CNS-8K-6.30.14

0001284812-14-000165.txt : 20140716 0001284812-14-000165.hdr.sgml : 20140716 20140716171130 ACCESSION NUMBER: 0001284812-14-000165 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20140716 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140716 DATE AS OF CHANGE: 20140716 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COHEN & STEERS INC CENTRAL INDEX KEY: 0001284812 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 141904657 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32236 FILM NUMBER: 14978643 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-8kx63014.htm 8-K COHEN & STEERS, INC. CNS-8K-6.30.14

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): July 16, 2014

_____________________

Cohen & Steers, Inc.

(Exact Name of Registrant as Specified in 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 July 16, 2014, Cohen & Steers, Inc. (the “Company”) issued a press release announcing, among other things, the Company’s financial results for the quarter ended June 30, 2014. A copy of the press release issued by the Company is attached hereto as Exhibit 99.1. The information contained under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and, as a result, such information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

The attached press release, in addition to containing results that have been determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”), contains certain “non-GAAP financial measures” as that term is defined by the rules of the Securities and Exchange Commission.

In the attached press release, the Company discloses net income per share attributable to common stockholders for the six months ended June 30, 2013 adjusted to exclude the effect of previously disclosed expenses primarily related to the offering of Cohen & Steers MLP Income and Energy Opportunity Fund, Inc.

The Company's management believes that the presentation of net income per share attributable to common stockholders, excluding the aforementioned expenses, enhances understanding of the Company's operating performance by providing additional insight into the Company's business and facilitates the comparability of the Company's results from period to period.

A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP is 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 Current Report on 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: July 16, 2014	By:	/s/ Matthew S. Stadler
		Name: Matthew S. Stadler Title: Executive Vice President and Chief Financial Officer

EXHIBIT INDEX



99.1		Press release dated July 16, 2014 issued by the Company.

EX-99.1 2 cns-earningsreleasex63014.htm CNS EARNINGS RELEASE 6.30.14 CNS-Earnings Release-6.30.14

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 SECOND QUARTER

2014 RESULTS

Record Quarterly Revenue of $78.4 million

Assets Under Management Reach Record $52.3 billion

NEW YORK, NY, July 16, 2014—Cohen & Steers, Inc. (NYSE: CNS) reported net income attributable to common stockholders of $22.2 million, or $0.49 per share (diluted and basic), for the quarter ended June 30, 2014, compared with $15.3 million, or $0.34 per share (diluted and basic), for the quarter ended June 30, 2013. Total revenue for the second quarter of 2014 was a record $78.4 million, an increase of 0.8% from $77.8 million for the second quarter of 2013.

For the six months ended June 30, 2014, the company recorded net income attributable to common stockholders of $41.6 million, or $0.91 per diluted share and $0.93 per basic share, compared with $30.4 million, or $0.68 per diluted share and $0.69 per basic share, for the six months ended June 30, 2013.

The results for the six months ended June 30, 2013 included after-tax expenses of approximately $0.10 per share associated primarily with the offering of Cohen & Steers MLP Income and Energy Opportunity Fund, Inc., a closed-end mutual fund. After adjusting for these items, earnings per share would have been $0.78 for the six months ended June 30, 2013.

Financial Highlights (Unaudited)

June 30, 2014 Compared with March 31, 2014



(in thousands, except per share data)	Three Months Ended
	June 30, 2014			March 31, 2014			$ Change		% Change
Revenue	$	78,412		$	72,835		$	5,577	7.7	%
Expenses	$	48,744		$	45,239		$	3,505	7.7	%
Operating income	$	29,668		$	27,596		$	2,072	7.5	%
Operating margin	37.8		%	37.9		%			(5) bps
Total non-operating income	$	4,990		$	3,181		$	1,809	56.9	%
Net income attributable to common stockholders	$	22,183		$	19,445		$	2,738	14.1	%
Diluted earnings per share attributable to common stockholders	$	0.49		$	0.43		$	0.06	14.0	%

Revenue

Total revenue for the second quarter of 2014 was $78.4 million, an increase of $5.6 million from $72.8 million for the first quarter of 2014. Higher average assets under management and an additional day in the quarter resulted in the following revenue increases:


•	$1.2 million in institutional accounts;


•	$2.9 million in open-end mutual funds; and


•	$1.2 million in closed-end mutual funds.

