Contact:
Matthew S. Stadler
EVP and CFO
Tel (212) 446-9168
COHEN & STEERS REPORTS THIRD QUARTER 2016
DILUTED AND ADJUSTED EPS OF $0.51
| |
| • | AUM of $60.5 billion, up 21.6% over September 30, 2015 and 3.0% over June 30, 2016 |
| |
| • | Net inflows of $2.2 billion; annualized organic growth rate of 15.3% |
| |
| • | Operating margin of 39.4% |
NEW YORK, NY, October 19, 2016—Cohen & Steers, Inc. (NYSE: CNS) reported net income attributable to common stockholders of $23.9 million, or $0.51 per diluted share and $0.52 per basic share, for the quarter ended September 30, 2016, compared with $12.3 million, or $0.27 per share (diluted and basic), for the quarter ended September 30, 2015 and $24.8 million, or $0.53 per diluted share and $0.54 per basic share, for the quarter ended June 30, 2016. The quarter ended September 30, 2015 included an unrealized non-operating loss of $0.10 per diluted share that, due to a change in accounting classification, has been reflected on the condensed consolidated statements of operations. Total revenue for the third quarter of 2016 was a record $94.4 million, an increase of 18.5% from $79.7 million for the third quarter of 2015 and an increase of 9.3% from $86.4 million for the second quarter of 2016.
Financial Highlights (Unaudited)
|
| | | | | | | | | | | | | | | | | |
| For the Periods | | | | | | | | | |
| (in thousands, except per share data) | Three Months Ended | | % Change From |
| | September 30, 2016 | | June 30, 2016 | | September 30, 2015 (2) | | June 30, 2016 | | September 30, 2015 |
| U.S. GAAP | | | | | | | | | |
| Revenue | $ | 94,388 |
| | $ | 86,373 |
| | $ | 79,667 |
| | 9.3 | % | | 18.5 | % |
| Expenses | $ | 57,175 |
| | $ | 52,242 |
| | $ | 48,190 |
| | 9.4 | % | | 18.6 | % |
| Operating income | $ | 37,213 |
| | $ | 34,131 |
| | $ | 31,477 |
| | 9.0 | % | | 18.2 | % |
| Operating margin | 39.4 | % | | 39.5 | % | | 39.5 | % | | * |
| | * |
|
| Non-operating income (loss) | $ | 1,356 |
| | $ | 4,466 |
| | $ | (7,727 | ) | | * |
| | * |
|
| Net income attributable to common stockholders | $ | 23,877 |
| | $ | 24,808 |
| | $ | 12,338 |
| | (3.8 | %) | | 93.5 | % |
| Diluted earnings per share | $ | 0.51 |
| | $ | 0.53 |
| | $ | 0.27 |
| | (4.1 | %) | | 90.6 | % |
| | | | | | | | | | |
As Adjusted (1) | | | | | | | | | |
| Revenue | $ | 94,419 |
| | $ | 86,403 |
| | $ | 79,687 |
| | 9.3 | % | | 18.5 | % |
| Expenses | $ | 57,121 |
| | $ | 52,220 |
| | $ | 48,179 |
| | 9.4 | % | | 18.6 | % |
| Operating income | $ | 37,298 |
| | $ | 34,183 |
| | $ | 31,508 |
| | 9.1 | % | | 18.4 | % |
| Operating margin | 39.5 | % | | 39.6 | % | | 39.5 | % | | * |
| | * |
|
| Non-operating income (loss) | $ | 394 |
| | $ | 196 |
| | $ | (210 | ) | | * |
| | * |
|
| Net income attributable to common stockholders | $ | 23,626 |
| | $ | 21,315 |
| | $ | 19,405 |
| | 10.8 | % | | 21.8 | % |
| Diluted earnings per share | $ | 0.51 |
| | $ | 0.46 |
| | $ | 0.42 |
| | 10.4 | % | | 19.9 | % |
| |
| (1) | The as adjusted financial measures represent non-GAAP financial measures. Please refer to the “Non-GAAP Reconciliation” on pages 17-18 of this release for a reconciliation to the most directly comparable U.S. GAAP financial measures. |
| |
| (2) | During the three months ended December 31, 2015, one of the company's seed investments changed classification from available-for-sale to equity method. As a result, all prior periods have been retroactively adjusted to reflect this investment as if it had been an equity method investment in prior periods. |
U.S. GAAP
This section discusses the financial results of the company as presented in accordance with U.S. GAAP for the quarter ended September 30, 2016, compared with the quarter ended June 30, 2016.
Revenue
Revenue for the third quarter of 2016 was $94.4 million, an increase of $8.0 million from $86.4 million for the second quarter of 2016. Higher average assets under management and one more day in the quarter resulted in the following increases in investment advisory and administration fees for the third quarter of 2016:
| |
• | Institutional account revenue increased $1.7 million to $25.1 million; |
| |
| • | Open-end fund revenue increased $4.3 million to $40.9 million; and |
| |
| • | Closed-end fund revenue increased $1.0 million to $20.1 million. |
Expenses
Expenses for the third quarter of 2016 were $57.2 million, an increase of $4.9 million from $52.2 million for the second quarter of 2016. The change was primarily due to:
| |
| • | Higher employee compensation and benefits expenses of $2.7 million, primarily due to higher incentive compensation which increased consistent with revenue growth; |
| |
| • | Increased distribution and service fees of $1.3 million, primarily due to higher average assets under management in U.S. open-end funds; and |
| |
| • | Higher general and administrative expenses of $0.6 million, primarily due to increased information technology and marketing expenses. |
Operating Margin
Operating margin decreased to 39.4% for the third quarter of 2016 from 39.5% for the second quarter of 2016.
Non-operating Income
Non-operating income for the third quarter of 2016 was $1.4 million, compared with non-operating income of $4.5 million for the second quarter of 2016. The decrease was primarily due to lower net realized and unrealized gains on the company's seed investments.
As Adjusted
The term “as adjusted” is used to identify non-GAAP information. Adjustments made to the third and second quarters of 2016 and the third quarter of 2015 were attributable to the exclusion of the financial results associated with the company's seed investments, including the related tax effect. Please refer to the “Non-GAAP Reconciliation” on pages 17-18 of this release for a reconciliation to the most directly comparable U.S. GAAP financial measures.
Diluted Earnings Per Share
Diluted earnings per share, as adjusted, for the quarter ended September 30, 2016 were $0.51 compared with $0.42 per share for the quarter ended September 30, 2015 and $0.46 per share for the quarter ended June 30, 2016.
Operating Margin
Operating margin, as adjusted, was 39.5%, consistent with the third quarter of 2015 and a decrease from 39.6% for the second quarter of 2016.
