is currently being built.

The existing four-storey building is 100-per-cent leased to an oilsands company, and when the lease expires in 2012, the tenant will have the option to extend the lease for another five years.

The 58-suite second phase will also be completely leased for five years to an oilsands company. What's not to love?

ACT IV: "AMICA"BLE RESULTS

* The Player: Amica Mature Lifestyles (TSX:ACC)

* Action: Down six per cent or $0.42 in a month (from $7.17 March 21)

* Recent Price: $6.75

* 52-Week High/Low: $13.14/$6.25 In some cases, two per cent can make a difference Amica Mature Lifestyles Inc., a Vancouver-based luxury housing developer and manager for mature clients, is celebrating the company's earnings growth - despite high resident turnover during the quarter that contributed to an overall drop in occupancy to 94 per cent (at Feb. 29, 2008). Occupancy should gain back two per cent by the end of the year, the company says.

Quarterly revenue for the company, which currently has 25 residences (including nine under development), increased to $11.2 million from $10.5 million the same period a year ago. Net income rose to $1.5 million from $700,000 a year previous.

Nine-month revenue increased to $33.9 million from $30.9 million in the same period of 2007. Net income jumped to $4.3 million from $1.7 million in the same period a year ago.

NOTE: The above is not intended as investment advice to buy or sell any mentioned securities. Investors should do due diligence before investing. Quotes are based on results through April 21, 2008.

(Nicole Strandlund can be reached nicole@businessedge.ca)