Expenses

Expenses for the second quarter of 2014 were $48.7 million, an increase of $3.5 million from $45.2 million for the first quarter of 2014. The change was primarily due to higher:


•	Employee compensation and benefits of $1.8 million, primarily due to higher incentive compensation;


•	General and administrative expenses of $972,000, primarily due to higher travel and entertainment and marketing expenses; and


•	Distribution and service fees of $952,000, which increased in line with the increase in open-end mutual fund average assets under management.

Operating Margin

The company's operating margin decreased to 37.8% for the second quarter of 2014, compared with 37.9% for the three months ended March 31, 2014, primarily due to higher general and administrative expenses.

Non-operating Income

Non-operating income, excluding net income attributable to redeemable noncontrolling interest of $741,000, was $4.2 million, an increase of $1.2 million from $3.0 million for the first quarter of 2014. The increase was primarily due to higher earnings from the company's seed investments.

Assets Under Management Highlights (Unaudited)

June 30, 2014 Compared with March 31, 2014



(in millions)	Assets Under Management
	As of
By Investment Vehicle	June 30, 2014		March 31, 2014		$ Change			% Change
Institutional accounts	$	25,728	$	24,479	$	1,249		5.1	%
Open-end mutual funds	16,629		15,148		1,481			9.8	%
Closed-end mutual funds	9,928		9,404		524			5.6	%
Total	$	52,285	$	49,031	3,254			6.6	%

By Investment Strategy
U.S. real estate	$	27,404	$	25,251	$	2,153		8.5	%
Global/international real estate	10,161		9,721		440			4.5	%
Preferred securities	5,672		5,126		546			10.7	%
Global listed infrastructure	5,616		5,072		544			10.7	%
Large cap value	2,285		2,857		(572		)	(20.0	%)
Other	1,147		1,004		143			14.2	%
Total	$	52,285	$	49,031	3,254			6.6	%

Assets under management were a record $52.3 billion as of June 30, 2014, an increase of $3.3 billion from $49.0 billion at March 31, 2014. The increase from March 31, 2014 was primarily due to market appreciation of $3.3 billion.

Institutional Accounts

Assets under management for institutional accounts were $25.7 billion as of June 30, 2014, an increase of 5.1% from $24.5 billion at March 31, 2014. The change from March 31, 2014 was due to the following:


•	Market appreciation of $1.8 billion, including $975 million from U.S. real estate, $555 million from global/international real estate and $110 million from global listed infrastructure;


•	Net inflows of $129 million from advisory relationships, including net inflows of $107 million into global listed infrastructure and $25 million into global/international real estate; and


•	Net outflows of $650 million from subadvisory relationships, including $462 million from large cap value and $184 million from global/international real estate.

Open-end Mutual Funds

Assets under management for open-end mutual funds were a record $16.6 billion as of June 30, 2014, an increase of 9.8% from $15.1 billion at March 31, 2014. The increase from March 31, 2014 was due to the following:


•	Market appreciation of $1.0 billion, including $675 million from U.S. real estate, $169 million from global/international real estate and $89 million from preferred securities; and


•	Net inflows of $515 million, including net inflows of $375 million into preferred securities and $150 million into U.S. real estate, partially offset by net outflows of $124 million from global/international real estate.

Closed-end Mutual Funds

Assets under management for closed-end mutual funds were $9.9 billion as of June 30, 2014, an increase of 5.6% from $9.4 billion at March 31, 2014. The increase from March 31, 2014 was due to market appreciation of $524 million.

Balance Sheet Information

As of June 30, 2014, cash, cash equivalents and investments were $192 million. As of June 30, 2014, stockholders' equity was $250 million and the company had no debt.

Conference Call Information

Cohen & Steers will host a conference call tomorrow, July 17, 2014 at 11:00 a.m. (ET) to discuss the company's second quarter results. Investors and analysts can access the live conference call by dialing 800-950-1454 (U.S.) or +1-212-231-2928 (international); passcode: 21727552. 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 July 17, 2014 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 21727552. Internet access to the webcast, which includes audio (listen-only), will be available on the company's website at www.cohenandsteers.com under "Company - Investor Relations." The webcast will be archived on the website for one month.

