0001284812-11-000202.txt : 20111019 0001284812-11-000202.hdr.sgml : 20111019 20111019172311 ACCESSION NUMBER: 0001284812-11-000202 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20111019 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20111019 DATE AS OF CHANGE: 20111019 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COHEN & STEERS INC CENTRAL INDEX KEY: 0001284812 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 141904657 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32236 FILM NUMBER: 111148656 BUSINESS ADDRESS: STREET 1: 280 PARK AVENUE 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 212 832 3232 MAIL ADDRESS: STREET 1: 280 PARK AVENUE STREET 2: 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 8-K 1 cns-8kx93011.htm CNS-8K-9.30.11






UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________________
FORM 8-K
_____________________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): October 19, 2011
_____________________
Cohen & Steers, Inc.
(Exact Name of Registrant as Specified in its Charter)
_____________________
Delaware
001-32236
14-1904657
(State or other Jurisdiction
of Incorporation)
(Commission File Number)
(I.R.S. Employer
Identification No.)

280 Park Avenue, New York, New York
10017
(Address of Principal Executive Offices)
(Zip Code)

Registrant's telephone number, including area code:  (212) 832-3232

_________________________________________
(Former name or former address, if changed from last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))







Item 2.02. Results of Operations and Financial Condition
On October 19, 2011, Cohen & Steers, Inc. (the “Company”) issued a press release regarding the Company's earnings and business for the quarter ended September 30, 2011. A copy of the press release issued by the Company is attached as Exhibit 99.1. All information in the press release is furnished, but not filed.

In the attached press release, the Company discloses earnings per share attributable to common shareholders for the three and nine months ended September 30, 2010, each adjusted to exclude gains on the sale of previously impaired securities.

The Company's management believes that because the aforementioned gains relate to non-core elements of its business, the disclosed non-GAAP earnings per share information enhances understanding of the Company's operating performance.

A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are included in the press release. While the Company's management believes that this non-GAAP financial information is useful in evaluating the Company's operations, this information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with GAAP.



Item 9.01. Financial Statements and Exhibits
(d) Exhibits. The exhibit listed on the Exhibit Index accompanying this Form 8-K is furnished herewith.







SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
Cohen & Steers, Inc.
(Registrant)


Date: October 19, 2011
  By:
/s/ Matthew S. Stadler
 
 
Name: Matthew S. Stadler
Title: Executive Vice President and Chief Financial Officer








EXHIBIT INDEX

99.1

Press release dated October 19, 2011 issued by the Company with respect to the Company's earnings and business for the quarter ended September 30, 2011.



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Cohen & Steers, Inc.
280 Park Avenue
New York, NY 10017-1216
Tel (212) 832-3232
        
Contact:
Matthew S. Stadler
Executive Vice President
Chief Financial Officer
Cohen & Steers, Inc.
Tel (212) 446-9168




COHEN & STEERS REPORTS THIRD QUARTER
2011 RESULTS


NEW YORK, NY, October 19, 2011—Cohen & Steers, Inc. (NYSE: CNS) reported income attributable to common shareholders of $9.6 million, or $0.22 per share (diluted and basic), for the quarter ended September 30, 2011, compared with income attributable to common shareholders of $13.2 million, or $0.30 per diluted share and $0.31 per basic share, for the quarter ended September 30, 2010. Total revenue for the third quarter of 2011 was $61.6 million, an increase of 32.9% from $46.4 million for the third quarter of 2010.
The third quarter 2010 results included an after-tax gain of approximately $0.06 per share primarily due to recoveries on the sale of securities. After adjusting for these items, earnings per share would have been $0.25 for the quarter ended September 30, 2010.
For the nine months ended September 30, 2011, the company recorded income attributable to common shareholders of $38.3 million, or $0.87 per diluted share and $0.89 per basic share, compared with income attributable to common shareholders of $33.6 million, or $0.78 per diluted share and $0.79 per basic share, for the nine months ended September 30, 2010. The 2010 results included after-tax gains of approximately $0.14 per share primarily due to recoveries on the sale of securities. After adjusting for these items, earnings per share would have been $0.64 for the nine months ended September 30, 2010.
Assets Under Management
Assets under management were $38.6 billion as of September 30, 2011, a decrease of 12.9% from $44.3 billion at June 30, 2011 and an increase of 23.6% from $31.2 billion at September 30, 2010. The decrease from June 30, 2011 was due to market depreciation of $7.2 billion, partially offset by net inflows of $1.5 billion, primarily into U.S. real estate strategies. The increase from September 30, 2010 was due to net inflows of $9.9 billion, primarily into U.S. real estate strategies, partially offset by market depreciation of $2.5 billion. Average assets under management

