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Wiki	Wiki Summary
Common stock	Common stock is a form of corporate equity ownership, a type of security. The terms voting share and ordinary share are also used frequently outside of the United States.
Common stock dividend	A common stock dividend is the dividend paid to common stock owners from the profits of the company. Like other dividends, the payout is in the form of either cash or stock.
Preferred stock	Preferred stock (also called preferred shares, preference shares, or simply preferreds) is a component of share capital that may have any combination of features not possessed by common stock, including properties of both an equity and a debt instrument, and is generally considered a hybrid instrument. Preferred stocks are senior (i.e., higher ranking) to common stock but subordinate to bonds in terms of claim (or rights to their share of the assets of the company, given that such assets are payable to the returnee stock bond) and may have priority over common stock (ordinary shares) in the payment of dividends and upon liquidation.
Matthiola incana	Matthiola incana is a species of flowering plant in the cabbage family Brassicaceae. Common names include Brompton stock, common stock, hoary stock, ten-week stock, and gilly-flower.
Consolidation (business)	In business, consolidation or amalgamation is the merger and acquisition of many smaller companies into a few much larger ones. In the context of financial accounting, consolidation refers to the aggregation of financial statements of a group company as consolidated financial statements.
Stock market	A stock market, equity market, or share market is the aggregation of buyers and sellers of stocks (also called shares), which represent ownership claims on businesses; these may include securities listed on a public stock exchange, as well as stock that is only traded privately, such as shares of private companies which are sold to investors through equity crowdfunding platforms. Investment is usually made with an investment strategy in mind.
New York Stock Exchange	The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed companies at US$30.1 trillion as of February 2018.
Class B share	In finance, a Class B share or Class C share is a designation for a share class of a common or preferred stock that typically has strengthened voting rights or other benefits compared to a Class A share that may have been created. The equity structure, or how many types of shares are offered, is determined by the corporate charter.B share can also refer to various terms relating to stock classes:\n\nB share (mainland China), a class of stock on the Shanghai and Shenzhen stock exchanges\nB share (NYSE), a class of stock on the New York Stock ExchangeMost of the time, Class B shares may have lower repayment priorities in the event a company declares bankruptcy.
Arithmetic	Arithmetic (from Ancient Greek ἀριθμός (arithmós) 'number', and τική [τέχνη] (tikḗ [tékhnē]) 'art, craft') is an elementary part of mathematics that consists of the study of the properties of the traditional operations on numbers—addition, subtraction, multiplication, division, exponentiation, and extraction of roots. In the 19th century, Italian mathematician Giuseppe Peano formalized arithmetic with his Peano axioms, which are highly important to the field of mathematical logic today.
Operation Mincemeat	Operation Mincemeat was a successful British deception operation of the Second World War to disguise the 1943 Allied invasion of Sicily. Two members of British intelligence obtained the body of Glyndwr Michael, a tramp who died from eating rat poison, dressed him as an officer of the Royal Marines and placed personal items on him identifying him as the fictitious Captain (Acting Major) William Martin.
Bitwise operation	In computer programming, a bitwise operation operates on a bit string, a bit array or a binary numeral (considered as a bit string) at the level of its individual bits. It is a fast and simple action, basic to the higher-level arithmetic operations and directly supported by the processor.
Special Activities Center	The Special Activities Center (SAC) is a division of the Central Intelligence Agency responsible for covert operations and paramilitary operations. The unit was named Special Activities Division (SAD) prior to 2015.
Operations management	Operations management is an area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed and effective in meeting customer requirements.
Emergency operations center	An emergency operations center (EOC) is a central command and control facility responsible for carrying out the principles of emergency preparedness and emergency management, or disaster management functions at a strategic level during an emergency, and ensuring the continuity of operation of a company, political subdivision or other organization.\nAn EOC is responsible for strategic direction and operational decisions and does not normally directly control field assets, instead leaving tactical decisions to lower commands.
Surgery	Surgery is a medical or dental specialty that uses operative manual and instrumental techniques on a person to investigate or treat a pathological condition such as a disease or injury, to help improve bodily function, appearance, or to repair unwanted ruptured areas.\nThe act of performing surgery may be called a surgical procedure, operation, or simply "surgery".
Special operations	Special operations (S.O.) are military activities conducted, according to NATO, by "specially designated, organized, selected, trained, and equipped forces using unconventional techniques and modes of employment". Special operations may include reconnaissance, unconventional warfare, and counter-terrorism actions, and are typically conducted by small groups of highly-trained personnel, emphasizing sufficiency, stealth, speed, and tactical coordination, commonly known as "special forces".