About Cohen & Steers

Founded in 1986, Cohen & Steers is a leading global investment manager with a long history of innovation and a focus on real assets, including real estate, infrastructure and commodities. Headquartered in New York City, with offices in London, Hong Kong, Tokyo and Seattle, Cohen & Steers serves institutional and individual investors around the world.

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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect management's current views with respect to, among other things, the company's 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 forward-looking statements. The company believes that these factors include, but are not limited to, the risks described in the "Risk Factors" section of the company's Annual Report on Form 10-K for the year ended December 31, 2013 ("Form 10-K"), 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 are not exhaustive and should be read in conjunction with the other cautionary statements that are included in the company's Form 10-K and other filings with the Securities and Exchange Commission. 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
	June 30, 2014			March 31, 2014			June 30, 2013			March 31, 2014		June 30, 2013
Revenue
Investment advisory and administration fees	$	72,907		$	67,564		$	70,353
Distribution and service fees	3,744			3,470			3,741
Portfolio consulting and other	1,761			1,801			3,702
Total revenue	78,412			72,835			77,796			7.7	%	0.8	%
Expenses
Employee compensation and benefits	25,876			24,035			24,895
Distribution and service fees	9,256			8,304			9,677
General and administrative	12,065			11,093			12,517
Depreciation and amortization	1,103			1,262			1,340
Amortization, deferred commissions	444			545			810
Total expenses	48,744			45,239			49,239			7.7	%	(1.0	%)
Operating income	29,668			27,596			28,557			7.5	%	3.9	%
Non-operating income
Interest and dividend income—net	592			239			743
Gain (loss) from trading securities—net	2,762			983			(10,963		)
Gain from available-for-sale securities—net	52			1,076			837
Equity in earnings (losses) of affiliates	1,429			935			(427		)
Other income (losses)	155			(52		)	(368		)
Total non-operating income (loss)	4,990			3,181			(10,178		)	56.9	%	*
Income before provision for income taxes	34,658			30,777			18,379			12.6	%	88.6	%
Provision for income taxes	11,734			11,177			9,870
Net income	22,924			19,600			8,509			17.0	%	169.4	%
Less: Net (income) loss attributable to redeemable noncontrolling interest	(741		)	(155		)	6,773
Net income attributable to common stockholders	$	22,183		$	19,445		$	15,282		14.1	%	45.2	%

Earnings per share attributable to common stockholders
Basic	$	0.49		$	0.44		$	0.34		13.6	%	43.5	%
Diluted	$	0.49		$	0.43		$	0.34		14.0	%	43.5	%

Dividends declared per share
Quarterly	$	0.22		$	0.22		$	0.20		—	%	10.0	%

Weighted average shares outstanding
Basic	44,825			44,633			44,306
Diluted	45,530			45,483			45,002

* Not meaningful



Cohen & Steers, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
For the Periods Ended
(in thousands, except per share data)

	Six Months Ended
	June 30, 2014			June 30, 2013			% Change
Revenue
Investment advisory and administration fees	$	140,471		$	135,747
Distribution and service fees	7,214			7,175
Portfolio consulting and other	3,562			7,333
Total revenue	151,247			150,255			0.7	%
Expenses
Employee compensation and benefits	49,911			48,272
Distribution and service fees	17,560			24,758
General and administrative	23,158			23,696
Depreciation and amortization	2,365			2,687
Amortization, deferred commissions	989			1,575
Total expenses	93,983			100,988			(6.9	%)
Operating income	57,264			49,267			16.2	%
Non-operating income
Interest and dividend income—net	831			1,289
Gain (loss) from trading securities—net	3,745			(9,339		)
Gain from available-for-sale securities—net	1,128			1,328
Equity in earnings of affiliates	2,364			109
Other income (losses)	103			(639		)
Total non-operating income (loss)	8,171			(7,252		)	*
Income before provision for income taxes	65,435			42,015			55.7	%
Provision for income taxes	22,911			18,005
Net income	42,524			24,010			77.1	%
Less: Net (income) loss attributable to redeemable noncontrolling interest	(896		)	6,413
Net income attributable to common stockholders	$	41,628		$	30,423		36.8	%