Assets Under Management Highlights (Unaudited)
September 30, 2016 Compared with June 30, 2016
|
| | | | | | | | | | |
| (in millions) | Assets Under Management | | |
| | As of | | |
| By Investment Vehicle | September 30, 2016 | | June 30, 2016 | | % Change |
| Institutional accounts | $ | 29,948 |
| | $ | 29,581 |
| | 1.2 | % |
| Open-end funds | 21,165 |
| | 19,777 |
| | 7.0 | % |
| Closed-end funds | 9,384 |
| | 9,391 |
| | (0.1 | %) |
| Total | $ | 60,497 |
| | $ | 58,749 |
| | 3.0 | % |
| | | | | | |
| By Investment Strategy | | | | | |
| U.S. real estate | $ | 31,248 |
| | $ | 30,981 |
| | 0.9 | % |
| Global/international real estate | 10,056 |
| | 9,984 |
| | 0.7 | % |
| Preferred securities | 10,440 |
| | 9,082 |
| | 15.0 | % |
| Global listed infrastructure | 5,862 |
| | 5,760 |
| | 1.8 | % |
| Other | 2,891 |
| | 2,942 |
| | (1.7 | %) |
| Total | $ | 60,497 |
| | $ | 58,749 |
| | 3.0 | % |
Assets under management were $60.5 billion as of September 30, 2016, an increase of $1.7 billion from $58.7 billion at June 30, 2016. The increase from June 30, 2016 was attributable to net inflows of $2.2 billion and market appreciation of $609 million, partially offset by distributions of $1.1 billion.
Institutional Accounts
Assets under management in institutional accounts were $29.9 billion as of September 30, 2016, an increase of 1.2% from $29.6 billion at June 30, 2016. The change from June 30, 2016 was due to the following:
| |
| • | Net inflows of $988 million from Japan subadvised accounts, primarily comprised of $964 million into U.S. real estate; |
| |
| • | Distributions from Japan subadvised accounts of $828 million, primarily comprised of $781 million out of U.S. real estate and $46 million out of global/international real estate; |
| |
| • | Net inflows of $151 million from subadvised accounts excluding Japan, primarily comprised of $72 million into global/international real estate, $71 million into global listed infrastructure, and $66 million into preferred securities, partially offset by net outflows of $80 million out of large cap value; |
| |
| • | Net outflows of $163 million from advised accounts, primarily comprised of $277 million out of global/international real estate, partially offset by net inflows of $98 million into preferred securities; and |
| |
| • | Market appreciation of $219 million, including $242 million from global/international real estate and $41 million from global listed infrastructure; partially offset by market depreciation of $110 million from U.S. real estate. |
Open-end Funds
Assets under management for open-end funds were $21.2 billion as of September 30, 2016, an increase of 7.0% from $19.8 billion at June 30, 2016. The change from June 30, 2016 was due to the following:
| |
| • | Net inflows of $1.3 billion, including $931 million from preferred securities, primarily into Cohen & Steers Preferred Securities and Income Fund and $431 million from U.S. real estate, primarily into Cohen & Steers Real Estate Securities Fund; |
| |
| • | Market appreciation of $275 million, including $202 million from preferred securities and $72 million from global/international real estate; and |
| |
| • | Distributions of $157 million, including $87 million out of preferred securities and $69 million out of U.S. real estate. |
Closed-end Funds
Assets under management for closed-end funds were $9.4 billion at both September 30, 2016 and June 30, 2016 due to market appreciation of $115 million which was offset by distributions of $122 million.
Investment Performance as of September 30, 2016
|
| | | | | | | |
| | % of Total AUM in Outperforming Strategies (1) | | % of U.S. Open-End Fund AUM by Morningstar Rating (2), as of September 30, 2016 |
| | September 30, 2014 | September 30, 2015 | September 30, 2016 | |
| 1-Year | 99% | 88% | 50% | | Not Rated | — | 1% |
| 3-Year | 73% | 87% | 98% | | 1 or 2 Star | « or «« | 2% |
| 5-Year | 51% | 76% | 75% | | 3 Star | ««« | 16% |
| 10-Year | 62% | 94% | 95% | | 4 or 5 Star | «««« or ««««« | 82% |
| |
| (1) | Past performance of investment strategies is no guarantee of future results. Outperformance determined by annualized investment performance of all accounts in each investment strategy measured gross of fees and net of withholding taxes in comparison to performance of each account’s reference benchmark measured net of withholding taxes, where applicable. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers. |
| |
| (2) | Past performance is no guarantee of future results. Based on independent rating by Morningstar, Inc. of investment performance of each Cohen & Steers-sponsored open-end U.S.-registered mutual fund for overall period as of September 30, 2016. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers. See page 18 for additional disclosures. |
Balance Sheet Information
As of September 30, 2016, cash, cash equivalents and seed investments were $224 million. As of September 30, 2016, stockholders' equity was $272 million and the company had no debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, October 20, 2016 at 10:00 a.m. (ET) to discuss the company's third quarter results. Investors and analysts can access the live conference call by dialing 800-698-9012 (U.S.) or +1-303-223-4378 (international); passcode: 21818723. Participants should plan to register at least 10 minutes before the conference call begins. The presentation that will be reviewed as part of the conference call will be available on the company's website at www.cohenandsteers.com under "Company - Press Releases."
A replay of the call will be available for two weeks starting at approximately 12:00 p.m. (ET) on October 20, 2016 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 21818723. Internet access to the webcast, which includes audio (listen-only), will be available on the company's website at www.cohenandsteers.com under "Company - Investor Relations." The webcast will be archived on the website for one month.
About Cohen & Steers
Cohen & Steers is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Hong Kong, Tokyo and Seattle.
Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect management's current views with respect to, among other things, the company's operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these forward-looking statements. The company believes that these factors include, but are not limited to, the risks described in the Risk Factors section of the company's Annual Report on Form 10-K for the year ended December 31, 2015 (the Form 10-K), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on the company's website at www.cohenandsteers.com. These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in the company's Form 10-K and other filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
# # # #
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Condensed Consolidated Statements of Operations (Unaudited) | | | | | | |
| For the Periods | | | | | | | | | |
| (in thousands, except per share data) | | | | | | | | | |
| | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | September 30, 2016 | | June 30, 2016 | | September 30, 2015 (1) | | June 30, 2016 | | September 30, 2015 |
| Revenue | | | | | | | | | |
| Investment advisory and administration fees | $ | 86,079 |
| | $ | 79,090 |
| | $ | 73,487 |
| | | | |
| Distribution and service fees | 5,296 |
| | 4,671 |
| | 3,961 |
| | | | |
| Portfolio consulting and other | 3,013 |
| | 2,612 |
| | 2,219 |
| | | | |
| Total revenue | 94,388 |
| | 86,373 |
| | 79,667 |
| | 9.3 | % | | 18.5 | % |
| Expenses | | | | | | | | | |
| Employee compensation and benefits | 30,951 |
| | 28,287 |
| | 25,892 |
| | | | |
| Distribution and service fees | 11,092 |
| | 9,773 |
| | 8,578 |
| | | | |
| General and administrative | 13,128 |
| | 12,489 |
| | 12,175 |
| | | | |
| Depreciation and amortization | 2,004 |
| | 1,693 |
| | 1,545 |
| | | | |
| Total expenses | 57,175 |
| | 52,242 |
| | 48,190 |
| | 9.4 | % | | 18.6 | % |
| Operating income | 37,213 |
| | 34,131 |
| | 31,477 |
| | 9.0 | % | | 18.2 | % |
| Non-operating income | | | | | | | | | |
| Interest and dividend income—net | 367 |
| | 558 |
| | 291 |
| | | | |
| Gains (losses) from seed investments—net | 698 |
| | 3,815 |
| | (7,748 | ) | | | | |
| Other gains (losses) | 291 |
| | 93 |
| | (270 | ) | | | | |
| Total non-operating income (loss) | 1,356 |
| | 4,466 |
| | (7,727 | ) | | * |
| | * |
|
| Income before provision for income taxes | 38,569 |
| | 38,597 |
| | 23,750 |
| | (0.1 | %) | | 62.4 | % |
| Provision for income taxes | 14,738 |
| | 13,676 |
| | 11,541 |
| | | | |
| Net income | 23,831 |
| | 24,921 |
| | 12,209 |
| | (4.4 | %) | | 95.2 | % |
| Less: Net loss (income) attributable to redeemable noncontrolling interest | 46 |
| | (113 | ) | | 129 |
| | | | |
| Net income attributable to common stockholders | $ | 23,877 |
| | $ | 24,808 |
| | $ | 12,338 |
| | (3.8 | %) | | 93.5 | % |
| | | | | | | | | | |
| Earnings per share attributable to common stockholders | | | | | | | | | |
| Basic | $ | 0.52 |
| | $ | 0.54 |
| | $ | 0.27 |
| | (3.8 | %) | | 91.4 | % |
| Diluted | $ | 0.51 |
| | $ | 0.53 |
| | $ | 0.27 |
| | (4.1 | %) | | 90.6 | % |
| | | | | | | | | | |
| Dividends declared per share | | | | | | | | |
|
|
| Quarterly | $ | 0.26 |
| | $ | 0.26 |
| | $ | 0.25 |
| | — |
| | 4.0 | % |
| | | | | | | | | | |
| Weighted average shares outstanding | | | | | | | | | |
| Basic | 45,999 |
| | 45,984 |
| | 45,500 |
| | | | |
| Diluted | 46,544 |
| | 46,378 |
| | 45,830 |
| | | | |
* Not meaningful
| |
| (1) | During the three months ended December 31, 2015, one of the company's seed investments changed classification from available-for-sale to equity method. As a result, all prior periods have been retroactively adjusted to reflect this investment as if it had been an equity method investment in prior periods. |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Condensed Consolidated Statements of Operations (Unaudited) | | |
| For the Periods | | | | | |
| (in thousands, except per share data) | | | | | |
| | | | | | |
| | Nine Months Ended | | |
| | September 30, 2016 | | September 30, 2015 (1) | | % Change |
| Revenue | | | | | |
| Investment advisory and administration fees | $ | 238,257 |
| | $ | 228,460 |
| | |
| Distribution and service fees | 14,200 |
| | 11,881 |
| | |
| Portfolio consulting and other | 7,985 |
| | 6,643 |
| | |
| Total revenue | 260,442 |
| | 246,984 |
| | 5.4 | % |
| Expenses | | | | | |
| Employee compensation and benefits | 87,278 |
| | 80,270 |
| | |
| Distribution and service fees | 29,567 |
| | 27,354 |
| | |
| General and administrative | 38,352 |
| | 37,463 |
| | |
| Depreciation and amortization | 5,594 |
| | 4,700 |
| | |
| Total expenses | 160,791 |
| | 149,787 |
| | 7.3 | % |
| Operating income | 99,651 |
| | 97,197 |
| | 2.5 | % |
| Non-operating income | | | | | |
| Interest and dividend income—net | 1,467 |
| | 1,040 |
| | |
| Gains (losses) from seed investments—net | 4,703 |
| | (9,321 | ) | | |
| Other gains (losses) | 295 |
| | (952 | ) | | |
| Total non-operating income (loss) | 6,465 |
| | (9,233 | ) | | * |
|
| Income before provision for income taxes | 106,116 |
| | 87,964 |
| | 20.6 | % |
| Provision for income taxes | 39,497 |
| | 35,961 |
| | |
| Net income | 66,619 |
| | 52,003 |
| | 28.1 | % |
| Less: Net loss attributable to redeemable noncontrolling interest | 149 |
| | 163 |
| | |
| Net income attributable to common stockholders | $ | 66,768 |
| | $ | 52,166 |
| | 28.0 | % |
| | | | | | |
| Earnings per share attributable to common stockholders | | | | | |
| Basic | $ | 1.45 |
| | $ | 1.15 |
| | 26.5 | % |
| Diluted | $ | 1.44 |
| | $ | 1.14 |
| | 26.6 | % |
| | | | | | |
| Dividends declared per share | | | | | |
| Quarterly | $ | 0.78 |
| | $ | 0.75 |
| | 4.0 | % |
| | | | | | |
| Weighted average shares outstanding | | | | | |
| Basic | 45,931 |
| | 45,402 |
| | |
| Diluted | 46,373 |
| | 45,873 |
| | |
* Not meaningful
| |
| (1) | During the three months ended December 31, 2015, one of the company's seed investments changed classification from available-for-sale to equity method. As a result, all prior periods have been retroactively adjusted to reflect this investment as if it had been an equity method investment in prior periods. |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management (Unaudited) | | | | | | | | | |
| By Investment Vehicle | | | | | | | | | |
