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Cohen & Steers Inc. (NYSE: CNS) is a premier global investment manager specializing in liquid real assets such as real estate securities, listed infrastructure, commodities, and natural resource equities. Founded in 1986, this New York City-headquartered firm also focuses on preferred securities and other income solutions. With additional offices in London, Hong Kong, Tokyo, and Seattle, Cohen & Steers operates a diversified, international portfolio.
The company's core business revolves around the management of equity shares of real estate investment trusts (REITs), both domestically and internationally. As of January 2024, real estate and related securities constitute nearly two-thirds of its total $79.3 billion in managed assets. The firm also offers dedicated portfolios for preferred securities, utilities stocks, and other high-yield investments.
Cohen & Steers maintains a balanced distribution of its managed assets across closed-end funds, open-end funds, and institutional accounts. In the past year, they have seen that 42% of their managed assets and 27% of base management fees come from institutional clients. Open-end funds account for 45% of managed assets and 52% of base management fees. Closed-end funds contribute 13% of managed assets and 21% of base management fees.
Recent Achievements and Current Projects
Recent quarterly earnings reports reflect positive growth and robust financial performance. The company consistently updates its stakeholders through earnings releases, conference calls, and detailed presentations available on their official website. Significant events include:
- Quarterly earnings reports with comprehensive financial analyses.
- Regular conference calls hosted by top executives including CEO Joseph Harvey, CFO Matthew Stadler, and CIO Jon Cheigh.
- Strategic initiatives such as 'at-the-market' equity offerings, recently adding over a million shares at an average price of $69.60, raising approximately $68.4 million for corporate purposes.
Partnerships and Market Position
The firm's collaborations with major financial institutions and investment platforms underscore its market leadership. For instance, Cohen & Steers recently ranked among the top companies in the S&P SmallCap 600 index, highlighting its growing influence and solid market reputation.
Investors can expect ongoing updates and opportunities through the firm’s comprehensive communication channels, including a wealth of resources and archival financial data available on their website.
Cohen & Steers (NYSE: CNS) and Acadia Realty Trust have formed a joint venture to acquire The Walk at Highwoods, a 141,000 square foot open-air shopping center in Tampa, Florida. The fully occupied center features national retailers including HomeGoods, Michael's, and Dunkin'. Located in a high-growth suburban area, the property benefits from Tampa's strong economic growth, favorable tax environment, and expanding technology and financial sectors. The local market shows impressive metrics with 6.4% retail rent growth over the last 12 months and a low 2.3% vacancy rate. Open-air shopping centers nationally are at 95.7% occupancy, their highest level in 16 years.
Cohen & Steers, Inc. (NYSE: CNS) has announced its financial results for the third quarter of 2024, ending September 30. The company has made the earnings release and accompanying presentation available on its website under the Investor Relations section. A conference call is scheduled for October 17, 2024, at 10:00 a.m. (ET) to discuss these results.
The call will be hosted by Joseph Harvey (CEO and president), Raja Dakkuri (CFO), and Jon Cheigh (CIO). Investors and analysts can join via webcast or telephone, with dial-in numbers provided for both U.S. and international participants. A replay of the call will be available for two weeks following the conference.
Cohen & Steers, Inc. (NYSE: CNS) has announced that it will release its third quarter 2024 results after the market closes on Wednesday, October 16, 2024. The company will host a conference call on Thursday, October 17, 2024 at 10:00 a.m. (ET) to review the operating results and outlook. The call will be accessible via webcast and telephone.
Key executives participating in the call include Joseph Harvey (CEO and president), Raja Dakkuri (CFO), and Jon Cheigh (CIO). Investors and analysts can join the live conference call by dialing 800-715-9871 (U.S.) or +1-646-307-1963 (international) with passcode: 8494569. A replay of the call will be available for two weeks starting October 17, 2024.
Cohen & Steers (NYSE: CNS) reported preliminary assets under management (AUM) of $91.8 billion as of September 30, 2024, marking a $3.7 billion increase from August 31, 2024. This growth was primarily driven by market appreciation of $2.6 billion and net inflows of $1.3 billion, partially offset by distributions of $286 million.
The AUM breakdown shows significant growth across all investment vehicles:
- Institutional Accounts: Increased from $35.4 billion to $36.9 billion
- Open-end Funds: Rose from $41.0 billion to $43.0 billion
- Closed-end Funds: Grew from $11.7 billion to $11.9 billion
The largest net inflows were observed in Open-end Funds at $983 million, followed by Institutional Accounts at $337 million.
