FirstService Declares 10% Increase to Quarterly Cash Dividend

Rhea-AI Summary

FirstService (FSV) has announced a 10% increase in its quarterly cash dividend, raising it from US$0.25 to US$0.275 per Common Share. The dividend will be payable on April 7, 2025, to shareholders of record as of March 31, 2025. This increase brings the annualized dividend to US$1.10, up from US$1.00 in the previous year.

This marks FirstService's tenth consecutive year of achieving at least 10% annual dividend growth, reflecting the company's strong earnings and free cash flow performance. The company, which generates over US$4.9 billion in annual revenues and employs approximately 30,000 people across North America, operates through two main platforms: FirstService Residential and FirstService Brands.

Positive

• 10% increase in quarterly dividend from US$0.25 to US$0.275 per share
• Tenth consecutive year of minimum 10% annual dividend growth
• Strong earnings and free cash flow growth track record
• Conservative balance sheet and financial flexibility
• US$4.9 billion in annual revenues

Negative

• None.

TORONTO, Feb. 04, 2025 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX: FSV; NASDAQ: FSV) ("FirstService") announced today that its Board of Directors has approved a 10% increase in the quarterly cash dividend on the outstanding Common Shares of the Company and declared a quarterly dividend of US$0.275 per Common Share, up from the previous US$0.25 per Common Share. The dividend is payable on April 7, 2025 to holders of Common Shares of record at the close of business on March 31, 2025.

The Company’s dividend will be US$1.10 on an annualized basis, up from US$1.00 during the past year. This distribution represents our tenth consecutive year of at least 10% annual dividend growth, reflecting the long-term track record of strong earnings and free cash flow growth at FirstService. Our business model, conservative balance sheet and financial flexibility allow us to prioritize our growth initiatives while also supporting the approval of the increased dividend to deliver incremental returns to our shareholders.

The dividend on Common Shares is an "eligible dividend" for Canadian income tax purposes.

About FirstService Corporation

FirstService Corporation is a North American leader in the property services sector, serving its customers through two industry-leading service platforms: FirstService Residential – North America's largest manager of residential communities; and FirstService Brands – one of North America's largest providers of essential property services delivered through individually branded company-owned operations and franchise systems.

FirstService generates more than US$4.9 billion in annual revenues and has approximately 30,000 employees across North America. With significant insider ownership and an experienced management team, FirstService has a long-term track record of creating value and superior returns for shareholders. The Common Shares of FirstService trade on the NASDAQ and the Toronto Stock Exchange under the symbol "FSV", and are included in the S&P/TSX 60 Index. More information is available at www.firstservice.com.

Forward-looking Statements
This press release includes or may include forward-looking statements. Much of this information can be identified by words such as “expect to,” “expected,” “will,” “estimated” or similar expressions suggesting future outcomes or events. FirstService believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results, performance or achievements contemplated in the forward-looking statements. Such factors include: (i) general economic and business conditions, which will, among other things, impact demand for FirstService’s services and the cost of providing services; (ii) the ability of FirstService to implement its business strategy, including FirstService’s ability to acquire suitable acquisition candidates on acceptable terms and successfully integrate newly acquired businesses with its existing businesses; (iii) changes in or the failure to comply with government regulations; and (iv) other factors which are described in FirstService’s annual information form for the year ended December 31, 2023 under the heading “Risk factors” (a copy of which may be obtained at www.sedarplus.ca) and Annual Report on Form 40-F filed with the United States Securities and Exchange Commission (a copy of which may be obtained at www.sec.gov), and subsequent filings (which factors are adopted herein). Forward-looking statements contained in this press release are made as of the date hereof and are subject to change. All forward-looking statements in this press release are qualified by these cautionary statements. Unless otherwise required by applicable securities laws, we do not intend, nor do we undertake any obligation, to update or revise any forward-looking statements contained in this press release to reflect subsequent information, events, results or circumstances or otherwise.

COMPANY CONTACTS:

D. Scott Patterson
Chief Executive Officer
(416) 960-9566

Jeremy Rakusin
Chief Financial Officer
(416) 960-9566

FAQ

What is FirstService's (FSV) new quarterly dividend amount for 2025?

FirstService's new quarterly dividend is US$0.275 per Common Share, increased from US$0.25.

When is FirstService's (FSV) next dividend payment date in 2025?

The dividend is payable on April 7, 2025, to shareholders of record as of March 31, 2025.

What is FirstService's (FSV) new annualized dividend rate?

FirstService's new annualized dividend rate is US$1.10, up from US$1.00 in the previous year.

How many consecutive years has FirstService (FSV) increased its dividend by at least 10%?

FirstService has increased its dividend by at least 10% for ten consecutive years.

What is FirstService's (FSV) current annual revenue?

FirstService generates more than US$4.9 billion in annual revenues.