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Exhibit 99.1 (BROOKFIELD LOGO)
    
    NEWS RELEASE
 BROOKFIELD HOMES REPORTS STRONG GROWTH IN EARNINGS PER SHARE AND GENERATED $189 MILLION IN CASH FLOW IN 2004
 Investors, analysts and other interested parties can access Brookfield Homes Supplemental
Information Package on Brookfield Homes website under the Investor Relations/Financial Reports
section at www.brookfieldhomes.com. Brookfield Homes year end investor conference call can be
accessed by teleconference on February 16, 2004 at 11:00 am (Eastern Time) at 1-877-667-7774, toll
free in North America, or for international dial 416-695-9753. The archived teleconference may be
accessed by dialing 1-866-365-2020, toll free in North America, or for international dial
416-695-9677 and enter the pin code 1384 through March 2, 2005. Alternatively, the conference call
can be accessed by Webcast on Brookfield Homes website at www.brookfieldhomes.com. Del Mar, California, February 15, 2005 (BHS: NYSE) Brookfield Homes Corporation today
announced strong financial results for the year ended December 31, 2004:  
    Revenue increased 23% to $1,232 million compared to $1,001
million for the same period in 2003.
    Net income totaled $146 million, an increase of $58 million
from the same period in 2003. The 2004 results included $9
million generated from bulk land sales. Earnings per share
totaled $4.64, compared to $2.75 in 2003.
    Cash flow before financing activities was $189 million in
2004, and in the last two years the company generated a
total of $404 million of cash flow.
    Fourth Quarter 2004 Financial and Operating Highlights Results of Operations
    
    Three Months Ended Dec. 31
    
    
    Years Ended Dec. 31(Millions, except per share amounts)
    
    2004
    
    
    2003
    
    
    2004
    
    
    2003Total revenue
    
    $
    547
    
    
    $
    383
    
    
    $
    1,232
    
    
    $
    1,001Gross margin
    
    
    138
    
    
    
    78
    
    
    
    287
    
    
    
    211Contribution from bulk land sales to net income
    
    
    9
    
    
    
    14
    
    
    
    9
    
    
    
    39Net income
    
    
    89
    
    
    
    33
    
    
    
    146
    
    
    
    88Earnings per share  diluted Excluding bulk land sales
    
    $
    2.55
    
    
    $
    0.62
    
    
    $
    4.36
    
    
    $
    1.55 Bulk land sales
    
    
    0.28
    
    
    
    0.44
    
    
    
    0.28
    
    
    
    1.20$
    2.83
    
    
    $
    1.06
    
    
    $
    4.64
    
    
    $
    2.75




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2 Recent Initiatives Recently, Brookfield Homes completed a number of initiatives to strengthen its financial position,
expand its operations, and position itself to take advantage of future opportunities.  
    2005 Earnings Guidance As a result of continued strong markets and its level of backlog,
the company expects earnings per share to grow to $5.25 in 2005 from $4.64 in 2004, an
increase of 13%. This estimate does not include any gains from bulk land sales.
    Bulk Land Sales The company closed bulk land sales in the
fourth quarter of 2004, which contributed a net after tax
gain of $9 million.
    Redemption of 12% Subordinated Notes As a result of
increased earnings and strong cash flows, Brookfield Homes
redeemed all of its outstanding 12% subordinated notes at
100% of the original principal amount on December 20, 2004.
As a result of the redemption, Brookfield Homes total debt
decreased by $137 million, improving its net debt to
capitalization ratio to 51% from a high of 74% at June 30,
2004.
    Share Buyback Program The Board of Directors
approved an increase in the share repurchase program, which
allows Brookfield Homes to repurchase up to $35 million of
its common stock. Operating Highlights  
    As a result of strong market conditions and growth in the
number of available active selling communities, the company
has in backlog, to date, 40% of its planned home closings
for 2005.
    Brookfield Homes lots owned or controlled total 27,966, an
increase of 29% from inventory at the end of 2003. Direct
ownership of 13,047 lots, provides approximately a seven
year supply based on our current level of activity,
contributing to strong visibility on our future cash flows.
The company also controls under option a further 14,919 lots
with the objective of adding value through land
entitlements.
    A summary of our land holdings, by region, follows: San Francisco
    