1



were $42.9 billion for the quarter ended September 30, 2011, an increase of 4.7% from $40.9 billion for the quarter ended June 30, 2011 and an increase of 48.0% from $29.0 billion for the quarter ended September 30, 2010.
Assets under management for institutional accounts were $24.0 billion as of September 30, 2011, a decrease of 12.0% from $27.3 billion at June 30, 2011 and an increase of 35.8% from $17.7 billion at September 30, 2010. The decrease from June 30, 2011 was due to market depreciation of $4.6 billion, partially offset by net inflows of $1.4 billion, primarily from subadvisory relationships. The increase from September 30, 2010 was due to net inflows of $8.0 billion, primarily from subadvisory relationships, partially offset by market depreciation of $1.6 billion. Average assets under management for institutional accounts were $26.8 billion for the quarter ended September 30, 2011, an increase of 10.3% from $24.3 billion for the quarter ended June 30, 2011 and an increase of 65.3% from $16.2 billion for the quarter ended September 30, 2010.
Assets under management for open-end mutual funds were $8.6 billion as of September 30, 2011, a decrease of 15.7% from $10.2 billion at June 30, 2011 and an increase of 12.8% from $7.6 billion at September 30, 2010. The decrease from June 30, 2011 was due to market depreciation of $1.8 billion, partially offset by net inflows of $156 million. The increase from September 30, 2010 was due to net inflows of $1.5 billion, partially offset by market depreciation of $555 million. Average assets under management for open-end mutual funds were $9.6 billion for the quarter ended September 30, 2011, a decrease of 2.5% from $9.8 billion for the quarter ended June 30, 2011 and an increase of 36.0% from $7.0 billion for the quarter ended September 30, 2010.
Assets under management for closed-end mutual funds were $6.0 billion as of September 30, 2011, a decrease of 12.2% from $6.8 billion at June 30, 2011 and an increase of 1.3% from $5.9 billion at September 30, 2010. The decrease from June 30, 2011 was due to market depreciation of $830 million. The increase from September 30, 2010 was due to net inflows of $392 million, primarily due to the launch of Cohen & Steers Select Preferred and Income Fund, Inc. ("PSF") during the fourth quarter of 2010, partially offset by market depreciation of $316 million. Average assets under management for closed-end mutual funds were $6.5 billion for the quarter ended September 30, 2011, a decrease of 5.0% from $6.8 billion for the quarter ended June 30, 2011 and an increase of 13.5% from $5.7 billion for the quarter ended September 30, 2010.

2



Financial Highlights (Unaudited)
 
 Three Months Ended
 
(in thousands, except per share data or as noted)
 
September 30, 2011
 
June 30, 2011
 
September 30, 2010
Revenue
$
61,616

 
$
61,459

 
$
46,372

Expenses
$
39,219

 
$
38,564

 
$
32,400

Operating income
$
22,397

 
$
22,895

 
$
13,972

Operating margin
36.3
%
 
37.3
%
 
30.1
%
Total non-operating (loss) income
$
(4,833
)
 
$
1,306

 
$
4,489

Net income attributable to common shareholders
$
9,606

 
$
15,679

 
$
13,163

Diluted earnings per share attributable to common shareholders
$
0.22

 
$
0.36

 
$
0.30

Assets under management, end of period (in millions)
$
38,617

 
$
44,314

 
$
31,239

Average assets under management for period (in millions)
$
42,852

 
$
40,933

 
$
28,961

Total revenue for the third quarter of 2011 was $61.6 million, an increase of 0.3% from $61.5 million for the second quarter of 2011, as higher average assets under management were offset by a decline in the effective fee rate. Operating expenses for the third quarter of 2011 were $39.2 million, an increase of 1.7% from $38.6 million for the second quarter of 2011, primarily due to an increase in general and administrative expenses. Operating income was $22.4 million for the three months ended September 30, 2011, compared with operating income of $22.9 million for the three months ended June 30, 2011. The company's operating margin decreased to 36.3% for the third quarter of 2011 compared with 37.3% for the three months ended June 30, 2011 due to an increase in the G&A to revenue ratio and a lower effective fee rate. Non-operating loss was $4.8 million for the three months ended September 30, 2011, compared with non-operating income of $1.3 million for the three months ended June 30, 2011, primarily due to losses from the company's seed investments.
Balance Sheet Information
As of September 30, 2011, cash, cash equivalents and investments were $160 million. As of September 30, 2011, stockholders' equity was $215 million and the company had no long-term or short-term debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, October 20, 2011 at 11:00 a.m. (ET) to discuss the company's third quarter results. Investors and analysts can access the live conference call by dialing (800) 769-9015 (U.S.) or (212) 231-2912 (international); passcode: 21542547. Participants should plan to register at least 10 minutes before the conference call begins.
A replay of the call will be available for two weeks starting at approximately 1:00 p.m. (ET) on October 20, 2011 and can be accessed at (800) 633-8284 (U.S.) or (402) 977-9140 (international); passcode: 21542547. Internet access to the webcast, which includes audio (listen-only), will be available on the company's website at www.cohenandsteers.com under "Corporate Info." The webcast will be archived on the website for two weeks.

