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Head of Investor Relations & FP&A

     

New York, NY, July 17, 2024—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended June 30, 2024. The earnings release along with the accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for Second Quarter 2024 and on the company’s website at www.cohenandsteers.com under "Company—Investor Relations—Earnings Archive."

The company will host a conference call tomorrow, Thursday, July 18, 2024, 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, Raja Dakkuri, chief investment officer, Jon Cheigh, and executive vice president, Matthew Stadler.

Investors and analysts can access the live conference call by dialing 888-300-4150 (U.S.) or +1- 646-970-1530 (international); passcode: 4855092. 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 approximately two hours after the conference call concludes on July 18, 2024 and can be accessed at 800-770-2030 (U.S.) or +1-609-800-9909 (international); passcode: 4855092. 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" under “Financials." The webcast will be archived on the website for one month.

                                

Head of Investor Relations and FP&A

•Diluted earnings per share of $0.63; $0.68, as adjusted

•Operating margin of 31.5%; 34.9%, as adjusted

•Ending assets under management (AUM) of $80.7 billion; average AUM of $79.6 billion

•Net outflows of $345 million

NEW YORK, NY, July 17, 2024—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended June 30, 2024.

•The decrease in total investment advisory and administration fees from the first quarter of 2024 was primarily due to lower average assets under management.

•Employee compensation and benefits increased from the first quarter of 2024, primarily due to incremental expenses of $1.2 million associated with the separation of certain employees.

Operating margin was 31.5% for the second quarter of 2024, compared with 32.8% for the first quarter of 2024. Operating margin represents the ratio of operating income to revenue.

A reconciliation of the company’s statutory federal income tax rate and the effective income tax rate is summarized in the following table:

Assets under management at June 30, 2024 were $80.7 billion, a decrease of 0.6% from $81.2 billion at March 31, 2024. The decrease was due to net outflows of $345 million and distributions of $673 million, partially offset by market appreciation of $492 million.

Assets under management in open-end funds at June 30, 2024 were $37.5 billion, a decrease of 0.6% from $37.7 billion at March 31, 2024. The decrease was primarily due to the following:

•Net outflows of $376 million from preferred securities, partially offset by net inflows of $243 million into U.S. real estate;

•Market appreciation of $178 million from U.S. real estate; and

•Distributions of $159 million from U.S. real estate and $130 million from preferred securities. Of these distributions, $249 million was reinvested and included in net flows.

Assets under management in institutional accounts at June 30, 2024 were $32.2 billion, a decrease of 0.6% from $32.4 billion at March 31, 2024. The decrease was primarily due to the following:

•Advisory:    

◦Net inflows of $96 million into global/international real estate; and

◦Market appreciation of $119 million from U.S. real estate.

•Japan subadvisory:

◦Net outflows of $152 million from U.S. real estate;

◦Market appreciation of $125 million from U.S. real estate; and

◦Distributions of $156 million from U.S. real estate.

•Subadvisory excluding Japan:

◦Net outflows of $218 million from global/international real estate, partially offset by net inflows of $68 million into U.S. real estate.

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(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)    © 2024 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, 2024. 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.

As of June 30, 2024, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $325.1 million, compared with $233.1 million as of March 31, 2024. As of June 30, 2024, stockholders' equity was $463.2 million, compared with $378.9 million as of March 31, 2024. On April 22, 2024, the company issued 1,007,057 shares of its common stock through an “at-the-market” equity offering program. The net proceeds to the company, after deducting commissions and offering expenses, were approximately $68.5 million.

Cohen & Steers will host a conference call tomorrow, July 18, 2024 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 888-300-4150 (U.S.) or +1-646-970-1530 (international); passcode: 4855092. 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—Earnings Archive.”

A replay of the call will be available for two weeks starting approximately two hours after the conference call concludes on July 18, 2024 and can be accessed at 800-770-2030 (U.S.) or +1-609-800-9909 (international); passcode: 4855092. 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" under "Financials.” The webcast will be archived on the website for one month.

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, 2023 (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.

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