Cohen & Steers Quality Income Realty Fund, Inc. (NYSE: RQI) has announced its distribution sources for September 30, 2024, and cumulative distributions for the fiscal year-to-date. The Fund follows a managed distribution policy to deliver long-term total return potential through regular monthly distributions. For September 2024, the distribution of $0.0800 per share comprises 79.88% from net investment income and 20.12% from net realized long-term capital gains.
Year-to-date distributions totaling $0.7200 per share include 33.07% from net investment income and 66.93% from net realized long-term capital gains. The Fund's year-to-date cumulative total return is 13.30%, with a cumulative distribution rate of 5.14%. The Fund's five-year average annual total return is 6.75%, with a current annualized distribution rate of 6.85%.
Cohen & Steers Closed-End Opportunity Fund, Inc. (NYSE: FOF) has announced its distribution for September 30, 2024, and provided information on the sources of this distribution. The Fund implemented a managed distribution policy in December 2021, aiming to deliver long-term total return potential through regular monthly distributions.
For September 2024, the distribution is $0.0870 per share, with 42.18% coming from net investment income and 57.82% from return of capital. Year-to-date, the Fund has distributed $0.7830 per share, with 36.04% from net investment income and 63.96% from return of capital.
The Fund's year-to-date cumulative total return as of August 31, 2024, is 18.23%, with a cumulative distribution rate of 6.50%. The five-year average annual total return ending August 31, 2024, is 7.49%, with a current annualized distribution rate of 8.67%.
Cohen & Steers Infrastructure Fund, Inc. (NYSE: UTF) has announced its distribution for September 30, 2024, and provided information on the sources of this distribution. The Fund follows a managed distribution policy, aiming to deliver long-term total returns through regular monthly distributions. The current distribution of $0.1550 per share is sourced from:
- Net Investment Income: 47.74%
- Net Realized Short-Term Capital Gains: 2.58%
- Net Realized Long-Term Capital Gains: 49.68%
The Fund's year-to-date cumulative total return is 16.33%, with a cumulative distribution rate of 5.53%. The Fund's five-year average annual total return is 6.53%, with a current annualized distribution rate of 7.37%.
Cohen & Steers REIT and Preferred and Income Fund, Inc. (NYSE: RNP) has announced its distribution for September 2024, payable on September 30, 2024. The Fund follows a managed distribution policy to deliver long-term total return potential through regular monthly distributions. Key points:
- The current distribution is $0.1360 per share, sourced entirely from Net Investment Income.
- Year-to-date distributions total $1.2240 per share, also sourced entirely from Net Investment Income.
- The Fund's Year-to-date Cumulative Total Return (Jan 1 - Aug 31, 2024) is 12.99%.
- The Cumulative Distribution Rate for the current fiscal period is 5.50%.
- The Fund's Average Annual Total Return for the five-year period ending August 31, 2024, is 6.39%.
- The Current Annualized Distribution Rate is 7.33%.
Shareholders are advised not to use this information for tax preparation and to await Form 1099-DIV for accurate tax reporting.
Cohen & Steers Total Return Realty Fund, Inc. (NYSE: RFI) has announced its distribution sources for September 30, 2024, and cumulative distributions for the fiscal year-to-date. The Fund follows a managed distribution policy to deliver long-term total return potential through regular monthly distributions. For September 2024, the distribution of $0.0800 per share comprises 61.88% from net investment income and 38.12% from net realized long-term capital gains.
The Fund's year-to-date cumulative total return from January 1 to August 31, 2024, is 10.16%, with a cumulative distribution rate of 5.77%. The five-year average annual total return ending August 31, 2024, is 5.61%, with a current annualized distribution rate of 7.70%. Shareholders are advised that the Fund may distribute more than its income and capital gains, resulting in a return of capital, which is not taxable but reduces the shareholder's tax basis in Fund shares.
Cohen & Steers (NYSE: CNS), a leading real assets investment manager, has joined the SUBSCRIBE alternative investment platform to expand access to its private real estate strategies for the private wealth channel. This partnership will streamline investment and operational processes for clients and increase availability of Cohen & Steers' alternative products, including the Cohen & Steers Income Opportunities REIT (CNSREIT), to financial advisors using SUBSCRIBE.
The collaboration aims to leverage what Cohen & Steers believes is a generational opportunity in the private commercial real estate market. SUBSCRIBE's technology will automate various operational tasks, such as investor onboarding, subscription documents, and transaction workflow management, supporting the full investment lifecycle. This partnership aligns with SUBSCRIBE's vision to digitally transform the alternative investments industry.
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