3



About Cohen & Steers
Cohen & Steers is a manager of portfolios specializing in U.S. and international real estate securities, large cap value stocks, listed infrastructure and utilities, and preferred securities. The company also manages alternative investment strategies such as hedged real estate securities portfolios and private real estate multimanager strategies for qualified investors. Headquartered in New York City, with offices in London, Brussels, Hong Kong and Seattle, Cohen & Steers serves individual and institutional investors through a broad range of investment vehicles.
Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect the company's current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties.
Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The company believes that these factors include, but are not limited to, those described in the "Risk Factors" section of the company's Annual Report on Form 10-K for the year ended December 31, 2010, which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on the company's website at www.cohenandsteers.com. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
# # # #


4




 Cohen & Steers, Inc. and Subsidiaries
 
 
 
 
 
 
 
 
 
 Condensed Consolidated Statements of Operations (Unaudited)
 
 
 
 
 
 
 For the Periods Ended
 
 
 
 
 
 
 
 
 
 (in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Three Months Ended
 
 % Change From
 
September 30, 2011
 
June 30, 2011
 
September 30, 2010
 
June 30, 2011
 
September 30, 2010
 Revenue
 
 
 
 
 
 
 
 
 
 Investment advisory and administration fees
$
58,048

 
$
57,469

 
$
42,909

 
 
 
 
 Distribution and service fees
2,457

 
2,586

 
2,259

 
 
 
 
 Portfolio consulting and other
1,111

 
1,404

 
1,204

 
 
 
 
 Total revenue
61,616

 
61,459

 
46,372

 
0.3
%
 
32.9
%
 Expenses
 
 
 
 
 
 
 
 
 
 Employee compensation and benefits
21,873

 
21,818

 
18,085

 
 
 
 
 Distribution and service fees
6,205

 
6,150

 
5,065

 
 
 
 
 General and administrative
9,365

 
8,886

 
7,880

 
 
 
 
 Depreciation and amortization
1,279

 
1,295

 
1,126

 
 
 
 
 Amortization, deferred commissions
497

 
415

 
244

 
 
 
 
 Total expenses
39,219

 
38,564

 
32,400

 
1.7
%
 
21.0
%
 Operating income
22,397

 
22,895

 
13,972

 
(2.2
%)
 
60.3
%
 Non-operating income
 
 
 
 
 
 
 
 
 
 Interest and dividend income - net
260

 
355

 
710

 
 
 
 
 Gain (loss) from trading securities - net
21

 
(99
)
 

 
 
 
 
 (Loss) gain from available-for-sale securities - net
(368
)
 
232

 
2,124

 
 
 
 
 Equity in (losses) earnings of affiliates
(5,248
)
 
627

 
1,005

 
 
 
 
 Other
502

 
191

 
650

 
 
 
 
Total non-operating (loss) income
(4,833
)
 
1,306

 
4,489

 
*

 
*

 Income before provision for income taxes
17,564

 
24,201

 
18,461

 
(27.4
%)
 
(4.9
%)
 Provision for income taxes
8,022

 
8,442

 
5,298

 
 
 
 
 Net income
9,542

 
15,759

 
13,163

 
(39.5
%)
 
(27.5
%)
    Less: Net loss (income) attributable to redeemable noncontrolling interest
64

 
(80
)
 

 
 
 
 
 Net income attributable to common shareholders
$
9,606

 
$
15,679

 
$
13,163

 
(38.7
%)
 
(27.0
%)
 
 
 
 
 
 
 
 
 
 
 Earnings per share attributable to common shareholders
 
 
 
 
 
 
 
 
 
 Basic
$
0.22

 
$
0.36

 
$
0.31

 
(38.8
%)
 
(27.8
%)
 Diluted
$
0.22

 
$
0.36

 
$
0.30

 
(39.1
%)
 
(28.5
%)
 Weighted average shares outstanding
 
 
 
 
 
 
 
 
 
Basic
43,237

 
43,220

 
42,756

 
 
 
 
Diluted
44,133

 
43,840

 
43,217

 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Not meaningful
 
 
 
 
 
 
 
 
 


5




 Cohen & Steers, Inc. and Subsidiaries
 
 
 
 
 
 Condensed Consolidated Statements of Operations (Unaudited)
 
 
 
 For the Periods Ended
 
 
 
 
 
 (in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
 % Change
 
September 30, 2011
 
September 30, 2010
 
September 30, 2010
 Revenue
 
 
 
 
 
 Investment advisory and administration fees
$
166,569

 
$
121,836

 
 
 Distribution and service fees
7,458

 
6,659

 
 
 Portfolio consulting and other
3,803

 
3,453

 
 
 Total revenue
177,830

 
131,948

 
34.8
%
 Expenses
 
 
 
 
 
 Employee compensation and benefits
63,677

 
51,460

 
 
 Distribution and service fees
18,109

 
14,206

 
 
 General and administrative
26,824

 
22,490

 
 
 Depreciation and amortization
3,760

 
3,393

 
 
 Amortization, deferred commissions
1,255

 
666

 
 
