8-K
COHEN & STEERS, INC. (CNS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): July 20, 2022
_____________________
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, $0.01 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 July 20, 2022, Cohen & Steers, Inc. (the Company) reported, among other things, the Company's operating results for the quarter ended June 30, 2022. Copies of the press release announcing the availability of the Company’s operating 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 July 20, 2022 |
| 99.2 | Earnings release dated July 20, 2022 |
| 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: July 20, 2022 | 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 SECOND QUARTER 2022
New York, NY, July 20, 2022—Cohen & Steers, Inc. (NYSE: CNS) today reported operating results for the three months ended June 30, 2022. The operating results along with the accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for Second Quarter 2022 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, July 21, 2022, at 10:00 a.m. (ET) to discuss these results via webcast and telephone. Hosting the call will be chief executive officer and president, Joseph Harvey, chief financial officer, Matthew Stadler, and chief investment officer, Jon Cheigh.
Investors and analysts can access the live conference call by dialing 877-311-6681 (U.S.) or +1-212-231-2933 (international); passcode: 22019639. 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 July 21, 2022 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 22019639. 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 SECOND QUARTER 2022
•Diluted EPS of $1.06; $0.96, as adjusted
•Operating margin of 41.4%; 43.3%, as adjusted
•Ending AUM of $87.9 billion; average AUM of $95.1 billion
•Net outflows of $717 million
NEW YORK, NY, July 20, 2022—Cohen & Steers, Inc. (NYSE: CNS) today reported its operating results for the quarter ended June 30, 2022.
Financial Highlights
| Three Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (in thousands, except percentages and per share data) | June 30,<br>2022 | March 31,<br>2022 | Change | % Change | |||||
| U.S. GAAP | |||||||||
| Revenue | $ | 147,431 | $ | 154,189 | (4.4 | %) | |||
| Expenses | $ | 86,437 | $ | 103,198 | (16.2 | %) | |||
| Operating income | $ | 60,994 | $ | 50,991 | 19.6 | % | |||
| Non-operating income (loss) (1) | $ | (25,002) | $ | 5,110 | * | ||||
| Net income attributable to common stockholders | $ | 51,956 | $ | 42,018 | 23.7 | % | |||
| Diluted earnings per share | $ | 1.06 | $ | 0.85 | 24.0 | % | |||
| Operating margin | 41.4 | % | 33.1 | % | * | 830 bps | |||
| As Adjusted (2) | |||||||||
| Net income attributable to common stockholders | $ | 47,202 | $ | 51,152 | (7.7 | %) | |||
| Diluted earnings per share | $ | 0.96 | $ | 1.04 | (7.5 | %) | |||
| Operating margin | 43.3 | % | 44.7 | % | * | (140 bps) | |||
| _________________________<br><br>(1)Includes amounts attributable to third-party interests in consolidated investment vehicles. Refer to non-operating income (loss) tables on page 3 for additional detail.<br><br>(2)Refer to pages 19-20 for reconciliations of U.S. GAAP to as adjusted results.<br><br>* Not meaningful. |
All values are in US Dollars.
U.S. GAAP
This section discusses the financial results of the company as presented in accordance with U.S. GAAP.
Revenue
| (in thousands) | Three Months Ended | ||||||
|---|---|---|---|---|---|---|---|
| June 30,<br>2022 | March 31,<br>2022 | Change | % Change | ||||
| Investment advisory and administration fees: | |||||||
| Open-end funds | $ | 75,785 | $ | 79,665 | (4.9 | %) | |
| Institutional accounts | 34,429 | 36,683 | (6.1 | %) | |||
| Closed-end funds | 27,441 | 27,321 | 0.4 | % | |||
| Total | 137,655 | 143,669 | (4.2 | %) | |||
| Distribution and service fees | 9,005 | 9,869 | (8.8 | %) | |||
| Other | 771 | 651 | 18.4 | % | |||
| Total revenue | $ | 147,431 | $ | 154,189 | (4.4 | %) |
All values are in US Dollars.
•The decrease in total investment advisory and administration revenue from the first quarter of 2022 was primarily due to lower average assets under management, partially offset by one additional day in the second quarter.
Expenses
| (in thousands) | Three Months Ended | ||||||
|---|---|---|---|---|---|---|---|
| June 30,<br>2022 | March 31,<br>2022 | Change | % Change | ||||
| Employee compensation and benefits | $ | 53,857 | $ | 54,743 | (1.6 | %) | |
| Distribution and service fees | 18,236 | 33,951 | (46.3 | %) | |||
| General and administrative | 13,238 | 13,510 | (2.0 | %) | |||
| Depreciation and amortization | 1,106 | 994 | 11.3 | % | |||
| Total expenses | $ | 86,437 | $ | 103,198 | (16.2 | %) |
All values are in US Dollars.
•Distribution and service fees decreased from the first quarter of 2022. The first quarter of 2022 included expenses of $14.2 million associated with the initial public offering of Cohen & Steers Real Estate Opportunities and Income Fund (RLTY); and
•General and administrative expenses decreased from the first quarter of 2022. The first quarter of 2022 included $658,000 of organizational and offering costs associated with RLTY. This decrease was partially offset by higher travel and entertainment in the second quarter of 2022.
Operating Margin
Operating margin was 41.4% for the second quarter of 2022, compared with 33.1% for the first quarter of 2022. The
first quarter of 2022 included costs associated with the initial public offering of RLTY. Operating margin represents the ratio of operating income to revenue.
