LOS ANGELES--(BUSINESS WIRE)--
Ares Management, L.P. (NYSE:ARES) today reported its financial results
for its second quarter ended June 30, 2016.
“Ares generated significantly stronger second quarter results compared
to the same period last year as our funds delivered good performance
across our strategies despite increased levels of market volatility,”
said Tony Ressler, Chairman and Chief Executive Officer of Ares. “Our
franchise continues to expand as global investors seek higher, less
correlated returns from alternative investments.”
“All three of our investment groups generated strong realizations during
the second quarter,” said Michael Arougheti, President of Ares. “We also
continue to build up a record level of available capital, which leaves
us well positioned to grow our future management fees and fee related
earnings over time as we invest and create long term value for our
investors.”
Common Distribution
Ares declared a quarterly distribution
of $0.28 per common unit, payable to common unitholders of record at the
close of business on August 23, 2016, payable on September 6, 2016.
Series A Preferred Distribution
In June 2016, Ares issued
12,400,000 units of 7.00% Series A Preferred Units at $25.00 per unit,
including 1,240,000 units issued pursuant to the over-allotment option.
Distributions on these preferred units are payable on March 31, June 30,
September 30 and December 31, beginning on September 30, 2016. Ares
declared a distribution of $0.544444 per Series A Preferred Unit and set
aside for payment on September 30, 2016 to holders of record as of the
close of business on September 15, 2016. The first distribution on the
Series A Preferred is calculated based on the date of the original
issuance.
Additional Information
Ares issued a full detailed
presentation of its second quarter 2016 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 Second Quarter 2016 Earnings
Presentation. We also filed our Second Quarter 2016 Earnings
Presentation on Form 8-K and our Quarterly Report on Form 10-Q for the
quarterly period ended June 30, 2016 with the U.S. Securities and
Exchange Commission on August 9, 2016.
Conference Call and Webcast Information
Ares will host a
conference call on August 9, 2016 at 12:00 p.m. ET to discuss second
quarter 2016 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 1247238 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 September 7,
2016 (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 10088374. An archived replay will
also be available through September 7, 2016 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 $95 billion of assets under management as of June 30, 2016
and more than 15 offices in the United States, Europe and Asia. 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: http://www.businesswire.com/news/home/20160809005574/en/
Ares Management, L.P.
Investor Relations:
Carl
Drake, 800-340-6597
[email protected]
or
Veronica
Mendiola
[email protected]
Source: Ares Management, L.P.
