Thank you for standing by. This is the Chorus Call Conference operator. Welcome to the Brookfield Residential Properties Conference Call and Webcast to present the Company's 2014 Fourth Quarter and Year-End Results to shareholders. As a reminder, all participants are in a listen only mode and the conference is being recorded. After the presentation there will be an opportunity to ask questions. [Operator Instructions] At this time, I'd like to turn the conference over to Mr. Alan Norris, President and Chief Executive Officer. Please go ahead, Mr. Norris.

Thank you very much. Good morning, ladies and gentlemen, and thank you for joining us for Brookfield Residential's 2014 year-end conference call. With me today is Craig Laurie, our Chief Financial Officer. I would, at this time, remind you that in responding to questions and in talking about new initiatives and our financial and operating performance, we will make forward–looking statements within the meaning of applicable Canadian and US securities laws. These statements reflect predictions of future events and trends and do not relate to historical events and subject to known and unknown risks and future events may differ materially from such statements. For more information on these risks and their potential impact on our Company, please see our filings with securities regulators in Canada and the U.S. and information available on our website. Let’s begin by addressing the big, or largest shareholder Brookfield Asset Management acquired approximately 30.6% of our shares that it is not already owned for cash consideration of $24, $25 per common share. A special meeting of Brookfield Residential shareholders is scheduled for March 10, 2015 to consider and vote on the arrangement. The Brookfield Residential Board of Directors has recommended that shareholders of Brookfield Residential approve the arrangement. Shareholders are urged to carefully review the management information circular and a company materials that were mailed to shareholders and are available on SEDAR at www.SEDAR.com, on EDGAR at www.sec.gov and our Brookfield Residential’s website. Assuming shareholder approval is received and customer quoted conditions are met, it is currently expected that the closing of the arrangement will be completed prior to the end of March 2015. Obviously the Board will be inspecting the process and any updates on this process that are require to be press-released are being done. Turning over to our operations in 2014 we…

Thank you, Alan and good morning everyone. As Alan outlined Brookfield Residential had strong results in 2014. Net income attributable to Brookfield Residential for the 12 months ended December 31, 2014 was $274 million or $2.33 per diluted share in increase of a $132 million over those $142 million or $1.21 per diluted share for the same period in 2013. The increase in net income for the 12 months ended December 31, 2014, was partially the result of an increase in the net income tax recovery of $30 million, which was mainly due to a reversal of the valuation allowance on our U.S. deferred tax assets in the third quarter of 2014. Additionally, there was $70 million increase in gross margin primarily from improved housing margins, an increase in equity earnings from unconsolidated entities of $17 million, an increase in other income of $10 million, a gain on sale of commercial assets of $33 million and a decrease in other income in consolidated subsidiaries of $5 million. This was partially offset by higher general and administrative expense of $17 million, an increase in interest expense of $11, an increase in sales and marketing cost of $1 million, and a decrease in a change of fair value of the equity swap of $4 million. Land revenues totaled $340 million for the year ended December 31, 2014, a decrease of $33 million when compared to the same period of 2013, and then gross margin decreased $1 million to $172 million. The decrease in land revenue and gross margin for the year ended December 31, 2014 was due to 293 single-family lot closings and 216 fewer raw and partially finished acre closings. This was partially offset by an increase in the gross margin percentage resulting from higher average single-family lot selling prices, higher…

Thank you. [Operator Instructions] Our first question from Samuel McGovern with Credit Suisse, please go ahead.

Hi, guys. Thanks for taking my question. Just on the Canada market in your comments and I apologize if you guys discussed in this earlier I just tops on the call a little later than I hope initially. If you has actually seen any slowdown in the Alberta markets or it’s just sort of the expectation. Can you talk a little bit about how you see that sort of playing out overtime?

