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Bridgemarq Real Estate Services Inc. Q1-2019 Earnings, Price Target Update

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Bridgemarq Real Estate Services Inc.(BRE), (formerly Brookfield Real Estate Services In. is a leading Canadian provider of services to residential real estate brokers and their realtors. Cash flow is generated from franchise royalties and service fees derived from a national network of real estate brokers and agents in Canada operating under the Royal LePage, Via Capitale Real Estate Network and Johnston & Daniel brand names. Effective May-1-2019 the name was changed to Bridgemarq to differentiate them from the Brookfield owned group of companies and the terms of the management agreement were changed. The ticker symbol remains the same at BRE. Bridgemarq continues to own 75% of the operating company. BRE's board is comprised of five persons. Brookfield Business Partners designate two of the five directors,

At Mar-31-2018, their network consisted of about 18,800 realtors operating under 297 franchise agreements and from 677 locations, with an approximate 20% share of the Canadian real estate market. Revenue from royalties is comprised of both fixed and variable components. Approximately 90% of royalties are comprised of fixed franchise fee per realtor, the 1% variable franchise fee and premium franchise fees. The remaining royalty stream is made up of franchise fees generated from warranty fees, technology fees and other fees. Approximately 72% of annual royalties were partly insulated from the fluctuations in the Canadian Market as they were not directly driven by transaction volumes.

BRE's revenues are earnings from a network of franchisees operating under the Royal LePage and Johnston and Daniel brands and 5% from the Via Capitale brand.

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