8-K
COHEN & STEERS, INC. (CNS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_____________________
FORM 8-K
_____________________
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): October 20, 2021
_____________________
Cohen & Steers, Inc.
(Exact Name of Registrant as Specified in Charter)
_____________________
| Delaware | 001-32236 | 14-1904657 |
|---|---|---|
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |
280 Park Avenue
New York, NY 10017
(Address of Principal Executive Offices and Zip Code)
(212) 832-3232
(Registrant's Telephone Number, Including Area Code)
| _________________________________________<br><br>(Former Name or Former Address, if Changed Since Last Report) |
|---|
________________
Securities registered pursuant to Section 12(b) of the Act:Title of each class Trading Symbol(s)Name of each exchange on which registeredCommon Stock, $.01 par valueCNSNew York Stock Exchange
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02. Results of Operations and Financial Condition
On October 20, 2021, Cohen & Steers, Inc. (the Company) reported, among other things, the Company's financial results for the quarter ended September 30, 2021. Copies of the press release announcing the availability of the Company’s financial results and the full earnings release are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively.
The information contained under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, is being furnished and, as a result, such information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits. The exhibits listed on the exhibit index accompanying this Current Report on Form 8-K are furnished herewith.
EXHIBIT INDEX
| Exhibit No. | Description |
|---|---|
| 99.1 | Earnings announcement press release dated October 20, 2021 |
| 99.2 | Earnings release dated October 20, 2021 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Cohen & Steers, Inc.<br><br>(Registrant) | ||
|---|---|---|
| Date: October 20, 2021 | By: | /s/ Matthew S. Stadler |
| --- | --- | --- |
| Name: Matthew S. Stadler<br><br>Title: Executive Vice President and Chief Financial Officer |
Document
Cohen & Steers, Inc.
280 Park Avenue
New York, NY 10017-1216
Tel (212) 832-3232
Contact:
Matthew S. Stadler
Executive Vice President
Chief Financial Officer
Cohen & Steers, Inc.
Tel (212) 446-9168
COHEN & STEERS REPORTS RESULTS FOR THIRD QUARTER 2021
New York, NY, October 20, 2021—Cohen & Steers, Inc. (NYSE: CNS) today reported financial results for the three months ended September 30, 2021, including net income and earnings per share. The third quarter 2021 earnings release and accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for Third Quarter 2021 and on the company’s website at www.cohenandsteers.com under "Company—Investor Relations—Press Releases."
Conference Call
The company will host a conference call tomorrow, October 21, 2021, at 10:00 a.m. (ET) to discuss these results via webcast and telephone. Hosting the call will be chief executive officer, Robert Steers, president, Joseph Harvey, and chief financial officer, Matthew Stadler.
Investors and analysts can access the live conference call by dialing 800-771-6692 (U.S.) or +1-212-231-2911 (international); passcode: 21998372. Participants should plan to register at least 10 minutes before the conference call begins. A replay of the call will be available for two weeks starting at approximately 12:00 p.m. (ET) on October 21, 2021 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 21998372. 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—Overview." The webcast will be archived on the website for one month.
About Cohen & Steers
Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong and Tokyo.
Document
Contact:
Matthew S. Stadler
Executive Vice President
Chief Financial Officer
Cohen & Steers, Inc.
Tel (212) 446-9168
COHEN & STEERS REPORTS RESULTS FOR THIRD QUARTER 2021
•Diluted EPS of $1.05; $1.06, as adjusted
•Operating margin of 44.3%; 45.6%, as adjusted
•Ending AUM of $97.3 billion; average AUM of $99.2 billion
•Net inflows of $1.3 billion
NEW YORK, NY, October 20, 2021—Cohen & Steers, Inc. (NYSE: CNS) today reported its operating results for the quarter ended September 30, 2021.
Financial Highlights
| (in thousands, except percentages and per share data) | Three Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| September 30,<br>2021 | June 30,<br>2021 | September 30,<br>2020 | |||||||
| U.S. GAAP | |||||||||
| Revenue | $ | 154,187 | $ | 144,269 | $ | 111,159 | |||
| Expenses | $ | 85,956 | $ | 84,572 | $ | 67,852 | |||
| Operating income (loss) | $ | 68,231 | $ | 59,697 | $ | 43,307 | |||
| Non-operating income (loss) | $ | 1,246 | $ | 8,536 | $ | 3,231 | |||
| Net income attributable to common stockholders | $ | 51,483 | $ | 46,579 | $ | 31,904 | |||
| Diluted earnings per share | $ | 1.05 | $ | 0.95 | $ | 0.66 | |||
| Operating margin | 44.3 | % | 41.4 | % | 39.0 | % | |||
| As Adjusted (1) | |||||||||
| Net income attributable to common stockholders | $ | 52,137 | $ | 45,917 | $ | 32,616 | |||
| Diluted earnings per share | $ | 1.06 | $ | 0.94 | $ | 0.67 | |||
| Operating margin | 45.6 | % | 43.4 | % | 39.6 | % | |||
| _________________________<br><br><br><br>(1)These amounts represent the company's as adjusted results. Please refer to pages 18-19 for reconciliations of U.S. GAAP to as adjusted results. |
U.S. GAAP
This section discusses the financial results of the company as presented in accordance with U.S. GAAP.
Revenue
Revenue for the third quarter of 2021 was $154.2 million, an increase of $9.9 million, or 6.9% from $144.3 million for the second quarter of 2021. The change was primarily due to an increase in investment advisory and administration fees resulting from higher average assets under management across all three investment vehicles and one additional day in the quarter of $11.0 million, partially offset by lower performance fees from certain institutional accounts of $1.8 million. Changes to investment advisory and administration fee revenue by investment vehicle were as follows:
•Institutional account revenue increased $658,000 to $38.0 million;
•Open-end fund revenue increased $7.8 million to $77.5 million; and
•Closed-end fund revenue increased $861,000 to $28.1 million.
Expenses
Expenses for the third quarter of 2021 were $86.0 million, an increase of $1.4 million, or 1.6% from $84.6 million for the second quarter of 2021. The change was primarily due to:
•An increase in distribution and services fees of $1.1 million, primarily due to higher average assets under management in U.S. open-end funds, partially offset by a shift in the composition of assets under management into lower cost share classes; and
•Higher general and administrative expenses of $515,000, primarily due to higher travel and entertainment expenses.
Operating Margin
Operating margin was 44.3% for the third quarter of 2021, compared with 41.4% for the second quarter of 2021. Operating margin represents the ratio of operating income to revenue.
