Core Insights - Cohen & Steers and DLC have jointly acquired Springfield Commons, an open-air community shopping center in Springfield, Virginia [1][2] - Springfield Commons spans 119,085 square feet and is strategically located near a vibrant shopping destination, enhancing its appeal [2] - The shopping center is currently 78% occupied and is expected to reach 98% occupancy in the short term [2] Company Overview - Cohen & Steers is a global investment manager specializing in real assets and alternative income, with a focus on listed and private real estate [5] - DLC is a leading private retail real estate company with expertise in various aspects of real estate management, including acquisitions and development [6] Market Context - The retail submarket in Springfield has a 96.9% occupancy rate and has experienced a 3.3% year-over-year rent growth, outperforming national averages [3] - Open-air shopping centers are currently at their highest occupancy level in 16 years at 95.7% nationally, making them the most occupied commercial property type in the U.S. [4] - The open-air shopping center sector is viewed as attractive for investment, with compelling opportunities identified by Cohen & Steers [4]

Core Insights - Cohen & Steers and Acadia Realty Trust have formed a joint venture to acquire The Walk at Highwoods, a community shopping center in Tampa, Florida [1] - The Walk at Highwoods spans 141,000 square feet and is fully occupied by a mix of national and local retailers [2] - Tampa's economic growth, driven by a favorable tax environment and expanding technology and financial sectors, has made it an attractive market for retail investments [3] Company Overview - Cohen & Steers specializes in real assets and alternative income, including listed and private real estate, and has a global presence with offices in major cities [5] - Acadia Realty Trust focuses on long-term growth through a high-quality core real estate portfolio, particularly in dynamic retail corridors [6] Market Conditions - Open-air shopping centers in the U.S. have reached a national occupancy level of 95.7%, the highest in 16 years, indicating strong demand [4] - The retail submarket in Northeast Tampa has experienced a rent growth of 6.4% over the past year, with a low vacancy rate of 2.3% [3][4]

Core Insights - Corero Network Security has launched the Network Threat Detector (NTD) 3400, enhancing its DDoS protection capabilities with a 400G upgrade to the SmartWall ONE™ appliance [1][2] - The company has introduced a Trade-In Program that offers significant discounts for customers upgrading from older Corero appliances or competitor solutions, facilitating the transition to advanced DDoS protection technology [1][2] Product Features - The NTD 3400 provides four times the connectivity of previous models while consuming less than twice the power, allowing for more efficient network protection [2] - The new appliance simplifies infrastructure with reduced hardware complexity, flexible deployment options, and scalability to meet future bandwidth demands [2] - The NTD 3400 is designed to defend against evolving cyber threats, continuing Corero's 400G rollout that began with a software-based solution launched in February [2] Company Overview - Corero Network Security specializes in automatic detection and protection solutions against DDoS threats, offering network visibility, analytics, and reporting tools [3] - The company operates from Marlborough, Massachusetts, and Edinburgh, UK, and is listed on the London Stock Exchange's AIM market and the US OTCQB Market [3]

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Financial Data and Key Metrics - Earnings per share increased to $0.77 from $0.68 sequentially, with revenue rising to $133 million from $122 million, driven by higher average AUM [4] - Operating income improved to $47.6 million from $42.5 million, with the operating margin increasing to 35.7% [4] - Total expenses rose due to higher compensation and benefits, with the compensation ratio remaining at 40.5% [5] - Effective tax rate for the quarter was 25.1%, and liquidity at the end of Q3 totaled $348 million, up from Q2 [5] - AUM increased by over $11 billion to $91.8 billion, primarily due to market appreciation and net inflows [5] Business Line Performance - 39% of AUM outperformed benchmarks in Q3, with 96% of AUM outperforming benchmarks over a one-year period [7][8] - Global listed infrastructure performance was up 520 basis points versus its benchmark over the last 12 months [8] - 95% of open-end fund AUM is rated 4 or 5-star by Morningstar, up from 94% last quarter [9] - US REITs rose by nearly 17% in the quarter, while global listed infrastructure rose by more than 13% [9] - Preferred securities outperformed high-yield bonds but trailed investment-grade bonds and 10-year treasuries [12] Market Performance - Sentiment shifted in favor of listed real assets, with real estate and global infrastructure outperforming the broader equity market [9] - Private real estate, as measured by the NCREIF ODCE Index, had a total return of 0.25%, marking the first positive quarter in two years [10] - Listed infrastructure outperformed equities, supported by the start of a new rate-cutting cycle [11] - Preferred securities had a solid gain amid declining bond yields, remaining the top-performing fixed-income category year-to-date [12] Company Strategy and Industry Competition - The company is optimistic about infrastructure as an asset class, with significant investment opportunities in listed and private infrastructure [13][14] - Listed infrastructure is expected to deliver more compelling returns versus private infrastructure, with greater access to core digital infrastructure and utilities [15] - The company is focusing on growing its global listed infrastructure strategy, which has $9.5 billion in AUM [26] - The company is adapting to industry trends, such as the migration of investment advisers to independent RIA firms and the adoption of private strategies in the wealth channel [24][25] Management Commentary on Operating Environment and Future Outlook - The company believes it is in the late stages of restoring fixed-income allocations and expects more listed allocations to benefit its business [19] - The company is excited about the investment environment for its strategies and growth initiatives, with tailwinds brewing after 2.5 years of headwinds [18][29] - The company expects its effective tax rate for Q4 to be in line with the year-to-date rate of 25.3% [6] Other Important Information - The company reported firm-wide net inflows of $1.3 billion in Q3, the first quarter of net inflows since Q1 2022 [20] - US REIT strategies led the way with $1.3 billion in net inflows, while open-end funds accounted for $1.2 billion of those inflows [20] - The company has a pipeline of $651 million, with 53% in US real estate, 22% in global listed infrastructure, and 19% in private real estate [22] Q&A Session Summary Question: How does the company expect fee rates and incremental margins to be for new business? - Inflows are going into higher-fee open-end funds, and the company is pleased with the flow [29] - The company has a long track record of stable fees and expects this to persist [30] Question: How is the company approaching the development of active ETFs and private real estate? - The company is leading with core strategies in real estate and preferreds for active ETFs and is excited about its non-traded REIT [31][32] Question: Can the company provide more color on the nature of last quarter's inflows and the level of engagement quarter-to-date? - The company had one large allocator driving inflows, and business activity has ticked up across the board [35][36] Question: What are the primary drivers of margin expansion next year, and how flexible is the expense base? - Appreciation in asset classes and raising AUM in private real estate will help margins [40] Question: Will the company's capital return framework or priorities shift as the macro backdrop becomes more conducive to flows and earnings growth? - The company maintains a strong balance sheet and is focused on predictable and growing dividends, with potential for special dividends [44][45]

COHEN & STEERS Cohen & Steers: Q3 2024 Earnings Presentation Summary of third quarter 2024 results Assets under management Flows Financial results, as adjusted • September 30, 2024 AUM was $91.8 billion versus $80.7 billion at June 30, 2024 • Average AUM was $86.2 billion for Q3 2024 versus $79.6 billion for Q2 2024 • Market appreciation of $10.4 billion for Q3 2024 versus market appreciation of $492 million for Q2 2024 • Net inflows of $1.3 billion in Q3 2024 versus net outflows of $345 million in Q2 2024 ...

[Third Quarter 2024 Financial Highlights](index=1&type=section&id=Third%20Quarter%202024%20Financial%20Highlights) Cohen & Steers reported strong Q3 2024 financial results with increased revenue, operating income, and diluted EPS, alongside significant growth in assets under management [Overview](index=1&type=section&id=Overview) Cohen & Steers reported strong results for the third quarter of 2024, with diluted earnings per share of $0.77 on both a GAAP and as adjusted basis. The company achieved an operating margin of 33.7% (35.7% as adjusted), ending the quarter with $91.8 billion in assets under management (AUM) after experiencing significant net inflows of $1.3 billion - Diluted EPS for Q3 2024 was **$0.77** (both GAAP and as adjusted)[1](index=1&type=chunk) - Operating Margin for Q3 2024 was **33.7%** (GAAP) and **35.7%** (as adjusted)[1](index=1&type=chunk) - Ending AUM reached **$91.8 billion**[1](index=1&type=chunk) - Net Inflows totaled **$1.3 billion**[1](index=1&type=chunk) [Financial