| For the Periods | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | September 30, 2016 | | June 30, 2016 | | September 30, 2015 (1) | | June 30, 2016 | | September 30, 2015 |
| Institutional Accounts | | | | | | | | | |
| Assets under management, beginning of period | $ | 29,581 |
| | $ | 27,857 |
| | $ | 24,545 |
| | | | |
| Inflows | 1,612 |
| | 1,626 |
| | 917 |
| | | | |
| Outflows | (636 | ) | | (487 | ) | | (394 | ) | | | | |
| Net inflows | 976 |
| | 1,139 |
| | 523 |
| | | | |
| Market appreciation | 219 |
| | 1,337 |
| | 137 |
| | | | |
| Distributions | (828 | ) | | (752 | ) | | (560 | ) | | | | |
| Total increase | 367 |
| | 1,724 |
| | 100 |
| | | | |
| Assets under management, end of period | $ | 29,948 |
| | $ | 29,581 |
| | $ | 24,645 |
| | 1.2 | % | | 21.5 | % |
| Percentage of total assets under management | 49.5 | % | | 50.4 | % | | 49.5 | % | | | | |
| Average assets under management for period | $ | 30,138 |
| | $ | 28,057 |
| | $ | 24,885 |
| | 7.4 | % | | 21.1 | % |
| | | | | | | | | | |
| Open-end Funds | | | | | | | | | |
| Assets under management, beginning of period | $ | 19,777 |
| | $ | 18,146 |
| | $ | 16,236 |
| | | | |
| Inflows | 2,592 |
| | 2,393 |
| | 1,230 |
| | | | |
| Outflows | (1,322 | ) | | (1,242 | ) | | (1,346 | ) | | | | |
| Net inflows (outflows) | 1,270 |
| | 1,151 |
| | (116 | ) | | | | |
| Market appreciation | 275 |
| | 855 |
| | 140 |
| | | | |
| Distributions | (157 | ) | | (375 | ) | | (119 | ) | | | | |
| Total increase (decrease) | 1,388 |
| | 1,631 |
| | (95 | ) | | | | |
| Assets under management, end of period | $ | 21,165 |
| | $ | 19,777 |
| | $ | 16,141 |
| | 7.0 | % | | 31.1 | % |
| Percentage of total assets under management | 35.0 | % | | 33.7 | % | | 32.5 | % | | | | |
| Average assets under management for period | $ | 20,863 |
| | $ | 18,692 |
| | $ | 16,433 |
| | 11.6 | % | | 27.0 | % |
| | | | | | | | | | |
| Closed-end Funds | | | | | | | | | |
| Assets under management, beginning of period | $ | 9,391 |
| | $ | 9,056 |
| | $ | 9,367 |
| | | | |
| Inflows | — |
| | — |
| | — |
| | | | |
| Outflows | — |
| | — |
| | — |
| | | | |
| Net flows | — |
| | — |
| | — |
| | | | |
| Market appreciation (depreciation) | 115 |
| | 458 |
| | (278 | ) | | | | |
| Distributions | (122 | ) | | (123 | ) | | (131 | ) | | | | |
| Total (decrease) increase | (7 | ) | | 335 |
| | (409 | ) | | | | |
| Assets under management, end of period | $ | 9,384 |
| | $ | 9,391 |
| | $ | 8,958 |
| | (0.1 | %) | | 4.8 | % |
| Percentage of total assets under management | 15.5 | % | | 16.0 | % | | 18.0 | % | | | | |
| Average assets under management for period | $ | 9,516 |
| | $ | 9,160 |
| | $ | 9,349 |
| | 3.9 | % | | 1.8 | % |
| | | | | | | | | | |
| Total | | | | | | | | | |
| Assets under management, beginning of period | $ | 58,749 |
| | $ | 55,059 |
| | $ | 50,148 |
| | | | |
| Inflows | 4,204 |
| | 4,019 |
| | 2,147 |
| | | | |
| Outflows | (1,958 | ) | | (1,729 | ) | | (1,740 | ) | | | | |
| Net inflows | 2,246 |
| | 2,290 |
| | 407 |
| | | | |
| Market appreciation (depreciation) | 609 |
| | 2,650 |
| | (1 | ) | | | | |
| Distributions | (1,107 | ) | | (1,250 | ) | | (810 | ) | | | | |
| Total increase (decrease) | 1,748 |
| | 3,690 |
| | (404 | ) | | | | |
| Assets under management, end of period | $ | 60,497 |
| | $ | 58,749 |
| | $ | 49,744 |
| | 3.0 | % | | 21.6 | % |
| Average assets under management for period | $ | 60,517 |
| | $ | 55,909 |
| | $ | 50,667 |
| | 8.2 | % | | 19.4 | % |
(1) September 30, 2015 amounts have been reclassified to show distributions separately and dividend reinvestments as inflows.
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Vehicle | | | | | |
| For the Periods | | | | | |
| (in millions) | | | | | |
| | Nine Months Ended | | |
| | September 30, 2016 | | September 30, 2015 (1) | | % Change |
| Institutional Accounts | | | | | |
| Assets under management, beginning of period | $ | 26,105 |
| | $ | 26,201 |
| | |
| Inflows | 5,010 |
| | 2,623 |
| | |
| Outflows | (1,705 | ) | | (1,904 | ) | | |
| Net inflows | 3,305 |
| | 719 |
| | |
| Market appreciation (depreciation) | 2,771 |
| | (632 | ) | | |
| Distributions | (2,233 | ) | | (1,643 | ) | | |
| Total increase (decrease) | 3,843 |
| | (1,556 | ) | | |
| Assets under management, end of period | $ | 29,948 |
| | $ | 24,645 |
| | 21.5 | % |
| Percentage of total assets under management | 49.5 | % | | 49.5 | % | | |
| Average assets under management for period | $ | 27,998 |
| | $ | 25,961 |
| | 7.8 | % |
| | | | | | |
| Open-end Funds | | | | | |
| Assets under management, beginning of period | $ | 17,460 |
| | $ | 17,131 |
| | |
| Inflows | 7,007 |
| | 5,081 |
| | |
| Outflows | (4,262 | ) | | (4,582 | ) | | |
| Net inflows | 2,745 |
| | 499 |
| | |
| Market appreciation (depreciation) | 1,625 |
| | (311 | ) | | |
| Distributions | (665 | ) | | (1,178 | ) | | |
| Total increase (decrease) | 3,705 |
| | (990 | ) | | |
| Assets under management, end of period | $ | 21,165 |
| | $ | 16,141 |
| | 31.1 | % |
| Percentage of total assets under management | 35.0 | % | | 32.5 | % | | |
| Average assets under management for period | $ | 18,892 |
| | $ | 17,298 |
| | 9.2 | % |
| | | | | | |
| Closed-end Funds | | | | | |
| Assets under management, beginning of period | $ | 9,029 |
| | $ | 9,805 |
| | |
| Inflows | — |
| | — |
| | |
| Outflows | (86 | ) | | (19 | ) | | |
| Net outflows | (86 | ) | | (19 | ) | | |
| Market appreciation (depreciation) | 808 |
| | (443 | ) | | |
| Distributions | (367 | ) | | (385 | ) | | |
| Total increase (decrease) | 355 |
| | (847 | ) | | |
| Assets under management, end of period | $ | 9,384 |
| | $ | 8,958 |
| | 4.8 | % |
| Percentage of total assets under management | 15.5 | % | | 18.0 | % | | |
| Average assets under management for period | $ | 9,141 |
| | $ | 9,717 |
| | (5.9 | %) |
| | | | | | |
| Total | | | | | |
| Assets under management, beginning of period | $ | 52,594 |
| | $ | 53,137 |
| | |
| Inflows | 12,017 |
| | 7,704 |
| | |
| Outflows | (6,053 | ) | | (6,505 | ) | | |
| Net inflows | 5,964 |
| | 1,199 |
| | |
| Market appreciation (depreciation) | 5,204 |
| | (1,386 | ) | | |
| Distributions | (3,265 | ) | | (3,206 | ) | | |
| Total increase (decrease) | 7,903 |
| | (3,393 | ) | | |
| Assets under management, end of period | $ | 60,497 |
