TORONTO, March 14 /CNW/ -- Results highlighted by another strong
year of royalty growth and increases in distributable cash TORONTO,
March 14 /CNW/ - Brookfield Real Estate Services Inc. (the
"Company') (TSX: BRE), a leading provider of services to
residential real estate brokers and their REALTORS®¹ , today
announced financial results for the year ended December 31, 2010.
Financial and operational highlights for the fiscal year include
(all comparisons are relative to fiscal 2009): -- Royalties
increased 6.6% to $36.6 million. -- Distributable cash(2) rose by
5.4% to $25.2 million, inclusive of a $0.7 million charge for the
conversion from an Income Trust to a Corporation. -- Net earnings
rose to $6.2million or $0.65 per share as compared to $5.6 million
or $0.58 per share. Financial and operational highlights for the
fourth quarter include (all comparisons are relative to the fourth
quarter of 2009): -- Royalties were $8.2 million, down 4% from $8.5
million. -- Distributable cash was $5.0 million, down 17.3% from
$5.9 million. -- In addition to the regular monthly distribution of
$0.117 per unit, the Company declared a special distribution of
$0.20 per unit for unitholders of record on December 30,2010. --
Net earnings were $0.3 million or $0.03 per share as compared to
$1.5 million or $0.16 per share. OVERVIEW OF 2010 OPERATING RESULTS
With a modest year-over-year increase of 1.7% in the Canadian
Market, the Company closed out 2010 with distributable cash per
unit of $1.97, up 6.5% from $1.85 per share in 2009. Distributable
cash includes a $0.05 charge per unit for conversion costs related
to the conversion from an Income Trust to a corporate structure,
otherwise distributable cash would have been $2.02 per unit which
represents a 9.2% increase in year-over-year distributable cash.
Driving this result was a: -- 4.6% (677 REALTORS®) increase
year-over-year, with 62% (417 REALTORS®) of the increase coming
through the acquisition of contracts at the beginning of 2010 and
the balance through organic growth. This is in direct contrast to
2009 when the Company's growth was limited to 37 REALTORS® and when
the beginning of year acquisition of contracts representing 316
REALTORS® was partially offset by a 279 agent decrease; -- 20%
increase in year-over-year premium fees, which are driven by the
Greater Toronto Market, pushed by pent-up demand in the fourth
quarter of 2009 and the first quarter of 2010 as the market pulled
out of a recessionary trough and consumers sought to complete home
purchases ahead of the government's mandated mortgage-lending
rules, anticipated higher interest costs and misconceptions about
the impact of HST on the home sale transaction; -- 9% decrease in
interest costs as a result of a refinancing of the Company's debt
in February 2010; and a -- 1.7% year-over-year increase in the
Canadian Market, represented by a 6% increase in the selling price
of a home to $339,030 and partially offset by a 3.9% decrease in
home sales to 447,010. OVERVIEW OF FOURTH QUARTER OPERATING RESULTS
Fourth-quarter results were impacted by the unusually strong
residential real estate market conditions experienced at the end of
2009, which led to 57% of 2010 royalties being recognized in the
first half of 2010. This compares to 46% for the same period in
2009. Accordingly, third-and fourth-quarter year-over-year variable
and premium franchise fees were negatively affected; at the same
time, fixed franchise fees increased by 5.3%, which was in line
with the growth in the underlying number of REALTORS® in the
Company's network. Also negatively impacting fourth quarter
performance was a $0.7 million charge related to the conversion of
the Company from an Income Fund to a corporation on December 31,
2010. Summary of fourth quarter and year-end results
_____________________________________________________________________________________
| | Fourth Quarter | Year Ended December 31 |
|_____________|___________________________________|___________________________________|
| | 2010| 2009| 2010| 2009|
|_____________|_________________|_________________|_________________|_________________|
| |(thousands)| (per|(thousands)| (per|(thousands)|
(per|(thousands)| (per| | | |unit)| |unit)| |unit)| |unit)|
|_____________|___________|_____|___________|_____|___________|_____|___________|_____|
|Royalties | $8,158|$0.64| $8,495|$0.66| $36,630|$2.86|
$34,359|$2.65|
|_____________|___________|_____|___________|_____|___________|_____|___________|_____|
|Net earnings | $304|$0.03| $1,511|$0.16| $6,162|$0.65|
$5,579|$0.58|
|_____________|___________|_____|___________|_____|___________|_____|___________|_____|
|Distributable| $5,044|$0.39| $5,873|$0.46| $25,246|$1.97|
$23,926|$1.85| |cash(2) | | | | | | | | |
|_____________|___________|_____|___________|_____|___________|_____|___________|_____|
|Distributions| $7,057|$0.55| $4,969|$0.39| $20,549|$1.60|
$18,633|$1.44|
|_____________|___________|_____|___________|_____|___________|_____|___________|_____|
|Payout(3) | 140%| | 85%| | 81%| | 78%| |
|_____________|___________|_____|___________|_____|___________|_____|___________|_____|
1 REALTOR® is a trademark identifying real estate licensees in
Canada who are members of the Canadian Real Estate Association
(CREA). 2. Defined as royalties less administrative expenses,
interest expense and management fee. Distributable cash does not
have a standardized meaning under Canadian generally accepted
accounting principles. Management believes that distributable cash
is a useful supplemental measure of performance as it provides
investors with an indication of the amount of cash for distribution
to unitholders. Investors are cautioned that distributable cash
should not be construed as an alternative to using net earnings as
a measure of profitability or the statement of cash flows. 3 Payout
represents distributions as a percentage of distributable cash. "We
are pleased with the Company's performance in 2010, specifically
growth in royalties and distributable cash when compared to 2009,"
said Phil Soper, president and chief executive officer, Brookfield
Real Estate Services Inc. "The strength and size of our broker and
agent network, the low interest rate environment and the widely
held consumer belief that rates will rise later in 2011, all played
a role in our earnings picture for 2010. Looking ahead, we expect
that the Company's conversion will not only provide greater access
to the capital markets, but will also drive Company performance as
Brookfield continues to grow and expand its REALTOR®
network." Fund Growth During the fourth quarter, the
Fund experienced a net loss of 15 REALTORS®. For the 12 months
ended December 31, 2010, the Fund ended the year with 15,308
REALTORS® up 4.6% (677) from the same period of 2009; 62% (417) of
this increase was a result of the acquisition of contracts on
January 1, 2010, and the remaining 38% (260) through organic
growth. This increase in REALTOR® growth was significantly ahead of
our 2009 net growth in REALTORS®, which was almost flat, and the
overall number of Canadian REALTORS®, which increased in 2010 by
3.8% to 101,916 members. On January 1, 2011, the Fund acquired
franchise agreements from the Manager, representing 23 locations
serviced by 247 agents operating under the Royal LePage and La
