FirstService Residential Further Enhances Market Leadership Position in California

Rhea-AI Summary

FirstService (TSX and NASDAQ: FSV) announced that its subsidiary, FirstService Residential, has acquired CitiScape Property Management Group, based in San Francisco. CitiScape, founded in 1999, is a leading community association management firm providing comprehensive property and project management services to high-rise condominiums and homeowner associations in the San Francisco metropolitan area. The acquisition reinforces FirstService Residential's market leadership in Northern California. CitiScape's existing executives will continue to manage daily operations. The financial terms of the acquisition were not disclosed.

Positive

• The acquisition of CitiScape bolsters FirstService Residential's market leadership in Northern California.
• CitiScape is a well-established firm, enhancing FirstService Residential's service portfolio with its expertise in high-rise condominium and homeowner association management.

Negative

• None.

News Market Reaction

-0.14%

1 alert

-0.14% News Effect

On the day this news was published, FSV declined 0.14%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Acquires CitiScape Property Management Group

TORONTO, June 24, 2024 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) announced today that FirstService Residential, the North American residential property management leader, has acquired San Francisco-based CitiScape Property Management Group, LLC (“CitiScape”). CitiScape’s existing executive team will continue to lead day-to-day operations. Terms of the transaction were not disclosed.

Founded in 1999, CitiScape is a leading full-service community association management firm in the San Francisco metropolitan market, providing a range of property management and project management services to high-rise condominium and homeowner association clients. The acquisition solidifies FirstService Residential’s market leadership in the Bay Area of Northern California.

“The addition of CitiScape further extends our position as the residential property management leader in California, which is one of our largest markets,” said David Diestel, CEO of FirstService Residential. “We welcome the CitiScape team and look forward to collectively working to deliver service excellence to our clients and drive further growth in the San Francisco Bay Area.”

ABOUT FIRSTSERVICE CORPORATION

FirstService Corporation is a North American leader in the essential outsourced 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$4.4 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.

For the latest news from FirstService Corporation, visit www.firstservice.com. 

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian and U.S. securities laws. 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 information and statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information and statements should not be unduly relied upon.

Forward-looking information and statements are based on current information and expectations that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those anticipated. These risks include, but are not limited to, the risks related to FirstService’s business, including those identified 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 or as part of FirstService’s Form 40-F at www.sec.gov). Forward-looking information and statements contained in this news release are made as of the date hereof and are subject to change. All forward-looking information and statements in this news release are qualified by these cautionary statements. Except as required by applicable law, FirstService undertakes no obligation to update any forward-looking information and statement, whether as a result of new information, future events or otherwise.

COMPANY CONTACTS:

D. Scott Patterson
CEO 
FirstService Corporation
(416) 960-9566

Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9566

FAQ

What did FirstService announce on June 24, 2024?

FirstService announced that its subsidiary, FirstService Residential, acquired CitiScape Property Management Group.

What is the significance of the CitiScape acquisition for FirstService Residential?

The acquisition solidifies FirstService Residential's market leadership in Northern California, particularly in the San Francisco Bay Area.

Who will manage CitiScape after the acquisition by FirstService Residential?

CitiScape's existing executive team will continue to manage day-to-day operations.

What services does CitiScape provide?

CitiScape provides property management and project management services to high-rise condominiums and homeowner associations.

What is the stock symbol for FirstService ?

The stock symbol for FirstService is FSV.