The Company Network As at December 31, 2012 the Company Network was comprised of 15,086 REALTORS®, operating under 406 franchise agreements providing services from 656 locations, with an approximate 24% share of the Market based on 2012 transactional dollar volume.
Outlook "Activity in the Canadian residential real estate market is unfolding as forecast. Compared to 2012, fewer homes are expected to trade hands in the first half of 2013, which should further slow the pace at which home prices are rising. By the end of 2013, Management expects the average national home price to be one percent higher compared to the same period in 2012. Based on early 2013 sales activity, the forecasted market correction has been milder than anticipated, as first time buyers adjust to new mortgage regulations and the stimulative effect of low mortgage rates continues."
Monthly Cash Dividend The Company declared a cash dividend of $0.092 per share for the month of March 2013, payable on April 30, 2013, to shareholders of record on March 28, 2013.
On February 15 th the Company declared a dividend of $0.092 per share for the month of February 2013, payable on March 29th, 2013 to shareholders of record on February 28th, 2013. This dividend will be paid on March 28 th`, 2013.CFFO This news release and accompanying financial statements make reference to cash flow from operations ("CFFO") on a total and per restricted voting share basis. CFFO is defined as net income prior to fair value changes, amortization, interest on exchangeable units, income taxes, items related to other income and interests of exchangeable unitholders. CFFO is used by the Company to measure the amount of cash generated from operations which is available to the Company's shareholders on a diluted basis where such dilution represents the total number of shares of the Company that would be outstanding if exchangeable unitholders converted Class B LP units into shares of the Company. The Company uses CFFO to assess its operating results, the value of its business and believes that many of its shareholders and analysts also find this measure of value to them. CFFO does not have any standard meaning pre- scribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Management Services Agreement The Company is managed pursuant to a Management Services Agreement (the "MSA") between the Company and Brookfield Real Estate Services Manager Limited (the "Manager"), a subsidiary of Brookfield Asset Management Inc. The MSA has been in effect since 2003 and was originally designed for an income trust structure. The Company and the Manager have agreed to extend the termination date of the MSA to December 31, 2013 and the date for delivery of such notice to on or before June 30, 2013. The Board of Directors of the Company have convened a Special Committee to evaluate various alternatives associated with the renewal of the MSA and have engaged an external advisor.
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