Capitale brands. These acquisitions increased the Company's network
to 15,555 REALTORS®, up 3.4% from the 15,048 REALTORS® as at
January 1, 2010. Monthly Cash Dividend Today, the Company declared
a cash dividend of $0.0917 per share for the month of March 2011,
payable on April 30,( )2011, to shareholders of record on March 31,
2011. Outlook Across Canada, we anticipate that the average price
of a home will increase 3% over the coming year, while the number
of transactions is expected to drop by 2%, with sales activity
skewed to the first half of the year. The low cost of borrowing
stimulated the housing market in 2010, and this trend is predicted
to continue in the first half of 2011 as consumers anticipate an
increase in mortgage interest rates in the latter half of 2011. In
addition to this market stimulus, further sales activity may be
pushed into the first quarter of 2011 as home buyers attempt to
close their home purchases ahead of the recently announced
government-mandated mortgage-tightening rules. The Canadian
Real Estate Association (CREA) revised its 2011 forecast on
February 8, 2011, for home sales activity on the Multiple Listing
Service® (MLS) systems of Canadian real estate boards and
associations. National sales activity is expected to reach 439,900
units in 2011, representing an annual decline of 1.6%. In 2012,
CREA forecasts that national sales activity will rebound by 3% to
453,300 units. Even though interest rates are widely expected to
rise later this year, they will still be within reach of current
levels and remain supportive for housing market activity. We expect
that strengthening economic fundamentals will keep the housing
market in balance and home prices stable in the coming months.
Structure of Fees The Company generates both fixed and variable fee
components. Variable fees are primarily driven by the total
transactional dollar volume from the sales commissions of
REALTORS®, while fixed fees are based on the number of agents and
sales representatives in the network. Approximately 69% of the
Company's revenue is based on fees that are fixed in nature; this
provides revenue stability and helps insulate the Company's cash
flows from market fluctuations . Q4 Conference Call Brookfield Real
Estate Services Inc. will host a conference call on Monday March
14, 2011 at 10:00 a.m. EasternTime to discuss its fourth-quarter
and fiscal-year 2010 financial results. To access the call by
telephone, dial (647) 427-7450 or (888) 231-8191. Please connect
approximately 10 minutes before the beginning of the call to ensure
participation. A recording of the conference call will be available
on the Company's website by Tuesday March 15, 2011, at
http://www.brookfieldresinc.com/content/investor_centre-25063.html.
About Brookfield Real Estate Services Inc. The Company is a leading
provider of services to residential real estate brokers and their
REALTORS®¹. The Company generates cash flow from franchise
royalties and service fees derived from a national network of real
estate brokers and agents in Canada operating under the Royal
LePage, La Capitale Real Estate Network and Johnston & Daniel
brand names. At December 31, 2010, the Company network consisted of
15,308 REALTORS®. The Company network has an approximate 23% share
of the Canadian residential resale real estate market based on
transactional dollar volume. The Company is listed on the TSX and
trades under the symbol "BRE". Its website address is
www.brookfieldresinc.com. Forward-Looking Statements This
news release contains forward-looking information and other
"forward-looking statements". The words such as "should", "will",
"continue", "plan", "believe", "expect", "anticipate", "intend",
"estimate", "approximate", "expected" and other expressions that
are predictions of or indicate future events and trends and that do
not relate to historical matters identify forward-looking
statements. Reliance should not be placed on forward-looking
statements because they involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Corporation to differ materially
from anticipated future results, performance or achievement
expressed or implied by such forward-looking statements. Factors
that could cause actual results to differ materially from those set
forward in the forward looking statements include a change in
general economic conditions, interest rates, consumer confidence,
the level of residential real estate resale transactions, the
average rate of commissions charged, competition from other
traditional real estate brokers or from discount and/or
Internet-based real estate alternatives, the availability of
acquisition opportunities and/or the closing of existing real
estate brokerage offices, other developments in the residential
real estate brokerage industry or the Corporation that reduce the
number of and/or royalty revenue from the Corporation's network of
REALTORS®, our ability to maintain brand equity through the use of
trademarks, the availability of equity and debt financing, a change
in tax provisions, and other risks detailed in the Fund's annual
information form, which is filed with securities commissions and
posted on SEDAR at www.sedar.com. The Corporation undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law. Brookfield Real Estate
Services Inc. Consolidated Balance Sheets As at December 31, 2010
and 2009 (in thousands of 2010 2009 dollars) Assets Current assets
Cash $ 5,672 $ 6,842 Accounts receivable, (note 4) 3,158 3,267
Prepaid expenses 267 - 9,097 10,109 Intangible assets (note 6)
104,225 114,840 $ 113,322 $ 124,949 Liabilities and shareholders'
equity Current liabilities Accounts payable and accrued liabilities
$ 2,965 $ 3,079 Purchase obligation - current portion (note 3,282
2,219 5) Dividends payable to shareholders 3,006 1,489 Financial
derivative (note 9) - 101 9,253 6,888 Long-term debt (note 9)
52,277 52,953 Purchase obligation (note 5) 281 1,924 Future income
tax liability (note 7) 2,139 2,079 Non-controlling interest (note
10) 14,378 17,061 78,328 80,905 Shareholders' equity (note 1)
34,994 44,044 $ 113,322 $ 124,949 See accompanying notes to the
consolidated financial statements. On behalf of the board (signed)
(signed) Simon Dean Lorraine Bell DIRECTOR DIRECTOR Brookfield Real
Estate Services Inc. Consolidated Statements of Earnings and
Comprehensive Earnings Years ended December 31 (in thousands of
dollars, except share and per share 2010 2009 amounts) Royalties
Fixed franchise fees $ 18,715 $ 17,842 Variable franchise fees
8,245 7,875 Premium franchise fees 5,225 4,355 Other revenue and
services 4,445 4,287 36,630 34,359 Expenses Administration (note 4)
1,771 866 Management fee (note 3) 6,713 6,365 Interest expense
2,900 3,202 Other income (note 9) (101) (264) Amortization of
intangible assets (note 16,471 16,997 6) 27,754 27,166 Earnings
before income tax and non-controlling 8,876 7,193 interest
Non-controlling interest (note 10) (2,654) (2,165) Future income
tax (expense) recovery (note (60) 551 7) Net and comprehensive
earnings 6,162 5,579 Basic and diluted earnings per share $ 0.65 $
0.58 Weighted average number of shares outstanding used in
computing basic and diluted earnings per share 9,483,850 9,594,500
(1) (1) Comparative amounts presented are trust units - see note 1.
