IN V E S TM E N T M A N A GE M E N T
2 0 2 4 COL L IERS A NNUA L REPORT
2024
ANNUAL
REP ORT
RE A L E S TA TE S E RV IC E S
E N GIN E E RIN G
Colliers Annual Report | 2024
P | 1
L E T T E R
TO
S H A R E H O L D E R S
Photographed above,
clockwise from Jay S. Hennick
Zachary Michaud
Co-Chief Investment Officer,
Strategic Investments
Christian Mayer
Chief Financial Officer
Lynda Cralli
Chief of Staff & Assistant
Corporate Secretary
Jay S. Hennick
Global Chairman
& Chief Executive Officer
Elias Mulamoottil
Co-Chief Investment Officer,
Strategic Investments
Chris McLernon
Chief Executive Officer,
Real Estate Services
Becky Finley
Chief Brand
& People Officer
We are excited to begin 2025 in a very strong position with robust
momentum across each of our business segments – Real Estate Services,
Engineering and Investment Management. In 2024, Colliers surpassed $4.8
billion in revenues, driven by both solid organic growth and acquisitions. Our
recurring services now account for over 70% of earnings, providing our
company with balance and stability through all market cycles, as well as
multiple growth opportunities to continue to deliver value for shareholders.
Our performance attests to the bold steps we’ve taken to reposition Colliers
as a more resilient and diversified growth company. Over the years, we have
aggressively expanded our top-tier, global Real Estate Services business and
added new, high-value growth engines – Investment Management in 2016
and Engineering in 2020. Our company, whose leadership team holds an
enviable 30-year track record of achievement, offers one-of-a-kind exposure
to vast end markets around the world.
Through decades of honing our unique
business model, we have transformed
Colliers into a stronger, more resilient
professional services and investment
management company.
Colliers’ global executive
leadership team
Our north star has always been The Colliers Way –
a proven operating model that we have refined
over time, blending our unique enterprising culture
and way of doing business with a balanced strategy
of strong internal growth and acquisitions. Last
year, we completed a total of seven acquisitions,
one of which established a substantial new
engineering business across Canada with 2,800
professionals and complements our Engineering
operations in other regions.
Colliers Engineering & Design | Design of award-winning roundabout roadway in Ohio,
U.S.
Colliers Annual Report | 2024
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strategy. I would also like to express our sincere
gratitude to Chris Galvin for his many years of
dedicated service as a respected board member.
Across our company, we have a deep bench.
Our talent can be found wherever our clients do
business, and our culture is unified and hard to
replicate. In fact, it is our 23,000 passionate
professionals who are the cornerstone of our success.
Their deep expertise, collaborative mindset and
determination to bring the best of Colliers to each
client engagement have continued to accelerate our
growth despite macroeconomic headwinds. We are
committed to helping everyone thrive through our
people strategies, and consistently attracting,
developing, retaining and rewarding top talent.
Tailored training, resource groups, and mentorship
programs are just some of the ways in which we are
fostering a supportive workplace where everyone can
thrive. Furthermore, our global volunteer programs
have outstanding participation rates, showcasing our
teams’ unwavering commitment to supporting our
communities. Full details of these and other programs
are available in our annual Global Sustainability Report.
We were delighted to be recognized once again on
Forbes’ list of World’s Best Employers, included
among the top 100 professional services firms by
IAOP and named World’s Best Real Estate Advisor by
Euromoney. I want to express my appreciation to all
Colliers professionals for making this a tremendous
place to work.
In 2025, we are accelerating our plans to integrate
and streamline our Investment Management
operations, setting the stage for future opportunities
in that segment while creating optionality as we
continue to build one of the world’s leading mid-
market alternative asset managers with nearly
$100 billion of assets under management.
To further fortify our financial position, Colliers
completed a $300 million equity offering and we
entered 2025 with over $1.2 billion of available
liquidity to fund future growth. The confidence
shown by our investors reflects their deep trust
in our strategy, potential and history of success
over many years.
