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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$0.225 per Common Share and declared a quarterly dividend of US$0.25 per Common Share. The dividend is payable on April 5, 2024 to holders of Common Shares of record at the close of business on March 29, 2024.
The Company's dividend will be US$1.00 on an annualized basis, up from US$0.90 during the past year. This distribution continues our long-term track record of compounded annual dividend growth exceeding 10%. FirstService's proven growth-focused business model drives strong free cash flow which also allows us to incrementally return capital to shareholders in the form of these dividends while maintaining financial flexibility and a conservative balance sheet.
The dividend on Common Shares is an "eligible dividend" for Canadian income tax purposes.