Operations research	Operations research (British English: operational research), often shortened to the initialism OR, is a discipline that deals with the development and application of advanced analytical methods to improve decision-making. It is sometimes considered to be a subfield of mathematical sciences.
Adverse	Adverse or adverse interest, in law, is anything that functions contrary to a party's interest. This word should not be confused with averse.
Adverse effect	An adverse effect is an undesired harmful effect resulting from a medication or other intervention, such as surgery. An adverse effect may be termed a "side effect", when judged to be secondary to a main or therapeutic effect.
Adverse possession	Adverse possession, sometimes colloquially described as "squatter's rights", is a legal principle in the Anglo-American common law under which a person who does not have legal title to a piece of property—usually land (real property)—may acquire legal ownership based on continuous possession or occupation of the property without the permission (licence) of its legal owner. The possession by a person is not adverse if they are in possession as a tenant or licensee of the legal owner.
Adverse food reaction	An adverse food reaction is an adverse response by the body to food or a specific type of food.The most common adverse reaction is a food allergy, which is an adverse immune response to either a specific type or a range of food proteins.\nHowever, other adverse responses to food are not allergies.
Adverse party	An adverse party is an opposing party in a lawsuit under an adversary system of law. In general, an adverse party is a party against whom judgment is sought or "a party interested in sustaining a judgment or decree." For example, the adverse party for a defendant is the plaintiff.
Adverse (film)	Adverse is a 2020 American crime thriller film written and directed by Brian Metcalf and starring Thomas Nicholas, Lou Diamond Phillips, Sean Astin, Kelly Arjen, Penelope Ann Miller, and Mickey Rourke. It premiered at the Fantasporto Film Festival, Portugal's largest film festival, on February 28, 2020.
Material adverse change	In the fields of mergers and acquisitions and corporate finance, a material adverse change (abbreviated MAC), material adverse event (MAE), or material adverse effect (also MAE) is a change in circumstances that significantly reduces the value of a company. A contract to acquire, invest in, or lend money to a company often contains a term that allows the acquirer, investor, or lender to cancel the transaction if a material adverse change occurs.
Anthony Adverse	Anthony Adverse is a 1936 American epic historical drama film directed by Mervyn LeRoy and starring Fredric March and Olivia de Havilland. The screenplay by Sheridan Gibney draws elements of its plot from eight of the nine books in Hervey Allen's historical novel, Anthony Adverse.
United States Special Operations Command	The United States Special Operations Command (USSOCOM or SOCOM) is the unified combatant command charged with overseeing the various special operations component commands of the Army, Marine Corps, Navy, and Air Force of the United States Armed Forces. The command is part of the Department of Defense and is the only unified combatant command created by an Act of Congress.
Area of operations	In U.S. armed forces parlance, an area of operations (AO) is an operational area defined by the force commander for land, air, and naval forces conduct of combat and non-combat activities. Areas of operations do not typically encompass the entire operational area of the force commander, but should be large enough for subordinate commanders to accomplish their goals, achieve objectives and missions, and to protect their forces.
Yoda conditions	In programming jargon, Yoda conditions (also called Yoda notation) is a programming style where the two parts of an expression are reversed from the typical order in a conditional statement. A Yoda condition places the constant portion of the expression on the left side of the conditional statement.
Dirichlet conditions	In mathematics, the Dirichlet conditions are sufficient conditions for a real-valued, periodic function f to be equal to the sum of its Fourier series at each point where f is continuous. Moreover, the behavior of the Fourier series at points of discontinuity is determined as well (it is the midpoint of the values of the discontinuity).
Twenty-one Conditions	The Twenty-one Conditions, officially the Conditions of Admission to the Communist International, refer to the conditions, most of which were suggested by Vladimir Lenin, to the adhesion of the socialist parties to the Third International (Comintern) created in 1919. The conditions were formally adopted by the Second Congress of the Comintern in 1920.
Conditions races	Conditions races are horse races in which the weights carried by the runners are laid down by the conditions attached to the race. Weights are allocated according to the sex of the runners, with female runners carrying less weight than males; the age of the runners, with younger horses receiving weight from older runners to allow for relative maturity, referred to as weight for age; and the quality of the runners, with horses that have won certain values of races giving weight to less successful entrants.
