The DivGro Weekly—14.04.23

130 Consecutive dividend increases

This week we received further real-time, tangible evidence of outstanding business progress when we collected our quarterly dividend from FirstService, 11% higher than when we last wrote about FirstService in January.

Having marked our calendars, we look forward to receiving our dividends from Abbott, American Tower and Intuit shortly.

Next week we will pay our 14th consecutive quarterly distribution. This distribution will be 12.1% higher than previously. DivGro has increased its distributions each year by at least a double-digit percentage. Our first quarterly distribution was paid in January 2020 and will now be 2.1x higher.

Since DivGro's inception we have predicted and benefited from 130 consecutive dividend increases across our portfolio companies. The average rate of these dividend increases is 15.5%.

FirstService, our dominant leader in essential property management services in North America, recently expanded its footprint by acquiring Crossbridge Condominium Services - the leading residential management company in Ontario, Canada. This acquisition cements FirstService as the market leader in Greater Toronto, one of the largest and fastest growing high-rise urban markets in North America. This illustrates FirstService's ability to leverage its scale advantages to rapidly capture market share, both organically or via 'buy-and-improve', against weaker and fragmented competition. With an extensive runway of buildings/communities yet to benefit from the transition to professionalized management, FirstService is excellently positioned to extend its leadership and in turn continue its impressive dividend growth record long into the future.