    
    Southland /
    
    
    San Diego /
    
    
    
    
    
    WashingtonBay Area
    
    
    Los Angeles
    
    
    Riverside
    
    
    Sacramento
    
    
    D.C. Area
    
    
    TotalGeographic diversification of lots
    
    
    13
    %
    
    
    11
    %
    
    
    32
    %
    
    
    16
    %
    
    
    28
    %
    
    
    100
    %2004 home closings (units)
    
    
    407
    
    
    
    437
    
    
    
    507
    
    
    
    
    
    
    
    447
    
    
    
    1,798Lot supplyOwned
    
    
    1,413
    
    
    
    510
    
    
    
    6,680
    
    
    
    310
    
    
    
    4,134
    
    
    
    13,047Optioned
    
    
    2,125
    
    
    
    2,713
    
    
    
    2,145
    
    
    
    4,210
    
    
    
    3,726
    
    
    
    14,919Total
    
    
    3,538
    
    
    
    3,223
    
    
    
    8,825
    
    
    
    4,520
    
    
    
    7,860
    
    
    
    27,966
  
    A summary of 2004 operating highlights by region follows:  >
    San Francisco Bay Area Opened two new housing communities in Windemere with
strong market acceptance and sales, and acquired control through options on
over 900 unentitled lots, increasing the total owned and controlled position to
over 3,500 lots.>
    Southland / Los Angeles Closed 437 homes in 2004, an increase of 48% over
2003, and in the last two years acquired control through options of
approximately 3,000 lots, supporting future growth in this supply constrained
market.




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3  >
    San Diego / Riverside Opened a number of new communities in 2004 which
contributed to the sale of 674 homes during the year, an increase of 51% over
2003. 2005 started with a backlog of homes sold of 281 units, providing strong visibility of cash flows and earnings.>
    Washington D.C. Area Continued to develop the current phases of the Braemar
master-planned community, and acquired and optioned over 4,000 lots in 2004,
supporting future growth in home closings and potential value creation through
land entitlement. Outlook We have entered 2005 in a strong financial and operating position. We have a backlog of 40%
of our planned 2005 home closings and a significant lot inventory comprised of 28,000 owned and
controlled lots. With $187 million of cash on hand, we are confident we will maintain our momentum
to deliver bottom line growth, concluded Ian Cockwell, Brookfield Homes President and Chief
Executive Officer. * * * * * * * * * * * * * Brookfield Homes Corporation Brookfield Homes Corporation is a residential homebuilder and land developer, building homes and
developing land in master-planned communities and infill locations. We design, construct and market
single-family and multi-family homes primarily to move-up and luxury homebuyers. We also entitle
and develop land for our own communities and sell lots to other homebuilders. Our portfolio
includes 28,000 lots owned and controlled in the San Francisco Bay Area; Southland / Los Angeles;
San Diego / Riverside; Sacramento; and Washington D.C. Area markets. For more information, visit
the Brookfield Homes website at www.brookfieldhomes.com. Contact Information:
Linda Northwood
Director, Investor Relations
Tel: 858-481-2567
Email: lnorthwood@brookfieldhomes.com * * * * * * * * * * * * * Note: Certain statements in this press release that are not historical facts, including
information concerning possible or assumed future results of operations of the company, expected
home closings and deliveries (and the timing thereof), targeted 2005 earnings guidance, the
companys future outlook and growth plans, and those statements preceded by, followed by, or that
include the words planned, should, goals, expected, potential, estimate, targeted,
scheduled or similar expressions, constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Undue reliance should not be placed on
forward-looking statements because they involve known and unknown risks, uncertainties and other
factors, which may cause the actual results to differ materially from the anticipated future
results expressed or implied by such forward-looking statements. Factors that could cause actual
results to differ materially from those set forward in the forward-looking statements include, but
are not limited to: changes in general economic, real estate and other conditions; mortgage rate
changes; availability of suitable undeveloped land at acceptable prices; adverse legislation or
regulation; ability to obtain necessary permits and approvals for the development of our land;
availability of labor or materials or increases in their costs; ability to develop and market our
master-planned communities successfully; confidence levels of consumers; ability to raise capital
on favorable terms; adverse weather conditions and natural disasters; relations with the residents
of our communities; risks associated with increased insurance costs or unavailability of adequate
coverage and ability to obtain surety bonds; competitive conditions in the homebuilding industry,
including product and pricing pressures; and additional risks and uncertainties referred to in our
Form 10-K and other SEC filings, many of which are beyond our control. We undertake no obligation
to publicly update any forward-looking statements, whether as a result of new information, future
events or otherwise.