See accompanying notes to the consolidated financial statements.
Brookfield Real Estate Services Inc. Consolidated Statements of
Shareholders' Equity (in thousands Common Contributed Shareholders'
of dollars) Equity Surplus Deficit Equity Balance, $ 87,947 $ $
(44,798) $ January 1, 895 44,044 2010 Net earnings - - 6,162 6,162
for the year Dividends - - (15,212) (15,212) declared Balance, $
87,947 $ $ (53,848) $ December 31, 895 34,994 2010 (in thousands
Unitholder's Contributed Unitholders' of dollars) Equity Surplus
Deficit Equity Balance, $ 91,301 $ $ (36,549) $ January 1, 404
55,156 2009 Issuer (3,354) 491 - repurchases (2,863) (note 11) Net
earnings - - 5,579 5,579 for the year Distributions - - (13,828)
(13,828) declared Balance, $ 87,947 $ $ (44,798) $ December 31, 895
44,044 2009 There is no accumulated other comprehensive income or
loss to the Company. See accompanying notes to the consolidated
financial statements. Brookfield Real Estate Services Inc.
Consolidated Statements of Cash Flows Years ended December 31 (in
thousands of 2010 2009 dollars) Cash provided by (used for):
Operating activities Net earnings for the year $ 6,162 $ 5,579
Items not affecting cash Non-controlling interest 2,654 2,165
Future income tax expense (recovery) 60 (551) Non-cash interest
expense (note 9) 179 344 Change in value of derivative (101) (264)
Amortization of intangible assets 16,471 16,997 Changes in non-cash
working capital (note (804) 1,440 14) 24,621 25,710 Investing
activities Purchase of intangible assets (note (4,217) (2,770) 5)
Payment of purchase price obligation (note (2,219) (3,051) 5)
(6,436) (5,821) Financing activities Repurchase of shares (note 11)
- (3,805) Proceeds from term facility (note 9) 19,972 994 Repayment
of term facility (note 9) (15,000) - Proceeds of private debt
placement (note 32,173 - 9) Repayment of private debt placement
(note (38,000) - 9) Distributions paid to shareholders (13,695)
(13,487) Distributions paid to non-controlling (4,805) (4,673)
interest (19,355) (20,971) Decrease in cash during the year (1,170)
(1,082) Cash, beginning of year 6,842 7,924 Cash, end of year $
5,672 $ 6,842 Supplemental cash flow information Interest paid $
3,014 $ 2,858 See accompanying notes to the consolidated financial
statements. Brookfield Real Estate Services Inc. Notes to the
Consolidated Financial Statements December 31, 2010 and 2009 (in
thousands of dollars) 1. ORGANIZATION Brookfield Real Estate
Services Inc. (the "Company"), formerly Brookfield Real Estate
Services Fund (the "Fund"), is incorporated under the Ontario
Business Corporation Act. Through its limited partnership holdings,
the Company owns certain franchise agreements, relationships and
trademark rights of residential real estate brands in Canada. On
December 31, 2010 (the "Conversion Date"), the Fund completed a
transaction (the "Conversion") by way of a plan of arrangement with
Trilon Bancorp Inc. (the "non-controlling interest") which resulted
in the Fund converting from a publicly traded limited purpose trust
to a publicly traded corporation and the unitholders of the Fund
becoming shareholders of the Company. The Conversion did not result
in any changes to the underlying business operations of the Fund.
Effective on the closing of the Conversion Date, the Company now
directly owns the Fund and its subsidiaries which own and operate
the businesses of Residential Income Fund L.P. and 9120 Real Estate
Network, L.P., which own the assets from which the Company derives
its sole source of revenue. The management and trustees of the Fund
are now the management and directors of the Company. Pursuant to
the Conversion, unitholders of the Fund received one restricted
voting share of the Company for each trust unit held on the
effective date. The Company has 9,483,850 restricted voting shares
issued and outstanding. The shares of the Company are traded on the
Toronto Stock Exchange ("TSX") under the symbol "BRE". All
references to "shares" refer collectively to the Company's common
shares on and subsequent to the Conversion Date and to the Fund's
units prior to the Conversion Date. Similarly, all references to
"shareholders" refer collectively to holders of the Company's
restricted voting shares on and subsequent to the Conversion Date
and to holders of the Fund's trust units prior to the Conversion
Date. All references to "dividends" refer collectively to dividends
declared by the Company on and subsequent to the Conversion Date
and to distributions declared by the Fund prior to the Conversion
Date. 2. SIGNIFICANT ACCOUNTING POLICIES Basis of presentation
These consolidated financial statements include the accounts of the
Company, its wholly-owned subsidiary RL RES Holding Trust ("RLHT"),
and its 74% owned subsidiaries, Residential Income Fund General
Partner Limited ("RIFGP"), Residential Income Fund L.P. (the
"Partnership"), 9120 Real Estate Network, L.P. ("LCLP"), a wholly
owned subsidiary of the Partnership, and 4541219 Canada Inc., the
"General Partner of LCLP". RIFGP is the managing general partner of
the Partnership. Trilon Bancorp Inc. owns the remaining 26%
interest in the Partnership and RIFGP. The Company receives certain
management, administrative and support services from Brookfield
Real Estate Services Ltd. ("BRESL"), a party related to the
non-controlling interest via common control. Royal LePage Real
Estate Services Limited ("RES"), a wholly owned subsidiary of
BRESL, pays royalties to the Company under a franchise agreement.