| | $ | 49,744 |
| | 21.6 | % |
| Average assets under management for period | $ | 56,031 |
| | $ | 52,976 |
| | 5.8 | % |
| |
| (1) | September 30, 2015 amounts have been reclassified to show distributions separately and dividend reinvestments as inflows. |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management - Institutional Accounts (Unaudited) | | | | | | |
| By Account Type | | | | | | | | | |
| For the Periods | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | September 30, 2016 | | June 30, 2016 | | September 30, 2015 (1) | | June 30, 2016 | | September 30, 2015 |
| Japan Subadvisory | | | | | | | | | |
| Assets under management, beginning of period | $ | 14,852 |
| | $ | 13,998 |
| | $ | 12,160 |
| | | | |
| Inflows | 1,084 |
| | 874 |
| | 390 |
| | | | |
| Outflows | (96 | ) | | (33 | ) | | (115 | ) | | | | |
| Net inflows | 988 |
| | 841 |
| | 275 |
| | | | |
| Market (depreciation) appreciation | (68 | ) | | 765 |
| | 359 |
| | | | |
| Distributions | (828 | ) | | (752 | ) | | (560 | ) | | | | |
| Total increase | 92 |
| | 854 |
| | 74 |
| | | | |
| Assets under management, end of period | $ | 14,944 |
| | $ | 14,852 |
| | $ | 12,234 |
| | 0.6 | % | | 22.2 | % |
| Percentage of institutional assets under management | 49.9 | % | | 50.2 | % | | 49.6 | % | | | | |
| Average assets under management for period | $ | 15,025 |
| | $ | 13,963 |
| | $ | 12,308 |
| | 7.6 | % | | 22.1 | % |
| | | | | | | | | | |
| Subadvisory Excluding Japan | | | | | | | | | |
| Assets under management, beginning of period | $ | 5,782 |
| | $ | 5,584 |
| | $ | 5,363 |
| | | | |
| Inflows | 374 |
| | 162 |
| | 356 |
| | | | |
| Outflows | (223 | ) | | (191 | ) | | (258 | ) | | | | |
| Net inflows (outflows) | 151 |
| | (29 | ) | | 98 |
| | | | |
| Market appreciation (depreciation) | 115 |
| | 227 |
| | (195 | ) | | | | |
| Total increase (decrease) | 266 |
| | 198 |
| | (97 | ) | | | | |
| Assets under management, end of period | $ | 6,048 |
| | $ | 5,782 |
| | $ | 5,266 |
| | 4.6 | % | | 14.8 | % |
| Percentage of institutional assets under management | 20.2 | % | | 19.5 | % | | 21.4 | % | | | | |
| Average assets under management for period | $ | 5,979 |
| | $ | 5,635 |
| | $ | 5,466 |
| | 6.1 | % | | 9.4 | % |
| | | | | | | | | | |
| Advisory | | | | | | | | | |
| Assets under management, beginning of period | $ | 8,947 |
| | $ | 8,275 |
| | $ | 7,022 |
| | | | |
| Inflows | 154 |
| | 590 |
| | 171 |
| | | | |
| Outflows | (317 | ) | | (263 | ) | | (21 | ) | | | | |
| Net (outflows) inflows | (163 | ) | | 327 |
| | 150 |
| | | | |
| Market appreciation (depreciation) | 172 |
| | 345 |
| | (27 | ) | | | | |
| Total increase | 9 |
| | 672 |
| | 123 |
| | | | |
| Assets under management, end of period | $ | 8,956 |
| | $ | 8,947 |
| | $ | 7,145 |
| | 0.1 | % | | 25.3 | % |
| Percentage of institutional assets under management | 29.9 | % | | 30.2 | % | | 29.0 | % | | | | |
| Average assets under management for period | $ | 9,134 |
| | $ | 8,459 |
| | $ | 7,111 |
| | 8.0 | % | | 28.4 | % |
| | | | | | | | | | |
| Total Institutional Accounts | | | | | | | | | |
| Assets under management, beginning of period | $ | 29,581 |
| | $ | 27,857 |
| | $ | 24,545 |
| | | | |
| Inflows | 1,612 |
| | 1,626 |
| | 917 |
| | | | |
| Outflows | (636 | ) | | (487 | ) | | (394 | ) | | | | |
| Net inflows | 976 |
| | 1,139 |
| | 523 |
| | | | |
| Market appreciation | 219 |
| | 1,337 |
| | 137 |
| | | | |
| Distributions | (828 | ) | | (752 | ) | | (560 | ) | | | | |
| Total increase | 367 |
| | 1,724 |
| | 100 |
| | | | |
| Assets under management, end of period | $ | 29,948 |
| | $ | 29,581 |
| | $ | 24,645 |
| | 1.2 | % | | 21.5 | % |
| Average assets under management for period | $ | 30,138 |
| | $ | 28,057 |
| | $ | 24,885 |
| | 7.4 | % | | 21.1 | % |
| |
| (1) | September 30, 2015 amounts have been reclassified to show distributions separately and dividend reinvestments as inflows. |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management - Institutional Accounts (Unaudited) | | | |
| By Account Type | | | | | |
| For the Periods | | | | | |
| (in millions) | | | | | |
| | Nine Months Ended | | |
| | September 30, 2016 | | September 30, 2015 (1) | | % Change |
| Japan Subadvisory | | | | | |
| Assets under management, beginning of period | $ | 13,112 |
| | $ | 13,377 |
| | |
| Inflows | 2,858 |
| | 1,234 |
| | |
| Outflows | (165 | ) | | (515 | ) | | |
| Net inflows | 2,693 |
| | 719 |
| | |
| Market appreciation (depreciation) | 1,372 |
| | (219 | ) | | |
| Distributions | (2,233 | ) | | (1,643 | ) | | |
| Total increase (decrease) | 1,832 |
| | (1,143 | ) | | |
| Assets under management, end of period | $ | 14,944 |
| | $ | 12,234 |
| | 22.2 | % |
| Percentage of institutional assets under management | 49.9 | % | | 49.6 | % | | |
| Average assets under management for period | $ | 13,949 |
| | $ | 13,056 |
| | 6.8 | % |
| | | | | | |
| Subadvisory Excluding Japan | | | | | |
| Assets under management, beginning of period | $ | 5,428 |
| | $ | 5,480 |
| | |
| Inflows | 709 |
| | 818 |
| | |
| Outflows | (638 | ) | | (752 | ) | | |
| Net inflows | 71 |
| | 66 |
| | |
| Market appreciation (depreciation) | 549 |
| | (280 | ) | | |
| Total increase (decrease) | 620 |
| | (214 | ) | | |
| Assets under management, end of period | $ | 6,048 |
| | $ | 5,266 |
| | 14.8 | % |
| Percentage of institutional assets under management | 20.2 | % | | 21.4 | % | | |
| Average assets under management for period | $ | 5,609 |
| | $ | 5,565 |
| | 0.8 | % |
| | | | | | |
| Advisory | | | | | |
| Assets under management, beginning of period | $ | 7,565 |
| | $ | 7,344 |
| | |
| Inflows | 1,443 |
| | 571 |
| | |
| Outflows | (902 | ) | | (637 | ) | | |
| Net inflows (outflows) | 541 |
| | (66 | ) | | |
| Market appreciation (depreciation) | 850 |
| | (133 | ) | | |
| Total increase (decrease) | 1,391 |
| | (199 | ) | | |
| Assets under management, end of period | $ | 8,956 |
| | $ | 7,145 |
| | 25.3 | % |
| Percentage of institutional assets under management | 29.9 | % | | 29.0 | % | | |
| Average assets under management for period | $ | 8,440 |
| | $ | 7,340 |
| | 15.0 | % |
| | | | | | |
| Total Institutional Accounts | | | | | |