Non-operating Income (Loss)
| Three Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| June 30, 2022 | |||||||||
| (in thousands) | Consolidated <br>Investment Vehicles | Corporate <br>Seed Investments | Corporate Other | Total | |||||
| Interest and dividend income—net | $ | 1,499 | $ | 292 | $ | 97 | $ | 1,888 | |
| Gain (loss) from investments—net | (29,558) | (2,461) | 3,446 | (1) | (28,573) | ||||
| Foreign currency gain (loss)—net | (623) | (5) | 2,311 | 1,683 | |||||
| Total non-operating income (loss) | (28,682) | (2,174) | 5,854 | (25,002) | |||||
| Net (income) loss attributable to redeemable noncontrolling interests | 25,807 | — | — | 25,807 | |||||
| Non-operating income (loss) attributable to the company | $ | (2,875) | $ | (2,174) | $ | 5,854 | $ | 805 | |
| _________________________<br><br>(1)Comprised primarily of gain (loss) on derivative contracts, which are utilized to hedge a portion of the market risk of the company's seed investments including both consolidated investment vehicles and corporate seed investments. | |||||||||
| Three Months Ended | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| March 31, 2022 | |||||||||
| (in thousands) | Consolidated <br>Investment Vehicles | Corporate <br>Seed Investments | Corporate Other | Total | |||||
| Interest and dividend income—net | $ | 734 | $ | 167 | $ | (4) | $ | 897 | |
| Gain (loss) from investments—net | 3,513 | 752 | (698) | (1) | 3,567 | ||||
| Foreign currency gain (loss)—net | (294) | (1) | 941 | 646 | |||||
| Total non-operating income (loss) | 3,953 | 918 | 239 | 5,110 | |||||
| Net (income) loss attributable to redeemable noncontrolling interests | (4,823) | — | — | (4,823) | |||||
| Non-operating income (loss) attributable to the company | $ | (870) | $ | 918 | $ | 239 | $ | 287 | |
| _________________________<br><br>(1)Comprised primarily of gain (loss) on derivative contracts, which are utilized to hedge a portion of the market risk of the company's seed investments including both consolidated investment vehicles and corporate seed investments. |
Income Taxes
A reconciliation of the company’s statutory federal income tax rate and the effective income tax rate is summarized in the following table:
| Three Months Ended | ||||
|---|---|---|---|---|
| June 30,<br>2022 | March 31,<br>2022 | |||
| U.S. statutory tax rate | 21.0 | % | 21.0 | % |
| State and local income taxes, net of federal benefit | 3.1 | 3.5 | ||
| Non-deductible executive compensation | 1.6 | 5.2 | ||
| Excess tax benefits related to the vesting and delivery of restricted stock units | 0.2 | (11.5) | ||
| Unrecognized tax benefit adjustments | (10.1) | — | ||
| Other | 0.1 | (0.1) | ||
| Effective income tax rate | 15.9 | % | 18.1 | % |
As Adjusted
This section discusses as adjusted results. Please refer to pages 19-20 for reconciliations of U.S. GAAP to as adjusted results.
Revenue
Revenue, as adjusted, for the second quarter of 2022 was $147.7 million, compared with $154.3 million, as adjusted, for the first quarter of 2022.
Revenue, as adjusted, excluded the consolidation of certain of the company's seed investments for both periods.
Expenses
Expenses, as adjusted, for the second quarter of 2022 were $83.7 million, compared with $85.4 million, as adjusted, for the first quarter of 2022.
Expenses, as adjusted, excluded the following:
•The consolidation of certain of the company's seed investments for both periods;
•Amounts related to the accelerated vesting of certain restricted stock units for both periods; and
•Costs associated with the initial public offering of RLTY in the first quarter of 2022.
Operating Margin
Operating margin, as adjusted, for the second quarter of 2022 was 43.3%, compared with 44.7%, as adjusted, for the first quarter of 2022.
Non-operating Income (Loss)
Non-operating loss, as adjusted, for the second quarter of 2022 was $1.1 million, compared with non-operating loss, as adjusted, of $273,000 for the first quarter of 2022.
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 income tax rate, as adjusted, for the second quarter of 2022 was 25.0%, compared with 25.5%, as adjusted, for the first quarter of 2022.
The effective income tax rate, as adjusted, excluded the following for both periods:
•Tax effects associated with items noted above; and
•Discrete tax items.
Assets Under Management
| As of | Change | ||||||
|---|---|---|---|---|---|---|---|
| (in millions) | June 30,<br>2022 | March 31,<br>2022 | % | ||||
| By Investment Vehicle | |||||||
| Open-end funds | $ | 41,583 | $ | 48,105 | (13.6 | %) | |
| Institutional accounts | 34,506 | 40,956 | (15.7 | %) | |||
| Closed-end funds | 11,773 | 13,061 | (9.9 | %) | |||
| Total | $ | 87,862 | $ | 102,122 | (14.0 | %) | |
| By Investment Strategy | |||||||
| U.S. real estate | $ | 40,178 | $ | 47,268 | (15.0 | %) | |
| Preferred securities | 21,449 | 24,466 | (12.3 | %) | |||
| Global/international real estate | 15,709 | 19,362 | (18.9 | %) | |||
| Global listed infrastructure | 8,574 | 9,197 | (6.8 | %) | |||
| Other | 1,952 | 1,829 | 6.7 | % | |||
| Total | $ | 87,862 | $ | 102,122 | (14.0 | %) |
All values are in US Dollars.
Assets under management at June 30, 2022 were $87.9 billion, a decrease of 14.0% from $102.1 billion at March 31, 2022. The decrease was driven by net outflows of $717 million, market depreciation of $12.5 billion and distributions of $1.0 billion.
Open-end Funds
Assets under management in open-end funds at June 30, 2022 were $41.6 billion, a decrease of 13.6% from $48.1 billion at March 31, 2022. The change was primarily due to the following:
•Net outflows of $244 million, including $1.0 billion from preferred securities, partially offset by net inflows of $389 million into real assets multi-strategy (included in "Other" in the table above) and $300 million into U.S. real estate;
•Market depreciation of $5.7 billion, including $3.8 billion from U.S. real estate and $1.2 billion from preferred securities and $552 million from global/international real estate; and
•Distributions of $624 million, including $417 million from U.S. real estate and $152 million from preferred securities. Of these distributions, $556 million was reinvested and included in net inflows.
Institutional Accounts
Assets under management in institutional accounts at June 30, 2022 were $34.5 billion, a decrease of 15.7% from $41.0 billion at March 31, 2022. The change was primarily due to the following:
•Advisory:
◦Net outflows of $408 million, including $380 million from global/international real estate; and
◦Market depreciation of $3.2 billion, including $1.6 billion from global/international real estate and $1.0 billion from U.S. real estate.
•Japan subadvisory:
◦Net inflows of $23 million;
◦Market depreciation of $1.5 billion, including $1.1 billion from U.S. real estate and $411 million from global/international real estate; and
◦Distributions of $242 million, including $228 million from U.S. real estate.
•Subadvisory excluding Japan:
◦Net outflows of $90 million; and
◦Market depreciation of $1.0 billion, including $734 million from global/international real estate and $112 million from global listed infrastructure.
Closed-end Funds
Assets under management in closed-end funds at June 30, 2022 were $11.8 billion, a decrease of 9.9% from $13.1 billion at March 31, 2022. The decrease was primarily due to market depreciation of $1.1 billion and distributions of $153 million.
Investment Performance at June 30, 2022
_________________________
(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) © 2022 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 June 30, 2022. 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 June 30, 2022, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $227.7 million, compared with $180.7 million as of March 31, 2022. During the first quarter of 2022, the company paid aggregate costs of $15.2 million associated with the initial public offering of RLTY. As of June 30, 2022, stockholders' equity was $289.4 million, compared with $255.4 million as of March 31, 2022, and the company has no debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, July 21, 2022 at 10:00 a.m. (ET) to discuss the company's second quarter results. Investors and analysts can access the live conference call by dialing 877-311-6681 (U.S.) or +1-212-231-2933 (international); passcode: 22019639. 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 July 21, 2022 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 22019639. 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 the company’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, 2021 (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 | ||||||||||||
| June 30,<br>2022 | March 31,<br>2022 | June 30,<br>2021 | March 31,<br>2022 | June 30,<br>2021 | |||||||||
| Revenue: | |||||||||||||
| Investment advisory and administration fees | $ | 137,655 | $ | 143,669 | $ | 134,348 | |||||||
| Distribution and service fees | 9,005 | 9,869 | 9,199 | ||||||||||
| Other | 771 | 651 | 722 | ||||||||||
| Total revenue | 147,431 | 154,189 | 144,269 | (4.4 | %) | 2.2 | % | ||||||
| Expenses: | |||||||||||||
| Employee compensation and benefits | 53,857 | 54,743 | 53,241 | ||||||||||
| Distribution and service fees | 18,236 | 33,951 | 18,848 | ||||||||||
| General and administrative | 13,238 | 13,510 | 11,466 | ||||||||||
| Depreciation and amortization | 1,106 | 994 | 1,017 | ||||||||||
| Total expenses | 86,437 | 103,198 | 84,572 | (16.2 | %) | 2.2 | % | ||||||
| Operating income | 60,994 | 50,991 | 59,697 | 19.6 | % | 2.2 | % | ||||||
| Non-operating income (loss): | |||||||||||||
| Interest and dividend income—net | 1,888 | 897 | 837 | ||||||||||
| Gain (loss) from investments—net | (28,573) | 3,567 | 7,778 | ||||||||||
| Foreign currency gain (loss)—net | 1,683 | 646 | (79) | ||||||||||
| Total non-operating income (loss) | (25,002) | 5,110 | 8,536 | * | * | ||||||||
| Income before provision for income taxes | 35,992 | 56,101 | 68,233 | (35.8 | %) | (47.3 | %) | ||||||
| Provision for income taxes | 9,843 | 9,260 | 15,827 | ||||||||||
| Net income | 26,149 | 46,841 | 52,406 | (44.2 | %) | (50.1 | %) | ||||||
| Net (income) loss attributable to redeemable<br> noncontrolling interests | 25,807 | (4,823) | (5,827) | ||||||||||
| Net income attributable to common stockholders | $ | 51,956 | $ | 42,018 | $ | 46,579 | 23.7 | % | 11.5 | % | |||
| Earnings per share attributable to common<br>stockholders: | |||||||||||||
| Basic | $ | 1.06 | $ | 0.86 | $ | 0.96 | 23.3 | % | 10.4 | % | |||
| Diluted | $ | 1.06 | $ | 0.85 | $ | 0.95 | 24.0 | % | 11.0 | % | |||
| Weighted average shares outstanding: | |||||||||||||
| Basic | 48,805 | 48,673 | 48,285 | ||||||||||
| Diluted | 49,208 | 49,337 | 48,951 | ||||||||||
| _________________________<br><br>* Not meaningful. | |||||||||||||
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | |||||||
| Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||
| (in thousands, except per share data) | |||||||||||||
| Six Months Ended | |||||||||||||
| June 30,<br>2022 | June 30,<br>2021 | % Change | |||||||||||
| Revenue: | |||||||||||||
| Investment advisory and administration fees | $ | 281,324 | $ | 251,269 | |||||||||
| Distribution and service fees | 18,874 | 17,471 | |||||||||||
| Other | 1,422 | 1,276 | |||||||||||
| Total revenue | 301,620 | 270,016 | 11.7 | % | |||||||||
| Expenses: | |||||||||||||
| Employee compensation and benefits | 108,600 | 99,003 | |||||||||||
| Distribution and service fees | 52,187 | 35,354 | |||||||||||
| General and administrative | 26,748 | 21,840 | |||||||||||
| Depreciation and amortization | 2,100 | 2,184 | |||||||||||
| Total expenses | 189,635 | 158,381 | 19.7 | % | |||||||||
| Operating income (loss) | 111,985 | 111,635 | 0.3 | % | |||||||||
| Non-operating income (loss): | |||||||||||||
| Interest and dividend income—net | 2,785 | 1,453 | |||||||||||
| Gain (loss) from investments—net | (25,006) | 12,337 | |||||||||||
| Foreign currency gain (loss)—net | 2,329 | (301) | |||||||||||
| Total non-operating income (loss) | (19,892) | 13,489 | * | ||||||||||
| Income before provision for income taxes | 92,093 | 125,124 | (26.4 | %) | |||||||||
| Provision for income taxes | 19,103 | 20,288 | |||||||||||
| Net income | 72,990 | 104,836 | (30.4 | %) | |||||||||
| Net (income) loss attributable to redeemable noncontrolling interests | 20,984 | (9,405) | |||||||||||
| Net income attributable to common stockholders | $ | 93,974 | $ | 95,431 | (1.5 | %) | |||||||
| Earnings per share attributable to common stockholders: | |||||||||||||
| Basic | $ | 1.93 | $ | 1.98 | (2.6 | %) | |||||||
| Diluted | $ | 1.91 | $ | 1.95 | (2.4 | %) | |||||||
| Weighted average shares outstanding: | |||||||||||||
| Basic | 48,739 | 48,216 | |||||||||||
| Diluted | 49,272 | 48,831 | |||||||||||
| _________________________<br><br>* Not meaningful. | |||||||||||||
