LOS ANGELES--(BUSINESS WIRE)--
Ares Management, L.P. (NYSE:ARES) today reported its financial results
for its third quarter ended September 30, 2018.
"Our assets under management crossed over $125 billion as we have
experienced record fundraising with approximately $26 billion of gross
capital raised through the first nine months,” said Michael Arougheti,
Chief Executive Officer and President of Ares. “The benefits from our
AUM growth and expanded investment capabilities are being reflected in
record management fee income and fee related earnings for the third
quarter, both of which have experienced double digit growth compared to
the same period in 2017."
"We ended the third quarter with available capital representing 28% of
our assets under management. Our considerable dry powder and the
management fees tied to it have us well positioned to continue to pursue
unique investment opportunities and grow our management fee revenue in
the periods ahead,” said Michael McFerran, Chief Operating Officer and
Chief Financial Officer of Ares. “Our previously announced legal
conversion to a Delaware corporation is proceeding as planned and we
expect to complete this process on November 30, 2018. We believe that
this new structure will enable inclusion in certain equity indices and
continue to increase the visibility of our stock to a broader group of
global investors."
Common Dividend
Ares declared a quarterly dividend of $0.28 per common share, payable on
December 31, 2018 to common shareholders of record at the close of
business on December 17, 2018.
Preferred Dividend
Ares declared a quarterly dividend of $0.4375 per Series A Preferred
Share with a payment date of December 31, 2018 to preferred shareholders
of record as of the close of business on December 17, 2018.
Corporate and Tax Status
The Company’s conversion to a Delaware corporation has been approved by
its Board of Directors and is currently expected to be completed on
November 30, 2018. As part of the new structure, the Company plans to
provide voting rights to common shareholders through a multi-class
high-low voting structure. Since March 1, 2018, Ares Management, L.P.
has been treated as a corporation for federal and state income tax
purposes and ownership of our shares does not generate any unrelated
business taxable income (UBTI) or income effectively connected with a
U.S. trade or business (ECI). The planned legal conversion does not
impact this treatment. As of March 1, 2018, dividends are reported on
Form 1099 DIV and shareholders may be eligible for the favorable tax
rates applicable to qualified dividend income. The planned legal
conversion to a Delaware corporation does not impact this treatment.
Additional Information
Ares issued a full detailed presentation of its third 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 "Third Quarter 2018 Earnings
Presentation." We also filed our Third Quarter 2018 Earnings
Presentation on Form 8-K for the quarter ended September 30, 2018 with
the U.S. Securities and Exchange Commission on November 1, 2018 and will
file our Quarterly Report on Form 10-Q for the quarter ended
September 30, 2018 with the U.S. Securities and Exchange Commission on
November 5, 2018.
Conference Call and Webcast Information
Ares will host a conference call on November 1, 2018 at 12:00 p.m. ET to
discuss third 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 6010428 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 December 1,
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 10124524. An archived replay will
also be available through December 1, 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 $125 billion of assets under management
as of September 30, 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/20181101005363/en/
Ares Management, L.P.
Investor Relations
Carl
Drake
[email protected]
(800)
340-6597
or
Cameron Rudd
[email protected]
(800)
340-6597
Source: Ares Management, L.P.