Earnings per share attributable to common stockholders
Basic	$	0.93		$	0.69		35.3	%
Diluted	$	0.91		$	0.68		35.1	%

Dividends declared per share
Quarterly	$	0.44		$	0.40		10.0	%

Weighted average shares outstanding
Basic	44,730			44,222
Diluted	45,507			44,942

* 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
	June 30, 2014			March 31, 2014			June 30, 2013			March 31, 2014		June 30, 2013
Institutional Accounts
Assets under management, beginning of period	$	24,479		$	22,926		$	26,081
Inflows	375			432			277
Outflows	(896		)	(652		)	(1,366		)
Net outflows	(521		)	(220		)	(1,089		)
Market appreciation (depreciation)	1,770			1,773			(454		)
Total increase (decrease)	1,249			1,553			(1,543		)
Assets under management, end of period	$	25,728		$	24,479		$	24,538		5.1	%	4.8	%
Percentage of total assets under management	49.2		%	49.9		%	51.3		%
Average assets under management for period	$	25,010		$	23,858		$	26,082		4.8	%	(4.1	%)

Open-end Mutual Funds
Assets under management, beginning of period	$	15,148		$	14,016		$	14,447
Inflows	1,464			1,523			1,789
Outflows	(949		)	(1,419		)	(1,430		)
Net inflows	515			104			359
Market appreciation (depreciation)	966			1,028			(364		)
Total increase (decrease)	1,481			1,132			(5		)
Assets under management, end of period	$	16,629		$	15,148		$	14,442		9.8	%	15.1	%
Percentage of total assets under management	31.8		%	30.9		%	30.2		%
Average assets under management for period	$	15,992		$	14,607		$	15,019		9.5	%	6.5	%

Closed-end Mutual Funds
Assets under management, beginning of period	$	9,404		$	8,965		$	8,793
Inflows	—			—			281
Outflows	—			—			—
Net inflows	—			—			281
Market appreciation (depreciation)	524			439			(231		)
Total increase	524			439			50
Assets under management, end of period	$	9,928		$	9,404		$	8,843		5.6	%	12.3	%
Percentage of total assets under management	19.0		%	19.2		%	18.5		%
Average assets under management for period	$	9,719		$	9,241		$	9,053		5.2	%	7.4	%

Total
Assets under management, beginning of period	$	49,031		$	45,907		$	49,321
Inflows	1,839			1,955			2,347
Outflows	(1,845		)	(2,071		)	(2,796		)
Net outflows	(6		)	(116		)	(449		)
Market appreciation (depreciation)	3,260			3,240			(1,049		)
Total increase (decrease)	3,254			3,124			(1,498		)
Assets under management, end of period	$	52,285		$	49,031		$	47,823		6.6	%	9.3	%
Average assets under management for period	$	50,721		$	47,706		$	50,154		6.3	%	1.1	%



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Vehicle
For the Periods Ended
(in millions)
	Six Months Ended
	June 30, 2014			June 30, 2013			% Change
Institutional Accounts
Assets under management, beginning of period	$	22,926		$	24,850
Inflows	807			523
Outflows	(1,548		)	(1,956		)
Net outflows	(741		)	(1,433		)
Market appreciation	3,543			1,121
Total increase (decrease)	2,802			(312		)
Assets under management, end of period	$	25,728		$	24,538		4.8	%
Percentage of total assets under management	49.2		%	51.3		%
Average assets under management for period	$	24,437		$	25,727		(5.0	%)

Open-end Mutual Funds
Assets under management, beginning of period	$	14,016		$	12,962
Inflows	2,987			3,297
Outflows	(2,368		)	(2,279		)
Net inflows	619			1,018
Market appreciation	1,994			462
Total increase	2,613			1,480
Assets under management, end of period	$	16,629		$	14,442		15.1	%
Percentage of total assets under management	31.8		%	30.2		%
Average assets under management for period	$	15,303		$	14,404		6.2	%

Closed-end Mutual Funds
Assets under management, beginning of period	$	8,965		$	7,985
Inflows	—			739
Outflows	—			—
Net inflows	—			739
Market appreciation	963			119
Total increase	963			858
Assets under management, end of period	$	9,928		$	8,843		12.3	%
Percentage of total assets under management	19.0		%	18.5		%
Average assets under management for period	$	9,482		$	8,652		9.6	%