Nervous Conditions	Nervous Conditions is a novel by Zimbabwean author Tsitsi Dangarembga, first published in the United Kingdom in 1988. It was the first book published by a black woman from Zimbabwe in English.
Wolfe conditions	In the unconstrained minimization problem, the Wolfe conditions are a set of inequalities for performing inexact line search, especially in quasi-Newton methods, first published by Philip Wolfe in 1969.In these methods the idea is to find\n\n \n \n \n \n min\n \n x\n \n \n f\n (\n \n x\n \n )\n \n \n {\displaystyle \min _{x}f(\mathbf {x} )}\n for some smooth \n \n \n \n f\n :\n \n \n R\n \n \n n\n \n \n →\n \n R\n \n \n \n {\displaystyle f\colon \mathbb {R} ^{n}\to \mathbb {R} }\n . Each step often involves approximately solving the subproblem\n\n \n \n \n \n min\n \n α\n \n \n f\n (\n \n \n x\n \n \n k\n \n \n +\n α\n \n \n p\n \n \n k\n \n \n )\n \n \n {\displaystyle \min _{\alpha }f(\mathbf {x} _{k}+\alpha \mathbf {p} _{k})}\n where \n \n \n \n \n \n x\n \n \n k\n \n \n \n \n {\displaystyle \mathbf {x} _{k}}\n is the current best guess, \n \n \n \n \n \n p\n \n \n k\n \n \n ∈\n \n \n R\n \n \n n\n \n \n \n \n {\displaystyle \mathbf {p} _{k}\in \mathbb {R} ^{n}}\n is a search direction, and \n \n \n \n α\n ∈\n \n R\n \n \n \n {\displaystyle \alpha \in \mathbb {R} }\n is the step length.
Conditions of Learning	Conditions of Learning, by Robert M. Gagné, was originally published in 1965 by Holt, Rinehart and Winston and describes eight kinds of learning and nine events of instruction. This theory of learning involved two steps.
Conditions (album)	Conditions is the debut studio album by Australian rock band The Temper Trap, released in Australia through Liberation Music on 19 June 2009. It was later released in the United Kingdom on 10 August 2009.

Risk Factors
BROOKFIELD HOMES CORP Item 1A Risk Factors This section describes the material risks associated with an investment in our common stock
Stockholders should carefully consider each of the risks described below and all of the other information in this Form 10-K If any of the following risks occurs, our business, prospects, financial condition, results of operations or cash flow could be materially and adversely affected
In such an event, the trading price of shares of our common stock could decline substantially, and stockholders may lose all or part of the value of their shares of our common stock
Our business and results of operations will be materially and adversely affected by weakness in general economic, real estate and other conditions
The residential homebuilding and land development industry is cyclical and is significantly affected by changes in general and local economic conditions, such as employment levels, availability of financing for homebuyers, interest rates, consumer confidence and housing demand
In addition, significant supply of alternatives to new homes, such as rental properties and used homes, may depress prices and reduce margins for the sale of new homes
Homebuilders are also subject to risks related to the availability and cost of materials and labor, and adverse weather conditions that can cause delays in construction schedules and cost overruns
Furthermore, the market value of undeveloped land, buildable lots and housing inventories held by us can fluctuate significantly as a result of changing economic and real estate market conditions
If there are significant adverse changes in economic or real estate market conditions, we will have to sell homes at a loss or hold land in inventory longer than planned
Inventory carrying costs can be significant and can result in losses in a poorly performing project or market
We may be particularly affected by changes in local market conditions in California, where we derive a large proportion of our revenue
10 _________________________________________________________________ Rising mortgage rates or decreases in the availability of mortgage financing will discourage people from buying new homes
Virtually all of our customers finance their home acquisitions through lenders providing mortgage financing
Mortgage rates are currently at or near their lowest levels in many years
Increases in mortgage rates or decreases in the availability of mortgage financing could depress the market for new homes because of the increased monthly mortgage costs to potential homebuyers
Even if potential customers do not need financing, changes in interest rates and mortgage availability could make it harder for them to sell their homes to potential buyers who need financing, which would result in reduced demand for new homes
As a result, rising mortgage rates could adversely affect our ability to sell new homes and the price at which we can sell them
Laws and regulations related to property development and related to the environment subject us to additional costs and delays which adversely affect our business and results of operations
We must comply with extensive and complex regulations affecting the homebuilding and land development process
These regulations impose on us additional costs and delays, which adversely affect our business and results of operations
In particular, we are required to obtain the approval of numerous governmental authorities regulating matters such as permitted land uses, levels of density, the installation of utility services, zoning and building standards
We must also comply with a variety of local, state and federal laws and regulations concerning the protection of health and the environment, including with respect to hazardous or toxic substances
These environmental laws sometimes result in delays, cause us to incur additional costs, or severely restrict land development and homebuilding activity in environmentally sensitive regions or areas
If we are not able to develop and market our master-planned communities successfully, our business and results of operations will be adversely affected