These consolidated financial statements have been prepared in
accordance with Canadian generally accepted accounting principles
("GAAP") applied on a basis consistent with the prior year.
The Conversion has been accounted for as a continuity of interests,
with no changes in carrying values. The Company's significant
accounting policies are as follows: Revenue recognition Franchise
fees are generally based on a percentage of an agent's gross
revenue ("Variable Franchise Fees") to a specified maximum plus a
dollar amount per agent ("Fixed Franchise Fees"). Gross revenue is
the gross commission income (net of outside broker payments) paid
in respect of the closings of residential resale real estate
transactions. Variable Franchise Fees are recognized as income at
the time a residential resale real estate transaction closes or
lease is signed by the vendor or lessor. Fixed Franchise Fees are
recognized as income as earned. Premium franchise fees are
calculated as a percentage ranging from 1% to 5% of an agent's
gross commission income for a select number of franchise locations.
These fees are recognized as income at the time a residential
resale real estate transaction closes or lease is signed by the
vendor or lessor. Other revenue and services are generally
recognized as income when the related services have been provided.
Any prepayment for future service is recorded as deferred revenue.
Deferred revenue as at December 31, 2010 was $115 (2009 - $111).
Intangible assets Intangible assets, consisting of franchise
agreements, relationships and trademark rights are recorded at cost
less accumulated amortization. The franchise agreements are being
amortized over the term of the agreements using the effective rate
method. Relationships are amortized over one renewal period, at the
commencement of that period, using the effective rate method. The
trademarks are amortized on a straight-line basis over the term of
the agreement plus one renewal period, if applicable. The Company
reviews the carrying value of the intangible assets for impairment
annually and whenever events or circumstances indicate that the
carrying value exceeds the undiscounted cash flows expected from
the life of the franchise agreements, relationships and trademarks.
If impairment is determined to exist, the intangible assets are
written down to their fair value. Earnings per share The earnings
per share are based on the weighted average number of shares
outstanding during the year. Diluted earnings per share are
calculated to reflect the dilutive effect, if any, of the
non-controlling interest exercising its right to exchange its Class
B limited partnership units ("Class B LP Units") of the Partnership
into shares of the Company. Financial instruments All financial
instruments are classified into one of the following five
categories: held-for-trading; held-to-maturity; loans and
receivables; available-for-sale or other financial liabilities. All
financial instruments, including derivatives, are measured at fair
value, except for loans and receivables, held-to-maturity
instruments and other financial liabilities, which are measured at
amortized cost. Transaction costs for financial liabilities are
applied against these liabilities and amortized using the effective
interest method, the resulting amortization being recorded as
financial expenses. Gains and losses on held-for-trading financial
instruments are included in net income in the period in which they
arise. The Company made the following classifications: Cash or cash
equivalents Held-for-trading Accounts receivable Loans and
receivables Accounts payable and Other financial accrued
liabilities liabilities Purchase obligation Other financial
liabilities Dividends payable to Other financial shareholders
liabilities Long-term debt Other financial liabilities The Company
previously utilized a derivative financial instrument to manage its
interest rate risk. Derivative financial instruments are classified
as held-for-trading and are carried at estimated fair values. Gains
or losses arising from changes in fair value are recognized in the
consolidated statements of earnings and comprehensive earnings and
are classified as other income or loss in the period the change
occurs. All financial instruments measured at fair value are
categorized into one of three hierarchy levels, described below,
for disclosure purposes. Each level is based on the transparency of
the inputs used to measure the fair values of assets and
liabilities: -- Level 1 - inputs that are unadjusted quoted prices
of identical instruments in active markets. -- Level 2 - inputs
other than quoted prices included in Level 1 that are observable
for the asset or liability, either directly or indirectly. -- Level
3 - inputs that used in a valuation technique are not based on
observable market data in determining fair values of the
instruments. The Company did not have any financial instruments at
December 31, 2010 that would result in Other Comprehensive Earnings
to the Company. Income taxes The Company uses the liability method
of tax allocation in accounting for income taxes. Under this
method, temporary differences between the carrying amount of
balance sheet items and their corresponding tax basis result in
either future income tax assets or liabilities. Future income taxes
are computed using substantively enacted tax rates applicable to
the years in which the differences are expected to reverse. Future
income tax assets are only recognized to the extent that, in the
opinion of management, they will more likely than not be realized.
Use of estimates The preparation of financial statements in
conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period. Significant areas requiring the use of management estimates
relate to the determination of the carrying value of intangible
assets, determination of the future tax balances, useful lives for
amortization of intangible assets and provisions for contingencies.
Actual results could differ from those estimates. Future accounting
and reporting changes: International Financial Reporting Standards
The Accounting Standards Board of Canada ("ACSB") converged
Canadian GAAP for publicly accountable enterprises with
International Financial Reporting Standards ("IFRS") on January 1,
2011 with the adoption of IFRS. The ACSB announced on February 13,
2008 that IFRS will be required in 2011 for publicly accountable,
profit-oriented enterprises. The changeover date is for interim and
annual financial statements relating to fiscal years beginning on
or after January 1, 2011. IFRS uses a conceptual framework similar
to Canadian GAAP, but there are significant differences in
recognition, measurement and disclosure requirements. 3. MANAGEMENT
SERVICES AGREEMENT On January 1, 2008, the Company entered into an
Amended and Restated Management Services Agreement ("MSA") with
BRESL, a party related to the non-controlling interest via common
control. This agreement replaced the original Management Services
Agreement, which commenced on August 7, 2003 with an initial term
of 10 years and automatic renewal for successive 10-year periods
subject to approval of the Company and BRESL. The termination date
and renewal periods of the MSA remain consistent with the original
agreement. Under the MSA, BRESL is to provide certain management,
administrative and support services to the Company and its
subsidiaries and in return is paid a monthly fee equal to 20% and
30% of the distributable cash of the Partnership and LCLP,
respectively. For the year ended December 31, 2010, BRESL earned
$6,713 for these services (2009 - $6,365). The MSA also prescribes
the conditions under which the Company purchases contracts from
BRESL and the formula for calculating the purchase price. 4.