Total
Assets under management, beginning of period	$	45,907		$	45,797
Inflows	3,794			4,559
Outflows	(3,916		)	(4,235		)
Net (outflows) inflows	(122		)	324
Market appreciation	6,500			1,702
Total increase	6,378			2,026
Assets under management, end of period	$	52,285		$	47,823		9.3	%
Average assets under management for period	$	49,222		$	48,783		0.9	%



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts (Unaudited)
By Account Type
For the Periods Ended
(in millions)
	Three Months Ended									% Change From
	June 30, 2014			March 31, 2014			June 30, 2013			March 31, 2014		June 30, 2013
Subadvisory
Assets under management, beginning of period	$	17,924		$	16,693		$	18,321
Inflows	218			311			119
Outflows	(868		)	(487		)	(1,009		)
Net outflows	(650		)	(176		)	(890		)
Market appreciation (depreciation)	1,284			1,407			(269		)
Total increase (decrease)	634			1,231			(1,159		)
Assets under management, end of period	$	18,558		$	17,924		$	17,162		3.5	%	8.1	%
Percentage of total assets under management	72.1		%	73.2		%	69.9		%
Average assets under management for period	$	18,118		$	17,480		$	18,325		3.6	%	(1.1	%)

Advisory
Assets under management, beginning of period	$	6,555		$	6,233		$	7,760
Inflows	157			121			158
Outflows	(28		)	(165		)	(357		)
Net inflows (outflows)	129			(44		)	(199		)
Market appreciation (depreciation)	486			366			(185		)
Total increase (decrease)	615			322			(384		)
Assets under management, end of period	$	7,170		$	6,555		$	7,376		9.4	%	(2.8	%)
Percentage of total assets under management	27.9		%	26.8		%	30.1		%
Average assets under management for period	$	6,892		$	6,378		$	7,757		8.1	%	(11.2	%)

Total Institutional Accounts
Assets under management, beginning of period	$	24,479		$	22,926		$	26,081
Inflows	375			432			277
Outflows	(896		)	(652		)	(1,366		)
Net outflows	(521		)	(220		)	(1,089		)
Market appreciation (depreciation)	1,770			1,773			(454		)
Total increase (decrease)	1,249			1,553			(1,543		)
Assets under management, end of period	$	25,728		$	24,479		$	24,538		5.1	%	4.8	%
Average assets under management for period	$	25,010		$	23,858		$	26,082		4.8	%	(4.1	%)



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts (Unaudited)
By Account Type
For the Periods Ended
(in millions)
	Six Months Ended
	June 30, 2014			June 30, 2013			% Change
Subadvisory
Assets under management, beginning of period	$	16,693		$	17,582
Inflows	529			266
Outflows	(1,355		)	(1,513		)
Net outflows	(826		)	(1,247		)
Market appreciation	2,691			827
Total increase (decrease)	1,865			(420		)
Assets under management, end of period	$	18,558		$	17,162		8.1	%
Percentage of total assets under management	72.1		%	69.9		%
Average assets under management for period	17,801			$	18,118		(1.7	%)

Advisory
Assets under management, beginning of period	$	6,233		$	7,268
Inflows	278			257
Outflows	(193		)	(443		)
Net inflows (outflows)	85			(186		)
Market appreciation	852			294
Total increase	937			108
Assets under management, end of period	$	7,170		$	7,376		(2.8	%)
Percentage of total assets under management	27.9		%	30.1		%
Average assets under management for period	$	6,636		$	7,609		(12.8	%)

Total Institutional Accounts
Assets under management, beginning of period	$	22,926		$	24,850
Inflows	807			523
Outflows	(1,548		)	(1,956		)
Net outflows	(741		)	(1,433		)
Market appreciation	3,543			1,121
Total increase (decrease)	2,802			(312		)
Assets under management, end of period	$	25,728		$	24,538		4.8	%
Average assets under management for period	$	24,437		$	25,727		(5.0	%)



