TORONTO, Nov. 15, 2024 /CNW/ - Bridgemarq Real Estate Services Inc. ("Bridgemarq" or the "Company") (TSX: BRE) today released its third quarter consolidated financial results and announced a monthly dividend to holders of the Company's restricted voting shares.

HIGHLIGHTS

On March 31, 2024, the Company significantly grew its asset base through the acquisition of certain real estate brokerages from Brookfield Business Partners ("Brookfield") and internalization of its management team, and settled deferred distributions owing to Brookfield for total proceeds of approximately $40.9 million.Revenue in the third quarter amounted to $126.8 million, compared to the $12.8 million generated in the third quarter of 2023, reflecting the acquisition completed on March 31, 2024. The Company generated a net loss of $10.8 million or $1.14 per fully diluted share, compared to net earnings of $8.6 million or $0.26 per diluted share in 2023, primarily driven by a loss of $10.8 million on the fair valuation of the Exchangeable Units.Cash provided by operating activities amounted to $2.7 million in the third quarter of 2024, compared to $4.5 million in 2023. The decrease of $1.8 million is driven primarily by increased distributions to holders of Exchangeable Units which were issued to complete the acquisition earlier in the year and increased working capital investment.Adjusted Net Earnings amounted to $2.7 million in the third quarter compared to $3.7 million in 2023, primarily due to higher interest expenses and increased amortization of intangible assets acquired as part of the transaction, partly offset by the operating results of the acquired businesses.The Company generated improved free cash flow of $5.3 million in the third quarter, compared to $5.1 million in 2023.The Board of Directors approved a dividend to shareholders of $0.1125 per Restricted Voting Share, payable on December 31, 2024, to shareholders of record on November 29, 2024.