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
2011 RESULTS
Assets Under Management Reach Record $44.3 billion
NEW YORK, NY, July 20, 2011—Cohen & Steers, Inc. (NYSE: CNS) reported income attributable to common shareholders of $15.7 million, or $0.36 per share (diluted and basic), for the quarter ended June 30, 2011, compared with income attributable to common shareholders of $11.6 million, or $0.27 per share (diluted and basic), for the quarter ended June 30, 2010. Total revenue for the second quarter of 2011 was $61.5 million, an increase of 38.9% from $44.2 million for the second quarter of 2010.
The second quarter 2010 results included an after-tax gain of approximately $0.08 per share primarily due to recoveries on the sale of previously impaired securities. After adjusting for these items, earnings per share would have been $0.19 for the quarter ended June 30, 2010.
For the six months ended June 30, 2011, the company recorded income attributable to common shareholders of $28.7 million, or $0.65 per diluted share and $0.66 per basic share, compared with income attributable to common shareholders of $20.5 million, or $0.48 per share (diluted and basic), for the six months ended June 30, 2010. After adjusting for the $0.08 after-tax gain mentioned above, earnings per share would have been $0.39 for the six months ended June 30, 2010.
Assets Under Management
Assets under management were $44.3 billion as of June 30, 2011, an increase of 16.5% from $38.0 billion at March 31, 2011 and an increase of 68.9% from $26.2 billion at June 30, 2010. The increase from March 31, 2011 was due to net inflows of $5.1 billion, primarily into U.S. and global real estate strategies, and market appreciation of $1.2 billion. The increase from June 30, 2010 was due to net inflows of $9.5 billion, primarily into U.S. and global real estate strategies, and market appreciation of $8.6 billion. Average assets under management were $40.9 billion for
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the quarter ended June 30, 2011, an increase of 13.4% from $36.1 billion for the quarter ended March 31, 2011 and an increase of 51.4% from $27.0 billion for the quarter ended June 30, 2010.
Assets under management for institutional accounts were $27.3 billion as of June 30, 2011, an increase of 24.4% from $21.9 billion at March 31, 2011 and an increase of 90.4% from $14.3 billion at June 30, 2010. The increase from March 31, 2011 was due to net inflows of $4.6 billion, primarily from subadvisory relationships, and market appreciation of $794 million. The increase from June 30, 2010 was due to net inflows of $7.6 billion, primarily from subadvisory relationships, and market appreciation of $5.3 billion. Average assets under management for institutional accounts were $24.3 billion for the quarter ended June 30, 2011, an increase of 17.5% from $20.7 billion for the quarter ended March 31, 2011 and an increase of 65.0% from $14.7 billion for the quarter ended June 30, 2010.
Assets under management for open-end mutual funds were $10.2 billion as of June 30, 2011, an increase of 8.8% from $9.4 billion at March 31, 2011 and an increase of 54.9% from $6.6 billion at June 30, 2010. The increase from March 31, 2011 was due to net inflows of $533 million and market appreciation of $290 million. The increase from June 30, 2010 was due to market appreciation of $2.2 billion and net inflows of $1.4 billion. Average assets under management for open-end mutual funds were $9.8 billion for the quarter ended June 30, 2011, an increase of 11.6% from $8.8 billion for the quarter ended March 31, 2011 and an increase of 47.2% from $6.7 billion for the quarter ended June 30, 2010.
Assets under management for closed-end mutual funds were $6.8 billion as of June 30, 2011, an increase of 1.5% from $6.7 billion at March 31, 2011 and an increase of 28.1% from $5.3 billion at June 30, 2010. The increase from March 31, 2011 was due to market appreciation of $76 million and inflows of $24 million through an increase in the use of the funds' credit facilities. The increase from June 30, 2010 was due to market appreciation of $1.1 billion and net inflows of $421 million, primarily due to the launch of Cohen & Steers Select Preferred and Income Fund, Inc. ("PSF") during the fourth quarter of 2010. Average assets under management for closed-end mutual funds were $6.8 billion for the quarter ended June 30, 2011, an increase of 3.1% from $6.6 billion for the quarter ended March 31, 2011 and an increase of 21.0% from $5.6 billion for the quarter ended June 30, 2010.
Financial Highlights (Unaudited)
| Three Months Ended | |||||||||||
| (in thousands, except per share data or as noted) | |||||||||||
| June 30, 2011 | March 31, 2011 | June 30, 2010 | |||||||||
| Revenue | $ | 61,459 | $ | 54,755 | $ | 44,232 | |||||
| Expenses | $ | 38,564 | $ | 35,842 | $ | 30,900 | |||||
| Operating income | $ | 22,895 | $ | 18,913 | $ | 13,332 | |||||
| Operating margin | 37.3 | % | 34.5 | % | 30.1 | % | |||||
| Total non-operating income | $ | 1,306 | $ | 975 | $ | 2,050 | |||||
| Net income attributable to common shareholders | $ | 15,679 | $ | 12,975 | $ | 11,603 | |||||
| Diluted earnings per share attributable to common shareholders | $ | 0.36 | $ | 0.30 | $ | 0.27 | |||||
| Assets under management, end of period (in millions) | $ | 44,314 | $ | 38,030 | $ | 26,242 | |||||
| Average assets under management for period (in millions) | $ | 40,933 | $ | 36,087 | $ | 27,031 | |||||
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Total revenue for the second quarter of 2011 was $61.5 million, an increase of 12.2% from $54.8 million for the first quarter of 2011, primarily due to higher average assets under management. Operating expenses for the second quarter of 2011 were $38.6 million, an increase of 7.6% from $35.8 million for the first quarter of 2011 primarily due to increases in employee compensation and benefits, distribution and service fees and general and administrative expenses. Operating income was $22.9 million for the three months ended June 30, 2011, compared with operating income of $18.9 million for the three months ended March 31, 2011. The company's operating margin increased to 37.3% for the second quarter of 2011 compared with 34.5% for the three months ended March 31, 2011. The company's operating margin expanded during the quarter due to an increase in revenue combined with decreases in the compensation and G&A to revenue ratios. Non-operating income was $1.3 million for the three months ended June 30, 2011, an increase of 33.9% from $975,000 for the three months ended March 31, 2011, primarily due to an increase in equity in earnings from the company's seed investments.