 Total expenses
113,625

 
92,215

 
23.2
%
 Operating income
64,205

 
39,733

 
61.6
%
 Non-operating income
 
 
 
 
 
 Interest and dividend income - net
799

 
1,271

 
 
 Loss from trading securities - net
(456
)
 
(182
)
 
 
 Gain from available-for-sale securities - net
222

 
5,603

 
 
 Equity in (losses) earnings of affiliates
(4,635
)
 
185

 
 
 Other
1,518

 
697

 
 
Total non-operating (loss) income
(2,552
)
 
7,574

 
*

 Income before provision for income taxes
61,653

 
47,307

 
30.3
%
 Provision for income taxes
23,450

 
13,653

 
 
 Net income
38,203

 
33,654

 
13.5
%
    Less: Net loss (income) attributable to redeemable noncontrolling interest
57

 
(8
)
 
 
 Net income attributable to common shareholders
$
38,260

 
$
33,646

 
13.7
%
 
 
 
 
 
 
 Earnings per share attributable to common shareholders
 
 
 
 
 
 Basic
$
0.89

 
$
0.79

 
12.5
%
 Diluted
$
0.87

 
$
0.78

 
11.6
%
 Weighted average shares outstanding
 
 
 
 
 
 Basic
43,170

 
42,696

 
 
 Diluted
43,919

 
43,099

 
 
 
 
 
 
 
 
* Not meaningful
 
 
 
 
 


6



Cohen & Steers, Inc. and Subsidiaries
 
 
 
 
 
 
 
 
 
Assets Under Management (Unaudited)
 
 
 
 
 
 
 
 
 
By Investment Vehicle
 
 
 
 
 
 
 
 
 
For the Periods Ended
 
 
 
 
 
 
 
 
 
(in millions)
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 % Change From
 
September 30, 2011
 
June 30, 2011
 
September 30, 2010
 
June 30, 2011
 
September 30, 2010
Institutional Accounts
 
 
 
 
 
 
 
 
 
Assets under management, beginning of period
$
27,292

 
$
21,931

 
$
14,332

 
 
 
 
    Inflows
2,817

 
4,997

 
1,840

 
 
 
 
    Outflows
(1,453
)
 
(430
)
 
(798
)
 
 
 
 
    Net inflows
1,364

 
4,567

 
1,042

 
 
 
 
    Market (depreciation) appreciation
(4,630
)
 
794

 
2,324

 
 
 
 
    Total (decrease) increase
(3,266
)
 
5,361

 
3,366

 
 
 
 
Assets under management, end of period
$
24,026

 
$
27,292

 
$
17,698

 
(12.0
%)
 
35.8
%
Average assets under management for period
$
26,804

 
$
24,293

 
$
16,219

 
10.3
%
 
65.3
%
 
 
 
 
 
 
 
 
 
 
Open-End Mutual Funds
 
 
 
 
 
 
 
 
 
Assets under management, beginning of period
$
10,213

 
$
9,390

 
$
6,595

 
 
 
 
    Inflows
1,048

 
1,175

 
641

 
 
 
 
    Outflows
(892
)
 
(642
)
 
(608
)
 
 
 
 
    Net inflows
156

 
533

 
33

 
 
 
 
    Market (depreciation) appreciation
(1,757
)
 
290

 
1,010

 
 
 
 
    Total (decrease) increase
(1,601
)
 
823

 
1,043

 
 
 
 
Assets under management, end of period
$
8,612

 
$
10,213

 
$
7,638

 
(15.7
%)
 
12.8
%
Average assets under management for period
$
9,574

 
$
9,822

 
$
7,039

 
(2.5
%)
 
36.0
%
 
 
 
 
 
 
 
 
 
 
Closed-End Mutual Funds
 
 
 
 
 
 
 
 
 
Assets under management, beginning of period
$
6,809

 
$
6,709

 
$
5,315

 
 
 
 
    Inflows

 
24

 
41

 
 
 
 
    Outflows

 

 
(12
)
 
 
 
 
    Net inflows

 
24

 
29

 
 
 
 
    Market (depreciation) appreciation
(830
)
 
76

 
559

 
 
 
 
    Total (decrease) increase
(830
)
 
100

 
588

 
 
 
 
Assets under management, end of period
$
5,979

 
$
6,809

 
$
5,903

 
(12.2
%)
 
1.3
%
Average assets under management for period
$
6,474

 
$
6,818

 
$
5,703

 
(5.0
%)
 
13.5
%
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
 
 
Assets under management, beginning of period
$
44,314

 
$
38,030

 
$
26,242

 
 
 
 
    Inflows
3,865

 
6,196

 
2,522

 
 
 
 
    Outflows
(2,345
)
 
(1,072
)
 
(1,418
)
 
 
 
 
    Net inflows
1,520

 
5,124

 
1,104

 
 
 
 
    Market (depreciation) appreciation
(7,217
)
 
1,160

 
3,893

 
 
 
 
    Total (decrease) increase
(5,697
)
 
6,284

 
4,997

 
 