Yes, good morning, Sam. It’s Alan here. Yes, I mean I think we definitely with the volatility in the oil prices we’ve definitely seen the listings have increased in the Calgary market by a significant amount just over the [indiscernible] the Christmas period. And I think just given some indication even just at least early part of the year I mean there could be an issue with consumer confidence. I mean there is a lot of talk about it, but candidly our sales in the early part of the year are some what on track albeit would incentivized a little bit more on some of the single family product, but not really much on our multi-family for sale product. So there’s no question I think it would be naïve of just to think there is not going to be an impact of this. The volatility in oil prices is so great, most of the companies are obviously deferring some projects and so it’s a little bit of lag effect I think, but nothing significant at this point. We will just try to - I mean we’ve seen some of these ups and downs before in that marketplace. So we are not too concerned, but obviously it’s a more an issue of a consumer confidence than anything else.

Got it. And then in the Ontario market with the lower or weaker Canadian currency relative to the dollar and some other currencies. Have you seen any impact from that in terms of foreign investors perhaps either accelerating or sort of maintaining their purchasing in that market.

Yes, I’m not sure we can anecdotally speak to any additional foreign investors. I mean the reality is in Ontario and every other market where we do - I would talk to Ontario mostly on the FX side, but I mean it is like a little bit of tax cut with respect to oil pricing and obviously the FX will help the Ontario export markets. So generally we are seeing nothing negative at all. More positive I would say in the Ontario markets.

Got it, and in terms of 2015 overall I mean what you guys are thinking in terms of land and development spending and how that rolls out versus 2014?

I think we’ve been on a path with respect to increasing our emphasis on building up our housing business and you can see that’s in our housing and continue to increase our community counts. So we will continue to do that from a U.S. perspective. I would say as the Canadian one is still relatively stable with respect to that something to the volatility of oil prices and what I just touched on.

Okay, great, so the mix in community count shifts towards the U.S. away from Canada is that right?

Not away from Canada, but just we continue to book a business from the U.S. that’s really they [indiscernible] declining anything in Canada really just increasing our position in most of our existing markets in the U.S.

Got it. Understood. Great, thank you guys and I’ll pass it on.

Thanks Sam.

[Operator Instructions] The next question is from Joe Matthews with Wells Fargo Securities. Please go ahead.

Hi, question on your gross margins this quarter and going forward like you performed a little better than some of your other public peers this quarter seeing a nice gain year-over-year, some of your peers however are expecting some moderation or even a decline in 2015 I was wondering if you have the same sentiment towards your future gross margins?

Sure, hi Joe. This is Craig, how are you?

Great.

In terms of - I couldn’t comment on all of 2015 I could tell you that our current gross margin percentage has been our backlog is consistent at about 24% that we averaged for 2014 that is certainly on the sales that we have today we are consistent.

Okay, and then just looking back over the past year your single-family lot closings and your U.S. markets was well below kind of what you are guided to initially and I was wondering if that’s a timing issue or if that’s there were delays developing those lots and getting them delivered to your builder customers or how should we think about that. Is it that you wanted to hold on to them and just get a better return over the long term?

No, it’s a good Joe; for the most part it was really just a question of getting them to that finished service fleet with the loaners to transfer them as finished lots to our customers. So mostly for the most part actually it was just a timing issue, I mean there was two of them, two trenches of them in Southern California and another group of lots in Austin, Texas and some of was really just a question of slight delays in approvals, but the rest of it was mostly just fiscally getting the servicing done to get them to that finish that allowed us to convey them as finished lots to our customers. So it’s mostly a timing issue I would suggest.

Great. Thank you.

Thanks very much. End of Q&A

There are no more questions at this time. I will hand the call back over to Mr. Norris for closing comments.

Thank you. Just we wanted to thank you for joining us today on the call. If the private transaction occurs, this maybe our last call with you and we want to thank you for your support. If you did acquire the share at the time of March 31, 2011 merger at a price of $10 per share, you will have realized an annualized return of approximately 25% on your investment. So we are extremely pleased with your confidence in us which rewarded. So thanks again, and speak to you with respect to the going updates with respect going private transaction with a scheduled shareholder meeting from March 10, 2015. So thank you one again.

Ladies and gentlemen this concludes today’s conference call. You may disconnect your lines. Thank you for participating. Have a pleasant day.