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4 Brookfield Homes Corporation
Consolidated Statements of Income Three Months Ended
    
    
    Years EndedDecember 31
    
    
    December 31(thousands, except per share amounts)
    
    2004
    
    
    2003
    
    
    2004
    
    
    2003RevenueHousing
    
    $
    510,560
    
    
    $
    320,877
    
    
    $
    1,169,073
    
    
    $
    817,774Land and other revenues
    
    
    36,486
    
    
    
    62,541
    
    
    
    62,677
    
    
    
    183,421Total revenue
    
    
    547,046
    
    
    
    383,418
    
    
    
    1,231,750
    
    
    
    1,001,195Direct cost of sales
    
    
    (408,783
    )
    
    
    (305,853
    )
    
    
    (945,387
    )
    
    
    (790,877
    )138,263
    
    
    
    77,565
    
    
    
    286,363
    
    
    
    210,318Equity in earnings from housing and land joint ventures
    
    
    53,037
    
    
    
    7,591
    
    
    
    61,394
    
    
    
    22,055Selling, general and administrative expense
    
    
    (28,460
    )
    
    
    (21,147
    )
    
    
    (79,904
    )
    
    
    (66,612
    )Minority interest
    
    
    (15,160
    )
    
    
    (7,962
    )
    
    
    (28,140
    )
    
    
    (18,684
    )Net income before taxes
    
    
    147,680
    
    
    
    56,047
    
    
    
    239,713
    
    
    
    147,077Income tax expense
    
    
    (58,324
    )
    
    
    (22,418
    )
    
    
    (93,297
    )
    
    
    (58,830
    )Net income
    
    $
    89,356
    
    
    $
    33,629
    
    
    $
    146,416
    
    
    $
    88,247Weighted average shares outstandingBasic
    
    
    30,891
    
    
    
    30,881
    
    
    
    30,903
    
    
    
    31,751Diluted
    
    
    31,563
    
    
    
    31,333
    
    
    
    31,547
    
    
    
    32,048Earnings per shareBasic
    
    $
    2.89
    
    
    $
    1.07
    
    
    $
    4.74
    
    
    $
    2.78Diluted
    
    $
    2.83
    
    
    $
    1.06
    
    
    $
    4.64
    
    
    $
    2.75




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5 Brookfield Homes Corporation
Condensed Balance Sheets As at December 31(thousands)
    
    2004
    
    
    2003
    
    
    2002AssetsHousing and land inventory
    
    $
    679,930
    
    
    $
    567,302
    
    
    $
    616,425Investments in housing and land joint ventures
    
    
    59,810
    
    
    
    78,198
    
    
    
    80,959Consolidated land inventory not owned
    
    
    47,240
    
    
    
    25,542
    
    
    
    Receivables and other assets
    
    
    73,986
    
    
    
    80,346
    
    
    
    74,534Cash and cash equivalents
    
    
    186,731
    
    
    
    218,606
    
    
    
    35,903Deferred income taxes
    
    
    33,924
    
    
    
    43,446
    
    
    
    36,115$
    1,081,621
    
    
    $
    1,013,440
    
    
    $
    843,936Liabilities and Stockholders EquityProject specific and other financings
    
    $
    512,098
    
    
    $
    426,311
    
    
    $
    325,492Accounts payable and other liabilities
    
    
    256,985
    
    
    
    145,090
    
    
    
    74,634Subordinated debt
    
    
    
    
    
    
    
    
    
    
    98,300Minority interest
    
    
    66,422
    
    
    
    59,781
    
    
    
    24,772Stockholders equity
    
    
    246,116
    
    
    
    382,258
    
    
    
    320,738$
    1,081,621
    
    
    $
    1,013,440
    
    
    $
    843,936