As Colliers continues to grow, we welcomed John
Sullivan, former long-time President and CEO of
Cadillac Fairview, to our Board of Directors. John’s
extensive real estate sector experience and
leadership will be invaluable in strengthening our
global operating platform and advancing our
Harrison Street | VERVE Madison, a student housing community in Wisconsin, U.S.
Jay S. Hennick, CM
Global Chairman
and Chief Executive Officer
Delivering approximately 20%
compound annual investment
returns for shareholders over three
decades is an impressive feat and
reflects the powerful combination of
our proven business model, visionary
leadership, and exceptional talent.
Colliers Annual Report | 2024
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Scaled Engineering
Engineering revenues were up
25%, driven by recent acquisitions
in Canada, the U.S. and Australia.
Now 9,000+ professionals strong,
our platform complements Real
Estate Services, broadens our
client base, and positions us for
sustained expansion.
2 0 2 4 H I G H L I G H T S
Expanded Real Estate Services
We continue to strengthen our
Real Estate Services business
around the world with key additions
to our Capital Markets and Leasing
teams to take advantage of new
areas of growth as well as the
cyclical recovery now underway.
Additional capital in Investment
Management
We raised a total of $3.8 billion in
new capital commitments during the
year, setting the stage for a new cycle
of fundraising in 2025. We have
several new vintages of our proven
investment strategies coming to
market, as well as new products that
leverage our key advantages for the
benefit of our investment clients.
Investing in our IT teams and initiatives remains a top priority.
We take a pragmatic, tailored approach to develop and
deploy technology solutions that will provide our clients with
the best insights while streamlining and simplifying the way
we do business. A few examples include AI-powered tools
that design and assess efficient workplaces, provide portfolio
strategy recommendations and assist with lease abstraction.
Investors would be hard pressed to find an organization in
our industry with a more robust approach and committed
leadership team to deliver long-term value.
Thank you to our clients, Board of Directors, business leaders,
professionals, and shareholders for your steadfast support.
I firmly believe we have a bright future ahead and I look
forward to building on our leading position and maximizing
the potential of the built environment with you.
Sincerely,
Colliers Annual Report | 2024
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•
Experienced team with proven track record
•
More than 25% inside ownership aligns leadership
with investors, clients and shareholders
Visionary leadership
with significant
inside ownership
•
Delivered approximately 20% CAGR in total
shareholder return over 30 years
•
Consistently outperformed market benchmarks
History of
compounding
•
Unique enterprising culture and growth mindset, coupled with a
decentralized business model and partnership philosophy, attract
and retain top professionals and drive success
•
Disciplined capital allocation, historically achieving 15%+ ROIC on
acquisitions
The Colliers Way –
the foundation
of our success
•
More than 70% of earnings generated from high-value
recurring services
•
Highly diversified, high-value services provide balance,
stability and resilience
High-value
recurring earnings
create resilience
•
Robust free cash flow* with modest CAPEX provides
liquidity for reinvestment and acquisitions
•
Modest leverage and ample liquidity support future growth
Asset-light
business model
•
Massive, fragmented end markets with opportunities to increase
market share, consolidate and add services
•
Highly visible growth trends across all segments
Diversified global
platform with compelling
growth prospects
70
Countries we
operate in
$4.8B
Annual
revenue
$99B
Assets under
management
23,000
Professionals
(US$ thousands, except per share amounts)
Year ended December 31
1 2021 figures include $471.9 million settlement of Long-Term Incentive Arrangement ("LTIA") with the Company's Chairman & CEO.
2 Excluding warehouse credit facilities and convertible notes.
3 Financial leverage expressed in terms of (long term debt less cash) / pro forma adjusted EBITDA , in accordance with debt agreements.