| Assets under management, beginning of period | $ | 26,105 |
| | $ | 26,201 |
| | |
| Inflows | 5,010 |
| | 2,623 |
| | |
| Outflows | (1,705 | ) | | (1,904 | ) | | |
| Net inflows | 3,305 |
| | 719 |
| | |
| Market appreciation (depreciation) | 2,771 |
| | (632 | ) | | |
| Distributions | (2,233 | ) | | (1,643 | ) | | |
| Total increase (decrease) | 3,843 |
| | (1,556 | ) | | |
| Assets under management, end of period | $ | 29,948 |
| | $ | 24,645 |
| | 21.5 | % |
| Average assets under management for period | $ | 27,998 |
| | $ | 25,961 |
| | 7.8 | % |
| |
| (1) | September 30, 2015 amounts have been reclassified to show distributions separately and dividend reinvestments as inflows. |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management (Unaudited) | | | | | | | | | |
| By Investment Strategy | | | | | | | | | |
| For the Periods | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | September 30, 2016 | | June 30, 2016 | | September 30, 2015 (1) | | June 30, 2016 | | September 30, 2015 |
| U.S. Real Estate | | | | | | | | | |
| Assets under management, beginning of period | $ | 30,981 |
| | $ | 29,069 |
| | $ | 25,604 |
| | | | |
| Inflows | 2,141 |
| | 2,050 |
| | 937 |
| | | | |
| Outflows | (722 | ) | | (800 | ) | | (885 | ) | | | | |
| Net inflows | 1,419 |
| | 1,250 |
| | 52 |
| | | | |
| Market (depreciation) appreciation | (135 | ) | | 1,677 |
| | 777 |
| | | | |
| Distributions | (890 | ) | | (1,015 | ) | | (621 | ) | | | | |
Other (2) | (127 | ) | | — |
| | — |
| | | | |
| Total increase | 267 |
| | 1,912 |
| | 208 |
|
| | | |
| Assets under management, end of period | $ | 31,248 |
| | $ | 30,981 |
| | $ | 25,812 |
| | 0.9 | % | | 21.1 | % |
| Percentage of total assets under management | 51.7 | % | | 52.7 | % | | 51.9 | % | | | | |
| Average assets under management for period | $ | 31,552 |
| | $ | 29,266 |
| | $ | 26,130 |
| | 7.8 | % | | 20.8 | % |
| | | | | | | | | | |
| Global/International Real Estate | | | | | | | | | |
| Assets under management, beginning of period | $ | 9,984 |
| | $ | 10,152 |
| | $ | 9,654 |
| | | | |
| Inflows | 231 |
| | 185 |
| | 170 |
| | | | |
| Outflows | (554 | ) | | (490 | ) | | (337 | ) | | | | |
| Net outflows | (323 | ) | | (305 | ) | | (167 | ) | | | | |
| Market appreciation (depreciation) | 314 |
| | 203 |
| | (67 | ) | | | | |
| Distributions | (46 | ) | | (66 | ) | | (41 | ) | | | | |
Other (2) | 127 |
| | — |
| | — |
| | | | |
| Total increase (decrease) | 72 |
| | (168 | ) | | (275 | ) | | | | |
| Assets under management, end of period | $ | 10,056 |
| | $ | 9,984 |
| | $ | 9,379 |
| | 0.7 | % | | 7.2 | % |
| Percentage of total assets under management | 16.6 | % | | 17.0 | % | | 18.9 | % | | | | |
| Average assets under management for period | $ | 10,256 |
| | $ | 9,903 |
| | $ | 9,633 |
| | 3.6 | % | | 6.5 | % |
| | | | | | | | | | |
| Preferred Securities | | | | | | | | | |
| Assets under management, beginning of period | $ | 9,082 |
| | $ | 8,099 |
| | $ | 6,742 |
| | | | |
| Inflows | 1,611 |
| | 1,157 |
| | 506 |
| | | | |
| Outflows | (435 | ) | | (351 | ) | | (305 | ) | | | | |
| Net inflows | 1,176 |
| | 806 |
| | 201 |
| | | | |
| Market appreciation | 297 |
| | 288 |
| | 24 |
| | | | |
| Distributions | (115 | ) | | (111 | ) | | (90 | ) | | | | |
| Total increase | 1,358 |
| | 983 |
| | 135 |
| | | | |
| Assets under management, end of period | $ | 10,440 |
| | $ | 9,082 |
| | $ | 6,877 |
| | 15.0 | % | | 51.8 | % |
| Percentage of total assets under management | 17.3 | % | | 15.5 | % | | 13.8 | % | | | | |
| Average assets under management for period | $ | 9,937 |
| | $ | 8,572 |
| | $ | 6,843 |
| | 15.9 | % | | 45.2 | % |
| |
| (1) | September 30, 2015 amounts have been reclassified to show distributions separately and dividend reinvestments as inflows. |
| |
| (2) | Represents transfer of assets under management not related to subscriptions, redemptions, market appreciation (depreciation) or distributions. |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management (Unaudited) | | | | | | | | | |
| By Investment Strategy - continued | | | | | | | | | |
| For the Periods | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | September 30, 2016 | | June 30, 2016 | | September 30, 2015 (1) | | June 30, 2016 | | September 30, 2015 |
| Global Listed Infrastructure | | | | | | | | | |
| Assets under management, beginning of period | $ | 5,760 |
| | $ | 5,272 |
| | $ | 5,422 |
| | | | |
| Inflows | 141 |
| | 245 |
| | 418 |
| | | | |
| Outflows | (77 | ) | | (49 | ) | | (115 | ) | | | | |
| Net inflows | 64 |
| | 196 |
| | 303 |
| | | | |
| Market appreciation (depreciation) | 80 |
| | 337 |
| | (469 | ) | | | | |
| Distributions | (42 | ) | | (45 | ) | | (44 | ) | | | | |
| Total increase (decrease) | 102 |
| | 488 |
| | (210 | ) | | | | |
| Assets under management, end of period | $ | 5,862 |
| | $ | 5,760 |
| | $ | 5,212 |
| | 1.8 | % | | 12.5 | % |
| Percentage of total assets under management | 9.7 | % | | 9.8 | % | | 10.5 | % | | | | |
| Average assets under management for period | $ | 5,854 |
| | $ | 5,486 |
| | $ | 5,464 |
| | 6.7 | % | | 7.1 | % |
| | | | | | | | | | |
| Other | | | | | | | | | |
| Assets under management, beginning of period | $ | 2,942 |
| | $ | 2,467 |
| | $ | 2,726 |
| | | | |
| Inflows | 80 |
| | 382 |
| | 116 |
| | | | |
| Outflows | (170 | ) | | (39 | ) | | (98 | ) | | | | |
| Net (outflows) inflows | (90 | ) | | 343 |
| | 18 |
| | | | |
| Market appreciation (depreciation) | 53 |
| | 145 |
| | (266 | ) | | | | |
| Distributions | (14 | ) | | (13 | ) | | (14 | ) | | | | |
| Total (decrease) increase | (51 | ) | | 475 |
| | (262 | ) | | | | |
| Assets under management, end of period | $ | 2,891 |
| | $ | 2,942 |
| | $ | 2,464 |
| | (1.7 | %) | | 17.3 | % |
| Percentage of total assets under management | 4.8 | % | | 5.0 | % | | 4.9 | % | | | | |
| Average assets under management for period | $ | 2,918 |
| | $ | 2,682 |
| | $ | 2,597 |
| | 8.8 | % | | 12.4 | % |
| | | | | | | | | | |
| Total | | | | | | | | | |
| Assets under management, beginning of period | $ | 58,749 |
| | $ | 55,059 |
| | $ | 50,148 |
| | | | |
| Inflows | 4,204 |
| | 4,019 |
| | 2,147 |
| | | | |
| Outflows | (1,958 | ) | | (1,729 | ) | | (1,740 | ) | | | | |
| Net inflows | 2,246 |
