| | |  | Message from the President
I am pleased to have the opportunity to introduce to you Brookfield Homes Corporation, a US based
homebuilder, focused on designing, constructing and marketing homes to move-up and luxury home buyers, and entitling and developing land in master-planned communities.
Today, we are one of the 25 largest homebuilders in North America, with operations in five market areas: San Francisco Bay Area; Southland/Los Angeles; San Diego/Riverside; Sacramento; and the Washington D.C. Area.
In January 2003, we were spun off by Brookfield Properties Corporation, and we commenced trading on the New York Stock Exchange as a separate public company under the symbol BHS.
Investment Dynamics
We are committed to building long-term value for shareholders based on our successful track record and the following investment dynamics:
Significant land holdings in supply constrained markets - 14,777 lots owned and a further 11,438 lots controlled through land options – the majority of all lots were controlled prior to 2004.
Risk and entitlement returns - Controlling land through options reduces capital at risk, and value is created by obtaining entitlements.
Positive historical performance - Since 2003, the company has returned, through dividends and share buybacks, $580 million to shareholders, or in excess of $20 per share.
Experienced and focused management team - An average of over 20 years experience and in-depth knowledge of our markets.
Outlook
We are confident that our strategic focus on investing in select residential markets will continue to
deliver solid financial performance, and shareholder value. We invite you to learn more about our
strategy, performance and prospects for continued growth by touring our website.
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