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy
For the Periods Ended
(in millions)
	Three Months Ended									% Change From
	June 30, 2014			March 31, 2014			June 30, 2013			March 31, 2014		June 30, 2013
U.S. Real Estate
Assets under management, beginning of period	$	25,251		$	23,116		$	24,455
Inflows	734			756			793
Outflows	(583		)	(829		)	(642		)
Net inflows (outflows)	151			(73		)	151
Market appreciation (depreciation)	1,780			2,208			(433		)
Effect of fund merger *	222			—			—
Total increase (decrease)	2,153			2,135			(282		)
Assets under management, end of period	$	27,404		$	25,251		$	24,173		8.5	%	13.4	%
Percentage of total assets under management	52.4		%	51.5		%	50.5		%
Average assets under management for period	$	26,506		$	24,362		$	25,118		8.8	%	5.5	%

Global/International Real Estate
Assets under management, beginning of period	$	9,721		$	9,498		$	11,277
Inflows	233			485			555
Outflows	(517		)	(664		)	(1,493		)
Net outflows	(284		)	(179		)	(938		)
Market appreciation (depreciation)	724			402			(416		)
Total increase (decrease)	440			223			(1,354		)
Assets under management, end of period	$	10,161		$	9,721		$	9,923		4.5	%	2.4	%
Percentage of total assets under management	19.4		%	19.8		%	20.7		%
Average assets under management for period	$	9,993		$	9,595		$	11,116		4.1	%	(10.1	%)

Preferred Securities
Assets under management, beginning of period	$	5,126		$	4,722		$	4,929
Inflows	520			358			655
Outflows	(148		)	(180		)	(388		)
Net inflows	372			178			267
Market appreciation (depreciation)	174			226			(128		)
Total increase	546			404			139
Assets under management, end of period	$	5,672		$	5,126		$	5,068		10.7	%	11.9	%
Percentage of total assets under management	10.8		%	10.5		%	10.6		%
Average assets under management for period	$	5,415		$	4,946		$	5,131		9.5	%	5.5	%

Global Listed Infrastructure
Assets under management, beginning of period	$	5,072		$	4,714		$	4,176
Inflows	169			302			321
Outflows	(48		)	(224		)	(41		)
Net inflows	121			78			280
Market appreciation (depreciation)	423			280			(132		)
Total increase	544			358			148
Assets under management, end of period	$	5,616		$	5,072		$	4,324		10.7	%	29.9	%
Percentage of total assets under management	10.7		%	10.3		%	9.0		%
Average assets under management for period	$	5,333		$	5,011		$	4,337		6.4	%	23.0	%



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy - continued
For the Periods Ended
(in millions)
	Three Months Ended									% Change From
	June 30, 2014			March 31, 2014			June 30, 2013			March 31, 2014		June 30, 2013
Large Cap Value
Assets under management, beginning of period	$	2,857		$	2,907		$	3,746
Inflows	66			9			5
Outflows	(534		)	(155		)	(192		)
Net outflows	(468		)	(146		)	(187		)
Market appreciation	118			96			94
Effect of fund merger *	(222		)	—			—
Total decrease	(572		)	(50		)	(93		)
Assets under management, end of period	$	2,285		$	2,857		$	3,653		(20.0	%)	(37.4	%)
Percentage of total assets under management	4.4		%	5.8		%	7.6		%
Average assets under management for period	$	2,400		$	2,822		$	3,720		(15.0	%)	(35.5	%)

Other
Assets under management, beginning of period	$	1,004		$	950		$	738
Inflows	117			45			18
Outflows	(15		)	(19		)	(40		)
Net inflows (outflows)	102			26			(22		)
Market appreciation (depreciation)	41			28			(34		)
Total increase (decrease)	143			54			(56		)
Assets under management, end of period	$	1,147		$	1,004		$	682		14.2	%	68.2	%
Percentage of total assets under management	2.2		%	2.0		%	1.4		%
Average assets under management for period	$	1,074		$	970		$	732		10.7	%	46.7	%

Total
Assets under management, beginning of period	$	49,031		$	45,907		$	49,321
Inflows	1,839			1,955			2,347
Outflows	(1,845		)	(2,071		)	(2,796		)
Net outflows	(6		)	(116		)	(449		)
Market appreciation (depreciation)	3,260			3,240			(1,049		)
Effect of fund merger *	—			—			—
Total increase (decrease)	3,254			3,124			(1,498		)
Assets under management, end of period	$	52,285		$	49,031		$	47,823		6.6	%	9.3	%
Average assets under management for period	$	50,721		$	47,706		$	50,154		6.3	%	1.1	%

* Represents the effect of the merger of Cohen & Steers Dividend Majors Fund, Inc. into Cohen & Steers Total Return Realty Fund, Inc., which was effective after the close of business on June 13, 2014.



