CALGARY, Alberta, Oct. 15, 2019 (GLOBE NEWSWIRE) -- Brookfield Residential Properties Inc. (“Brookfield Residential” or the “Company”) today announced its 2019 third quarter results conference call notice and corporate update.
Third Quarter Results Conference Call
Brookfield Residential announced that its 2019 third quarter results will be released after market closes on Tuesday, November 12, 2019. The financial results and information relating to the 2019 third quarter will be posted on the Company’s website at BrookfieldResidential.com.
Current holders and beneficial owners of, and prospective investors in, Brookfield Residential’s debt securities, securities analysts, market makers and other interested parties are invited to participate in the conference call on Wednesday, November 13, 2019 at 3:00 pm (EST) to discuss the Company’s results of operations during the third quarter of 2019 and current business initiatives with members of senior management. To participate in the live conference call from North America, dial 1.800.319.4610 and if you reside outside of North America, dial 1.604.638.5340. Telephone replay of the conference call will be available for one month following the scheduled call, until end of day Friday, December 13, 2019. To listen to the telephone replay from North America, dial 1.855.669.9658 and if you reside outside of North America dial 1.604.674.8052. Once prompted enter the replay access code, 3764.
The Company has completed the previously-announced reorganization (the “Reorganization”), which combines all of the direct U.S. investments of its parent Brookfield Asset Management Inc. (“BAM”) into one corporate group to facilitate operational and administrative synergies. Pursuant to the Reorganization, the Company contributed the capital stock of Brookfield Residential US LLC (formerly, Brookfield Residential US Corporation) (“BRUS LLC”) to a subsidiary of BAM, Brookfield US Inc. (“BUSI”), and received a minority economic interest and 50% voting interest in BUSI. BUSI owns BAM’s U.S. asset management business (fee-related business) and BAM’s U.S. direct investments in managed listed entities and private funds.
BUSI in turn contributed the capital stock of BRUS LLC to a newly established entity, Brookfield Residential US Holdings LLC (“New LLC”), in which BUSI holds a 90% economic interest. The Company, through the managing member, Brookfield Residential GP LLC (“New GP”), holds the remaining 10% economic interest in New LLC. In addition, a subsidiary of BUSI, BAM Homebuilder Finance Holdings LLC, has contributed to New LLC, Brookfield Holdings (Meadows) LLC and Brookfield Holdings (Hayden I) LLC (collectively “Land Banking”), which own and operate land assets in Arizona and the Pacific Northwest as part of the Homebuilder Finance platform, in exchange for a small economic interest in New LLC.
Following the Reorganization, BRUS LLC will continue to be a consolidated subsidiary of BRPI, a co-issuer of BRPI’s debt securities, and a co-borrower under its credit facility. New GP, New LLC and Land Banking will become guarantors of the debt securities and the credit facility.
Brookfield Residential Properties Inc. is a leading land developer and homebuilder in North America. We entitle and develop land to create master-planned communities, build and sell lots to third-party builders, and conduct our own homebuilding operations. We also participate in select, strategic real estate opportunities, including infill projects, mixed-use developments, and joint ventures. We are the flagship North American residential property company of Brookfield Asset Management, a leading global alternative asset manager with over $500 billion of assets under management. Further information is available at BrookfieldResidential.com or Brookfield.com or contact: