NEW YORK, Feb. 8, 2024 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) today reported preliminary assets under management of $79.3 billion as of January 31, 2024, a decrease of $3.8 billion from assets under management at December 31, 2023. The decrease was due to market depreciation of $2.2 billion, net outflows of $1.5 billion, and distributions of $157 million.  Assets Under Management (unaudited) ($ in millions) AUM Net Market AUM By investment vehicle: 12/31/2023 Flows Depreciation D ...

Financial Data and Key Metrics - Earnings per share (EPS) for Q4 2023 were $0.67, down from $0.79 in the prior year's quarter and $0.70 sequentially [6] - Revenue for Q4 2023 was $119 million, compared to $125.5 million in the prior year's quarter and $123.6 million sequentially [6] - Operating income for Q4 2023 was $41.3 million, down from $50.9 million in the prior year's quarter and $43.9 million sequentially [7] - Operating margin decreased to 34.7% from 35.5% last quarter [7] - Compensation to revenue ratio for 2023 was 40.65%, 15 basis points higher than last quarter's guidance of 40.5% [8] - Effective tax rate for Q4 2023 was 25.88%, an increase of 15 basis points from last quarter's guidance of 25.25% [10] Business Line Performance - Core preferreds outperformed for three straight quarters, with seven out of nine core strategies outperforming in 2023 [15] - Low-duration preferred strategy outperformed by 130 basis points in Q4 2023, bringing full-year outperformance to 190 basis points [15] - Global listed infrastructure outperformed by 110 basis points in Q4 2023 and 100 basis points over the same period [15] - 94% of open-end fund AUM is rated four or five-star by Morningstar, up from 88% last quarter [15] - US-listed REITs returned nearly 18% in Q4 2023, outperforming US equities and significantly outperforming US private real estate, which fell 5% [38] Market Performance - Listed infrastructure surged by nearly 11% during Q4 2023, with all sub-sectors rising [17] - Tower companies posted the strongest gains, buoyed by falling interest rates, healthy earnings reports, and shareholder activism [17] - Midstream energy gains were more modest due to concerns about weakness in global energy commodity prices [17] - Global real estate led the way in real assets, with the ECB joining the Fed in pausing rate hikes in October for the first time in 15 months [39] Strategic Direction and Industry Competition - The company expects the compensation to revenue ratio in 2024 to decrease to 20.5% from 40.65% in 2023, driven by disciplined hiring and projected revenue increases [11] - The company believes listed real estate prices have bottomed and the asset class has entered a new return cycle, while private real estate is expected to bottom in mid to late 2024 [16][20] - The company is focusing on expanding its investment universes in global portfolios, including real estate, infrastructure, and preferred strategies [49] - The company is prioritizing research and education to help clients navigate the next phase of macroeconomic regime change [50] Management Commentary on Operating Environment and Future Outlook - The company expects G&A expenses to increase 5% to 7% in 2024, driven by office relocations, higher technology costs, and client-related travel and entertainment expenses [12][35] - The company anticipates a decrease in rental growth in 2024 compared to 2023 but expects rents to reaccelerate once the effects of tightening abate [73] - The company believes the peak in interest rates has paved the way for a sustainable bottom in listed real estate prices, with an average 12-month forward return of 18.1% for US REITs following the end of a Fed rate hiking cycle [42] Other Important Information - The company reported net outflows of $935 million in Q4 2023, bringing total 2023 net outflows to $2 billion [23] - Open-end funds drove the outflows, with $504 million out in Q4 2023 and $1.7 billion out for the year [23] - The company's AUM ended 2023 at $83.1 billion, up from $75.2 billion in the prior quarter and $80.4 billion at the beginning of the year [45] - The company's unfunded pipeline increased to $1.2 billion at year-end, up from $784 million at the end of Q3 2023 [79] Q&A Session Summary Question: Instincts on gross sales and redemptions in 2024 for US REITs and preferreds in the wealth channel [58] - The company observed tax loss selling at the end of 2023, with some investors already returning. The tone for 2024 is positive, but specific flow data will be reported in February [90] Question: Trajectory of fundamentals versus valuation in real estate, and the importance of rate cuts versus a plateau [63] - The company expects a slowing of fundamentals over the next 12 months, with improving fundamentals in 24 to 36 months. The market is expected to discount lower interest rates and a reacceleration of fundamentals [93][94] Question: Differentiation of CNS REIT in the crowded wealth market [107] - The company is focusing on unique property types and using listed markets as an alpha source rather than a liquidity source. The strategy includes asset allocation advice and a combination of listed and private capabilities [108][109] Question: Potential loosening of the closed-end fund window [110] - The company believes rates will remain higher than in the past decade, making it difficult for closed-end funds to generate positive spreads. No immediate plans for new closed-end funds are expected [100]

• December 31, 2023 AUM was $83.1 billion versus $75.2 billion at September 30, 2023 • Overall, 2.5% organic decay rate in FY 2023 versus 1.5% organic decay rate in FY 2022 • Net outflows in Japan subadvisory, subadvisory ex. Japan, advisory, open-end funds and closedend funds • Net income was $33.4 million in Q4 2023 versus $34.8 million in Q3 2023 • Net income was $140.5 million in FY 2023 versus $182.3 million in FY 2022 Financial results, as adjusted • Diluted EPS of $0.67 in Q4 2023 versus $0.70 in Q3 ...

NEW YORK, Jan. 24, 2024 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the fourth quarter and year ended December 31, 2023. The earnings release along with the accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for Fourth Quarter and Year Ended December 31, 2023 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, January 25 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 Securities registered pursuant to Section 12(b) of the Act: (I.R.S. Employer 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) ________________ OR ☐ TR ...

Cohen & Steers, Inc. (NYSE:CNS) Q3 2023 Earnings Call Transcript October 19, 2023 10:00 AM ET Company Participants Brian Heller - Senior Vice President and Corporate Counsel Matthew Stadler - Chief Financial Officer Jon Cheigh - Chief Investment Officer Joe Harvey - Chief Executive Officer Conference Call Participants John Dunn - Evercore ISI Operator Ladies and gentlemen, thank you for standing by. Welcome to the Cohen & Steers Third Quarter 2023 Earnings Conference Call. During the presentation, all parti ...

Legal disclosures This presentation and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect management's current views with respect to, among other things, the company's operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," ...

| --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-----------------|-------|---------------------| | Assets: | | June 30, 2023 | | December 31, 2022 | | Cash and cash equivalents | $ | 178,471 | $ | 247,418 | | (1) Investments ($139,197 and $134,929) | | 188,227 | | 172,955 | | Accounts receivable | | 63,217 | | 66,676 | | ...

COHEN & STEERS Cohen & Steers: Q2 2023 Earnings Presentation Summary of second quarter 2023 results Flows • June 30, 2023 AUM was $80.4 billion versus $79.9 billion at March 31, 2023 • Average AUM was $79.4 billion for Q2 2023 versus $83.2 billion for Q1 2023 • Net outflows of $512 million in Q2 2023 versus net outflows of $497 million in Q1 2023 • Net inflows in Japan subadvisory and subadvisory ex. Japan • Diluted EPS of $0.70 in Q2 2023 versus $0.76 in Q1 2023 Refer to pages 16-20 of this presentation fo ...

Cohen & Steers, Inc. (NYSE:CNS) Q2 2023 Earnings Conference Call July 20, 2023 10:00 AM ET Company Participants Brian Heller – Senior Vice President and Corporate Counsel Matt Stadler – Chief Financial Officer Jon Cheigh – Chief Investment Officer Joe Harvey – Chief Executive Officer Conference Call Participants John Dunn – Evercore ISI Operator Ladies and gentlemen, thank you for standing by. Welcome to the Cohen & Steers' Second Quarter 2023 Earnings Conference Call. During the presentation, all participa ...