Performance (GAAP & As Adjusted)](index=1&type=section&id=Financial%20Performance%20%28GAAP%20%26%20As%20Adjusted%29) On a sequential basis, the company demonstrated robust growth in Q3 2024. Revenue increased by 9.4% to $133.2 million, while operating income grew 16.9% to $44.9 million. This led to a 24.9% increase in net income attributable to common stockholders and a 23.3% rise in diluted EPS compared to Q2 2024 Q3 2024 vs Q2 2024 Financial Highlights (U.S. GAAP) | Metric | Q3 2024 (in thousands) | Q2 2024 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Revenue | $133,203k | $121,721k | 9.4% | | Operating Income | $44,873k | $38,402k | 16.9% | | Net Income | $39,668k | $31,771k | 24.9% | | Diluted EPS | $0.77 | $0.63 | 23.3% | | Operating Margin | 33.7% | 31.5% | +220 bps | Q3 2024 vs Q2 2024 Financial Highlights (As Adjusted) | Metric | Q3 2024 (in thousands) | Q2 2024 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Net Income | $39,706k | $34,532k | 15.0% | | Diluted EPS | $0.77 | $0.68 | 13.5% | | Operating Margin | 35.7% | 34.9% | +80 bps | [Detailed Financial Analysis](index=2&type=section&id=Detailed%20Financial%20Analysis) A detailed analysis of Q3 2024 financial performance reveals growth in revenue and expenses, improved operating margin, and a significant positive shift in non-operating income [Revenue Analysis](index=2&type=section&id=Revenue%20Analysis) Total revenue for Q3 2024 increased by 9.4% sequentially to $133.2 million. This growth was primarily driven by a 9.4% rise in investment advisory and administration fees, attributed to higher average assets under management across all investment vehicles and one additional day in the quarter Revenue Breakdown (Q3 2024 vs Q2 2024) | Revenue Source | Q3 2024 (in thousands) | Q2 2024 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Open-end funds | $66,761k | $60,301k | 10.7% | | Institutional accounts | $32,956k | $30,179k | 9.2% | | Closed-end funds | $25,680k | $24,097k | 6.6% | | **Total Inv. Advisory Fees** | **$125,397k** | **$114,577k** | **9.4%** | | Distribution and service fees | $7,244k | $6,631k | 9.2% | | **Total Revenue** | **$133,203k** | **$121,721k** | **9.4%** | - The increase in investment advisory, administration, distribution, and service fees was primarily due to higher average assets under management[3](index=3&type=chunk)[4](index=4&type=chunk) [Expense Analysis](index=2&type=section&id=Expense%20Analysis) Total expenses rose 6.0% quarter-over-quarter to $88.3 million. The increase was mainly due to a 6.2% rise in employee compensation and benefits from higher incentive compensation, and an 11.1% increase in distribution and service fees linked to higher average AUM in U.S. open-end funds Expense Breakdown (Q3 2024 vs Q2 2024) | Expense Category | Q3 2024 (in thousands) | Q2 2024 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Employee compensation and benefits | $56,376k | $53,097k | 6.2% | | Distribution and service fees | $14,739k | $13,270k | 11.1% | | General and administrative | $14,874k | $14,684k | 1.3% | | **Total Expenses** | **$88,330k** | **$83,319k** | **6.0%** | - The rise in employee compensation was primarily due to higher incentive compensation[5](index=5&type=chunk) - The previous quarter included **$1.2 million** in expenses for employee separations[5](index=5&type=chunk) [Operating Margin](index=2&type=section&id=Operating%20Margin) The company's operating margin improved to 33.7% in the third quarter of 2024, up from 31.5% in the second quarter, indicating that revenue growth outpaced the increase in operating expenses - Operating margin increased by **220 basis points** from **31.5%** in Q2 2024 to **33.7%** in Q3 2024[7](index=7&type=chunk) [Non-operating Income (Loss)](index=3&type=section&id=Non-operating%20Income%20%28Loss%29) The company reported total non-operating income attributable to the company of $7.1 million in Q3 2024. This is a significant positive shift from the $4.3 million loss in Q2 2024, primarily driven by a substantial net gain from investments of $19.0 million, compared to a $2.0 million loss in the prior quarter Non-operating Income (Loss) Attributable to the Company (in thousands) | Category | Q3 2024 | Q2 2024 | | :--- | :--- | :--- | | Interest and dividend income | $5,420 | $5,057 | | Gain (loss) from investments—net | $18,975 | $(2,018) | | Foreign currency gain (loss)—net | $(1,692) | $(483) | | Net (income) loss attributable to noncontrolling interests | $(15,615) | $1,694 | | **Total Non-operating income (loss)** | **$7,088** | **$4,250** | [Income Taxes](index=3&type=section&id=Income%20Taxes) The effective income tax rate for the third quarter of 2024 was 23.7%, a decrease from 25.5% in the second quarter of 2024. The change was influenced by factors including a valuation allowance and state and local income taxes Effective Income Tax