Full Description

Brookfield Homes Corporation (Brookfield Homes), incorporated on August 28, 2002, is a land developer and homebuilder. The Company entitles and develops land for its own communities, and sells lots to third parties. The Company also designs, constructs and markets single-family and multi-family homes primarily to move-up and luxury homebuyers. Brookfield Homes operations are focused primarily in Northern California (San Francisco Bay Area and Sacramento); Southland / Los Angeles; San Diego / Riverside; and the Washington D.C. Area. During the year ended December 31, 2008, Brookfield Homes closed a total of 6,268 homes and sold 4,420 lots in various stages of development to other homebuilders. During the year ended December 31, 2008, the Company acquired 1,353 lots and obtained control of a further 430 lots through options.

The Company's assets are focused on single family and multi-family homebuilding in the markets, in which it operates. They consist primarily of housing and land inventory, and investments in housing and land joint ventures. As of December 31, 2008, the Company controlled 24,109 lots. Controlled lots include those that it directly owns, its share of those owned by its joint ventures and those that the Company has the option to purchase. Approximately 70% of the Company’s owned lots are entitled and ready for development, and its optioned lots are mainly unentitled and require various regulatory approvals before development can commence. The Company also sells serviced and unserviced lots to other homebuilders.

Windemere is a 5,200 lot master-planned community located on one of the infill tracts of residential housing land in the East Bay area of San Francisco. Brookfield Homes holds a one-third interest in Windemere with the other two-thirds owned equally by Centex Corporation and Lennar Corporation. The Company directly owns 193 lots in Windemere and its share of the remaining joint venture units is 98 lots.

University District is a 254 acre project in Rohnert Park, near Santa Rosa, which is entitled for 1,454 lots, all of which is controlled by the Company. Edenglen is a 542 lot project in the City of Ontario in San Bernardino County. As of December 31, 2008, the Company owned 470 lots.

Morningstar Ranch is a 1,081 lot master-planned community near Temecula in Riverside County. The initial phases of 448 lots have closed out and land development on the remaining 633 lots, all of which the Company owns, commenced during the year ended December 31, 2004, and was completed in 2006. Home closings commenced in 2006, and as of December 31, 2008, the Company owned 58 lots. Calavera Hills is an 800-acre property located in the coastal community of Carlsbad. The Company completed the first two phases of the project and Phase III, which is planned for 404 units, commenced development in 2007.

Sycamore Canyon is a 2,132-acre project located in San Diego County. Home closings commenced in 2004, and as of December 31, 2008, the Company owned 226 lots. Windingwalk in south San Diego County is a 1,200 acre project. The Company holds a 50% interest in this project, with the remaining 50% held by Shea Homes. Brookfield Homes has no affiliation with Shea Homes. All lots have been distributed to partners, of which the Company owned directly 234 lots as of December 31, 2008.

Heritage Shores is a 2,000 lot master-planned active adult community located in the town of Bridgeville, Delaware. Development commenced in 2004 and Phase I is fully developed and the golf course and clubhouse were completed in 2006. As of December 31, 2008, the Company owned 499 lots in Heritage Shores and held a long-term option for a further 1,066 lots. Braemar is a master-planned community located in Prince William County that began development in 1994. As of December 31, 2008, the Company owned 363 lots in Braemar and adjacent communities.

The Company competes with Centex Corporation, Hovnanian Enterprises, Inc., Lennar Corporation, Pulte Corporation, Standard Pacific Corp. and Toll Brothers, Inc.