Non-operating Income (Loss)
| (in thousands) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, 2021 | |||||||||||||
| Other | Total | Seed Investments | Other | Total | |||||||||
| Interest and dividend income—net | 696 | $ | 23 | $ | 719 | $ | 817 | $ | 20 | $ | 837 | ||
| Gain (loss) from investments—net | — | (418) | 7,778 | — | 7,778 | ||||||||
| Foreign currency gains (losses)—net | 904 | 945 | 223 | (302) | (79) | ||||||||
| Total non-operating income (loss) | 319 | (1) | $ | 927 | $ | 1,246 | $ | 8,818 | (1) | $ | (282) | $ | 8,536 |
| _________________________(1) Seed investments included net loss of 96,000 and net income of 5.8 million attributable to third-party interests for the three months ended September 30, 2021 and June 30, 2021, respectively. |
All values are in US Dollars.
Income Taxes
The effective tax rate for the third quarter of 2021 was 26.0%, compared with 25.4% for the second quarter of 2021. For both quarters, the effective tax rate differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign income taxes and limitations on the deductibility of executive compensation, partially offset by the cumulative effect of a change in the company’s estimated effective tax rate for the year.
As Adjusted
This section discusses as adjusted results. Please refer to pages 18-19 for reconciliations of U.S. GAAP to as adjusted results.
Revenue
Revenue, as adjusted, for the third quarter of 2021 was $154.3 million, compared with $144.4 million for the second quarter of 2021.
Revenue, as adjusted, excluded the consolidation of certain of the company's seed investments for both periods.
Expenses
Expenses, as adjusted, for the third quarter of 2021 were $83.9 million, compared with $81.8 million for the second quarter of 2021.
Expenses, as adjusted, excluded the following for both periods:
•The consolidation of certain of the company's seed investments; and
•Amounts related to the accelerated vesting of certain restricted stock units.
Operating Margin
Operating margin, as adjusted, for the third quarter of 2021 was 45.6%, compared with 43.4% for the second quarter of 2021.
Non-operating Income (Loss)
Non-operating income, as adjusted, for the third quarter of 2021 was $19,000, compared with non-operating loss, as adjusted, of $120,000 for the second quarter of 2021.
Non-operating income (loss), as adjusted, excluded the following for both periods:
•Results from the company's seed investments; and
•Net foreign currency exchange gains and losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.
Income Taxes
The effective tax rate, as adjusted, for the third quarter of 2021 was 25.9%, compared with 26.5% for the second quarter of 2021.
The effective tax rate, as adjusted, excluded the following for both periods:
•Tax effects associated with items noted above; and
•Discrete tax items.
Assets Under Management
| (in millions) | As of | |||||
|---|---|---|---|---|---|---|
| September 30,<br>2021 | June 30,<br>2021 | % Change | ||||
| By Investment Vehicle | ||||||
| Institutional accounts | $ | 39,347 | $ | 40,156 | (2.0 | %) |
| Open-end funds | 45,593 | 43,532 | 4.7 | % | ||
| Closed-end funds | 12,320 | 12,537 | (1.7 | %) | ||
| Total | $ | 97,260 | $ | 96,225 | 1.1 | % |
| By Investment Strategy | ||||||
| U.S. real estate | $ | 43,045 | $ | 41,865 | 2.8 | % |
| Preferred securities | 26,715 | 25,498 | 4.8 | % | ||
| Global/international real estate | 17,978 | 18,220 | (1.3 | %) | ||
| Global listed infrastructure | 8,138 | 8,246 | (1.3 | %) | ||
| Other | 1,384 | 2,396 | (42.2 | %) | ||
| Total | $ | 97,260 | $ | 96,225 | 1.1 | % |
Assets under management at September 30, 2021 were $97.3 billion, an increase of 1.1% from $96.2 billion at June 30, 2021. The increase was driven by net inflows of $1.3 billion and market appreciation of $469 million, partially offset by distributions of $718 million.
Institutional Accounts
Assets under management in institutional accounts at September 30, 2021 were $39.3 billion, a decrease of 2.0% from $40.2 billion at June 30, 2021. The change was primarily due to the following:
•Advisory:
◦Net outflows of $311 million, including $1.0 billion from real assets multi-strategy (included in "Other" in the table above), partially offset by net inflows of $674 million into U.S. real estate and $184 million into global listed infrastructure; and
◦Market appreciation of $14 million.
•Japan subadvisory:
◦Net outflows of $52 million;
◦Market appreciation of $106 million; and
◦Distributions of $295 million, including $275 million from U.S. real estate.
•Subadvisory excluding Japan:
◦Net outflows of $253 million, including $159 million from global listed infrastructure and $85 million from global/international real estate; and
◦Market depreciation of $18 million.
Open-end Funds
Assets under management in open-end funds at September 30, 2021 were $45.6 billion, an increase of 4.7% from $43.5 billion at June 30, 2021. The change was primarily due to the following:
•Net inflows of $2.0 billion, including $1.2 billion into preferred securities and $613 million into U.S. real estate;
•Market appreciation of $336 million, including $272 million from U.S. real estate; and
•Distributions of $276 million, including $177 million from preferred securities and $97 million from U.S. real estate.
Closed-end Funds
Assets under management in closed-end funds at September 30, 2021 were $12.3 billion, a decrease of 1.7% from $12.5 billion at June 30, 2021. The decrease was due to net outflows of $101 million which was primarily due to the liquidation of Cohen & Steers MLP Income and Energy Opportunity Fund, Inc., and distributions of $147 million, partially offset by market appreciation of $31 million.
Investment Performance at September 30, 2021
_________________________
(1) Past performance is no guarantee of future results. Outperformance is determined by comparing the annualized investment performance of each investment strategy to the performance of specified reference benchmarks. Investment performance in excess of the performance of the benchmark is considered outperformance. The investment performance calculation of each investment strategy is based on all active accounts and investment models pursuing similar investment objectives. For accounts, actual investment performance is measured gross of fees and net of withholding taxes. For investment models, for which actual investment performance does not exist, the investment performance of a composite of accounts pursuing comparable investment objectives is used as a proxy for actual investment performance. The performance of the specified reference benchmark for each account and investment model is 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) © 2021 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. 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 all share classes for the overall period at September 30, 2021. 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.