ACCOUNTS RECEIVABLE Accounts receivable are related to fees due
from the Company's franchise network and are valued initially at
fair value, then subsequently measured at amortized cost less any
provision for doubtful accounts. As at December 31, 2010 the
Company had accounts receivable of $3,158 (2009 - $3,267) net of
$48 (2009 - $nil) allowance for doubtful accounts. During 2010, $48
(2009 - $nil) of bad debt expense related to the provision for
doubtful accounts was included in Administration expense. The table
below summarizes the amount of accounts receivables that are
overdue which have not been provided for: 90+ Days 60 Days 30 Days
Total Accounts receivable $136 $116 $249 $501 5. ASSET ACQUISITIONS
The Company's purchases of franchise agreements are governed by
terms set out in the MSA. On January 1, 2010, the Partnership
acquired 18 new Royal LePage franchise agreements from BRESL at a
purchase price of $4,597 and $26 of related legal and other
acquisition costs. On January 1, 2010, LCLP acquired three La
Capitale franchise agreements from BRESL at an estimated purchase
price of $1,072. The estimated price is to be revised at the end of
each of the next two years based on the average annual royalty
stream earned over the three-year period from November 1, 2009 to
October 31, 2012. Until the final purchase price is determined, the
purchase price obligation is recalculated at each period-end based
on the actual royalties earned. Correspondingly, the deposit on
acquisition is reduced by the calculated amount and transferred to
intangible assets. The intangible assets are then amortized in
accordance with the Company's policy on a prospective basis. The
recalculated purchase price obligation in excess of the deposit on
acquisition is recorded as a purchase obligation and the
corresponding amount added to the intangible assets and amortized
as described above. On January 1, 2009, the Partnership
acquired 18 new Royal LePage franchise agreements from BRESL at a
purchase price of $2,264 and $24 of related legal and other
acquisition costs. On January 1, 2009, LCLP acquired three new La
Capitale franchise agreements from BRESL for an estimated purchase
price of $1,050 and $2 of related costs. The estimated price is to
be revised at the end of 2011 based on the average annual royalty
stream earned over the three-year period from November 1, 2008 to
October 31, 2011. The Partnership used cash on hand to acquire
these agreements. The acquisitions during 2010 are summarized as
follows: Adjustments to Royal prior year 2010 2009 LePage LCLP
purchase price Total Total Franchise $ 3,486 $ 610 $ 81 $ 4,177 $
2,456 agreements Relationships and 1,137 462 80 1,679 1,401
trademarks 4,623 1,072 161 5,856 3,857 Future income tax - - - -
(104) liability $ 4,623 $ 1,072 $ 161 $ 5,856 $ 3,753 The
considerations paid, including transaction costs, are funded by the
following: Adjustments to Royal prior year 2010 2009 LePage LCLP
purchase price Total Total Cash on hand $ 3,385 $ 832 $ - $ 4,217 $
2,770 Purchase obligations, 1,238 80 148 1,466 637 current Purchase
obligations, - 160 13 173 346 long-term $ 4,623 $ 1,072 $ 161 $
5,856 $ 3,753 The purchase obligations consist of the following:
Royal 2010 2009 LePage LCLP Total Total Purchase obligations,
current $ 1,238 $ 2,044 $ 3,282 $ 2,219 Purchase obligations,
long-term - 281 281 1,924 $ 1,238 $ 2,325 $ 3,563 $ 4,143 6.
INTANGIBLE ASSETS A summary of intangible assets is provided in the
table below. December 31, 2010 Accumulated Cost Amortization Net
Book Value Franchise agreements $ 154,474 $ 106,136 $ 48,338
Relationships and 61,047 5,160 55,887 trademarks $ 215,521 $
111,296 $ 104,225 December 31, 2009 Accumulated Cost Amortization
Net Book Value Franchise agreements $ 150,297 $ 91,844 $ 58,453
Relationships and 59,368 2,981 56,387 trademarks $ 209,665 $ 94,825
$ 114,840 The additions to intangible assets during the years ended
December 31, 2010 and 2009 are summarized as follows: Royal Year
ended Year ended LePage LCLP Dec. 31, 2010 Dec. 31, 2009 Franchise
$ 3,486 $ 691 $ 4,177 $ 2,456 agreements Relationships and 1,137
542 1,679 1,401 trademarks $ 4,623 $ 1,233 $ 5,856 $ 3,857
Amortization for the year ended December 31, 2010 was $16,471 (2009
- $16,997). 7. FUTURE INCOME TAXES On October 31, 2006, the
Minister of Finance announced proposed tax legislation ("SIFT
rules") that will change the income tax rules applicable to
publicly traded trusts rendering income trusts taxable in 2011. The
SIFT rules were substantively enacted on June 12, 2007, at which
time the Fund gave accounting recognition to these new tax rules.
Prior to June 12, 2007, income tax obligations relating to
distributions from the Fund were obligations of the unitholders
and, accordingly, no provisions for income taxes were recorded by
the Fund. As a result of the Conversion, as described in note 1,
the Company became a taxable Canadian corporation liable for income
taxes as of December 31, 2010. The enactment of the SIFT rules led
to the Company recognizing future income taxes in respect of
temporary tax expected to reverse after December 31, 2010. These
temporary differences arose from differences between the tax basis
and the carrying amount of the Company's intangible assets. These
differences arose primarily due to the Company's acquisition of
certain intangible assets on a tax-deferred basis (meaning that the
tax basis of the assets was lower than cost recorded for
accounting), but are also affected by relative amounts of
amortization deducted for tax and accounting purposes each year. A
reconciliation of income taxes at Canadian statutory rates with
reported income taxes is as follows: For the year ended December 31
2010 2009 Expected income tax expense at a statutory tax rate $
2,732 $ 2,374 of 31% (2009 - 33%) Effect of current year's income
allocated to (831) (714) non-controlling interest Effect of current
year's income being distributed (1,901) (1,660) to shareholders
Future income tax recovery due to tax rate reductions and
rescheduling of temporary 60 (551) differences Future income tax
expense (recovery) $ 60 $ (551) Future income tax liability due to
purchase price $ - $ 104 adjustment Change to future income tax
liability $ 60 $ (447) The tax effect of the estimated temporary
differences as at December 31, 2010 that give rise to the future
tax liability is as follows: 2010 2009 Future tax liability -
intangible assets $ 2,139 $ 2,079 8. OPERATING CREDIT FACILITY On
February 18, 2010, the Partnership renewed the credit facility (the
"Revolver") of up to $2,000 from a Canadian financial institution.
