FirstService Declares 11% Increase to Quarterly Cash Dividend

Rhea-AI Summary

FirstService Corporation (TSX: FSV; NASDAQ: FSV) has announced an 11% increase in its quarterly cash dividend, raising it from US$0.1825 to US$0.2025 per Common Share. The dividend is payable on April 7, 2022, to shareholders on record as of March 31, 2022. This boost leads to an annualized dividend of US$0.81, up from US$0.73. This marks the seventh consecutive year of at least 10% dividend growth since the company went public in 2015, reflecting a strong track record of free cash flow growth.

Positive

• 11% quarterly dividend increase to US$0.2025 per share.
• Annualized dividend rises to US$0.81, up from US$0.73.
• Seventh consecutive year of at least 10% dividend growth.

Negative

• None.

TORONTO, Feb. 14, 2022 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX: FSV; NASDAQ: FSV) ("FirstService") announced today that its Board of Directors has approved an 11% increase in the quarterly cash dividend on the outstanding Common Shares of the Company over the previous US$0.1825 per Common Share and declared a quarterly dividend of US$0.2025 per Common Share. The dividend is payable on April 7, 2022 to holders of Common Shares of record at the close of business on March 31, 2022.

The Company’s dividend will be US$0.81 on an annualized basis, up from US$0.73 during the past year. FirstService has a long-standing track record of free cash flow growth and maintaining a strong balance sheet, both of which support this dividend increase. This marks our seventh consecutive year of at least 10% dividend growth since becoming a new public company in 2015, resulting in a doubling of our annual dividend as we continue 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 franchise systems and company-owned operations.

FirstService generates more than $3.1 billion in annual revenues and has approximately 24,000 employees across North America. 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. 

For the latest news from FirstService Corporation, visit 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, 2020 under the heading “Risk factors” (a copy of which may be obtained at www.sedar.com) 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
President & CEO        
(416) 960-9566

Jeremy Rakusin
Chief Financial Officer
(416) 960-9566

FAQ

What is the new dividend amount for FSV shares?

The new dividend amount for FSV shares is US$0.2025 per share.

When is the dividend payable for FirstService Corporation?

The dividend is payable on April 7, 2022.

What is the annualized dividend for FSV after the increase?

The annualized dividend for FSV after the increase is US$0.81.

How long has FirstService Corporation been increasing its dividends?

FirstService Corporation has been increasing its dividends for seven consecutive years.