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets Under Management | |||||||||||||
| By Investment Vehicle | |||||||||||||
| (in millions) | |||||||||||||
| Three Months Ended | % Change From | ||||||||||||
| June 30,<br>2022 | March 31,<br>2022 | June 30,<br>2021 | March 31,<br>2022 | June 30,<br>2021 | |||||||||
| Open-end Funds | |||||||||||||
| Assets under management, beginning of period | $ | 48,105 | $ | 50,911 | $ | 38,623 | |||||||
| Inflows | 4,859 | 4,886 | 4,577 | ||||||||||
| Outflows | (5,103) | (4,678) | (2,490) | ||||||||||
| Net inflows (outflows) | (244) | 208 | 2,087 | ||||||||||
| Market appreciation (depreciation) | (5,654) | (2,735) | 3,134 | ||||||||||
| Distributions | (624) | (279) | (312) | ||||||||||
| Total increase (decrease) | (6,522) | (2,806) | 4,909 | ||||||||||
| Assets under management, end of period | $ | 41,583 | $ | 48,105 | $ | 43,532 | (13.6 | %) | (4.5 | %) | |||
| Percentage of total assets under management | 47.3 | % | 47.1 | % | 45.2 | % | |||||||
| Average assets under management | $ | 45,188 | $ | 48,055 | $ | 41,469 | (6.0 | %) | 9.0 | % | |||
| Institutional Accounts | |||||||||||||
| Assets under management, beginning of period | $ | 40,956 | $ | 42,727 | $ | 36,538 | |||||||
| Inflows | 1,259 | 2,060 | 1,826 | ||||||||||
| Outflows | (1,734) | (2,066) | (1,454) | ||||||||||
| Net inflows (outflows) | (475) | (6) | 372 | ||||||||||
| Market appreciation (depreciation) | (5,733) | (1,494) | 3,555 | ||||||||||
| Distributions | (242) | (271) | (309) | ||||||||||
| Total increase (decrease) | (6,450) | (1,771) | 3,618 | ||||||||||
| Assets under management, end of period | $ | 34,506 | $ | 40,956 | $ | 40,156 | (15.7 | %) | (14.1 | %) | |||
| Percentage of total assets under management | 39.3 | % | 40.1 | % | 41.7 | % | |||||||
| Average assets under management | $ | 37,506 | $ | 40,631 | $ | 39,103 | (7.7 | %) | (4.1 | %) | |||
| Closed-end Funds | |||||||||||||
| Assets under management, beginning of period | $ | 13,061 | $ | 12,991 | $ | 11,879 | |||||||
| Inflows | 2 | 554 | 103 | ||||||||||
| Outflows | — | — | — | ||||||||||
| Net inflows (outflows) | 2 | 554 | 103 | ||||||||||
| Market appreciation (depreciation) | (1,137) | (337) | 703 | ||||||||||
| Distributions | (153) | (147) | (148) | ||||||||||
| Total increase (decrease) | (1,288) | 70 | 658 | ||||||||||
| Assets under management, end of period | $ | 11,773 | $ | 13,061 | $ | 12,537 | (9.9 | %) | (6.1 | %) | |||
| Percentage of total assets under management | 13.4 | % | 12.8 | % | 13.0 | % | |||||||
| Average assets under management | $ | 12,428 | $ | 12,550 | $ | 12,372 | (1.0 | %) | 0.5 | % | |||
| Total | |||||||||||||
| Assets under management, beginning of period | $ | 102,122 | $ | 106,629 | $ | 87,040 | |||||||
| Inflows | 6,120 | 7,500 | 6,506 | ||||||||||
| Outflows | (6,837) | (6,744) | (3,944) | ||||||||||
| Net inflows (outflows) | (717) | 756 | 2,562 | ||||||||||
| Market appreciation (depreciation) | (12,524) | (4,566) | 7,392 | ||||||||||
| Distributions | (1,019) | (697) | (769) | ||||||||||
| Total increase (decrease) | (14,260) | (4,507) | 9,185 | ||||||||||
| Assets under management, end of period | $ | 87,862 | $ | 102,122 | $ | 96,225 | (14.0 | %) | (8.7 | %) | |||
| Average assets under management | $ | 95,122 | $ | 101,236 | $ | 92,944 | (6.0 | %) | 2.3 | % | |||
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| Assets Under Management | |||||||||||||
| By Investment Vehicle | |||||||||||||
| (in millions) | |||||||||||||
| Six Months Ended | |||||||||||||
| June 30,<br>2022 | June 30,<br>2021 | % Change | |||||||||||
| Open-end Funds | |||||||||||||
| Assets under management, beginning of period | $ | 50,911 | $ | 35,160 | |||||||||
| Inflows | 9,745 | 9,647 | |||||||||||
| Outflows | (9,781) | (5,396) | |||||||||||
| Net inflows (outflows) | (36) | 4,251 | |||||||||||
| Market appreciation (depreciation) | (8,389) | 4,671 | |||||||||||
| Distributions | (903) | (550) | |||||||||||
| Total increase (decrease) | (9,328) | 8,372 | |||||||||||
| Assets under management, end of period | $ | 41,583 | $ | 43,532 | (4.5 | %) | |||||||
| Percentage of total assets under management | 47.3 | % | 45.2 | % | |||||||||
| Average assets under management | $ | 46,602 | $ | 39,064 | 19.3 | % | |||||||
| Institutional Accounts | |||||||||||||
| Assets under management, beginning of period | $ | 42,727 | $ | 33,255 | |||||||||
| Inflows | 3,319 | 4,161 | |||||||||||
| Outflows | (3,800) | (2,202) | |||||||||||
| Net inflows (outflows) | (481) | 1,959 | |||||||||||
| Market appreciation (depreciation) | (7,227) | 5,555 | |||||||||||
| Distributions | (513) | (613) | |||||||||||
| Total increase (decrease) | (8,221) | 6,901 | |||||||||||
| Assets under management, end of period | $ | 34,506 | $ | 40,156 | (14.1 | %) | |||||||
| Percentage of total assets under management | 39.3 | % | 41.7 | % | |||||||||
| Average assets under management | $ | 39,048 | $ | 36,877 | 5.9 | % | |||||||
| Closed-end Funds | |||||||||||||
| Assets under management, beginning of period | $ | 12,991 | $ | 11,493 | |||||||||
| Inflows | 556 | 168 | |||||||||||
| Outflows | — | — | |||||||||||
| Net inflows (outflows) | 556 | 168 | |||||||||||
| Market appreciation (depreciation) | (1,474) | 1,172 | |||||||||||
| Distributions | (300) | (296) | |||||||||||
| Total increase (decrease) | (1,218) | 1,044 | |||||||||||
| Assets under management, end of period | $ | 11,773 | $ | 12,537 | (6.1 | %) | |||||||
| Percentage of total assets under management | 13.4 | % | 13.0 | % | |||||||||