This Revolver may be used to provide working capital to the
Partnership from time to time. The Revolver is subject to annual
renewal with outstanding principal under the Revolver subject to
interest at the lender's prime rate plus 2.5% to 3% or the Bankers'
Acceptance rate plus 3.5% to 4%, based on the ratio of total debt
to Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization ("Adjusted EBITDA") of the Partnership as defined in
the credit agreement. On April 19, 2010, the Company drew
$1,700 on its Revolver in the form of a 30-day Bankers' Acceptance
which yielded $1,694 in cash, net of $6 interest paid in advance.
The Revolver was repaid on May 21, 2010. The cash was utilized to
pay outstanding management fees and associated taxes and interest.
As at December 31, 2010, the Revolver had not been drawn upon. 9.
LONG-TERM DEBT The Company's long-term debt is comprised of the
following debt facilities: As at December 31 2010 2009 Private debt
placement $ 32,254 $ 37,795 Term facility 20,023 14,978 $ 52,277 $
52,953 On February 18, 2010, the Partnership completed the
refinancing of its $53,000 debt obligations with a five-year term
maturing on February 17, 2015. The refinancing included a
$32,700 private debt placement with a number of Canadian
institutional investors with fixed interest of 5.809% and a $20,300
term facility provided by a Canadian financial institution with
interest available in the form of a floating rate at prime plus
1.5% payable quarterly, or at Banker's Acceptance rates plus 3%
with terms of up to six months. The Company incurred $855 in issue
costs associated with the new debt obligations resulting in net
proceeds of $52,145. These proceeds and cash on hand were utilized
to repay the previous private placement of $38,000 and term
facility of $15,000, which matured on February 17, 2010. The
private placement and term facility had fair values of $34,003 and
$20,300, respectively at December 31, 2010 (2009 - $37,950 and
$15,000). During the year ended December 31, 2010, $179 of
amortization of the issue costs was recorded as interest expense
(2009 - $344). The swap agreement relating to the prior term
facility that expired on February 17, 2010 was valued at its market
value which was a liability of $101 as at December 31, 2009. Upon
maturity of the swap agreement on February 17, 2010, this liability
was reversed and $101 of other income was recorded. 10.
NON-CONTROLLING INTEREST The non-controlling interest owns 25
common shares in RIFGP and 3,327,667 Class B LP Units of the
Partnership; this reflects an effective 26% interest in the
Partnership. Prior to the Conversion, an equivalent number of
Special Fund Units, which represent voting rights in the Fund, also
accompanied the Class B LP Units. Pursuant to the Conversion,
the Special Fund Units were redeemed and one Special Voting Share
was issued by the Company. The Special Voting Share entitles
the holder to a number of votes at any meeting of the Restricted
Voting Shareholders equal to the number of Restricted Voting Shares
that may be obtained upon the exchange of all the Class B LP Units
held by the holder and/or its affiliates. The Company
indirectly holds the remaining 74% interest in the Partnership
through Class A limited partnership units of the Partnership
("Ordinary LP Units"). The non-controlling interest is
entitled to indirectly exchange, on one-for-one basis, subject to
adjustment, the Class B LP Units for Restricted Voting Shares of
the Company. A summary of the non-controlling interest is as
follows: 2010 2009 Non-controlling interest, beginning of year $
17,061 $ 19,701 Share of earnings for the year 2,654 2,165
Distributions during the year (5,337) (4,805) Non-controlling
interest, end of year $ 14,378 $ 17,061 11. SHARE CAPITAL The
Company is authorized to issue an unlimited number of restricted
voting shares, an unlimited number of preferred shares and one
special voting share. As at December 31, 2010, 9,483,850 in
restricted voting shares were issued in exchange for 9,483,850
trust units outstanding, and one special voting share was issued in
exchange for all Special Fund Units outstanding prior to the
Conversion. The restricted voting shares were issued to
replace the trust units outstanding prior to the Conversion. Each
restricted voting share represent a proportionate voting right in
the Company and holders of the Company's restricted voting shares
are entitled to dividends declared and distributed by the Company.