Balance Sheet Information
As of September 30, 2021, cash, cash equivalents and seed investments were $241.0 million, compared with $185.6 million as of June 30, 2021. As of September 30, 2021, stockholders' equity was $264.5 million, compared with $225.9 million as of June 30, 2021, and the company continues to have no debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, October 21, 2021 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 800-771-6692 (U.S.) or +1-212-231-2911 (international); passcode: 21998372. Participants should plan to register at least 10 minutes before the conference call begins. The accompanying presentation will be available on the company's website at www.cohenandsteers.com under “Company—Investor Relations—Press Releases.”
A replay of the call will be available for two weeks starting at approximately 12:00 p.m. (ET) on October 21, 2021 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 21998372. 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—Overview.” The webcast will be archived on the website for one month.
About Cohen & Steers
Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong and Tokyo.
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, 2020 (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) | |||||||||||||
| (in thousands, except per share data) | |||||||||||||
| Three Months Ended | % Change From | ||||||||||||
| September 30,<br>2021 | June 30,<br>2021 | September 30,<br>2020 | June 30,<br>2021 | September 30,<br>2020 | |||||||||
| Revenue: | |||||||||||||
| Investment advisory and administration fees | $ | 143,638 | $ | 134,348 | $ | 103,160 | |||||||
| Distribution and service fees | 9,900 | 9,199 | 7,572 | ||||||||||
| Other | 649 | 722 | 427 | ||||||||||
| Total revenue | 154,187 | 144,269 | 111,159 | 6.9 | % | 38.7 | % | ||||||
| Expenses: | |||||||||||||
| Employee compensation and benefits | 53,092 | 53,241 | 41,060 | ||||||||||
| Distribution and service fees | 19,906 | 18,848 | 14,642 | ||||||||||
| General and administrative | 11,981 | 11,466 | 11,006 | ||||||||||
| Depreciation and amortization | 977 | 1,017 | 1,144 | ||||||||||
| Total expenses | 85,956 | 84,572 | 67,852 | 1.6 | % | 26.7 | % | ||||||
| Operating income (loss) | 68,231 | 59,697 | 43,307 | 14.3 | % | 57.6 | % | ||||||
| Non-operating income (loss): | |||||||||||||
| Interest and dividend income—net | 719 | 837 | 694 | ||||||||||
| Gain (loss) from investments—net | (418) | 7,778 | 3,279 | ||||||||||
| Foreign currency gains (losses)—net | 945 | (79) | (742) | ||||||||||
| Total non-operating income (loss) | 1,246 | 8,536 | 3,231 | (85.4 | %) | (61.4 | %) | ||||||
| Income before provision for income taxes | 69,477 | 68,233 | 46,538 | 1.8 | % | 49.3 | % | ||||||
| Provision for income taxes | 18,090 | 15,827 | 12,532 | ||||||||||
| Net income | 51,387 | 52,406 | 34,006 | (1.9 | %) | 51.1 | % | ||||||
| Net (income) loss attributable to redeemable<br> noncontrolling interests | 96 | (5,827) | (2,102) | ||||||||||
| Net income attributable to common stockholders | $ | 51,483 | $ | 46,579 | $ | 31,904 | 10.5 | % | 61.4 | % | |||
| Earnings per share attributable to common<br>stockholders: | |||||||||||||
| Basic | $ | 1.06 | $ | 0.96 | $ | 0.67 | 10.3 | % | 59.6 | % | |||
| Diluted | $ | 1.05 | $ | 0.95 | $ | 0.66 | 9.8 | % | 59.5 | % | |||
| Dividends declared per share | $ | 0.45 | $ | 0.45 | $ | 0.39 | — | % | 15.4 | % | |||
| Weighted average shares outstanding: | |||||||||||||
| Basic | 48,386 | 48,285 | 47,855 | ||||||||||
| Diluted | 49,262 | 48,951 | 48,681 | ||||||||||
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | |||||||
| Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||
| (in thousands, except per share data) | |||||||||||||
| Nine Months Ended | |||||||||||||
| September 30,<br>2021 | September 30,<br>2020 | % Change | |||||||||||
| Revenue: | |||||||||||||
| Investment advisory and administration fees | $ | 394,907 | $ | 287,097 | |||||||||
| Distribution and service fees | 27,371 | 22,285 | |||||||||||
| Other | 1,925 | 1,694 | |||||||||||
| Total revenue | 424,203 | 311,076 | 36.4 | % | |||||||||
| Expenses: | |||||||||||||
| Employee compensation and benefits | 152,095 | 113,997 | |||||||||||
| Distribution and service fees | 55,260 | 41,264 | |||||||||||
| General and administrative | 33,821 | 45,320 | |||||||||||
| Depreciation and amortization | 3,161 | 3,524 | |||||||||||
| Total expenses | 244,337 | 204,105 | 19.7 | % | |||||||||
| Operating income (loss) | 179,866 | 106,971 | 68.1 | % | |||||||||
| Non-operating income (loss): | |||||||||||||
| Interest and dividend income—net | 2,172 | 2,736 | |||||||||||
| Gain (loss) from investments—net | 11,919 | (11,431) | |||||||||||
| Foreign currency gains (losses)—net | 644 | 36 | |||||||||||
| Total non-operating income (loss) | 14,735 | (8,659) | * | ||||||||||
| Income before provision for income taxes | 194,601 | 98,312 | 97.9 | % | |||||||||
| Provision for income taxes | 38,378 | 24,076 | |||||||||||
| Net income | 156,223 | 74,236 | 110.4 | % | |||||||||
| Net (income) loss attributable to redeemable noncontrolling interests | (9,309) | 6,760 | |||||||||||
| Net income attributable to common stockholders | $ | 146,914 | $ | 80,996 | 81.4 | % | |||||||
| Earnings per share attributable to common stockholders: | |||||||||||||
| Basic | $ | 3.04 | $ | 1.70 | 79.5 | % | |||||||
| Diluted | $ | 3.00 | $ | 1.67 | 79.9 | % | |||||||
| Dividends declared per share | $ | 1.35 | $ | 1.17 | 15.4 | % | |||||||
| Weighted average shares outstanding: | |||||||||||||
| Basic | 48,273 | 47,778 | |||||||||||
| Diluted | 48,976 | 48,588 | |||||||||||