 
 
Assets under management, end of period
$
38,617

 
$
44,314

 
$
31,239

 
(12.9
%)
 
23.6
%
Average assets under management for period
$
42,852

 
$
40,933

 
$
28,961

 
4.7
%
 
48.0
%


7



Cohen & Steers, Inc. and Subsidiaries
 
 
 
 
 
Assets Under Management (Unaudited)
 
 
 
 
 
By Investment Vehicle
 
 
 
 
 
For the Periods Ended
 
 
 
 
 
(in millions)
 
 
 
 
 
 
Nine Months Ended
 
 % Change
 
September 30, 2011
 
September 30, 2010
 
September 30, 2010
Institutional Accounts
 
 
 
 
 
Assets under management, beginning of period
$
19,625

 
$
12,954

 
 
    Inflows
9,343

 
4,705

 
 
    Outflows
(2,204
)
 
(1,735
)
 
 
    Net inflows
7,139

 
2,970

 
 
    Market (depreciation) appreciation
(2,738
)
 
1,774

 
 
    Total increase
4,401

 
4,744

 
 
Assets under management, end of period
$
24,026

 
$
17,698

 
35.8
%
Average assets under management for period
$
23,923

 
$
14,696

 
62.8
%
 
 
 
 
 
 
Open-End Mutual Funds
 
 
 
 
 
Assets under management, beginning of period
$
8,484

 
$
6,285

 
 
    Inflows
3,370

 
2,035

 
 
    Outflows
(2,174
)
 
(1,570
)
 
 
    Net inflows
1,196

 
465

 
 
    Market (depreciation) appreciation
(1,068
)
 
888

 
 
    Total increase
128

 
1,353

 
 
Assets under management, end of period
$
8,612

 
$
7,638

 
12.8
%
Average assets under management for period
$
9,399

 
$
6,647

 
41.4
%
 
 
 
 
 
 
Closed-End Mutual Funds
 
 
 
 
 
Assets under management, beginning of period
$
6,353

 
$
5,546

 
 
    Inflows
153

 
41

 
 
    Outflows

 
(19
)
 
 
    Net inflows
153

 
22

 
 
    Market (depreciation) appreciation
(527
)
 
335

 
 
    Total (decrease) increase
(374
)
 
357

 
 
Assets under management, end of period
$
5,979

 
$
5,903

 
1.3
%
Average assets under management for period
$
6,635

 
$
5,625

 
18.0
%
 
 
 
 
 
 
Total
 
 
 
 
 
Assets under management, beginning of period
$
34,462

 
$
24,785

 
 
    Inflows
12,866

 
6,781

 
 
    Outflows
(4,378
)
 
(3,324
)
 
 
    Net inflows
8,488

 
3,457

 
 
    Market (depreciation) appreciation
(4,333
)
 
2,997

 
 
    Total increase
4,155

 
6,454

 
 
Assets under management, end of period
$
38,617

 
$
31,239

 
23.6
%
Average assets under management for period
$
39,957

 
$
26,968

 
48.2
%


8




Cohen & Steers, Inc. and Subsidiaries
 
 
 
 
 
 
 
 
 
Assets Under Management - Institutional Accounts (Unaudited)
 
 
 
 
 
 
By Investment Relationship
 
 
 
 
 
 
 
 
 
For the Periods Ended
 
 
 
 
 
 
 
 
 
(in millions)
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 % Change From
 
September 30, 2011
 
June 30, 2011
 
September 30, 2010
 
June 30, 2011
 
September 30, 2010
Subadvisory
 
 
 
 
 
 
 
 
 
Assets under management, beginning of period
$
20,132

 
$
15,224

 
$
9,532

 
 
 
 
    Inflows
2,718

 
4,628

 
1,211

 
 
 
 
    Outflows
(1,161
)
 
(278
)
 
(423
)
 
 
 
 
    Net inflows
1,557

 
4,350

 
788

 
 
 
 
    Market (depreciation) appreciation
(3,423
)
 
558

 
1,566

 
 
 
 
    Total (decrease) increase
(1,866
)
 
4,908

 
2,354

 
 
 
 
Assets under management, end of period
$
18,266

 
$
20,132

 
$
11,886

 
(9.3
%)
 
53.7
%
Average assets under management for period
$
20,233

 
$
17,102

 
$
11,079

 
18.3
%
 
82.6
%
 
 
 
 
 
 
 
 
 
 
Advisory
 
 
 
 
 
 
 
 
 
Assets under management, beginning of period
$
7,160

 
$
6,707

 
$
4,800

 
 
 
 
    Inflows
99

 
369

 
629

 
 
 
 
    Outflows
(292
)
 
(152
)
 
(375
)
 
 
 
 
    Net (outflows) inflows
(193
)
 
217

 
254

 
 
 
 
    Market (depreciation) appreciation
(1,207
)
 
236

 
758

 
 
 
 
    Total (decrease) increase
(1,400
)
 
453

 
1,012

 
 
 
 