The special voting share was issued to replace all of the special
Fund units outstanding prior to the Conversion, which represent the
proportionate voting rights of Non-controlling interests in the
Company, are redeemable by the holder at $0.01 per share, and are
not entitled to dividends declared by the Company. No
preferred shares were issued or outstanding as at December 31,
2010. On October 3, 2008, the TSX approved the Company's notice of
intention to make a normal course issuer bid ("NCIB") for up to
499,150 of its shares, representing 5% of its 9,983,000 outstanding
units as of September 30, 2008. The Company was permitted to
purchase shares at prevailing market prices during the period from
October 7, 2008 to October 6, 2009. Purchases were made at market
prices in accordance with the rules and policies of the TSX. Daily
purchases were effected through the facilities of the TSX and
limited to 3,800 units, other than block purchase exceptions. The
Company financed these purchases with a special distribution from
the Partnership. Units purchased were cancelled at the end of
each month. During the year ended December 31, 2009, the
Company purchased and cancelled 335,430 units at a total cost of
$2,863. The repurchased units had an issued value of $3,354,
resulting in a contributed surplus of $491. A summary of the
activity for the year ended December 31, 2010 with the comparative
2009 information is presented in the table below. 2010 2009 Voting
Shares Amount Units Amount Beginning of year 9,819,280 $ 91,301
Restricted voting shares 9,483,850 $ 87,947 - - Special voting
share 1 - - - NCIB purchases - - (335,430) (3,354) End of year
9,483,851 $ 87,947 9,483,850 $ 87,947 12. EARNINGS PER SHARE The
Class B LP Units referred to in note 10 was not included in the
diluted per unit calculations as the effect would have been
anti-dilutive. 13. RELATED PARTY TRANSACTIONS Unless disclosed
elsewhere, the Company had the following transactions with parties
related to the non-controlling interest during the years ended
December 31, 2010 and 2009. These transactions have been recorded
at the exchange amount agreed to between the parties. 2010 2009 a)
Royalties Fixed, variable and other franchise fees $ 2,587 $ 2,351
Premium franchise fees $ 4,461 $ 3,700 b) Expenses Management fees
$ 6,713 $ 6,365 Insurance and other $ 109 $ 109 c) Distributions
Distributions paid to non-controlling interest $ 4,805 $ 4,673 The
following amounts due to/from related parties are included in the
account balance as described: 2010 2009 d) Accounts receivable
Franchise fees receivable and other $ 908 $ 585 e) Accounts payable
and accrued liabilities Dividends payable to non-controlling
interest $ 1,055 $ 521 Management fees $ 489 $ 1,656 f) Purchase
obligation payable $ 3,563 $ 4,143 14. SUPPLEMENTAL CASH FLOW
INFORMATION 2010 2009 Changes in non-cash working capital Accounts
receivable $ 109 $ (43) Prepaid expenses (267) 145 Accounts payable
and accrued liabilities (646) 1,338 $ (804) $ 1,440 15. FINANCIAL
INSTRUMENTS In the normal course of business the Company is exposed
to a number of financial risks that can affect its operating
performance. These risks are outlined below: a) Credit risk Credit
risk arises from the possibility that the franchisees may
experience financial difficulty and be unable to pay outstanding
franchise fees. The Company's credit risk is limited to the
recorded amount of accounts receivable. Management reviews
the financial position of all franchisees during the application
process and closely monitors outstanding accounts receivable on an
ongoing basis. b) Liquidity risk The Company is exposed
to liquidity risk in its ability to finance its working capital
requirements and meet its cash flow needs including paying ongoing
future dividends to shareholders and non-controlling
interest. Management reduces liquidity risk by maintaining
more conservative debt covenant ratios compared with those required
by the covenants associated with the long-term debt. Also, the
Company has $2,000 unutilized credit under the Revolver as
described in note 8. Estimated maturities of the Company's
financial liabilities are as follows: 2011 2012 2013 Beyond 2013
Total Accounts payable and $ 2,965 $ - $ - $ - $ 2,965 accrued
liabilities Purchase obligations 3,282 201 80 - 3,563 Dividends
payable to 3,006 - - - 3,006 shareholders Private debt placement -
- - 32,700 32,700 Term facility - - - 20,300 20,300 Total $ 9,253 $
201 $ 80 $ 53,000 $ 62,534 c) Interest rate risk The Company is
exposed to the risk of interest rate fluctuations on its Revolver
and term facilities as the interest rates on these facilities are
tied to the prime and Bankers' Acceptance rates. Management has
elected to continue with a floating rate position on these
facilities and monitors this position on an ongoing basis. The
Company's $32,700 private debt placement is fixed and accordingly
does not have risk of interest rate fluctuations. An increase of 1%
in the Company's effective interest rate on its variable rate debt
would result in an interest expense increase of approximately
$203. d) Fair value The fair value of the Company's financial
instruments, which consist of cash, accounts receivable, accounts
payable and accrued liabilities, purchase obligation and dividends
payable to shareholders are estimated by management to approximate
their carrying values due to their short-term nature.
Similarly, the Company's floating rate debt has a fair value that
approximates its face value. The Company determines the fair value
of the fixed rate debt through the use of a discounted cash flow
analysis using relevant risk-free bond rates plus an applicable
risk premium. The fair value of the Company's long-term debt
is disclosed in note 9. e) Fair value hierarchy The following table
summarizes the financial instruments measured at fair value in the
consolidated balance sheet as at December 31, 2010 and 2009,
classified using the fair value hierarchy described in note 2: As
at December 31, 2010 Level 1 Level 2 Level 3 Total Financial asset
or liability Cash $ - $ 5,672 $ - $ 5,672 Total $ - $ 5,672 $ - $
5,672 As at December 31, 2009 Level 1 Level 2 Level 3 Total
Financial asset or liability Cash $ - $ 6,842 $ - $ 6,842 Financial
derivative - (101) - (101) Total $ - $ 6,741 $ - $ 6,741 16.
MANAGEMENT OF CAPITAL The Company's capital is made up of its cash
on hand, long-term debt, shareholders' equity and non-controlling
interest. The Company's objectives when managing capital are
to maintain a capital structure that provides financing options to
the Company while remaining compliant with the covenants associated
with the long-term debt; maintain financial flexibility to preserve
its ability to meet financial obligations, including debt servicing
and dividends to shareholders; and deploy capital to provide an
appropriate investment return to its shareholders. The Company's
financial strategy is designed to maintain a flexible capital
structure consistent with the objectives stated above and to
respond to changes in economic conditions. The covenants of
the long-term debt prescribe that the Company must maintain a ratio
of Adjusted Earnings Before Income Tax, Depreciation and
Amortization ("Adjusted EBITDA") to Senior Interest Expense at a
minimum of 5.00 to 1 and a ratio of Senior Indebtedness to Adjusted