Rate Reconciliation | Component | Q3 2024 | Q2 2024 | | :--- | :--- | :--- | | U.S. statutory tax rate | 21.0% | 21.0% | | State and local income taxes, net | 2.5% | 2.9% | | Valuation allowance | (1.4%) | (0.2%) | | Non-deductible executive compensation | 1.2% | 1.4% | | Other | 0.4% | 0.4% | | **Effective income tax rate** | **23.7%** | **25.5%** | [Assets Under Management (AUM)](index=4&type=section&id=Assets%20Under%20Management%20%28AUM%29) Total assets under management significantly increased in Q3 2024, driven by strong market appreciation and net inflows across all investment vehicles and strategies [AUM Overview](index=4&type=section&id=AUM%20Overview) Total assets under management reached $91.8 billion at the end of Q3 2024, a significant 13.7% increase from $80.7 billion at the end of Q2 2024. This growth was propelled by strong market appreciation of $10.4 billion and net inflows of $1.3 billion, which were partially offset by distributions - The **$11.1 billion** increase in AUM during Q3 2024 was composed of **Net Inflows of +$1.3 billion**, **Market Appreciation of +$10.4 billion**, and **Distributions of -$0.6 billion**[10](index=10&type=chunk) [AUM by Investment Vehicle](index=4&type=section&id=AUM%20by%20Investment%20Vehicle) All investment vehicles experienced AUM growth in Q3 2024. Open-end funds and institutional accounts led the way with increases of 14.8% and 14.5%, respectively. Open-end funds saw a notable turnaround with net inflows of $1.2 billion, a reversal from outflows in the previous quarter AUM by Investment Vehicle (in millions) | Vehicle | Sep 30, 2024 | Jun 30, 2024 | % Change | | :--- | :--- | :--- | :--- | | Open-end funds | $42,979 | $37,451 | 14.8% | | Institutional accounts | $36,892 | $32,222 | 14.5% | | Closed-end funds | $11,909 | $11,036 | 7.9% | | **Total** | **$91,780** | **$80,709** | **13.7%** | - **Institutional Accounts:** Growth was driven by **$1.1 billion** in net inflows into U.S. real estate and significant market appreciation[11](index=11&type=chunk) - **Open-end Funds:** Growth was driven by market appreciation in U.S. real estate (**$984 million**) and global/international real estate (**$934 million**)[11](index=11&type=chunk) [AUM by Investment Strategy](index=4&type=section&id=AUM%20by%20Investment%20Strategy) Growth in AUM was broad-based across strategies, with U.S. real estate showing the strongest performance, increasing 18.0% to $45.7 billion. Global/international real estate and global listed infrastructure also posted double-digit growth of 14.7% and 12.9%, respectively AUM by Investment Strategy (in millions) | Strategy | Sep 30, 2024 | Jun 30, 2024 | % Change | | :--- | :--- | :--- | :--- | | U.S. real estate | $45,685 | $38,717 | 18.0% | | Preferred securities | $18,929 | $18,094 | 4.6% | | Global/international real estate | $14,986 | $13,064 | 14.7% | | Global listed infrastructure | $9,535 | $8,446 | 12.9% | | Other | $2,645 | $2,388 | 10.8% | | **Total** | **$91,780** | **$80,709** | **13.7%** | [Investment Performance](index=5&type=section&id=Investment%20Performance) The company's investment strategies consistently outperformed benchmarks across all time horizons, with a high percentage of AUM in top-rated funds % of Total AUM in Outperforming Strategies | Period | Sep 30, 2024 | | :--- | :--- | | 1-Year | 98% | | 3-Year | 95% | | 5-Year | 97% | | 10-Year | 99% | - As of September 30, 2024, **97%** of U.S. open-end fund AUM was rated 4 or 5 stars by Morningstar[12](index=12&type=chunk)[14](index=14&type=chunk) [Balance Sheet and Other Information](index=5&type=section&id=Balance%20Sheet%20and%20Other%20Information) The company's balance sheet strengthened in Q3 2024, with increased liquidity and stockholders' equity, alongside corporate information regarding earnings calls and company profile [Balance Sheet Summary](index=5&type=section&id=Balance%20Sheet%20Summary) The company's financial position strengthened during the quarter. As of September 30, 2024, cash, cash equivalents, U.S. Treasurys, and liquid seed investments increased to $348.4 million from $325.1 million at the end of Q2. Stockholders' equity also grew to $491.0 million from $463.2 million Key Balance Sheet Items | Item | Sep 30, 2024 | Jun 30, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents, U.S. Treasurys and liquid seed investments | $348.4 million | $325.1 million | | Stockholders' equity | $491.0 million | $463.2 million | [Corporate Information](index=6&type=section&id=Corporate%20Information) This section provides logistical details for the Q3 2024 earnings conference call scheduled for October 17, 2024. It also includes a corporate profile describing Cohen & Steers as a global investment manager specializing in real assets and alternative income, along with standard forward-looking statement disclaimers - An earnings conference call is scheduled