Before a master-planned community generates any revenues, material expenditures are incurred to acquire land, obtain development approvals and construct significant portions of project infrastructure, amenities, model homes and sales facilities
It generally takes several years for a master-planned community development to achieve cumulative positive cash flow
If we are unable to develop and market our master-planned communities successfully and to generate positive cash flows from these operations in a timely manner, it will have a material adverse effect on our business and results of operations
Difficulty in retaining qualified trades workers, or obtaining required materials and supplies, will adversely affect our business and results of operations
The homebuilding industry has from time to time experienced significant difficulties in the supply of materials and services, including with respect to: shortages of qualified trades people; labor disputes; shortages of building materials; unforeseen environmental and engineering problems; and increases in the cost of certain materials (particularly increases in the price of lumber, wall board and cement, which are significant components of home construction costs)
When any of these difficulties occur, it causes delays and increases the cost of constructing our homes
We sometimes face liabilities when we act as a general contractor, and we are sometimes responsible for losses when we hire general contractors
Where we act as the general contractor, we are responsible for the performance of the entire contract, including work assigned to subcontractors
Claims may be asserted against us for construction defects, personal injury or property damage caused by the subcontractors, and if successful these claims give rise to liability
Where we hire general contractors, if there are unforeseen events like the bankruptcy of, or an uninsured or under-insured loss claimed against, our general contractors, we sometimes become responsible for the losses or other obligations of the general contractors
If we are not able to raise capital on favorable terms, our business and results of operations will be adversely affected
We operate in a capital intensive industry and require significant capital expenditures to maintain our competitive position
The failure to secure additional debt or equity financing or the failure to do so on favorable terms will limit our ability to grow our business, which in turn will adversely affect our business and results of operations
We expect to make significant capital expenditures in the future to enhance and maintain the operations of our properties and to expand and develop our real estate inventory
If our plans or assumptions change or prove to be inaccurate, or 11 _________________________________________________________________ if our cash flow from operations proves to be insufficient due to unanticipated expenses or otherwise, we will likely seek to minimize cash expenditures and/or obtain additional financing in order to support our plan of operations
If sufficient funding, whether obtained through public or private debt, equity financing or from strategic alliances is not available when needed or is not available on acceptable terms, our business and results of operations will be adversely affected
Our debt and leverage could adversely affect our financial condition
We are leveraged, and also guarantee shortfalls under some of our bond debt service agreements, when the revenues, fees and assessments which are designed to cover principal and interest and other operating costs of the bonds are not paid
Our leverage could have important consequences, including the following: our ability to obtain additional financing for working capital, capital expenditures or acquisitions may be impaired in the future; a substantial portion of our cash flow from operations must be dedicated to the payment of principal and interest on our debt, thereby reducing the funds available to us for other purposes; some of our borrowings are and will continue to be at variable rates of interest, which will expose us to the risk of increased interest rates; and our substantial leverage may limit our flexibility to adjust to changing economic or market conditions, reduce our ability to withstand competitive pressures and make us more vulnerable to a general economic downturn
We finance each of our projects individually
As a result, to the extent we increase the number of our projects and our related investment, our total debt obligations may increase
We repay the principal of our debt from the proceeds of home closings, and as a result our annual debt service is equal to the interest that accrues on our debt
Based on our debt levels as of December 31, 2005, a 1prca change up or down in interest rates could have either a positive or negative effect of approximately dlra4 million on our cash flows
Refer also to the section of this Form 10-K entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Quantitative and Qualitative Disclosures About Market Risks — Interest Rates
” If any of these conditions occur, our financial condition will be adversely affected
In addition, our various debt instruments contain financial and other restrictive covenants that limit our ability to, among other things, borrow additional funds that we might need in the future
Our business and results of operations will be adversely affected if poor relations with the residents of our communities negatively impact our sales
As a master-planned community developer, we are sometimes expected by community residents to resolve any issues or disputes that arise in connection with the development of our communities
Our sales will likely be negatively affected if any efforts made by us to resolve these issues or disputes are unsatisfactory to the affected residents, which in turn would adversely affect our results of operations
In addition, our business and results of operations would be adversely affected if we are required to make material expenditures related to the settlement of these issues or disputes, or to modify our community development plans