| _________________________<br><br><br><br>* Not meaningful. | |||||||||||||
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets Under Management | |||||||||||||
| By Investment Vehicle | |||||||||||||
| (in millions) | |||||||||||||
| Three Months Ended | % Change From | ||||||||||||
| September 30,<br>2021 | June 30,<br>2021 | September 30,<br>2020 | June 30,<br>2021 | September 30,<br>2020 | |||||||||
| Institutional Accounts | |||||||||||||
| Assets under management, beginning of period | $ | 40,156 | $ | 36,538 | $ | 28,867 | |||||||
| Inflows | 1,380 | 1,826 | 1,936 | ||||||||||
| Outflows | (1,996) | (1,454) | (1,337) | ||||||||||
| Net inflows (outflows) | (616) | 372 | 599 | ||||||||||
| Market appreciation (depreciation) | 102 | 3,555 | 1,273 | ||||||||||
| Distributions | (295) | (309) | (359) | ||||||||||
| Total increase (decrease) | (809) | 3,618 | 1,513 | ||||||||||
| Assets under management, end of period | $ | 39,347 | $ | 40,156 | $ | 30,380 | (2.0 | %) | 29.5 | % | |||
| Percentage of total assets under management | 40.5 | % | 41.7 | % | 43.1 | % | |||||||
| Average assets under management | $ | 40,880 | $ | 39,103 | $ | 30,325 | 4.5 | % | 34.8 | % | |||
| Open-end Funds | |||||||||||||
| Assets under management, beginning of period | $ | 43,532 | $ | 38,623 | $ | 28,921 | |||||||
| Inflows | 4,321 | 4,577 | 4,020 | ||||||||||
| Outflows | (2,320) | (2,490) | (2,398) | ||||||||||
| Net inflows (outflows) | 2,001 | 2,087 | 1,622 | ||||||||||
| Market appreciation (depreciation) | 336 | 3,134 | 1,100 | ||||||||||
| Distributions | (276) | (312) | (239) | ||||||||||
| Total increase (decrease) | 2,061 | 4,909 | 2,483 | ||||||||||
| Assets under management, end of period | $ | 45,593 | $ | 43,532 | $ | 31,404 | 4.7 | % | 45.2 | % | |||
| Percentage of total assets under management | 46.9 | % | 45.2 | % | 44.5 | % | |||||||
| Average assets under management | $ | 45,666 | $ | 41,469 | $ | 30,694 | 10.1 | % | 48.8 | % | |||
| Closed-end Funds | |||||||||||||
| Assets under management, beginning of period | $ | 12,537 | $ | 11,879 | $ | 8,539 | |||||||
| Inflows | 18 | 103 | 50 | ||||||||||
| Outflows | (119) | — | (1) | ||||||||||
| Net inflows (outflows) | (101) | 103 | 49 | ||||||||||
| Market appreciation (depreciation) | 31 | 703 | 257 | ||||||||||
| Distributions | (147) | (148) | (126) | ||||||||||
| Total increase (decrease) | (217) | 658 | 180 | ||||||||||
| Assets under management, end of period | $ | 12,320 | $ | 12,537 | $ | 8,719 | (1.7 | %) | 41.3 | % | |||
| Percentage of total assets under management | 12.7 | % | 13.0 | % | 12.4 | % | |||||||
| Average assets under management | $ | 12,633 | $ | 12,372 | $ | 8,777 | 2.1 | % | 43.9 | % | |||
| Total | |||||||||||||
| Assets under management, beginning of period | $ | 96,225 | $ | 87,040 | $ | 66,327 | |||||||
| Inflows | 5,719 | 6,506 | 6,006 | ||||||||||
| Outflows | (4,435) | (3,944) | (3,736) | ||||||||||
| Net inflows (outflows) | 1,284 | 2,562 | 2,270 | ||||||||||
| Market appreciation (depreciation) | 469 | 7,392 | 2,630 | ||||||||||
| Distributions | (718) | (769) | (724) | ||||||||||
| Total increase (decrease) | 1,035 | 9,185 | 4,176 | ||||||||||
| Assets under management, end of period | $ | 97,260 | $ | 96,225 | $ | 70,503 | 1.1 | % | 38.0 | % | |||
| Average assets under management | $ | 99,179 | $ | 92,944 | $ | 69,796 | 6.7 | % | 42.1 | % | |||
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| Assets Under Management | |||||||||||||
| By Investment Vehicle | |||||||||||||
| (in millions) | |||||||||||||
| Nine Months Ended | |||||||||||||
| September 30,<br>2021 | September 30,<br>2020 | % Change | |||||||||||
| Institutional Accounts | |||||||||||||
| Assets under management, beginning of period | $ | 33,255 | $ | 31,813 | |||||||||
| Inflows | 5,541 | 6,103 | |||||||||||
| Outflows | (4,198) | (3,321) | |||||||||||
| Net inflows (outflows) | 1,343 | 2,782 | |||||||||||
| Market appreciation (depreciation) | 5,657 | (3,206) | |||||||||||
| Distributions | (908) | (1,009) | |||||||||||
| Total increase (decrease) | 6,092 | (1,433) | |||||||||||
| Assets under management, end of period | $ | 39,347 | $ | 30,380 | 29.5 | % | |||||||
| Percentage of total assets under management | 40.5 | % | 43.1 | % | |||||||||
| Average assets under management | $ | 38,219 | $ | 29,159 | 31.1 | % | |||||||
| Open-end Funds | |||||||||||||
| Assets under management, beginning of period | $ | 35,160 | $ | 30,725 | |||||||||
| Inflows | 13,968 | 13,560 | |||||||||||
| Outflows | (7,716) | (9,832) | |||||||||||
| Net inflows (outflows) | 6,252 | 3,728 | |||||||||||
| Market appreciation (depreciation) | 5,007 | (2,006) | |||||||||||
| Distributions | (826) | (1,043) | |||||||||||
| Total increase (decrease) | 10,433 | 679 | |||||||||||
| Assets under management, end of period | $ | 45,593 | $ | 31,404 | 45.2 | % | |||||||
| Percentage of total assets under management | 46.9 | % | 44.5 | % | |||||||||
| Average assets under management | $ | 41,288 | $ | 29,137 | 41.7 | % | |||||||
| Closed-end Funds | |||||||||||||
| Assets under management, beginning of period | $ | 11,493 | $ | 9,644 | |||||||||
| Inflows | 186 | 454 | |||||||||||
| Outflows | (119) | (89) | |||||||||||
| Net inflows (outflows) | 67 | 365 | |||||||||||
| Market appreciation (depreciation) | 1,203 | (908) | |||||||||||
| Distributions | (443) | (382) | |||||||||||
| Total increase (decrease) | 827 | (925) | |||||||||||
| Assets under management, end of period | $ | 12,320 | $ | 8,719 | 41.3 | % | |||||||
| Percentage of total assets under management | 12.7 | % | 12.4 | % | |||||||||
| Average assets under management | $ | 12,206 | $ | 8,795 | 38.8 | % | |||||||