Assets under management, end of period
$
5,760

 
$
7,160

 
$
5,812

 
(19.6
%)
 
(0.9
%)
Average assets under management for period
$
6,571

 
$
7,191

 
$
5,140

 
(8.6
%)
 
27.8
%
 
 
 
 
 
 
 
 
 
 
Total Institutional Accounts
 
 
 
 
 
 
 
 
 
Assets under management, beginning of period
$
27,292

 
$
21,931

 
$
14,332

 
 
 
 
    Inflows
2,817

 
4,997

 
1,840

 
 
 
 
    Outflows
(1,453
)
 
(430
)
 
(798
)
 
 
 
 
    Net inflows
1,364

 
4,567

 
1,042

 
 
 
 
    Market (depreciation) appreciation
(4,630
)
 
794

 
2,324

 
 
 
 
    Total (decrease) increase
(3,266
)
 
5,361

 
3,366

 
 
 
 
Assets under management, end of period
$
24,026

 
$
27,292

 
$
17,698

 
(12.0
%)
 
35.8
%
Average assets under management for period
$
26,804

 
$
24,293

 
$
16,219

 
10.3
%
 
65.3
%


9




Cohen & Steers, Inc. and Subsidiaries
 
 
 
 
 
Assets Under Management - Institutional Accounts (Unaudited)
 
 
By Investment Relationship
 
 
 
 
 
For the Periods Ended
 
 
 
 
 
(in millions)
 
 
 
 
 
 
Nine Months Ended
 
 % Change
 
September 30, 2011
 
September 30, 2010
 
September 30, 2010
Subadvisory
 
 
 
 
 
Assets under management, beginning of period
$
13,334

 
$
8,024

 
 
    Inflows
8,669

 
3,780

 
 
    Outflows
(1,645
)
 
(1,123
)
 
 
    Net inflows
7,024

 
2,657

 
 
    Market (depreciation) appreciation
(2,092
)
 
1,205

 
 
    Total increase
4,932

 
3,862

 
 
Assets under management, end of period
$
18,266

 
$
11,886

 
53.7
%
Average assets under management for period
$
17,155

 
$
9,491

 
80.8
%
 
 
 
 
 
 
Advisory
 
 
 
 
 
Assets under management, beginning of period
$
6,291

 
$
4,930

 
 
    Inflows
674

 
925

 
 
    Outflows
(559
)
 
(612
)
 
 
    Net inflows
115

 
313

 
 
    Market (depreciation) appreciation
(646
)
 
569

 
 
    Total (decrease) increase
(531
)
 
882

 
 
Assets under management, end of period
$
5,760

 
$
5,812

 
(0.9
%)
Average assets under management for period
$
6,768

 
$
5,205

 
30.0
%
 
 
 
 
 
 
Total Institutional Accounts
 
 
 
 
 
Assets under management, beginning of period
$
19,625

 
$
12,954

 
 
    Inflows
9,343

 
4,705

 
 
    Outflows
(2,204
)
 
(1,735
)
 
 
    Net inflows
7,139

 
2,970

 
 
    Market (depreciation) appreciation
(2,738
)
 
1,774

 
 
    Total increase
4,401

 
4,744

 
 
Assets under management, end of period
$
24,026

 
$
17,698

 
35.8
%
Average assets under management for period
$
23,923

 
$
14,696

 
62.8
%


10




Cohen & Steers, Inc. and Subsidiaries
 
 
 
 
 
 
 
 
 
Assets Under Management (Unaudited)
 
 
 
 
 
 
 
 
 
By Investment Strategy
 
 
 
 
 
 
 
 
 
For the Periods Ended
 
 
 
 
 
 
 
 
 
(in millions)
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 % Change From
 
September 30, 2011
 
June 30, 2011
 
September 30, 2010
 
June 30, 2011
 
September 30, 2010
U.S. Real Estate
 
 
 
 
 
 
 
 
 
Assets under management, beginning of period
$
16,545

 
$
12,033

 
$
8,430

 
 
 
 
    Inflows
3,041

 
4,364

 
518

 
 
 
 
    Outflows
(645
)
 
(317
)
 
(637
)
 
 
 
 
    Net inflows (outflows)
2,396

 
4,047

 
(119
)
 
 
 
 
    Market (depreciation) appreciation
(2,842
)
 
465

 
1,032

 
 
 
 
    Total (decrease) increase
(446
)
 
4,512

 
913

 
 
 
 
Assets under management, end of period
$
16,099

 
$
16,545

 
$
9,343

 
(2.7
%)
 
72.3
%
Average assets under management for period
$
17,286

 
$
14,214

 
$
8,887

 
21.6
%
 
94.5
%
 
 
 
 
 
 
 
 
 
 
Global / International Real Estate
 
 
 
 
 
 
 
 
 
Assets under management, beginning of period
$
17,973

 
$
16,732

 
$
11,025

 
 
 
 
    Inflows
384

 
1,165

 
1,405

 
 
 
 
    Outflows
(1,400
)
 