| Average assets under management | $ | 12,489 | $ | 11,989 | 4.2 | % | |||||||
| Total | |||||||||||||
| Assets under management, beginning of period | $ | 106,629 | $ | 79,908 | |||||||||
| Inflows | 13,620 | 13,976 | |||||||||||
| Outflows | (13,581) | (7,598) | |||||||||||
| Net inflows (outflows) | 39 | 6,378 | |||||||||||
| Market appreciation (depreciation) | (17,090) | 11,398 | |||||||||||
| Distributions | (1,716) | (1,459) | |||||||||||
| Total increase (decrease) | (18,767) | 16,317 | |||||||||||
| Assets under management, end of period | $ | 87,862 | $ | 96,225 | (8.7 | %) | |||||||
| Average assets under management | $ | 98,139 | $ | 87,930 | 11.6 | % | |||||||
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets Under Management - Institutional Accounts | |||||||||||||
| By Account Type | |||||||||||||
| (in millions) | |||||||||||||
| Three Months Ended | % Change From | ||||||||||||
| June 30,<br>2022 | March 31,<br>2022 | June 30,<br>2021 | March 31,<br>2022 | June 30,<br>2021 | |||||||||
| Advisory | |||||||||||||
| Assets under management, beginning of period | $ | 23,726 | $ | 24,599 | $ | 20,279 | |||||||
| Inflows | 769 | 1,573 | 1,512 | ||||||||||
| Outflows | (1,177) | (1,615) | (493) | ||||||||||
| Net inflows (outflows) | (408) | (42) | 1,019 | ||||||||||
| Market appreciation (depreciation) | (3,183) | (831) | 1,817 | ||||||||||
| Total increase (decrease) | (3,591) | (873) | 2,836 | ||||||||||
| Assets under management, end of period | $ | 20,135 | $ | 23,726 | $ | 23,115 | (15.1 | %) | (12.9 | %) | |||
| Percentage of institutional assets under management | 58.4 | % | 57.9 | % | 57.6 | % | |||||||
| Average assets under management | $ | 21,869 | $ | 23,861 | $ | 22,084 | (8.3 | %) | (1.0 | %) | |||
| Japan Subadvisory | |||||||||||||
| Assets under management, beginning of period | $ | 10,692 | $ | 11,329 | $ | 9,924 | |||||||
| Inflows | 249 | 219 | 22 | ||||||||||
| Outflows | (226) | (103) | (294) | ||||||||||
| Net inflows (outflows) | 23 | 116 | (272) | ||||||||||
| Market appreciation (depreciation) | (1,534) | (482) | 1,160 | ||||||||||
| Distributions | (242) | (271) | (309) | ||||||||||
| Total increase (decrease) | (1,753) | (637) | 579 | ||||||||||
| Assets under management, end of period | $ | 8,939 | $ | 10,692 | $ | 10,503 | (16.4 | %) | (14.9 | %) | |||
| Percentage of institutional assets under management | 25.9 | % | 26.1 | % | 26.2 | % | |||||||
| Average assets under management | $ | 9,604 | $ | 10,351 | $ | 10,306 | (7.2 | %) | (6.8 | %) | |||
| Subadvisory Excluding Japan | |||||||||||||
| Assets under management, beginning of period | $ | 6,538 | $ | 6,799 | $ | 6,335 | |||||||
| Inflows | 241 | 268 | 292 | ||||||||||
| Outflows | (331) | (348) | (667) | ||||||||||
| Net inflows (outflows) | (90) | (80) | (375) | ||||||||||
| Market appreciation (depreciation) | (1,016) | (181) | 578 | ||||||||||
| Total increase (decrease) | (1,106) | (261) | 203 | ||||||||||
| Assets under management, end of period | $ | 5,432 | $ | 6,538 | $ | 6,538 | (16.9 | %) | (16.9 | %) | |||
| Percentage of institutional assets under management | 15.7 | % | 16.0 | % | 16.3 | % | |||||||
| Average assets under management | $ | 6,033 | $ | 6,419 | $ | 6,713 | (6.0 | %) | (10.1 | %) | |||
| Total Institutional Accounts | |||||||||||||
| Assets under management, beginning of period | $ | 40,956 | $ | 42,727 | $ | 36,538 | |||||||
| Inflows | 1,259 | 2,060 | 1,826 | ||||||||||
| Outflows | (1,734) | (2,066) | (1,454) | ||||||||||
| Net inflows (outflows) | (475) | (6) | 372 | ||||||||||
| Market appreciation (depreciation) | (5,733) | (1,494) | 3,555 | ||||||||||
| Distributions | (242) | (271) | (309) | ||||||||||
| Total increase (decrease) | (6,450) | (1,771) | 3,618 | ||||||||||
| Assets under management, end of period | $ | 34,506 | $ | 40,956 | $ | 40,156 | (15.7 | %) | (14.1 | %) | |||
| Average assets under management | $ | 37,506 | $ | 40,631 | $ | 39,103 | (7.7 | %) | (4.1 | %) | |||
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| Assets Under Management - Institutional Accounts | |||||||||||||
| By Account Type | |||||||||||||
| (in millions) | |||||||||||||
| Six Months Ended | |||||||||||||
| June 30,<br>2022 | June 30,<br>2021 | % Change | |||||||||||
| Advisory | |||||||||||||
| Assets under management, beginning of period | $ | 24,599 | $ | 17,628 | |||||||||
| Inflows | 2,342 | 3,449 | |||||||||||
| Outflows | (2,792) | (736) | |||||||||||
| Net inflows (outflows) | (450) | 2,713 | |||||||||||
| Market appreciation (depreciation) | (4,014) | 2,774 | |||||||||||
| Total increase (decrease) | (4,464) | 5,487 | |||||||||||
| Assets under management, end of period | $ | 20,135 | $ | 23,115 | (12.9 | %) | |||||||
| Percentage of institutional assets under management | 58.4 | % | 57.6 | % | |||||||||
| Average assets under management | $ | 22,860 | $ | 20,501 | 11.5 | % | |||||||
| Japan Subadvisory | |||||||||||||
| Assets under management, beginning of period | $ | 11,329 | $ | 9,720 | |||||||||
| Inflows | 468 | 120 | |||||||||||
| Outflows | (329) | (596) | |||||||||||
| Net inflows (outflows) | 139 | (476) | |||||||||||
| Market appreciation (depreciation) | (2,016) | 1,872 | |||||||||||
| Distributions | (513) | (613) | |||||||||||
| Total increase (decrease) | (2,390) | 783 | |||||||||||
| Assets under management, end of period | $ | 8,939 | $ | 10,503 | (14.9 | %) | |||||||
| Percentage of institutional assets under management | 25.9 | % | 26.2 | % | |||||||||