| Total | |||||||||||||
| Assets under management, beginning of period | $ | 79,908 | $ | 72,182 | |||||||||
| Inflows | 19,695 | 20,117 | |||||||||||
| Outflows | (12,033) | (13,242) | |||||||||||
| Net inflows (outflows) | 7,662 | 6,875 | |||||||||||
| Market appreciation (depreciation) | 11,867 | (6,120) | |||||||||||
| Distributions | (2,177) | (2,434) | |||||||||||
| Total increase (decrease) | 17,352 | (1,679) | |||||||||||
| Assets under management, end of period | $ | 97,260 | $ | 70,503 | 38.0 | % | |||||||
| Average assets under management | $ | 91,713 | $ | 67,091 | 36.7 | % | |||||||
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets Under Management - Institutional Accounts | |||||||||||||
| By Account Type | |||||||||||||
| (in millions) | |||||||||||||
| Three Months Ended | % Change From | ||||||||||||
| September 30,<br>2021 | June 30,<br>2021 | September 30,<br>2020 | June 30,<br>2021 | September 30,<br>2020 | |||||||||
| Advisory | |||||||||||||
| Assets under management, beginning of period | $ | 23,115 | $ | 20,279 | $ | 15,251 | |||||||
| Inflows | 1,080 | 1,512 | 1,142 | ||||||||||
| Outflows | (1,391) | (493) | (1,036) | ||||||||||
| Net inflows (outflows) | (311) | 1,019 | 106 | ||||||||||
| Market appreciation (depreciation) | 14 | 1,817 | 736 | ||||||||||
| Total increase (decrease) | (297) | 2,836 | 842 | ||||||||||
| Assets under management, end of period | $ | 22,818 | $ | 23,115 | $ | 16,093 | (1.3 | %) | 41.8 | % | |||
| Percentage of institutional assets under management | 58.0 | % | 57.6 | % | 53.0 | % | |||||||
| Average assets under management | $ | 23,666 | $ | 22,084 | $ | 16,209 | 7.2 | % | 46.0 | % | |||
| Japan Subadvisory | |||||||||||||
| Assets under management, beginning of period | $ | 10,503 | $ | 9,924 | $ | 8,736 | |||||||
| Inflows | 123 | 22 | 390 | ||||||||||
| Outflows | (175) | (294) | (96) | ||||||||||
| Net inflows (outflows) | (52) | (272) | 294 | ||||||||||
| Market appreciation (depreciation) | 106 | 1,160 | 345 | ||||||||||
| Distributions | (295) | (309) | (359) | ||||||||||
| Total increase (decrease) | (241) | 579 | 280 | ||||||||||
| Assets under management, end of period | $ | 10,262 | $ | 10,503 | $ | 9,016 | (2.3 | %) | 13.8 | % | |||
| Percentage of institutional assets under management | 26.1 | % | 26.2 | % | 29.7 | % | |||||||
| Average assets under management | $ | 10,669 | $ | 10,306 | $ | 8,968 | 3.5 | % | 19.0 | % | |||
| Subadvisory Excluding Japan | |||||||||||||
| Assets under management, beginning of period | $ | 6,538 | $ | 6,335 | $ | 4,880 | |||||||
| Inflows | 177 | 292 | 404 | ||||||||||
| Outflows | (430) | (667) | (205) | ||||||||||
| Net inflows (outflows) | (253) | (375) | 199 | ||||||||||
| Market appreciation (depreciation) | (18) | 578 | 192 | ||||||||||
| Total increase (decrease) | (271) | 203 | 391 | ||||||||||
| Assets under management, end of period | $ | 6,267 | $ | 6,538 | $ | 5,271 | (4.1 | %) | 18.9 | % | |||
| Percentage of institutional assets under management | 15.9 | % | 16.3 | % | 17.4 | % | |||||||
| Average assets under management | $ | 6,545 | $ | 6,713 | $ | 5,148 | (2.5 | %) | 27.1 | % | |||
| Total Institutional Accounts | |||||||||||||
| Assets under management, beginning of period | $ | 40,156 | $ | 36,538 | $ | 28,867 | |||||||
| Inflows | 1,380 | 1,826 | 1,936 | ||||||||||
| Outflows | (1,996) | (1,454) | (1,337) | ||||||||||
| Net inflows (outflows) | (616) | 372 | 599 | ||||||||||
| Market appreciation (depreciation) | 102 | 3,555 | 1,273 | ||||||||||
| Distributions | (295) | (309) | (359) | ||||||||||
| Total increase (decrease) | (809) | 3,618 | 1,513 | ||||||||||
| Assets under management, end of period | $ | 39,347 | $ | 40,156 | $ | 30,380 | (2.0 | %) | 29.5 | % | |||
| Average assets under management | $ | 40,880 | $ | 39,103 | $ | 30,325 | 4.5 | % | 34.8 | % | |||
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| Assets Under Management - Institutional Accounts | |||||||||||||
| By Account Type | |||||||||||||
| (in millions) | |||||||||||||
| Nine Months Ended | |||||||||||||
| September 30,<br>2021 | September 30,<br>2020 | % Change | |||||||||||
| Advisory | |||||||||||||
| Assets under management, beginning of period | $ | 17,628 | $ | 15,669 | |||||||||
| Inflows | 4,529 | 3,679 | |||||||||||
| Outflows | (2,127) | (2,025) | |||||||||||
| Net inflows (outflows) | 2,402 | 1,654 | |||||||||||
| Market appreciation (depreciation) | 2,788 | (1,230) | |||||||||||
| Total increase (decrease) | 5,190 | 424 | |||||||||||
| Assets under management, end of period | $ | 22,818 | $ | 16,093 | 41.8 | % | |||||||
| Percentage of institutional assets under management | 58.0 | % | 53.0 | % | |||||||||
| Average assets under management | $ | 21,567 | $ | 15,141 | 42.4 | % | |||||||
| Japan Subadvisory | |||||||||||||
| Assets under management, beginning of period | $ | 9,720 | $ | 10,323 | |||||||||
| Inflows | 243 | 1,366 | |||||||||||
| Outflows | (771) | (474) | |||||||||||
| Net inflows (outflows) | (528) | 892 | |||||||||||
| Market appreciation (depreciation) | 1,978 | (1,190) | |||||||||||
| Distributions | (908) | (1,009) | |||||||||||
| Total increase (decrease) | 542 | (1,307) | |||||||||||
| Assets under management, end of period | $ | 10,262 | $ | 9,016 | 13.8 | % | |||||||
| Percentage of institutional assets under management | 26.1 | % | 29.7 | % | |||||||||
| Average assets under management | $ | 10,216 | $ | 8,897 | 14.8 | % | |||||||
| Subadvisory Excluding Japan | |||||||||||||
| Assets under management, beginning of period | $ | 5,907 | $ | 5,821 | |||||||||
| Inflows | 769 | 1,058 | |||||||||||
