CNS AR24 Digital - Book - Page 89
COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS4(Continued)
Other information related to operating leases is summarized below:
Years Ended December 31,
2024
Weighted-average remaining lease term (years) . . . . . . . . . . . . . . . . . . . . . . . . .
Weighted-average discount rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2023
14
6.0 %
2022
15
6.0 %
15
5.7 %
The following table summarizes the maturities of lease liabilities at December 31, 2024 (in thousands):
Operating
Leases
Year Ending December 31,
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total lease payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Present value of lease payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
14,012
14,624
14,607
14,419
14,880
138,472
211,014
(69,899)
141,115
18. Segment Information
The Company provides investment management and related services to registered investment companies and
institutional accounts. The Company uses a consolidated approach to assess performance and allocate resources and as such
operates in a single reportable segment. The Company9s Executive Committee is the chief operating decision maker (CODM)
and regularly receives financial information and management reports that are prepared on a consolidated basis. The CODM
uses net income as reported on the consolidated statement of operations and total assets as reported on the consolidated
statement of financial condition to assess operating performance and allocate resources. The CODM receives expense
information consistent with the financial information included on the Company9s Consolidated Statement of Operations.
The following affiliated funds provided 10% or more of the total revenue of the Company:
Years Ended December 31,
2023
(in thousands, except percentages)
2024
2022
Cohen & Steers Preferred Securities and Income Fund, Inc. (CPX):
$
Percent of total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
67,283
$
13.0 %
66,954
$
13.7 %
87,232
15.4 %
Cohen & Steers Real Estate Securities Fund, Inc. (CSI):
$
Percent of total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
61,360
$
11.9 %
57,322
$
11.7 %
63,286
11.2 %
Cohen & Steers Institutional Realty Shares (CSIR):
$
Percent of total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52,294
$
10.1 %
44,054
$
9.0 %
49,183
8.7 %
Cohen & Steers Realty Shares, Inc. (CSR):
$
Percent of total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51,412
$
9.9 %
44,222
$
9.0 %
59,547
10.5 %
19. Equity Offering
On April 22, 2024, the Company issued 1,007,057 shares of its common stock through a registered public offering. The
net proceeds to the Company, after deducting commissions and estimated offering expenses, were approximately
$68.5 million. The offering was completed on April 22, 2024 after the issuance of the shares.
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