for October 17, 2024, at 10:00 a.m. (ET)[16](index=16&type=chunk) - Cohen & Steers is a global investment manager founded in 1986, specializing in real assets and alternative income[17](index=17&type=chunk) [Appendix: Financial Tables and Reconciliations](index=7&type=section&id=Appendix%3A%20Financial%20Tables%20and%20Reconciliations) The appendix provides comprehensive financial tables and reconciliations, detailing consolidated statements of income, AUM roll-forwards, and adjustments from GAAP to as-adjusted results [Consolidated Statements of Income](index=7&type=section&id=Consolidated%20Statements%20of%20Income) The appendix provides detailed consolidated statements of income for both the three-month and nine-month periods ending September 30, 2024, with comparisons to the corresponding periods in 2023. For the nine-month period, total revenue grew 1.9% year-over-year, while net income attributable to common stockholders increased by 6.3% Three Months Ended September 30 (in thousands) | Metric | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | Total revenue | $133,203 | $123,737 | 7.7% | | Operating income | $44,873 | $40,871 | 9.8% | | Net income attributable to common stockholders | $39,668 | $32,140 | 23.4% | | Diluted EPS | $0.77 | $0.65 | 19.1% | Nine Months Ended September 30 (in thousands) | Metric | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | Total revenue | $377,634 | $370,449 | 1.9% | | Operating income | $123,540 | $126,611 | (2.4%) | | Net income attributable to common stockholders | $105,443 | $99,232 | 6.3% | | Diluted EPS | $2.08 | $2.00 | 3.8% | [AUM Roll-Forward](index=9&type=section&id=AUM%20Roll-Forward) This section contains comprehensive AUM roll-forward tables for quarterly and nine-month periods. It details the changes in AUM due to inflows, outflows, market appreciation/depreciation, and distributions, broken down by investment vehicle (Open-end, Institutional, Closed-end), institutional account type (Advisory, Subadvisory), and investment strategy (U.S. Real Estate, Preferreds, etc.) Total AUM Roll-Forward - Three Months Ended Sep 30, 2024 (in millions) | Component | Amount | | :--- | :--- | | Beginning AUM (Jun 30, 2024) | $80,709 | | Net Inflows | $1,284 | | Market Appreciation | $10,378 | | Distributions | $(591) | | **Ending AUM (Sep 30, 2024)** | **$91,780** | Total AUM Roll-Forward - Nine Months Ended Sep 30, 2024 (in millions) | Component | Amount | | :--- | :--- | | Beginning AUM (Dec 31, 2023) | $83,136 | | Net Outflows | $(1,031) | | Market Appreciation | $11,549 | | Distributions | $(1,874) | | **Ending AUM (Sep 30, 2024)** | **$91,780** | [Reconciliations of U.S. GAAP to As Adjusted Financial Results](index=17&type=section&id=Reconciliations%20of%20U.S.%20GAAP%20to%20As%20Adjusted%20Financial%20Results) This section provides detailed reconciliations of U.S. GAAP financial results to the 'As Adjusted' non-GAAP measures used by management. Adjustments are made for items such as the impact of consolidated investment vehicles, accelerated vesting of restricted stock units, non-recurring expenses, and foreign currency exchange effects to offer greater transparency into operating performance Reconciliation of Net Income - Q3 2024 (in thousands) | Description | Amount | | :--- | :--- | | **Net income, U.S. GAAP** | **$39,668** | | Seed investments—net | $(3,458) | | Accelerated vesting of restricted stock units | $2,336 | | Foreign currency exchange gains—net | $2,191 | | Tax adjustments—net | $(1,031) | | **Net income, as adjusted** | **$39,706** | Reconciliation of Operating Income - Q3 2024 (in thousands) | Description | Amount | | :--- | :--- | | **Operating income, U.S. GAAP** | **$44,873** | | Consolidated investment vehicles | $414 | | Accelerated vesting of restricted stock units | $2,336 | | **Operating income, as adjusted** | **$47,623** |

NEW YORK, Oct. 16, 2024 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended September 30, 2024. The earnings release along with the accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for Third Quarter 2024 and on the company's website at www.cohenandsteers.com under "Company—Investor Relations—Earnings Archive." Conference Call The company will host a conference call tomorrow, Thursday, October 17, 2024, at 10:00 a.m. (ET) to disc ...

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NEW YORK, Oct. 9, 2024 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) announced that it expects to release third quarter 2024 results after the market closes on Wednesday, October 16, 2024. The earnings release and accompanying earnings presentation will be available on the company's website at www.cohenandsteers.com under "Company—Investor Relations—Earnings Archive." The company will host a conference call on Thursday, October 17, 2024 at 10:00 a.m. (ET) with access available via webcast and telephone. ...