| Outflows | (1,300) | (822) | |||||||||||
| Net inflows (outflows) | (531) | 236 | |||||||||||
| Market appreciation (depreciation) | 891 | (786) | |||||||||||
| Total increase (decrease) | 360 | (550) | |||||||||||
| Assets under management, end of period | $ | 6,267 | $ | 5,271 | 18.9 | % | |||||||
| Percentage of institutional assets under management | 15.9 | % | 17.4 | % | |||||||||
| Average assets under management | $ | 6,436 | $ | 5,121 | 25.7 | % | |||||||
| Total Institutional Accounts | |||||||||||||
| Assets under management, beginning of period | $ | 33,255 | $ | 31,813 | |||||||||
| Inflows | 5,541 | 6,103 | |||||||||||
| Outflows | (4,198) | (3,321) | |||||||||||
| Net inflows (outflows) | 1,343 | 2,782 | |||||||||||
| Market appreciation (depreciation) | 5,657 | (3,206) | |||||||||||
| Distributions | (908) | (1,009) | |||||||||||
| Total increase (decrease) | 6,092 | (1,433) | |||||||||||
| Assets under management, end of period | $ | 39,347 | $ | 30,380 | 29.5 | % | |||||||
| Average assets under management | $ | 38,219 | $ | 29,159 | 31.1 | % | |||||||
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets Under Management | |||||||||||||
| By Investment Strategy | |||||||||||||
| (in millions) | |||||||||||||
| Three Months Ended | % Change From | ||||||||||||
| September 30,<br>2021 | June 30,<br>2021 | September 30,<br>2020 | June 30,<br>2021 | September 30,<br>2020 | |||||||||
| U.S. Real Estate | |||||||||||||
| Assets under management, beginning of period | $ | 41,865 | $ | 36,984 | $ | 28,119 | |||||||
| Inflows | 2,737 | 2,592 | 2,827 | ||||||||||
| Outflows | (1,586) | (1,723) | (1,733) | ||||||||||
| Net inflows (outflows) | 1,151 | 869 | 1,094 | ||||||||||
| Market appreciation (depreciation) | 489 | 4,419 | 882 | ||||||||||
| Distributions | (420) | (407) | (485) | ||||||||||
| Transfers | (40) | — | — | ||||||||||
| Total increase (decrease) | 1,180 | 4,881 | 1,491 | ||||||||||
| Assets under management, end of period | $ | 43,045 | $ | 41,865 | $ | 29,610 | 2.8 | % | 45.4 | % | |||
| Percentage of total assets under management | 44.3 | % | 43.5 | % | 42.0 | % | |||||||
| Average assets under management | $ | 44,085 | $ | 40,269 | $ | 29,442 | 9.5 | % | 49.7 | % | |||
| Preferred Securities | |||||||||||||
| Assets under management, beginning of period | $ | 25,498 | $ | 23,790 | $ | 17,116 | |||||||
| Inflows | 2,056 | 2,254 | 2,167 | ||||||||||
| Outflows | (855) | (1,081) | (941) | ||||||||||
| Net inflows (outflows) | 1,201 | 1,173 | 1,226 | ||||||||||
| Market appreciation (depreciation) | 202 | 750 | 844 | ||||||||||
| Distributions | (226) | (215) | (176) | ||||||||||
| Transfers | 40 | — | — | ||||||||||
| Total increase (decrease) | 1,217 | 1,708 | 1,894 | ||||||||||
| Assets under management, end of period | $ | 26,715 | $ | 25,498 | $ | 19,010 | 4.8 | % | 40.5 | % | |||
| Percentage of total assets under management | 27.5 | % | 26.5 | % | 27.0 | % | |||||||
| Average assets under management | $ | 26,123 | $ | 24,546 | $ | 18,255 | 6.4 | % | 43.1 | % | |||
| Global/International Real Estate | |||||||||||||
| Assets under management, beginning of period | $ | 18,220 | $ | 16,421 | $ | 12,659 | |||||||
| Inflows | 511 | 1,111 | 851 | ||||||||||
| Outflows | (518) | (890) | (379) | ||||||||||
| Net inflows (outflows) | (7) | 221 | 472 | ||||||||||
| Market appreciation (depreciation) | (215) | 1,664 | 740 | ||||||||||
| Distributions | (20) | (86) | (8) | ||||||||||
| Total increase (decrease) | (242) | 1,799 | 1,204 | ||||||||||
| Assets under management, end of period | $ | 17,978 | $ | 18,220 | $ | 13,863 | (1.3 | %) | 29.7 | % | |||
| Percentage of total assets under management | 18.5 | % | 18.9 | % | 19.7 | % | |||||||
| Average assets under management | $ | 18,760 | $ | 17,697 | $ | 13,520 | 6.0 | % | 38.8 | % | |||
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets Under Management | |||||||||||||
| By Investment Strategy - continued | |||||||||||||
| (in millions) | |||||||||||||
| Three Months Ended | % Change From | ||||||||||||
| September 30,<br>2021 | June 30,<br>2021 | September 30,<br>2020 | June 30,<br>2021 | September 30,<br>2020 | |||||||||
| Global Listed Infrastructure | |||||||||||||
| Assets under management, beginning of period | $ | 8,246 | $ | 7,604 | $ | 6,768 | |||||||
| Inflows | 354 | 480 | 139 | ||||||||||
| Outflows | (396) | (141) | (655) | ||||||||||
| Net inflows (outflows) | (42) | 339 | (516) | ||||||||||
| Market appreciation (depreciation) | (21) | 355 | 93 | ||||||||||
| Distributions | (45) | (52) | (46) | ||||||||||
| Total increase (decrease) | (108) | 642 | (469) | ||||||||||
| Assets under management, end of period | $ | 8,138 | $ | 8,246 | $ | 6,299 | (1.3 | %) | 29.2 | % | |||
| Percentage of total assets under management | 8.4 | % | 8.6 | % | 8.9 | % | |||||||
| Average assets under management | $ | 8,203 | $ | 8,051 | $ | 6,839 | 1.9 | % | 19.9 | % | |||
| Other | |||||||||||||
| Assets under management, beginning of period | $ | 2,396 | $ | 2,241 | $ | 1,665 | |||||||
| Inflows | 61 | 69 | 22 | ||||||||||
| Outflows | (1,080) | (109) | (28) | ||||||||||
| Net inflows (outflows) | (1,019) | (40) | (6) | ||||||||||
| Market appreciation (depreciation) | 14 | 204 | 71 | ||||||||||
| Distributions | (7) | (9) | (9) | ||||||||||
| Total increase (decrease) | (1,012) | 155 | 56 | ||||||||||
| Assets under management, end of period | $ | 1,384 | $ | 2,396 | $ | 1,721 | (42.2 | %) | (19.6 | %) | |||
| Percentage of total assets under management | 1.4 | % | 2.5 | % | 2.4 | % | |||||||
| Average assets under management | $ | 2,008 | $ | 2,381 | $ | 1,740 | (15.7 | %) | 15.4 | % | |||
