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Cohen & Steers Reports Third Quarter 2016 Diluted And Adjusted EPS Of $0.51

Mittwoch, 19.10.2016 23:20 von

PR Newswire

NEW YORK, Oct. 19, 2016 /PRNewswire/ -- 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

%





















Not meaningful





















(1)

 The as adjusted financial measures represent non-GAAP financial measures. Please refer to the "Non-GAAP Reconciliation" 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" 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 Additional Disclosures at the end of this release for more information.



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

%



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

%

















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














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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cohen--steers-reports-third-quarter-2016-diluted-and-adjusted-eps-of-051-300347961.html

SOURCE Cohen & Steers, Inc.