EBITDA at a maximum of 2.25 to 1. Senior Indebtedness is defined as
the Company's long term debt disclosed under note 9, which is made
up of $32,700 in private debt placement and $20,300 in term
facilities. Senior Interest Expense includes interest
expenses generated on the Company's Senior Indebtedness. The
Company is compliant with all financial covenants. There were
no changes in the Company's approach to capital management during
the year. 17. SUBSEQUENT EVENTS Acquisitions Royal LePage franchise
agreements On January 1, 2011, the Partnership acquired 21 new
Royal LePage franchise agreements from BRESL. The estimated
purchase price of $2,524 is based on an estimated annual royalty
stream of $378. A deposit of $2,019, equal to 80% of the estimated
purchase price, was to be paid from cash on hand in 2011 and the
remainder is to be paid a year later, when the final purchase price
is determined in accordance with the terms set out in the MSA. La
Capitale franchise agreements On January 1, 2011, LCLP acquired two
new La Capitale franchise agreements from BRESL. The estimated
purchase price of $951 is based on an estimated annual royalty
stream of $167. A deposit of $761, equal to 80% of the estimated
purchase price, was to be paid from cash on hand in 2011. The
estimated price is to be revised over a three-year period from
November 1, 2010 to October 31, 2013 based on the average annual
royalty stream earned. SUPPLEMENTAL INFORMATION - SELECTED
FINANCIAL AND OPERATING INFORMATION
_________________________________________________________________________________________________________
|Three months ended | | March| | June| | Sept.| |Dec. 31,| | March|
|June 30,| | Sept.| | Dec.| |($000's, unaudited) | | 31,| | 30,| |
30,| | 2009| | 31,| | 2010| | 30,| | 31,| | | | 2009| | 2009| |
2009| | | | 2010| | | | 2010| | 2010|
|_____________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
|Revenue |
|_________________________________________________________________________________________________________|
| |Fixed franchise |$ | 4,467|$ | 4,445|$ | 4,459|$ | 4,471 |$ |
4,610|$ | 4,695 |$ | 4,700|$ | 4,710| | |fees | | | | | | | | | | |
| | | | | |
|_|___________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
| |Variable franchise | | 1,194| | 2,312| | 2,738| |1,631 | |
1,783| |2,990 | | 2,203| | 1,269| | |fees | | | | | | | | | | | | |
| | | |
|_|___________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
| |Premium franchise | |420 | |920 | | 1,674| |1,341 | |851 |
|1,556 | | 1,692| | 1,126| | |fees | | | | | | | | | | | | | | | |
|
|_|___________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
| |Other fee revenue | |916 | | 1,162| | 1,157| |1,052 | |921 |
|1,286 | | 1,185| | 1,053| | |and services | | | | | | | | | | | |
| | | | |
|_|___________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
| |$ | 6,997|$ | 8,839|$ |10,028|$ | 8,495 |$ | 8,165|$ |10,527 |$
| 9,780|$ | 8,158| | | | | | | | | | | | | | | | | | |
|_____________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
|% Revenue by region |
|_________________________________________________________________________________________________________|
| |British | | 13 | | 12 | | 12 | | 12 | | 12 | | 11 | | 11 | | 11|
| |Columbia | | | | | | | | | | | | | | | | |
|_|___________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
| |Prairies | | 10 | | 9 | | 9 | | 9 | | 10 | | 9 | | 9 | | 9|
|_|___________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
| |Ontario | | 53 | | 54 | | 56 | | 56 | | 56 | | 57 | | 58 | | 57|
|_|___________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
| |Quebec | | 21 | | 22 | | 20 | | 20 | | 19 | | 20 | | 19 | | 20|
|_|___________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
| |Maritimes | | 3 | | 3 | | 3 | | 3 | | 3 | | 3 | | 3 | | 3|
|_|___________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
| | | 100 | | 100 | | 100 | | 100 | | 100 | | 100 | | 100 | | 100|
|_____________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
| | | | | | | | | | | | | | | | | |
|_|___________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|_________|
|Three months ended | | March| | June| | Sept.| |Dec. 31,| | March|
|June 30,| | Sept.| | Dec.| |Changes during the | | 31,| | 30,| |
30,| | 2009| | 31,| | 2010| | 30,| | 31,| |period | | 2009| | 2009|
| 2009| | | | 2010| | | | 2010| | 2010|
|_____________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
| |Number of | | 98 | |(74) | |(51) | | 64 | |639 | | 25 | | 27 | |
(14)| | |REALTORS® | | | | | | | | | | | | | | | | |
|_|___________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
| |Number of Agents | | 96 | |(81) | |(46) | | 51 | |579 | | 37 | |
34 | | (15)| | | | | | | | | | | | | | | | | | | |
|_|___________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
| |Number of | | | | | | | | | | | | | | | | | | |fixed-fee-paying
| | | | | | | | | | | | | | | | | | | Sales | | | | | | | | | | | |
| | | | | | |Representatives | | 0 | | (2) | | 2 | | 8 | | 64 | |
(9) | |(14) | | 4|
|_|___________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
| |Number of locations| | 17 | | (5) | | (3) | | (5) | | 18 | | 1 |
| (3) | | (5)| | | | | | | | | | | | | | | | | | | |
|_|___________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
| |Number of franchise| | | | | | | | | | | | | | | | | |
|agreements | | 15 | | (3) | | 1 | | (2) | | 20 | | (1) | | (1) | |
0|
|_|___________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
| |
|_________________________________________________________________________________________________________|
|At end of period |
|_________________________________________________________________________________________________________|
| |Number of | |14,692| |14,618| |14,567| |14,631 | |15,270|
|15,295 | |15,322| |15,308| | |REALTORS® | | | | | | | | | | | | |
| | | |
|_|___________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
| |Number of Agents | |13,696| |13,615| |13,569| | 13,620| |14,199|
| 14,236| |14,270| |14,255| | | | | | | | | | | | | | | | | | | |
|_|___________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
| |Number of | | | | | | | | | | | | | | | | | | |fixed-fee-paying
| | | | | | | | | | | | | | | | | | | Sales | | | | | | | | | | | |
| | | | | | |Representatives | |699 | |697 | |699 | | 707 | |771 |
| 762 | |748 | | 752|
|_|___________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
| |Number of locations| |660 | |655 | |652 | | 647 | |665 | | 666 |
|663 | | 658| | | | | | | | | | | | | | | | | | | |
|_|___________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
| |Number of franchise| | | | | | | | | | | | | | | | | |
|agreements | |353 | |350 | |351 | | 349 | |369 | | 368 | |367 | |
367|
|_|___________________|__|______|__|______|__|______|__|________|__|______|__|________|__|______|__|______|
To view this news release in HTML formatting, please use the
following URL:
http://www.newswire.ca/en/releases/archive/March2011/14/c2425.html
pbFor further information about the Company, please visit our
website at/ba
href="http://www.brookfieldresinc.com"www.brookfieldresinc.com/abor
contact:/bbr/ Tammy Gilmerbr/ Director, Public Relations &
National Communicationsbr/ Brookfield Real Estate Servicesbr/ a
href="mailto:tgilmer@brookfieldres.com"tgilmer@brookfieldres.com/a
Tel: 416.510.5783/p
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