| Average assets under management | $ | 9,975 | $ | 9,985 | (0.1 | %) | |||||||
| Subadvisory Excluding Japan | |||||||||||||
| Assets under management, beginning of period | $ | 6,799 | $ | 5,907 | |||||||||
| Inflows | 509 | 592 | |||||||||||
| Outflows | (679) | (870) | |||||||||||
| Net inflows (outflows) | (170) | (278) | |||||||||||
| Market appreciation (depreciation) | (1,197) | 909 | |||||||||||
| Total increase (decrease) | (1,367) | 631 | |||||||||||
| Assets under management, end of period | $ | 5,432 | $ | 6,538 | (16.9 | %) | |||||||
| Percentage of institutional assets under management | 15.7 | % | 16.3 | % | |||||||||
| Average assets under management | $ | 6,213 | $ | 6,391 | (2.8 | %) | |||||||
| Total Institutional Accounts | |||||||||||||
| Assets under management, beginning of period | $ | 42,727 | $ | 33,255 | |||||||||
| Inflows | 3,319 | 4,161 | |||||||||||
| Outflows | (3,800) | (2,202) | |||||||||||
| Net inflows (outflows) | (481) | 1,959 | |||||||||||
| Market appreciation (depreciation) | (7,227) | 5,555 | |||||||||||
| Distributions | (513) | (613) | |||||||||||
| Total increase (decrease) | (8,221) | 6,901 | |||||||||||
| Assets under management, end of period | $ | 34,506 | $ | 40,156 | (14.1 | %) | |||||||
| Average assets under management | $ | 39,048 | $ | 36,877 | 5.9 | % | |||||||
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets Under Management | |||||||||||||
| By Investment Strategy | |||||||||||||
| (in millions) | |||||||||||||
| Three Months Ended | % Change From | ||||||||||||
| June 30,<br>2022 | March 31,<br>2022 | June 30,<br>2021 | March 31,<br>2022 | June 30,<br>2021 | |||||||||
| U.S. Real Estate | |||||||||||||
| Assets under management, beginning of period | $ | 47,268 | $ | 49,915 | $ | 36,984 | |||||||
| Inflows | 2,582 | 3,293 | 2,592 | ||||||||||
| Outflows | (2,433) | (2,736) | (1,723) | ||||||||||
| Net inflows (outflows) | 149 | 557 | 869 | ||||||||||
| Market appreciation (depreciation) | (6,542) | (2,792) | 4,419 | ||||||||||
| Distributions | (697) | (412) | (407) | ||||||||||
| Total increase (decrease) | (7,090) | (2,647) | 4,881 | ||||||||||
| Assets under management, end of period | $ | 40,178 | $ | 47,268 | $ | 41,865 | (15.0 | %) | (4.0 | %) | |||
| Percentage of total assets under management | 45.7 | % | 46.3 | % | 43.5 | % | |||||||
| Average assets under management | $ | 43,917 | $ | 46,462 | $ | 40,269 | (5.5 | %) | 9.1 | % | |||
| Preferred Securities | |||||||||||||
| Assets under management, beginning of period | $ | 24,466 | $ | 26,987 | $ | 23,790 | |||||||
| Inflows | 1,711 | 1,964 | 2,254 | ||||||||||
| Outflows | (2,757) | (2,872) | (1,081) | ||||||||||
| Net inflows (outflows) | (1,046) | (908) | 1,173 | ||||||||||
| Market appreciation (depreciation) | (1,769) | (1,400) | 750 | ||||||||||
| Distributions | (202) | (213) | (215) | ||||||||||
| Total increase (decrease) | (3,017) | (2,521) | 1,708 | ||||||||||
| Assets under management, end of period | $ | 21,449 | $ | 24,466 | $ | 25,498 | (12.3 | %) | (15.9 | %) | |||
| Percentage of total assets under management | 24.4 | % | 24.0 | % | 26.5 | % | |||||||
| Average assets under management | $ | 22,915 | $ | 25,649 | $ | 24,546 | (10.7 | %) | (6.6 | %) | |||
| Global/International Real Estate | |||||||||||||
| Assets under management, beginning of period | $ | 19,362 | $ | 19,380 | $ | 16,421 | |||||||
| Inflows | 861 | 1,556 | 1,111 | ||||||||||
| Outflows | (1,164) | (780) | (890) | ||||||||||
| Net inflows (outflows) | (303) | 776 | 221 | ||||||||||
| Market appreciation (depreciation) | (3,303) | (775) | 1,664 | ||||||||||
| Distributions | (47) | (19) | (86) | ||||||||||
| Total increase (decrease) | (3,653) | (18) | 1,799 | ||||||||||
| Assets under management, end of period | $ | 15,709 | $ | 19,362 | $ | 18,220 | (18.9 | %) | (13.8 | %) | |||
| Percentage of total assets under management | 17.9 | % | 19.0 | % | 18.9 | % | |||||||
| Average assets under management | $ | 17,524 | $ | 18,867 | $ | 17,697 | (7.1 | %) | (1.0 | %) | |||
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets Under Management | |||||||||||||
| By Investment Strategy - continued | |||||||||||||
| (in millions) | |||||||||||||
| Three Months Ended | % Change From | ||||||||||||
| June 30,<br>2022 | March 31,<br>2022 | June 30,<br>2021 | March 31,<br>2022 | June 30,<br>2021 | |||||||||
| Global Listed Infrastructure | |||||||||||||
| Assets under management, beginning of period | $ | 9,197 | $ | 8,763 | $ | 7,604 | |||||||
| Inflows | 461 | 464 | 480 | ||||||||||
| Outflows | (353) | (299) | (141) | ||||||||||
| Net inflows (outflows) | 108 | 165 | 339 | ||||||||||
| Market appreciation (depreciation) | (673) | 314 | 355 | ||||||||||
| Distributions | (58) | (45) | (52) | ||||||||||
| Total increase (decrease) | (623) | 434 | 642 | ||||||||||
| Assets under management, end of period | $ | 8,574 | $ | 9,197 | $ | 8,246 | (6.8 | %) | 4.0 | % | |||
| Percentage of total assets under management | 9.8 | % | 9.0 | % | 8.6 | % | |||||||
| Average assets under management | $ | 8,853 | $ | 8,609 | $ | 8,051 | 2.8 | % | 10.0 | % | |||
| Other | |||||||||||||
| Assets under management, beginning of period | $ | 1,829 | $ | 1,584 | $ | 2,241 | |||||||
| Inflows | 505 | 223 | 69 | ||||||||||
| Outflows | (130) | (57) | (109) | ||||||||||
| Net inflows (outflows) | 375 | 166 | (40) | ||||||||||
| Market appreciation (depreciation) | (237) | 87 | 204 | ||||||||||
| Distributions | (15) | (8) | (9) | ||||||||||