(532
)
 
(391
)
 
 
 
 
    Net (outflows) inflows
(1,016
)
 
633

 
1,014

 
 
 
 
    Market (depreciation) appreciation
(3,223
)
 
608

 
2,164

 
 
 
 
    Total (decrease) increase
(4,239
)
 
1,241

 
3,178

 
 
 
 
Assets under management, end of period
$
13,734

 
$
17,973

 
$
14,203

 
(23.6
%)
 
(3.3
%)
Average assets under management for period
$
16,274

 
$
17,201

 
$
12,833

 
(5.4
%)
 
26.8
%
 
 
 
 
 
 
 
 
 
 
Large Cap Value Stocks
 
 
 
 
 
 
 
 
 
Assets under management, beginning of period
$
4,073

 
$
3,898

 
$
2,954

 
 
 
 
    Inflows
144

 
308

 
500

 
 
 
 
    Outflows
(172
)
 
(153
)
 
(360
)
 
 
 
 
    Net (outflows) inflows
(28
)
 
155

 
140

 
 
 
 
    Market (depreciation) appreciation
(575
)
 
20

 
300

 
 
 
 
    Total (decrease) increase
(603
)
 
175

 
440

 
 
 
 
Assets under management, end of period
$
3,470

 
$
4,073

 
$
3,394

 
(14.8
%)
 
2.2
%
Average assets under management for period
$
3,739

 
$
3,977

 
$
3,174

 
(6.0
%)
 
17.8
%
 
 
 
 
 
 
 
 
 
 
Global Infrastructure
 
 
 
 
 
 
 
 
 
Assets under management, beginning of period
$
3,260

 
$
3,125

 
$
2,377

 
 
 
 
    Inflows
14

 
86

 
6

 
 
 
 
    Outflows
(22
)
 
(8
)
 
(16
)
 
 
 
 
    Net (outflows) inflows
(8
)
 
78

 
(10
)
 
 
 
 
    Market (depreciation) appreciation
(333
)
 
57

 
274

 
 
 
 
    Total (decrease) increase
(341
)
 
135

 
264

 
 
 
 
Assets under management, end of period
$
2,919

 
$
3,260

 
$
2,641

 
(10.5
%)
 
10.5
%
Average assets under management for period
$
3,073

 
$
3,188

 
$
2,509

 
(3.6
%)
 
22.5
%


11



Cohen & Steers, Inc. and Subsidiaries
 
 
 
 
 
 
 
 
 
Assets Under Management (Unaudited)
 
 
 
 
 
 
 
 
 
By Investment Strategy - continued
 
 
 
 
 
 
 
 
 
For the Periods Ended
 
 
 
 
 
 
 
 
 
(in millions)
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 % Change From
 
September 30, 2011
 
June 30, 2011
 
September 30, 2010
 
June 30, 2011
 
September 30, 2010
Preferred Securities
 
 
 
 
 
 
 
 
 
Assets under management, beginning of period
$
1,775

 
$
1,548

 
$
773

 
 
 
 
    Inflows
246

 
273

 
85

 
 
 
 
    Outflows
(73
)
 
(62
)
 
(9
)
 
 
 
 
    Net inflows
173

 
211

 
76

 
 
 
 
    Market (depreciation) appreciation
(145
)
 
16

 
79

 
 
 
 
    Total increase
28

 
227

 
155

 
 
 
 
Assets under management, end of period
$
1,803

 
$
1,775

 
$
928

 
1.6
%
 
94.3
%
Average assets under management for period
$
1,819

 
$
1,657

 
$
851

 
9.8
%
 
113.7
%
 
 
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
 
 
 
Assets under management, beginning of period
$
688

 
$
694

 
$
683

 
 
 
 
    Inflows
36

 

 
8

 
 
 
 
    Outflows
(33
)
 

 
(5
)
 
 
 
 
    Net inflows
3

 

 
3

 
 
 
 
    Market (depreciation) appreciation
(99
)
 
(6
)
 
44

 
 
 
 
    Total (decrease) increase
(96
)
 
(6
)
 
47

 
 
 
 
Assets under management, end of period
$
592

 
$
688

 
$
730

 
(14.0
%)
 
(18.9
%)
Average assets under management for period
$
661

 
$
696

 
$
707

 
(5.0
%)
 
(6.5
%)
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
 
 
Assets under management, beginning of period
$
44,314

 
$
38,030

 
$
26,242

 
 
 
 
    Inflows
3,865

 
6,196

 
2,522

 
 
 
 
    Outflows
(2,345
)
 
(1,072
)
 
(1,418
)
 
 
 
 
    Net inflows
1,520

 
5,124

 
1,104

 
 
 
 
    Market (depreciation) appreciation
(7,217
)
 
1,160

 
3,893

 
 
 
 
    Total (decrease) increase
(5,697
)
 
6,284

 
4,997

 
 
 
 
Assets under management, end of period
$
38,617

 
$
44,314

 
$
31,239

 
(12.9
%)
 