| Total | |||||||||||||
| Assets under management, beginning of period | $ | 96,225 | $ | 87,040 | $ | 66,327 | |||||||
| Inflows | 5,719 | 6,506 | 6,006 | ||||||||||
| Outflows | (4,435) | (3,944) | (3,736) | ||||||||||
| Net inflows (outflows) | 1,284 | 2,562 | 2,270 | ||||||||||
| Market appreciation (depreciation) | 469 | 7,392 | 2,630 | ||||||||||
| Distributions | (718) | (769) | (724) | ||||||||||
| Total increase (decrease) | 1,035 | 9,185 | 4,176 | ||||||||||
| Assets under management, end of period | $ | 97,260 | $ | 96,225 | $ | 70,503 | 1.1 | % | 38.0 | % | |||
| Average assets under management | $ | 99,179 | $ | 92,944 | $ | 69,796 | 6.7 | % | 42.1 | % | |||
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| Assets Under Management | |||||||||||||
| By Investment Strategy | |||||||||||||
| (in millions) | |||||||||||||
| Nine Months Ended | |||||||||||||
| September 30,<br>2021 | September 30,<br>2020 | % Change | |||||||||||
| U.S. Real Estate | |||||||||||||
| Assets under management, beginning of period | $ | 32,827 | $ | 31,024 | |||||||||
| Inflows | 8,455 | 8,910 | |||||||||||
| Outflows | (4,700) | (5,186) | |||||||||||
| Net inflows (outflows) | 3,755 | 3,724 | |||||||||||
| Market appreciation (depreciation) | 7,745 | (3,460) | |||||||||||
| Distributions | (1,242) | (1,709) | |||||||||||
| Transfers | (40) | 31 | |||||||||||
| Total increase (decrease) | 10,218 | (1,414) | |||||||||||
| Assets under management, end of period | $ | 43,045 | $ | 29,610 | 45.4 | % | |||||||
| Percentage of total assets under management | 44.3 | % | 42.0 | % | |||||||||
| Average assets under management | $ | 39,659 | $ | 28,223 | 40.5 | % | |||||||
| Preferred Securities | |||||||||||||
| Assets under management, beginning of period | $ | 23,185 | $ | 17,581 | |||||||||
| Inflows | 6,716 | 6,698 | |||||||||||
| Outflows | (3,532) | (4,836) | |||||||||||
| Net inflows (outflows) | 3,184 | 1,862 | |||||||||||
| Market appreciation (depreciation) | 954 | 102 | |||||||||||
| Distributions | (648) | (504) | |||||||||||
| Transfers | 40 | (31) | |||||||||||
| Total increase (decrease) | 3,530 | 1,429 | |||||||||||
| Assets under management, end of period | $ | 26,715 | $ | 19,010 | 40.5 | % | |||||||
| Percentage of total assets under management | 27.5 | % | 27.0 | % | |||||||||
| Average assets under management | $ | 24,743 | $ | 17,331 | 42.8 | % | |||||||
| Global/International Real Estate | |||||||||||||
| Assets under management, beginning of period | $ | 15,214 | $ | 13,509 | |||||||||
| Inflows | 2,701 | 3,706 | |||||||||||
| Outflows | (1,975) | (1,759) | |||||||||||
| Net inflows (outflows) | 726 | 1,947 | |||||||||||
| Market appreciation (depreciation) | 2,158 | (1,546) | |||||||||||
| Distributions | (120) | (47) | |||||||||||
| Total increase (decrease) | 2,764 | 354 | |||||||||||
| Assets under management, end of period | $ | 17,978 | $ | 13,863 | 29.7 | % | |||||||
| Percentage of total assets under management | 18.5 | % | 19.7 | % | |||||||||
| Average assets under management | $ | 17,362 | $ | 12,722 | 36.5 | % | |||||||
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| Assets Under Management | |||||||||||||
| By Investment Strategy - continued | |||||||||||||
| (in millions) | |||||||||||||
| Nine Months Ended | |||||||||||||
| September 30,<br>2021 | September 30,<br>2020 | % Change | |||||||||||
| Global Listed Infrastructure | |||||||||||||
| Assets under management, beginning of period | $ | 6,729 | $ | 8,076 | |||||||||
| Inflows | 1,513 | 681 | |||||||||||
| Outflows | (611) | (1,323) | |||||||||||
| Net inflows (outflows) | 902 | (642) | |||||||||||
| Market appreciation (depreciation) | 649 | (985) | |||||||||||
| Distributions | (142) | (150) | |||||||||||
| Total increase (decrease) | 1,409 | (1,777) | |||||||||||
| Assets under management, end of period | $ | 8,138 | $ | 6,299 | 29.2 | % | |||||||
| Percentage of total assets under management | 8.4 | % | 8.9 | % | |||||||||
| Average assets under management | $ | 7,798 | $ | 7,082 | 10.1 | % | |||||||
| Other | |||||||||||||
| Assets under management, beginning of period | $ | 1,953 | $ | 1,992 | |||||||||
| Inflows | 310 | 122 | |||||||||||
| Outflows | (1,215) | (138) | |||||||||||
| Net inflows (outflows) | (905) | (16) | |||||||||||
| Market appreciation (depreciation) | 361 | (231) | |||||||||||
| Distributions | (25) | (24) | |||||||||||
| Total increase (decrease) | (569) | (271) | |||||||||||
| Assets under management, end of period | $ | 1,384 | $ | 1,721 | (19.6 | %) | |||||||
| Percentage of total assets under management | 1.4 | % | 2.4 | % | |||||||||
| Average assets under management | $ | 2,151 | $ | 1,733 | 24.1 | % | |||||||
| Total | |||||||||||||
| Assets under management, beginning of period | $ | 79,908 | $ | 72,182 | |||||||||
| Inflows | 19,695 | 20,117 | |||||||||||
| Outflows | (12,033) | (13,242) | |||||||||||
| Net inflows (outflows) | 7,662 | 6,875 | |||||||||||
| Market appreciation (depreciation) | 11,867 | (6,120) | |||||||||||
| Distributions | (2,177) | (2,434) | |||||||||||
| Total increase (decrease) | 17,352 | (1,679) | |||||||||||
| Assets under management, end of period | $ | 97,260 | $ | 70,503 | 38.0 | % | |||||||
| Average assets under management | $ | 91,713 | $ | 67,091 | 36.7 | % |
Reconciliations of U.S. GAAP to As Adjusted Financial Results
Management believes that use of the following as adjusted (non-GAAP) financial results provides greater transparency into the company's operating performance. In addition, these as adjusted financial results are used to prepare the company's internal management reports which are used in evaluating its business.