| Total increase (decrease) | 123 | 245 | 155 | ||||||||||
| Assets under management, end of period | $ | 1,952 | $ | 1,829 | $ | 2,396 | 6.7 | % | (18.5 | %) | |||
| Percentage of total assets under management | 2.2 | % | 1.8 | % | 2.5 | % | |||||||
| Average assets under management | $ | 1,913 | $ | 1,649 | $ | 2,381 | 16.0 | % | (19.7 | %) | |||
| Total | |||||||||||||
| Assets under management, beginning of period | $ | 102,122 | $ | 106,629 | $ | 87,040 | |||||||
| Inflows | 6,120 | 7,500 | 6,506 | ||||||||||
| Outflows | (6,837) | (6,744) | (3,944) | ||||||||||
| Net inflows (outflows) | (717) | 756 | 2,562 | ||||||||||
| Market appreciation (depreciation) | (12,524) | (4,566) | 7,392 | ||||||||||
| Distributions | (1,019) | (697) | (769) | ||||||||||
| Total increase (decrease) | (14,260) | (4,507) | 9,185 | ||||||||||
| Assets under management, end of period | $ | 87,862 | $ | 102,122 | $ | 96,225 | (14.0 | %) | (8.7 | %) | |||
| Average assets under management | $ | 95,122 | $ | 101,236 | $ | 92,944 | (6.0 | %) | 2.3 | % | |||
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| Assets Under Management | |||||||||||||
| By Investment Strategy | |||||||||||||
| (in millions) | |||||||||||||
| Six Months Ended | |||||||||||||
| June 30,<br>2022 | June 30,<br>2021 | % Change | |||||||||||
| U.S. Real Estate | |||||||||||||
| Assets under management, beginning of period | $ | 49,915 | $ | 32,827 | |||||||||
| Inflows | 5,875 | 5,718 | |||||||||||
| Outflows | (5,169) | (3,114) | |||||||||||
| Net inflows (outflows) | 706 | 2,604 | |||||||||||
| Market appreciation (depreciation) | (9,334) | 7,256 | |||||||||||
| Distributions | (1,109) | (822) | |||||||||||
| Total increase (decrease) | (9,737) | 9,038 | |||||||||||
| Assets under management, end of period | $ | 40,178 | $ | 41,865 | (4.0 | %) | |||||||
| Percentage of total assets under management | 45.7 | % | 43.5 | % | |||||||||
| Average assets under management | $ | 45,174 | $ | 37,408 | 20.8 | % | |||||||
| Preferred Securities | |||||||||||||
| Assets under management, beginning of period | $ | 26,987 | $ | 23,185 | |||||||||
| Inflows | 3,675 | 4,660 | |||||||||||
| Outflows | (5,629) | (2,677) | |||||||||||
| Net inflows (outflows) | (1,954) | 1,983 | |||||||||||
| Market appreciation (depreciation) | (3,169) | 752 | |||||||||||
| Distributions | (415) | (422) | |||||||||||
| Total increase (decrease) | (5,538) | 2,313 | |||||||||||
| Assets under management, end of period | $ | 21,449 | $ | 25,498 | (15.9 | %) | |||||||
| Percentage of total assets under management | 24.4 | % | 26.5 | % | |||||||||
| Average assets under management | $ | 24,272 | $ | 24,043 | 1.0 | % | |||||||
| Global/International Real Estate | |||||||||||||
| Assets under management, beginning of period | $ | 19,380 | $ | 15,214 | |||||||||
| Inflows | 2,417 | 2,190 | |||||||||||
| Outflows | (1,944) | (1,457) | |||||||||||
| Net inflows (outflows) | 473 | 733 | |||||||||||
| Market appreciation (depreciation) | (4,078) | 2,373 | |||||||||||
| Distributions | (66) | (100) | |||||||||||
| Total increase (decrease) | (3,671) | 3,006 | |||||||||||
| Assets under management, end of period | $ | 15,709 | $ | 18,220 | (13.8 | %) | |||||||
| Percentage of total assets under management | 17.9 | % | 18.9 | % | |||||||||
| Average assets under management | $ | 18,183 | $ | 16,660 | 9.1 | % | |||||||
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| Assets Under Management | |||||||||||||
| By Investment Strategy - continued | |||||||||||||
| (in millions) | |||||||||||||
| Six Months Ended | |||||||||||||
| June 30,<br>2022 | June 30,<br>2021 | % Change | |||||||||||
| Global Listed Infrastructure | |||||||||||||
| Assets under management, beginning of period | $ | 8,763 | $ | 6,729 | |||||||||
| Inflows | 925 | 1,159 | |||||||||||
| Outflows | (652) | (215) | |||||||||||
| Net inflows (outflows) | 273 | 944 | |||||||||||
| Market appreciation (depreciation) | (359) | 670 | |||||||||||
| Distributions | (103) | (97) | |||||||||||
| Total increase (decrease) | (189) | 1,517 | |||||||||||
| Assets under management, end of period | $ | 8,574 | $ | 8,246 | 4.0 | % | |||||||
| Percentage of total assets under management | 9.8 | % | 8.6 | % | |||||||||
| Average assets under management | $ | 8,729 | $ | 7,595 | 14.9 | % | |||||||
| Other | |||||||||||||
| Assets under management, beginning of period | $ | 1,584 | $ | 1,953 | |||||||||
| Inflows | 728 | 249 | |||||||||||
| Outflows | (187) | (135) | |||||||||||
| Net inflows (outflows) | 541 | 114 | |||||||||||
| Market appreciation (depreciation) | (150) | 347 | |||||||||||
| Distributions | (23) | (18) | |||||||||||
| Total increase (decrease) | 368 | 443 | |||||||||||
| Assets under management, end of period | $ | 1,952 | $ | 2,396 | (18.5 | %) | |||||||
| Percentage of total assets under management | 2.2 | % | 2.5 | % | |||||||||
| Average assets under management | $ | 1,781 | $ | 2,224 | (19.9 | %) | |||||||
| Total | |||||||||||||
| Assets under management, beginning of period | $ | 106,629 | $ | 79,908 | |||||||||
| Inflows | 13,620 | 13,976 | |||||||||||
| Outflows | (13,581) | (7,598) | |||||||||||
| Net inflows (outflows) | 39 | 6,378 | |||||||||||
| Market appreciation (depreciation) | (17,090) | 11,398 | |||||||||||
| Distributions | (1,716) | (1,459) | |||||||||||
| Total increase (decrease) | (18,767) | 16,317 | |||||||||||
| Assets under management, end of period | $ | 87,862 | $ | 96,225 | (8.7 | %) | |||||||
