Brookfield Real Estate Services Inc. (TSX: BRE) is a North York, Canada-based real estate services company providing services to real estate brokers and their agents. The company offers its services under the Royal LePage, Johnston & Daniel and Via Capitale brand names.
BRE shares have edged higher in trading today. At last check, the stock was trading 1.59% higher at $14.67.
BRE shares are gaining momentum in trading today after the company declared a monthly dividend and also reported its financial results for the first quarter. BRE declared a cash dividend of $0.1083 per restricted voting share. The dividend will be payable on June 30, 2016 to shareholders of record on May 31, 2016. BRE currently offers an attractive yield of 8.86%.
For the first quarter, BRE reported a 12% increase in its cash flow from operations. Cash flow from operations for the quarter came in at $6.8 million, or $0.53 per share. During the quarter, BRE’s network of REALTORS(R) increased to 17,320, compared to 16,794 reported at the end of the December quarter. The company noted that Canadian housing market transactional dollar volume and national average house continued to increase in the first quarter, driven by strong markets in the greater Toronto and greater Vancouver areas.