| | 2,290 |
| | 407 |
| | | | |
| Market appreciation (depreciation) | 609 |
| | 2,650 |
| | (1 | ) | | | | |
| Distributions | (1,107 | ) | | (1,250 | ) | | (810 | ) | | | | |
Other (2) | — |
| | — |
| | — |
| | | | |
| Total increase (decrease) | 1,748 |
| | 3,690 |
| | (404 | ) | | | | |
| Assets under management, end of period | $ | 60,497 |
| | $ | 58,749 |
| | $ | 49,744 |
| | 3.0 | % | | 21.6 | % |
| Average assets under management for period | $ | 60,517 |
| | $ | 55,909 |
| | $ | 50,667 |
| | 8.2 | % | | 19.4 | % |
| |
| (1) | September 30, 2015 amounts have been reclassified to show distributions separately and dividend reinvestments as inflows. |
| |
| (2) | Represents transfer of assets under management not related to subscriptions, redemptions, market appreciation (depreciation) or distributions. |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Strategy | | | | | |
| For the Periods | | | | | |
| (in millions) | | | | | |
| | Nine Months Ended | | |
| | September 30, 2016 | | September 30, 2015 (1) | | % Change |
| U.S. Real Estate | | | | | |
| Assets under management, beginning of period | $ | 27,814 |
| | $ | 28,357 |
| | |
| Inflows | 5,930 |
| | 3,731 |
| | |
| Outflows | (2,526 | ) | | (3,056 | ) | | |
| Net inflows | 3,404 |
| | 675 |
| | |
| Market appreciation (depreciation) | 2,769 |
| | (618 | ) | | |
| Distributions | (2,612 | ) | | (2,602 | ) | | |
Other (2) | (127 | ) | | — |
| | |
| Total increase (decrease) | 3,434 |
| | (2,545 | ) | | |
| Assets under management, end of period | $ | 31,248 |
| | $ | 25,812 |
| | 21.1 | % |
| Percentage of total assets under management | 51.7 | % | | 51.9 | % | | |
| Average assets under management for period | $ | 29,278 |
| | $ | 27,822 |
| | 5.2 | % |
| | | | | | |
| Global/International Real Estate | | | | | |
| Assets under management, beginning of period | $ | 9,476 |
| | $ | 10,184 |
| | |
| Inflows | 1,193 |
| | 862 |
| | |
| Outflows | (1,512 | ) | | (1,451 | ) | | |
| Net outflows | (319 | ) | | (589 | ) | | |
| Market appreciation (depreciation) | 926 |
| | (59 | ) | | |
| Distributions | (154 | ) | | (157 | ) | | |
Other (2) | 127 |
| | — |
| | |
| Total increase (decrease) | 580 |
| | (805 | ) | | |
| Assets under management, end of period | $ | 10,056 |
| | $ | 9,379 |
| | 7.2 | % |
| Percentage of total assets under management | 16.6 | % | | 18.9 | % | | |
| Average assets under management for period | $ | 9,869 |
| | $ | 10,050 |
| | (1.8 | %) |
| | | | | | |
| Preferred Securities | | | | | |
| Assets under management, beginning of period | $ | 7,705 |
| | $ | 6,342 |
| | |
| Inflows | 3,903 |
| | 1,903 |
| | |
| Outflows | (1,447 | ) | | (1,275 | ) | | |
| Net inflows | 2,456 |
| | 628 |
| | |
| Market appreciation | 610 |
| | 162 |
| | |
| Distributions | (331 | ) | | (255 | ) | | |
| Total increase | 2,735 |
| | 535 |
| | |
| Assets under management, end of period | $ | 10,440 |
| | $ | 6,877 |
| | 51.8 | % |
| Percentage of total assets under management | 17.3 | % | | 13.8 | % | | |
| Average assets under management for period | $ | 8,773 |
| | $ | 6,771 |
| | 29.6 | % |
| |
| (1) | September 30, 2015 amounts have been reclassified to show distributions separately and dividend reinvestments as inflows. |
| |
| (2) | Represents transfer of assets under management not related to subscriptions, redemptions, market appreciation (depreciation) or distributions. |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Strategy - continued | | | | | |
| For the Periods | | | | | |
| (in millions) | | | | | |
| | Nine Months Ended | | |
| | September 30, 2016 | | September 30, 2015 (1) | | % Change |
| Global Listed Infrastructure | | | | | |
| Assets under management, beginning of period | $ | 5,147 |
| | $ | 5,697 |
| | |
| Inflows | 477 |
| | 717 |
| | |
| Outflows | (304 | ) | | (472 | ) | | |
| Net inflows | 173 |
| | 245 |
| | |
| Market appreciation (depreciation) | 670 |
| | (595 | ) | | |
| Distributions | (128 | ) | | (135 | ) | | |
| Total increase (decrease) | 715 |
| | (485 | ) | | |
| Assets under management, end of period | $ | 5,862 |
| | $ | 5,212 |
| | 12.5 | % |
| Percentage of total assets under management | 9.7 | % | | 10.5 | % | | |
| Average assets under management for period | $ | 5,449 |
| | $ | 5,638 |
| | (3.4 | %) |
| | | | | | |
| Other | | | | | |
| Assets under management, beginning of period | $ | 2,452 |
| | $ | 2,557 |
| | |
| Inflows | 514 |
| | 491 |
| | |
| Outflows | (264 | ) | | (251 | ) | | |
| Net inflows | 250 |
| | 240 |
| | |
| Market appreciation (depreciation) | 229 |
| | (276 | ) | | |
| Distributions | (40 | ) | | (57 | ) | | |
| Total increase (decrease) | 439 |
| | (93 | ) | | |
| Assets under management, end of period | $ | 2,891 |
| | $ | 2,464 |
| | 17.3 | % |
| Percentage of total assets under management | 4.8 | % | | 4.9 | % | | |
| Average assets under management for period | $ | 2,662 |
| | $ | 2,695 |
| | (1.2 | %) |
| | | | | | |
| Total | | | | | |
| Assets under management, beginning of period | $ | 52,594 |
| | $ | 53,137 |
| | |
| Inflows | 12,017 |
| | 7,704 |
| | |
| Outflows | (6,053 | ) | | (6,505 | ) | | |
| Net inflows | 5,964 |
| | 1,199 |
| | |
| Market appreciation (depreciation) | 5,204 |
| | (1,386 | ) | | |
| Distributions | (3,265 | ) | | (3,206 | ) | | |
Other (2) | — |
| | — |
| | |
| Total increase (decrease) | 7,903 |
| | (3,393 | ) | | |
| Assets under management, end of period | $ | 60,497 |
| | $ | 49,744 |
| | 21.6 | % |
| Average assets under management for period | $ | 56,031 |
| | $ | 52,976 |
| | 5.8 | % |
| |
| (1) | September 30, 2015 amounts have been reclassified to show distributions separately and dividend reinvestments as inflows. |
| |
| (2) | Represents transfer of assets under management not related to subscriptions, redemptions, market appreciation (depreciation) or distributions. |
Non-GAAP Reconciliation
Management believes that use of these non-GAAP financial measures may enhance the evaluation of the company’s results, as they provide greater transparency into the company's operating results. In addition, these non-GAAP financial measures are used to prepare the company's internal management reports and by management in evaluating the company's business.