| Average assets under management | $ | 98,139 | $ | 87,930 | 11.6 | % |
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 Results<br><br>Net Income (Loss) Attributable to Common Stockholders and Diluted Earnings per Share | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended | |||||||||
| (in thousands, except per share data) | June 30,<br>2022 | March 31,<br>2022 | June 30,<br>2021 | ||||||
| Net income attributable to common stockholders, U.S. GAAP | $ | 51,956 | $ | 42,018 | $ | 46,579 | |||
| Seed investments (1) | 2,170 | 1,051 | (2,752) | ||||||
| Accelerated vesting of restricted stock units | 2,490 | 2,305 | 2,664 | ||||||
| Initial public offering costs (2) | — | 15,239 | — | ||||||
| Foreign currency exchange (gains) losses—net (3) | (3,542) | (1,212) | 162 | ||||||
| Tax adjustments (4) | (5,872) | (8,249) | (736) | ||||||
| Net income attributable to common stockholders, as adjusted | $ | 47,202 | $ | 51,152 | $ | 45,917 | |||
| Diluted weighted average shares outstanding | 49,208 | 49,337 | 48,951 | ||||||
| Diluted earnings per share, U.S. GAAP | $ | 1.06 | $ | 0.85 | $ | 0.95 | |||
| Seed investments | 0.04 | 0.02 | (0.06) | ||||||
| Accelerated vesting of restricted stock units | 0.05 | 0.05 | 0.06 | ||||||
| Initial public offering costs | — | 0.31 | — | ||||||
| Foreign currency exchange (gains) losses—net | (0.07) | (0.02) | 0.01 | ||||||
| Tax adjustments | (0.12) | (0.17) | (0.02) | ||||||
| Diluted earnings per share, as adjusted | $ | 0.96 | $ | 1.04 | $ | 0.94 | |||
| _________________________<br><br>(1)Represents amounts related to the deconsolidation of seed investments in consolidated investment vehicles as well as non-operating (income) loss from seed investments that were not consolidated.<br><br>(2)Represents costs associated with the initial public offering of RLTY. Costs are summarized in the following table: | |||||||||
| Three Months Ended | |||||||||
| (in thousands) | June 30,<br>2022 | March 31,<br>2022 | June 30,<br>2021 | ||||||
| Employee compensation and benefits | $ | — | $ | 357 | $ | — | |||
| Distribution and service fees | — | 14,224 | — | ||||||
| General and administrative | — | 658 | — | ||||||
| Initial public offering costs | $ | — | $ | 15,239 | $ | — | |||
| (3)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.<br><br>(4)Tax adjustments are summarized in the following table: | |||||||||
| Three Months Ended | |||||||||
| (in thousands) | June 30,<br>2022 | March 31,<br>2022 | June 30,<br>2021 | ||||||
| Exclusion of tax effects associated with items noted above | $ | 15 | $ | (4,281) | $ | (726) | |||
| Exclusion of discrete tax items | (5,887) | (3,968) | (10) | ||||||
| Total tax adjustments | $ | (5,872) | $ | (8,249) | $ | (736) | |||
| Reconciliation of U.S. GAAP to As Adjusted Financial Results<br><br>Revenue, Expenses, Operating Income (Loss) and Operating Margin | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Three Months Ended | |||||||||
| (in thousands, except percentages) | June 30,<br>2022 | March 31,<br>2022 | June 30,<br>2021 | ||||||
| Revenue, U.S. GAAP | $ | 147,431 | $ | 154,189 | $ | 144,269 | |||
| Seed investments (1) | 292 | 123 | 105 | ||||||
| Revenue, as adjusted | $ | 147,723 | $ | 154,312 | $ | 144,374 | |||
| Expenses, U.S. GAAP | $ | 86,437 | $ | 103,198 | $ | 84,572 | |||
| Seed investments (1) | (218) | (276) | (134) | ||||||
| Accelerated vesting of restricted stock units | (2,490) | (2,305) | (2,664) | ||||||
| Initial public offering costs (2) | — | (15,239) | — | ||||||
| Expenses, as adjusted | $ | 83,729 | $ | 85,378 | $ | 81,774 | |||
| Operating income, U.S. GAAP | $ | 60,994 | $ | 50,991 | $ | 59,697 | |||
| Seed investments (1) | 510 | 399 | 239 | ||||||
| Accelerated vesting of restricted stock units | 2,490 | 2,305 | 2,664 | ||||||
| Initial public offering costs (2) | — | 15,239 | — | ||||||
| Operating income, as adjusted | $ | 63,994 | $ | 68,934 | $ | 62,600 | |||
| Operating margin, U.S. GAAP | 41.4 | % | 33.1 | % | 41.4 | % | |||
| Operating margin, as adjusted | 43.3 | % | 44.7 | % | 43.4 | % | |||
| __________________________<br><br>(1)Represents amounts related to the deconsolidation of seed investments in consolidated investment vehicles.<br><br>(2)Represents costs associated with the initial public offering of RLTY. Costs are summarized in the following table: | |||||||||
| Three Months Ended | |||||||||
| (in thousands) | June 30,<br>2022 | March 31,<br>2022 | June 30,<br>2021 | ||||||
| Employee compensation and benefits | $ | — | $ | 357 | $ | — | |||
| Distribution and service fees | — | 14,224 | — | ||||||
| General and administrative | — | 658 | — | ||||||
| Initial public offering costs | $ | — | $ | 15,239 | $ | — | |||
| Reconciliation of U.S. GAAP to As Adjusted Financial Results<br><br>Non-operating Income (Loss) | |||||||||
| --- | --- | --- | --- | --- | --- | --- | |||
| Three Months Ended | |||||||||
| (in thousands) | June 30,<br>2022 | March 31,<br>2022 | June 30,<br>2021 | ||||||
| Non-operating income (loss), U.S. GAAP | $ | (25,002) | $ | 5,110 | $ | 8,536 | |||
| Seed investments (1) | 27,467 | (4,171) | (8,818) | ||||||
| Foreign currency exchange (gains) losses—net (2) | (3,542) | (1,212) | 162 | ||||||
| Non-operating income (loss), as adjusted | $ | (1,077) | $ | (273) | $ | (120) | |||
| _________________________<br><br>(1)Represents amounts related to the deconsolidation of seed investments in consolidated investment vehicles 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. |
20