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Founder & CEO's Message
"The highlight of our year was
gaining majority control of privately
held Colliers International"
FirstService delivered solid results in 2009 on the strength of our highly resilient residential property management business, a strong performance from our property services division and a better than expected finish in commercial real estate. We also took decisive steps to further establish our position as one of the world leaders in global real estate services. The highlight of our year was gaining majority control of privately held Colliers International. With 228 company owned offices in 41 countries and partners in 20 more, controlling Colliers International makes FirstService the world's third largest player in commercial real estate and creates a unique opportunity to expand our services internationally. The full story of our Colliers strategy is covered in the report "Colliers International Drives Global Growth." As a leader in our industry, FirstService has a responsibility to be the forerunner in sustainable business practices. Globally, commercial and residential buildings account for more than 30% of global carbon dioxide emissions from fossil fuels. As one of the world's largest property managers, FirstService oversees more than 1.5 billion square feet of property. Our potential to do the right thing for our planet is significant, so we are launching a new sustainability strategy that will unfold over the next year. We describe our commitment to sustainable operations more fully in our "FirstService Energy" report. In 2009, we also took an important step to further strengthen our financial position through a new convertible debenture offering. The proceeds were used to repay outstanding debt providing us with more than $200 million of firepower to continue to grow and add value for our shareholders as opportunities present themselves. We approach the year ahead confident that we are well positioned to benefit from the coming recovery in real estate services and that emerging demand for our services will continue to fuel the largest market segment in the world. Unfortunately my father, Sam Hennick, passed away on February 19, 2010. Sam will be greatly missed by his family but he will also be missed by everyone at FirstService. Not only was Sam a founding member of our board and served as a director for more than 13 years, he was also there at the very beginning and he remained active and involved to his last day. Sam was immensely proud of FirstService and its success was a testament to his involvement. I will be forever indebted to my father for everything - I miss him already! Jay S. Hennick Founder & Chief Executive Officer |
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