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Brookfield Real Estate Services Inc. says fourth-quarter profit was $304,000, slipping from a year ago partly on costs from converting to a corporation.

The results, reported Monday, were equal to 3 cents per unit, compared to $1.5-million or 16 cents per unit a year prior.

Royalties were $8.2-million compared to $8.5-million in the same quarter in 2009.

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The company said it incurred a $700,000 charge due to costs regarding converting from an income fund to a corporation at the end of the year.

Brookfield said unusually strong residential real estate market conditions at the end of 2009 led to more than half of royalties for last year being recognized in the first part of 2010.

Some fourth-quarter franchise fees were negatively affected as a result, and the fund also lost 15 realtors during the period.

Brookfield Real Estate generates cash flow from franchise royalties and services from residential real estate brokers and realtors.

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