LOS ANGELES--(BUSINESS WIRE)--
Ares Management, L.P. (NYSE:ARES) today reported its financial results
for its first quarter ended March 31, 2018.
“During the first quarter, Ares continued its strong momentum with 29%
year over year fee related earnings growth, one of our highest quarters
of new fund commitments totaling $6.9 billion and continued solid fund
performance,” said Michael Arougheti, Chief Executive Officer and
President of Ares. “We continue to make investments in adjacent fund
strategies in order to capitalize on the opportunities for market
expansion as investors increasingly prefer alternative investment
strategies.”
“Our management fees, fee related earnings, realized income and economic
net income have all increased at double digit rates over the last twelve
months,” said Michael McFerran, Chief Operating Officer and Chief
Financial Officer of Ares. “We believe we are very well positioned for
future growth given our expanding fund investor relationships,
significant dry powder and the breadth, flexibility and diversity of our
global investing platform.”
Common Dividend
Ares declared a quarterly dividend of $0.28 per common share, payable on
June 29, 2018 to common shareholders of record at the close of business
on June 15, 2018.
Preferred Dividend
Ares declared a quarterly dividend of $0.4375 per Series A Preferred
Share with a payment date of June 30, 2018 to preferred shareholders of
record as of the close of business on June 15, 2018.
Tax Information
Effective March 1, 2018, Ares Management, L.P. elected to be treated as
a corporation (rather than a partnership) for U.S. federal and state tax
purposes. Accordingly, investors will receive a final Schedule K-1 for
the period from January 1, 2018 through February 28, 2018. Investors
receiving dividends after March 1, 2018 will receive Form 1099-DIV
reporting. In addition, common units and preferred units issued by Ares
Management, L.P. are now referred to as common shares and preferred
shares, respectively. Ares Management, L.P. continues to be a limited
partnership under Delaware state law. With its new corporate tax
status, Ares Management, L.P. will not generate any unrelated business
taxable income (UBTI) or income effectively connected with a U.S. trade
or business (ECI).
Additional Information
Ares issued a full detailed presentation of its first quarter 2018
results, which can be viewed at www.aresmgmt.com
on the Investor Resources section of our home page under Events and
Presentations. The presentation is titled "First Quarter 2018 Earnings
Presentation." We also filed our First Quarter 2018 Earnings
Presentation on Form 8-K for the quarter ended March 31, 2018 with the
U.S. Securities and Exchange Commission on May 3, 2018 and will file our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 with
the U.S. Securities and Exchange Commission on May 7, 2018.
Conference Call and Webcast Information
Ares will host a conference call on May 3, 2018 at 12:00 p.m. ET to
discuss first quarter results. All interested parties are invited to
participate via telephone or the live webcast, which will be hosted on a
webcast link located on the home page of the Investor Resources section
of our website at http://www.aresmgmt.com.
Please visit the website to test your connection before the webcast.
Domestic callers can access the conference call by dialing (888)
317-6003. International callers can access the conference call by
dialing +1 (412) 317-6061. All callers will need to enter the
Participant Elite Entry Number 7138249 followed by the # sign and
reference “Ares Management, L.P.” once connected with the operator. All
callers are asked to dial in 10-15 minutes prior to the call so that
name and company information can be collected. For interested parties,
an archived replay of the call will be available through June 3, 2018
(Eastern Time) to domestic callers by dialing (877) 344-7529 and to
international callers by dialing +1 (412) 317-0088. For all replays,
please reference conference number 10119043. An archived replay will
also be available through June 3, 2018 on a webcast link located on the
Home page of the Investor Resources section of our website.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative
asset manager with approximately $112.5 billion of assets under
management as of March 31, 2018 and 18 offices in the United States,
Europe, Asia and Australia. Since its inception in 1997, Ares has
adhered to a disciplined investment philosophy that focuses on
delivering strong risk-adjusted investment returns throughout market
cycles. Ares believes each of its three distinct but complementary
investment groups in Credit, Private Equity and Real Estate is a market
leader based on assets under management and investment performance. Ares
was built upon the fundamental principle that each group benefits from
being part of the greater whole. For more information, visit www.aresmgmt.com.
Forward-Looking Statements
Statements included herein may constitute “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of
1995, which relate to future events or our future performance or
financial condition. These statements are not guarantees of future
performance, condition or results and involve a number of risks and
uncertainties. Actual results may differ materially from those in the
forward-looking statements as a result of a number of factors, including
those described from time to time in our filings with the Securities and
Exchange Commission. Ares Management, L.P. undertakes no duty to update
any forward-looking statements made herein or on the webcast/conference
call.
Nothing in this press release constitutes an offer to sell or
solicitation of an offer to buy any securities of Ares or an investment
fund managed by Ares or its affiliates.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180503005488/en/
Ares Management, L.P.
Investor Relations
Carl
Drake, 800-340-6597
[email protected]
or
Veronica
Mendiola, 212-808-1150
[email protected]
or
Cameron
Rudd, 800-340-6597
[email protected]
Source: Ares Management, L.P.
