BPO Residential Inc. and Brookfield Homes Corporation Merger Creates New Company
DENVER, Colo., April 30, 2011 – Brookfield Residential Properties Inc. (“Brookfield Residential”) and Brookfield Homes Corporation (“Brookfield Homes”) announced the completion of the transactions contemplated by the Agreement and Plan of Merger and Contribution dated as of October 4, 2010. The completion of the transactions results in the combination of Brookfield Homes and the North American residential land and housing division of Brookfield Properties Corporation into Brookfield Residential.
“Since we have been a part of the Brookfield family for almost 25 years, this is an exciting evolution in the growth of our company,” said Tom Morton, Senior Vice President of Brookfield Residential’s operations. “The name change means a new corporate name and logo, but there is no change in our day-to-day operations or at our communities. It’s business as usual.”
Brookfield Residential is now one of North America’s largest publicly-traded real estate companies with assets in excess of $2.5 billion and operations in Colorado, California, Texas, Washington D.C., Ontario and Alberta. In Colorado, the company has created three master-planned communities – Tallyn’s Reach, Brighton Crossing and Solterra; and is currently planning two new communities in the metro Denver area.
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Brookfield Residential Properties Inc. is a North American land developer and homebuilder, active in ten principal markets with over 100,000 lots controlled. We entitle and develop land and build homes for our own communities, as well as sell lots to third-party builders. The company is listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol BRP. For more information, please visit our website at www.brookfieldrp.com.
Media Contact: Elizabeth Jumel, APR
Jumel Public Relations
Note: Certain statements in this press release that are not historical facts, including, without limitation, information concerning the merger and contribution, and those statements preceded by, followed by, or that include the words “believe,” “planned,” “anticipate,” “should,” “goals,” “expected,” “potential,” “estimate,” “targeted,” “scheduled” or similar expressions, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Undue reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results to differ materially from the anticipated future results expressed or implied by such forward-looking statements. There can be no assurance that the proposed transaction will be consummated or that the anticipated benefits will be realized. The proposed
transaction is subject to various regulatory approvals and the fulfillment of certain conditions, and there can be no assurance that such approvals will be obtained and/or such conditions will be met. Factors that could cause actual results to differ materially from those set forward in the forward-looking statements include, but are not limited to: failure to obtain required regulatory and shareholder approvals; failure to realize anticipated benefits of the merger; changes in general economic, real estate and other conditions; mortgage rate changes; availability of suitable undeveloped land at acceptable prices; adverse legislation or regulation; ability to obtain necessary permits and approvals for the development of our land; availability of labor or materials or increases in their costs; ability to develop and market our master-planned communities successfully; confidence levels of consumers; ability to raise capital on favorable terms; adverse weather conditions and natural disasters; relations with the residents of our communities; risks associated with increased insurance costs or unavailability of adequate coverage and ability to obtain surety bonds; competitive conditions in the homebuilding industry, including product and pricing pressures; and additional risks and uncertainties referred to in Brookfield Homes’ Form 10-K and other SEC filings, many of which are beyond our control. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.