While management believes that this non-GAAP financial information is useful in evaluating the company's results and operating performance, this information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with GAAP.
|
| | | | | | | | | | | |
| For the Periods | | | | | |
| | | | | | |
| (in thousands, except per share data and percentages) | Three Months Ended |
| | September 30, 2016 | | June 30, 2016 | | September 30, 2015 (5) |
| Revenue, U.S. GAAP | $ | 94,388 |
| | $ | 86,373 |
| | $ | 79,667 |
|
Investment advisory and administration fees (1) | $ | 30 |
| | $ | 29 |
| | $ | 19 |
|
Distribution and service fees (1) | $ | 1 |
| | $ | 1 |
| | $ | 1 |
|
| Revenue, as adjusted | $ | 94,419 |
| | $ | 86,403 |
| | $ | 79,687 |
|
| | | | | | |
| Expenses, U.S. GAAP | $ | 57,175 |
| | $ | 52,242 |
| | $ | 48,190 |
|
Employee compensation and benefits (2) | $ | (29 | ) | | $ | 10 |
| | $ | — |
|
General and administrative (1) | $ | (25 | ) | | $ | (32 | ) | | $ | (11 | ) |
| Expenses, as adjusted | $ | 57,121 |
| | $ | 52,220 |
| | $ | 48,179 |
|
| | | | | | |
| Operating income, U.S. GAAP | $ | 37,213 |
| | $ | 34,131 |
| | $ | 31,477 |
|
| Revenue adjustments above | $ | 31 |
| | $ | 30 |
| | $ | 20 |
|
| Expense adjustments above | $ | 54 |
| | $ | 22 |
| | $ | 11 |
|
| Operating income, as adjusted | $ | 37,298 |
| | $ | 34,183 |
| | $ | 31,508 |
|
| | | | | | |
| Non-operating income (loss), U.S. GAAP | $ | 1,356 |
| | $ | 4,466 |
| | $ | (7,727 | ) |
Interest and dividends on seed investments (3) | $ | (264 | ) | | $ | (455 | ) | | $ | (231 | ) |
(Gains) losses from seed investments (3) | $ | (698 | ) | | $ | (3,815 | ) | | $ | 7,748 |
|
| Non-operating income (loss), as adjusted | $ | 394 |
| | $ | 196 |
| | $ | (210 | ) |
| | | | | | |
| Net income (loss) attributable to redeemable noncontrolling interest, U.S. GAAP | $ | 46 |
| | $ | (113 | ) | | $ | 129 |
|
Amounts attributable to consolidated seed investments (1) | $ | (46 | ) | | $ | 113 |
| | $ | (129 | ) |
| Net income attributable to redeemable noncontrolling interest, as adjusted | $ | — |
| | $ | — |
| | $ | — |
|
| | | | | | |
| Provision for income taxes, U.S. GAAP | $ | 14,738 |
| | $ | 13,676 |
| | $ | 11,541 |
|
Tax effect on adjustments (4) | $ | (672 | ) | | $ | (612 | ) | | $ | 352 |
|
| Provision for income taxes, as adjusted | $ | 14,066 |
| | $ | 13,064 |
| | $ | 11,893 |
|
| |
| (1) | Represents amounts related to deconsolidation of our consolidated seed investments in Company-sponsored funds. |
| |
| (2) | Represents amounts necessary to maintain non-GAAP compensation-to-revenue ratio in light of deconsolidation adjustment to revenue. |
| |
| (3) | Represents dividend income and realized gains attributable to our seed investments classified as available-for-sale, our proportionate share of the results of operations of seed investments classified as equity method investments including realized and unrealized gains and losses, and amounts attributable to our consolidated seed investments. |
| |
| (4) | The provision for income taxes is provided for at 37.32%, 38%, and 38% for the three months ended September 30, 2016, June 30, 2016 and September 30, 2015, respectively, which is the rate the company would pay on its earnings excluding the effect of non-operating gains and losses on seed investments and discrete items. |
| |
| (5) | During the three months ended December 31, 2015, one of the company's seed investments changed classification from available-for-sale to equity method. As a result, all prior periods have been retroactively adjusted to reflect this investment as if it had been an equity method investment in prior periods. |
|
| | | | | | | | | | | |
| For the Periods | | | | | |
| | | | | | |
| (in thousands, except per share data and percentages) | Three Months Ended |
| | September 30, 2016 | | June 30, 2016 | | September 30, 2015 (5) |
| Net income attributable to common stockholders, U.S. GAAP | $ | 23,877 |
| | $ | 24,808 |
| | $ | 12,338 |
|
Investment advisory and administration fees (1) | $ | 30 |
| | $ | 29 |
| | $ | 19 |
|
Distribution and service fees (1) | $ | 1 |
| | $ | 1 |
| | $ | 1 |
|
Employee compensation and benefits (2) | $ | 29 |
| | $ | (10 | ) | | $ | — |
|
General and administrative (1) | $ | 25 |
| | $ | 32 |
| | $ | 11 |
|
Interest and dividends on seed investments (3) | $ | (264 | ) | | $ | (455 | ) | | $ | (231 | ) |
(Gains) losses from seed investments (3) | $ | (698 | ) | | $ | (3,815 | ) | | $ | 7,748 |
|
Tax effect on adjustments (4) | $ | 672 |
| | $ | 612 |
| | $ | (352 | ) |
Amounts attributable to consolidated seed investments (1) | $ | (46 | ) | | $ | 113 |
| | $ | (129 | ) |
| Net income attributable to common stockholders, as adjusted | $ | 23,626 |
| | $ | 21,315 |
| | $ | 19,405 |
|
| | | | | | |
| Diluted weighted average shares outstanding | 46,544 |
| | 46,378 |
| | 45,830 |
|
| Diluted earnings per share, U.S. GAAP | $ | 0.51 |
| | $ | 0.53 |
| | $ | 0.27 |
|
| Diluted earnings per share, as adjusted | $ | 0.51 |
| | $ | 0.46 |
| | $ | 0.42 |
|
| Operating margin, U.S. GAAP | 39.4 | % | | 39.5 | % | | 39.5 | % |
| Operating margin, as adjusted | 39.5 | % | | 39.6 | % | | 39.5 | % |
| |
| (1) | Represents amounts related to deconsolidation of our consolidated seed investments in Company-sponsored funds. |
| |
| (2) | Represents amounts necessary to maintain non-GAAP compensation-to-revenue ratio in light of deconsolidation adjustment to revenue. |
| |
| (3) | Represents dividend income and realized gains attributable to our seed investments classified as available-for-sale, our proportionate share of the results of operations of seed investments classified as equity method investments including realized and unrealized gains and losses, and amounts attributable to our consolidated seed investments. |
| |
| (4) | The provision for income taxes is provided for at 37.32%, 38%, and 38% for the three months ended September 30, 2016, June 30, 2016 and September 30, 2015, respectively, which is the rate the company would pay on its earnings excluding the effect of non-operating gains and losses on seed investments and discrete items. |
| |
| (5) | During the three months ended December 31, 2015, one of the company's seed investments changed classification from available-for-sale to equity method. As a result, all prior periods have been retroactively adjusted to reflect this investment as if it had been an equity method investment in prior periods. |
___________________________________________________________________________________________________________________
Additional Disclosures
© 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar calculates its ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. Based on independent rating by Morningstar, Inc. of investment performance of each Cohen & Steers-sponsored open-end U.S.-registered mutual fund for all share classes for the overall period as of September 30, 2016. Overall Morningstar rating is a weighted average based on the 3-year, 5-year and 10-year Morningstar rating. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.
