FirstService Corporation is a global leader in the rapidly growing real estate services sector, one of the largest markets in the world. FirstService manages more than 2.5 billion square feet of residential and commercial properties through its three industry-leading service platforms:
Colliers International - one of the largest global players in commercial real estate services;
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 US$2.3 billion in annual revenues and has more than 24,000 employees worldwide. With significant insider ownership and an experienced management team, FirstService has a long-term track record of creating value and superior returns for shareholders since becoming a publically listed company in 1993. The common shares of FirstService trade on the NASDAQ under the symbol "FSRV" and on the Toronto Stock Exchange under the symbol "FSV".
is a global leader in Commercial Real Estate, offering comprehensive commercial property services to investors, property owners and tenants worldwide. More than 15,000 Colliers professionals in 485 offices worldwide are united by a spirit of enterprise - they take initiative, think creatively, collaborate and use their expertise to deliver outstanding business outcomes through personal attention to client needs. 2013 was the best year in history for Colliers. Continued investment in the global platform enabled Colliers to create innovative and improved services for its clients, leading to record revenues and a significant increase in average revenue per professional.
is North America's largest manager of residential communities. It manages more than 6,500 properties representing more than 1.5 million residential units and administers annual client expenditures of $6.5 billion annually. FirstService Residential's goal is to enhance the value of every propertyand the lifestyle of every resident in the communities it manages. To achieve this, FirstService Residential leverages its scale, expertise and local knowledge to deliver exceptional customer service by living its values: Being genuinely helpful, aiming high, owning it, doing what.s right, improving it and building great relationships.
This division also includes American Pool Enterprises, the largest commercial swimming pool and recreational facility management operation in North America. American Pool Enterprises serves over 3,000 commercial swimming facilities and over 7,000 residential pools with operation in 14 U.S. States, Washington D.C. and Canada.
FirstService Brands is one of North America's largest providers of essential property services delivered through individually branded franchise systems and company-owned operations.With more than 1,800 franchisees and 9 company-owned operations, FirstService Brands serviced more than 400,000 customers and generated in excess of $1.1 billion in system-wide sales during 2013. FirstService Brands' business model leverages decentralized platform management, while centralizing business and strategic planning, brand development and the sharing of best practices.
Value Added Services
We leverage our scale to create value for our clients in Energy, Insurance, Financial Products and Loan Placement Services.
In 2008, we launched FS Energy with a commitment to reduce energy costs across our portfolio. FS Energy is a knowledge leader in multifamily energy efficiency. FS Energy takes a unique, holistic approach to energy management by applying state of the art data analysis to evaluate a property's energy consumption. We then customize cost-effective solutions that reduce energy expenses, boost efficiency and shrink environmental impact. Since inceptions, we have reduced energy costs significantly across our clients' properties.
The core of our success is our proprietary, industry-leading FSdata benchmarking database, which comprises years of comprehensive historical data for hundreds of residential and commercial buildings representing a variety of diverse building types.
FS Energy provides a suite of comprehensive solutions including:
- FS Data benchmarking
- Demand management
- Retrofits and capital improvements
- Education and compliance
- Energy efficiency solutions
- Energy assessments
- Billing Audits
In 1997 we established FirstService Financial to leverage our size and expertise to create value for our property management clients. Over the years, our focus at FFI has narrowed to three areas that provide tangible value while creating significant competitive advantages for our operations: Insurance, Financial Products and Loan Placement Services.
We manage over 7,000 residential and commercial properties in North America with an estimated insured value of $200 billion. Our extensive database tracks all policy and claims information across that portfolio. We have leveraged the data and commissioned actuarial reports that demonstrate our managed properties have better long-term claims experience than the broader market. This unique data enables us to offer risk management solutions that are unmatched in terms of coverage and price.
During 2013 we completed insurance placements with over 2,800 clients - in each case offering better coverage at lower cost.
Insurance costs are a substantial component of our clients' operating budgets - averaging 10%. Our ability to reduce this cost has delivered significant value and created a tangible differentiator for FirstService.
Each of our 7,000 North American clients have operating bank accounts and most have separate reserve and escrow bank accounts. We have consolidated these separate accounts into select top tier banking institutions - creating value for our clients by eliminating bank fees on operating accounts and delivering significantly higher interest rates on reserve and escrow funds.
The average daily deposits in our partner banks grew to over $2 billion in 2013. The consolidation of these accounts created more than $15 million in value, either through incremental returns to our clients or the elimination of fees. Our efforts to help our clients better manage their cash deposits has delivered significant value to them while creating another tangible differentiator for FirstService.
Loan Placement Services
Working with affiliates across North America, FirstService Financial has facilitated or assisted in loan placements in excess of $1.0 billion for Cooperative Condominium and Homeowner Associations. As an agent for our affiliates, FFI assists Associations to fulfill their financing requirements with flexibility, certainty and simplicity. FFI solicits proposals from banks, insurance companies and other lenders to provide new financing or refinancing at the most competitive interest rates and terms currently available. FFI leverages its size and depository relationships to deliver a superior product.