4 Adjusted EBITDA is defined as net earnings before income tax, other income, interest, depreciation, amortization, gains attributable to mortgage servicing
rights, acquisition-related items, restructuring costs, stock-based compensation expense including related to the CEO's performance-based long-term
incentive plan ("LTIP"), settlement of LTIA and loss on disposal of operations.
5 Adjusted EPS is defined as diluted net earnings per common share, adjusted for the effect, after income tax, of non-controlling interest redemption
increment, amortization, gains attributable to mortgage servicing rights, acquisition-related items, restructuring costs, stock-based compensation expense
including related to CEO's LTIP, settlement of LTIA and loss on disposal of operations.
Colliers Annual Report | 2024
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F I N A N C I A L
H I G H L I G H T S
$4,822
2020 2021 2022 2023 2024
Revenues
$644
Adjusted EBITDA
2024
$5.75
2020 2021 2022 2023 2024
Adjusted EPS
2024
2023
2022
2021
2020
Operations
Revenues
$4,822,024
$4,335,141
$4,459,487
$4,089,129
$2,786,857
Operating earnings (loss) 1
389,212
300,935
332,496
(131,501)
164,578
Net earnings (loss) 1
236,936
144,691
194,544
(237,577)
94,489
Financial Position
Total assets
$6,100,617
$5,482,126
$5,098,177
$3,873,730
$3,292,167
Long-term debt 2
1,508,475
1,502,639
1,439,099
531,054
479,895
Financial leverage 3
2.0
2.2
1.8
0.3
1.0
Shareholders’ equity
1,325,582
850,490
493,374
585,269
586,109
Earnings Data
Adjusted EBITDA 4
$644,245
$594,993
$630,525
$544,338
$361,442
Diluted net earnings (loss) per common share 1
3.22
1.41
1.05
(9.09)
1.22
Adjusted EPS 5
5.75
5.35
6.99
6.18
4.18
Diluted weighted average common shares
outstanding (thousands)
50,182
46,274
43,918
42,920
40,179
Cash dividends per common share
0.30
0.30
0.30
0.20
0.10
2024
2024
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Real Estate Services
We are a leading global provider of professional real estate services for
owners, occupiers and investors. Our services span the entire commercial
real estate and real asset spectrum, with a diverse client base including
corporations, financial institutions, pension funds, insurance companies,
governments and individuals. From essential transaction and debt finance
services to contractual outsourcing in Property Management, Valuation &
Advisory, Occupier Services and Loan Servicing, our professionals combine
their expertise with the right technologies to achieve exceptional results.
Engineering
We are a rapidly growing player in the engineering design and consulting,
project management, architectural and environmental services sector,
with more than 9,000 employees globally. We offer a full range
of consulting and engineering design services for infrastructure &
transportation, property & buildings, environmental services and water
end markets. Our licensed engineers, project managers, planners,
surveyors, architects and environmental scientists assist our long-term
public and private sector clients to solve their most complex challenges.
Investment Management
Colliers is a leading, highly differentiated global investment manager in
the alternative private capital industry with a solid history of delivering
top-tier returns. With $99 billion in assets under management*, we
generate long-term, recurring management fee streams from perpetual
and long-dated investment strategies. We focus on demographic, needs-
based real assets, middle-market infrastructure, and traditional real
estate and credit opportunities.
* Please refer to “Reconciliation of
non-GAAP financial measures”
section in the MD&A available on
SEDAR at www.sedarplus.ca
Colliers Annual Report | 2024
C O L L I E R S T O D A Y
Global leader
in diversified
professional
services and
investment
management
Colliers office | Vancouver, Canada
The virtual annual meeting of the shareholders
will be held on April 1, 2025 at 11:00am ET
Notice of
shareholders meeting
Global Head Office
1140 Bay Street, Suite 4000
Toronto, Ontario, Canada
M5S 2B4
Phone: 1 416 960 9500
Registrar & Transfer Agent
TSX Trust Company
Phone: 1 866 393 4891
Email: tmxeinvestorservices@tmx.com
Stock Exchange Listings
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