Our business is susceptible to adverse weather conditions and natural disasters
The homebuilding industries in California and the Washington DC Area are susceptible to, and are significantly affected by, adverse weather conditions and natural disasters such as hurricanes, tornadoes, earthquakes, floods and fires
These adverse weather conditions and natural disasters can cause delays and increased costs in the construction of new homes and the development of new communities
If insurance is unavailable to us or is unavailable on acceptable terms, or if our insurance is not adequate to cover business interruption or losses resulting from adverse weather or natural disasters, our business and results of operations will be adversely affected
In addition, damage to new homes caused by adverse weather or a natural disaster can cause our insurance costs to increase
Increased insurance risk adversely affects our business
Due in part to the terrorist activities of September 11, 2001 and other recent events, we are confronting reduced availability of, and generally lower limits for, insurance against some of the risks associated with our business
Some of the other actions that have been or could be taken by insurance companies include: increasing insurance premiums; requiring higher self-insured retention and deductibles; requiring additional collateral on surety bonds; imposing additional exclusions, such as with respect to sabotage and terrorism; and refusing to underwrite certain risks and classes of business
The imposition, of any of the preceding actions, has and will continue to adversely affect our ability to obtain appropriate insurance coverage at reasonable costs
12 _________________________________________________________________ Tax law changes could make home ownership more expensive or less attractive
Significant expenses of owning a home, including mortgage interest expense and real estate taxes, generally are deductible expenses for an individual’s federal, and in some cases state income taxes subject to various limitations under current tax law and policy
If the federal government or a state government changes income tax laws, as has been discussed recently, to eliminate or substantially modify these income tax deductions, then the after-tax cost of owning a new home would increase substantially
This could adversely impact demand for, and/or sales prices of new homes
Residential homebuilding is a competitive industry, and competitive conditions adversely affect our results of operations
The residential homebuilding industry is highly competitive
Residential homebuilders compete not only for homebuyers, but also for desirable properties, financing, building materials and labor
We compete with other local, regional and national homebuilders, often within larger communities designed, planned and developed by such homebuilders
Any improvement in the cost structure or service of our competitors will increase the competition we face
Competitive conditions in the homebuilding industry could result in: difficulty in acquiring suitable land at acceptable prices; increased selling incentives; lower sales volumes and prices; increased construction costs; and delays in construction
Provisions in our charter documents and Delaware law may make it difficult for a third party to acquire us, which could depress the price of our common stock
Provisions in our certificate of incorporation, our by-laws and Delaware law could delay, defer or prevent a change of control of our Company
These provisions, which include authorizing the Board of Directors to issue preferred stock and limiting the persons who may call special meetings of stockholders, could also discourage proxy contests and make it more difficult for stockholders to elect directors and take other corporate actions
We are also subject to provisions of Delaware law which could delay, deter or prevent us from entering into an acquisition, including Section 203 of the Delaware General Corporation Law, which prohibits a Delaware corporation from engaging in a business combination with an interested stockholder unless specific conditions are met
The existence of any of the above factors could adversely affect the market price of our common stock
The trading price of shares of our common stock could be adversely affected because Brookfield Asset Management Inc
owns approximately 52prca of our common stock
Brookfield Asset Management Inc
owns approximately 52prca of the outstanding shares of our common stock
If Brookfield Asset Management Inc
should decide in the future to sell any of our shares owned by it, the sale (or the perception of the market that a sale may occur) could adversely affect the trading price of our common stock
The trading price of shares of our common stock could fluctuate significantly
The trading price of shares of our common stock in the open market cannot be predicted
The trading price could fluctuate significantly in response to factors such as: variations in our quarterly or annual operating results and financial condition; changes in government regulations affecting our business; the announcement of significant events by us or our competitors; market conditions specific to the homebuilding industry; changes in general economic conditions; differences between our actual financial and operating results and those expected by investors and analysts; changes in analysts’ recommendations or projections; the depth and liquidity of the market for shares of our common stock; investor perception of the homebuilding industry; events in the homebuilding industry; investment restrictions; and our dividend policy
In addition, securities markets have experienced significant price and volume fluctuations in recent years that have often been unrelated or disproportionate to the operating performance of particular companies
These broad fluctuations may adversely affect the trading price of our common stock