23.6
%
Average assets under management for period
$
42,852

 
$
40,933

 
$
28,961

 
4.7
%
 
48.0
%



12



Cohen & Steers, Inc. and Subsidiaries
 
 
 
 
 
Assets Under Management (Unaudited)
 
 
 
 
 
By Investment Strategy
 
 
 
 
 
For the Periods Ended
 
 
 
 
 
(in millions)
 
 
 
 
 
 
Nine Months Ended
 
 % Change
 
September 30, 2011
 
September 30, 2010
 
September 30, 2010
U.S. Real Estate
 
 
 
 
 
Assets under management, beginning of period
$
10,506

 
$
8,012

 
 
    Inflows
8,757

 
1,370

 
 
    Outflows
(1,466
)
 
(1,397
)
 
 
    Net inflows (outflows)
7,291

 
(27
)
 
 
    Market (depreciation) appreciation
(1,698
)
 
1,358

 
 
    Total increase
5,593

 
1,331

 
 
Assets under management, end of period
$
16,099

 
$
9,343

 
72.3
%
Average assets under management for period
$
14,279

 
$
8,663

 
64.8
%
 
 
 
 
 
 
Global / International Real Estate
 
 
 
 
 
Assets under management, beginning of period
$
15,438

 
$
10,401

 
 
    Inflows
2,621

 
3,826

 
 
    Outflows
(2,386
)
 
(1,455
)
 
 
    Net inflows
235

 
2,371

 
 
    Market (depreciation) appreciation
(1,939
)
 
1,467

 
 
    Total (decrease) increase
(1,704
)
 
3,838

 
 
Assets under management, end of period
$
13,734

 
$
14,239

 
(3.5
%)
Average assets under management for period
$
16,444

 
$
11,484

 
43.2
%
 
 
 
 
 
 
Large Cap Value Stocks
 
 
 
 
 
Assets under management, beginning of period
$
3,673

 
$
2,550

 
 
    Inflows
565

 
1,245

 
 
    Outflows
(407
)
 
(410
)
 
 
    Net inflows
158

 
835

 
 
    Market (depreciation) appreciation
(361
)
 
9

 
 
    Total (decrease) increase
(203
)
 
844

 
 
Assets under management, end of period
$
3,470

 
$
3,394

 
2.2
%
Average assets under management for period
$
3,834

 
$
2,908

 
31.8
%
 
 
 
 
 
 
Global Infrastructure
 
 
 
 
 
Assets under management, beginning of period
$
2,870

 
$
2,577

 
 
    Inflows
274

 
43

 
 
    Outflows
(47
)
 
(35
)
 
 
    Net inflows
227

 
8

 
 
    Market (depreciation) appreciation
(178
)
 
56

 
 
    Total increase
49

 
64

 
 
Assets under management, end of period
$
2,919

 
$
2,641

 
10.5
%
Average assets under management for period
$
3,086

 
$
2,518

 
22.6
%



13



Cohen & Steers, Inc. and Subsidiaries
 
 
 
 
 
Assets Under Management (Unaudited)
 
 
 
 
 
By Investment Strategy - continued
 
 
 
 
 
For the Periods Ended
 
 
 
 
 
(in millions)
 
 
 
 
 
 
Nine Months Ended
 
 % Change
 
September 30, 2011
 
September 30, 2010
 
September 30, 2010
Preferred Securities
 
 
 
 
 
Assets under management, beginning of period
$
1,292

 
$
745

 
 
    Inflows
735

 
97

 
 
    Outflows
(148
)
 
(16
)
 
 
    Net inflows
587

 
81

 
 
    Market (depreciation) appreciation
(76
)
 
102

 
 
    Total increase
511

 
183

 
 
Assets under management, end of period
$
1,803

 
$
928

 
94.3
%
Average assets under management for period
$
1,632

 
$
801

 
103.7
%
 
 
 
 
 
 
Other
 
 
 
 
 
Assets under management, beginning of period
$
683

 
$
500

 
 
    Inflows
46

 
200

 
 
    Outflows
(56
)
 
(11
)
 
 
    Net (outflows) inflows
(10
)
 
189

 
 
    Market (depreciation) appreciation
(81
)
 
5

 
 
    Total (decrease) increase
(91
)
 
194

 
 
Assets under management, end of period
$
592

 
$
694

 
(14.7
%)
Average assets under management for period
$
682

 
$
594

 
14.8
%
 
 
 
 
 
 
Total
 
 
 
 
 
Assets under management, beginning of period
$
34,462

 
$
24,785

 
 
    Inflows
12,998

 
6,781

 
 
    Outflows
(4,510
)
 
(3,324
)
 
 
    Net inflows
8,488

 
3,457

 
 
    Market (depreciation) appreciation
(4,333
)
 
2,997

 
 
    Total increase
4,155

 
6,454

 
 
Assets under management, end of period
$
38,617

 
$
31,239

 
23.6
%
Average assets under management for period
$
39,957

 
$
26,968

 
48.2
%



14