CNS-8K-9.30.11

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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EX-99.1 3 cns-earningsreleasex93011.htm COHEN & STEERS EARNINGS RELEASE 9.30.11 CNS-Earnings Release-9.30.11

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

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.

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.

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.

# # # #



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



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



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	%



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	%



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	%



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	%



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	%



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	%



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	%



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	%