While management believes that these as adjusted financial results are useful in evaluating 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 U.S. GAAP.
| Reconciliation of U.S. GAAP to As Adjusted Financial ResultsNet Income (Loss) Attributable to Common Stockholders and Diluted Earnings per Share | ||||||
|---|---|---|---|---|---|---|
| (in thousands, except per share data) | ||||||
| June 30,<br>2021 | September 30,<br>2020 | |||||
| Net income attributable to common stockholders, U.S. GAAP | 51,483 | $ | 46,579 | $ | 31,904 | |
| Seed investments (1) | (2,752) | (1,686) | ||||
| Accelerated vesting of restricted stock units | 2,664 | 387 | ||||
| Initial public offering costs (2) | — | 310 | ||||
| Foreign currency exchange (gains) losses—net (3) | 162 | 1,232 | ||||
| Tax adjustments (4) | (736) | 469 | ||||
| Net income attributable to common stockholders, as adjusted | 52,137 | $ | 45,917 | $ | 32,616 | |
| Diluted weighted average shares outstanding | 48,951 | 48,681 | ||||
| Diluted earnings per share, U.S. GAAP | 1.05 | $ | 0.95 | $ | 0.66 | |
| Seed investments | * | (0.06) | (0.04) | |||
| Accelerated vesting of restricted stock units | 0.06 | 0.01 | ||||
| Initial public offering costs | — | 0.01 | ||||
| Foreign currency exchange (gains) losses—net | 0.01 | 0.02 | ||||
| Tax adjustments | (0.02) | 0.01 | ||||
| Diluted earnings per share, as adjusted | 1.06 | $ | 0.94 | $ | 0.67 | |
| _________________________* Amounts round to less than 0.01 per share.(1)Represents amounts related to the deconsolidation of seed investments in company-sponsored funds as well as non-operating (income) loss from seed investments that were not consolidated.(2)Represents costs associated with the initial public offering of the Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund (PTA) which were recorded in general and administrative expenses in the third quarter of 2020.(3)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.(4)Tax adjustments are summarized in the following table: | ||||||
| Exclusion of tax effects associated with items noted above | (815) | $ | (726) | $ | 407 | |
| Exclusion of discrete tax items | (10) | 62 | ||||
| Total tax adjustments | (158) | $ | (736) | $ | 469 |
All values are in US Dollars.
| Reconciliation of U.S. GAAP to As Adjusted Financial Results<br><br>Revenue, Expenses, Operating Income (Loss) and Operating Margin | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (in thousands, except percentages) | Three Months Ended | ||||||||
| September 30,<br>2021 | June 30,<br>2021 | September 30,<br>2020 | |||||||
| Revenue, U.S. GAAP | $ | 154,187 | $ | 144,269 | $ | 111,159 | |||
| Seed investments (1) | 104 | 105 | 275 | ||||||
| Revenue, as adjusted | $ | 154,291 | $ | 144,374 | $ | 111,434 | |||
| Expenses, U.S. GAAP | $ | 85,956 | $ | 84,572 | $ | 67,852 | |||
| Seed investments (1) | (143) | (134) | 102 | ||||||
| Accelerated vesting of restricted stock units | (1,888) | (2,664) | (387) | ||||||
| Initial public offering costs (2) | — | — | (310) | ||||||
| Expenses, as adjusted | $ | 83,925 | $ | 81,774 | $ | 67,257 | |||
| Operating income, U.S. GAAP | $ | 68,231 | $ | 59,697 | $ | 43,307 | |||
| Seed investments (1) | 247 | 239 | 173 | ||||||
| Accelerated vesting of restricted stock units | 1,888 | 2,664 | 387 | ||||||
| Initial public offering costs (2) | — | — | 310 | ||||||
| Operating income, as adjusted | $ | 70,366 | $ | 62,600 | $ | 44,177 | |||
| Operating margin, U.S. GAAP | 44.3 | % | 41.4 | % | 39.0 | % | |||
| Operating margin, as adjusted | 45.6 | % | 43.4 | % | 39.6 | % | |||
| __________________________<br><br><br><br>(1)Represents amounts related to the deconsolidation of seed investments in company-sponsored funds.<br><br>(2)Represents costs associated with the initial public offering of PTA which were recorded in general and administrative expenses in the third quarter of 2020. | |||||||||
| Reconciliation of U.S. GAAP to As Adjusted Financial Results<br><br>Non-operating Income (Loss) | |||||||||
| --- | --- | --- | --- | --- | --- | --- | |||
| (in thousands) | Three Months Ended | ||||||||
| September 30,<br>2021 | June 30,<br>2021 | September 30,<br>2020 | |||||||
| Non-operating income (loss), U.S. GAAP | $ | 1,246 | $ | 8,536 | $ | 3,231 | |||
| Seed investments (1) | (319) | (8,818) | (3,961) | ||||||
| Foreign currency exchange (gains) losses—net (2) | (908) | 162 | 1,232 | ||||||
| Non-operating income (loss), as adjusted | $ | 19 | $ | (120) | $ | 502 | |||
| _________________________<br><br><br><br>(1)Represents amounts related to the deconsolidation of seed investments in company-sponsored funds as well as non-operating (income) loss from seed investments that were not consolidated.<br><br>(2)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries. |
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