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy
For the Periods Ended
(in millions)
	Six Months Ended
	June 30, 2014			June 30, 2013			% Change
U.S. Real Estate
Assets under management, beginning of period	$	23,116		$	22,613
Inflows	1,490			1,546
Outflows	(1,412		)	(1,092		)
Net inflows	78			454
Market appreciation	3,988			1,106
Effect of fund merger *	222			—
Total increase	4,288			1,560
Assets under management, end of period	$	27,404		$	24,173		13.4	%
Percentage of total assets under management	52.4		%	50.5		%
Average assets under management for period	$	25,440		$	24,330		4.6	%

Global/International Real Estate
Assets under management, beginning of period	$	9,498		$	11,155
Inflows	718			872
Outflows	(1,181		)	(2,241		)
Net outflows	(463		)	(1,369		)
Market appreciation	1,126			137
Total increase (decrease)	663			(1,232		)
Assets under management, end of period	$	10,161		$	9,923		2.4	%
Percentage of total assets under management	19.4		%	20.7		%
Average assets under management for period	$	9,795		$	11,177		(12.4	%)

Preferred Securities
Assets under management, beginning of period	$	4,722		$	4,364
Inflows	878			1,249
Outflows	(328		)	(535		)
Net inflows	550			714
Market appreciation (depreciation)	400			(10		)
Total increase	950			704
Assets under management, end of period	$	5,672		$	5,068		11.9	%
Percentage of total assets under management	10.8		%	10.6		%
Average assets under management for period	$	5,182		$	4,879		6.2	%

Global Listed Infrastructure
Assets under management, beginning of period	$	4,714		$	3,509
Inflows	471			809
Outflows	(272		)	(59		)
Net inflows	199			750
Market appreciation	703			65
Total increase	902			815
Assets under management, end of period	$	5,616		$	4,324		29.9	%
Percentage of total assets under management	10.7		%	9.0		%
Average assets under management for period	$	5,173		$	3,984		29.8	%



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy - continued
For the Periods Ended
(in millions)
	Six Months Ended
	June 30, 2014			June 30, 2013			% Change
Large Cap Value
Assets under management, beginning of period	$	2,907		$	3,465
Inflows	75			35
Outflows	(689		)	(256		)
Net outflows	(614		)	(221		)
Market appreciation	214			409
Effect of fund merger *	(222		)	—
Total (decrease) increase	(622		)	188
Assets under management, end of period	$	2,285		$	3,653		(37.4	%)
Percentage of total assets under management	4.4		%	7.6		%
Average assets under management for period	$	2,610		$	3,687		(29.2	%)

Other
Assets under management, beginning of period	$	950		$	691
Inflows	162			48
Outflows	(34		)	(52		)
Net inflows (outflows)	128			(4		)
Market appreciation (depreciation)	69			(5		)
Total increase (decrease)	197			(9		)
Assets under management, end of period	$	1,147		$	682		68.2	%
Percentage of total assets under management	2.2		%	1.4		%
Average assets under management for period	$	1,022		$	726		40.8	%

Total
Assets under management, beginning of period	$	45,907		$	45,797
Inflows	3,794			4,559
Outflows	(3,916		)	(4,235		)
Net (outflows) inflows	(122		)	324
Market appreciation	6,500			1,702
Effect of fund merger *	—			—
Total increase	6,378			2,026
Assets under management, end of period	$	52,285		$	47,823		9.3	%
Average assets under management for period	$	49,222		$	48,783		0.9	%

* Represents the effect of the merger of Cohen & Steers Dividend Majors Fund, Inc. into Cohen & Steers Total Return Realty Fund, Inc., which was effective after the close of business on June 13, 2014.

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