Balance Sheet Information
As of June 30, 2011, cash, cash equivalents and investments were $206 million. As of June 30, 2011, stockholders' equity was $256 million and the company had no long-term or short-term debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, July 21, 2011 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) 769-9015 (U.S.) or (212) 231-2912 (international); passcode: 21532718. 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 21, 2011 and can be accessed at (800) 633-8284 (U.S.) or (402) 977-9140 (international); passcode: 21532718. Internet access to the webcast, which includes audio (listen-only), will be available on the company's Web site at www.cohenandsteers.com under "Corporate Info." The webcast will be archived on the Web site 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,"
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"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 Web site at www.sec.gov and on the company's Web site 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.
# # # #
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| 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, 2011 | March 31, 2011 | June 30, 2010 | March 31, 2011 | June 30, 2010 | |||||||||||||
| Revenue | |||||||||||||||||
| Investment advisory and administration fees | $ | 57,469 | $ | 51,052 | $ | 40,835 | |||||||||||
| Distribution and service fees | 2,586 | 2,415 | 2,236 | ||||||||||||||
| Portfolio consulting and other | 1,404 | 1,288 | 1,161 | ||||||||||||||
| Total revenue | 61,459 | 54,755 | 44,232 | 12.2 | % | 38.9 | % | ||||||||||
| Expenses | |||||||||||||||||
| Employee compensation and benefits | 21,818 | 19,986 | 17,251 | ||||||||||||||
| Distribution and service fees | 6,150 | 5,754 | 4,831 | ||||||||||||||
| General and administrative | 8,886 | 8,573 | 7,473 | ||||||||||||||
| Depreciation and amortization | 1,295 | 1,186 | 1,113 | ||||||||||||||
| Amortization, deferred commissions | 415 | 343 | 232 | ||||||||||||||
| Total expenses | 38,564 | 35,842 | 30,900 | 7.6 | % | 24.8 | % | ||||||||||
| Operating income | 22,895 | 18,913 | 13,332 | 21.1 | % | 71.7 | % | ||||||||||
| Non-operating income | |||||||||||||||||
| Interest and dividend income - net | 355 | 184 | 366 | ||||||||||||||
| Loss from trading securities - net | (99 | ) | (378 | ) | (371 | ) | |||||||||||
| Gain from available-for-sale securities - net | 232 | 358 | 3,281 | ||||||||||||||
| Equity in earnings (losses) of affiliates | 627 | (14 | ) | (1,361 | ) | ||||||||||||
| Other | 191 | 825 | 135 | ||||||||||||||
| Total non-operating income | 1,306 | 975 | 2,050 | 33.9 | % | (36.3 | %) | ||||||||||
| Income before provision for income taxes | 24,201 | 19,888 | 15,382 | 21.7 | % | 57.3 | % | ||||||||||
| Provision for income taxes | 8,442 | 6,986 | 3,781 | ||||||||||||||
| Net income | 15,759 | 12,902 | 11,601 | 22.1 | % | 35.8 | % | ||||||||||
| Less: Net (income) loss attributable to redeemable noncontrolling interest | (80 | ) | 73 | 2 | |||||||||||||
| Net income attributable to common shareholders | $ | 15,679 | $ | 12,975 | $ | 11,603 | 20.8 | % | 35.1 | % | |||||||
| Earnings per share attributable to common shareholders | |||||||||||||||||
| Basic | $ | 0.36 | $ | 0.30 | $ | 0.27 | 20.4 | % | 33.6 | % | |||||||
| Diluted | $ | 0.36 | $ | 0.30 | $ | 0.27 | 20.7 | % | 33.0 | % | |||||||
| Weighted average shares outstanding | |||||||||||||||||
| Basic | 43,220 | 43,051 | 42,730 | ||||||||||||||
| Diluted | 43,840 | 43,781 | 43,143 | ||||||||||||||
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| Cohen & Steers, Inc. and Subsidiaries | |||||||||||
| Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||
| For the Periods Ended | |||||||||||
| (in thousands, except per share data) | |||||||||||
| Six Months Ended | % Change | ||||||||||
| June 30, 2011 | June 30, 2010 | June 30, 2010 | |||||||||
| Revenue | |||||||||||
| Investment advisory and administration fees | $ | 108,521 | $ | 78,927 | |||||||
| Distribution and service fees | 5,001 | 4,400 | |||||||||
| Portfolio consulting and other | 2,692 | 2,249 | |||||||||
| Total revenue | 116,214 | 85,576 | 35.8 | % | |||||||
| Expenses | |||||||||||
| Employee compensation and benefits | 41,804 | 33,375 | |||||||||
| Distribution and service fees | 11,904 | 9,141 | |||||||||
| General and administrative | 17,459 | 14,610 | |||||||||
| Depreciation and amortization | 2,481 | 2,267 | |||||||||
| Amortization, deferred commissions | 758 | 422 | |||||||||
| Total expenses | 74,406 | 59,815 | 24.4 | % | |||||||
| Operating income | 41,808 | 25,761 | 62.3 | % | |||||||
| Non-operating income | |||||||||||
| Interest and dividend income - net | 539 | 561 | |||||||||
| Loss from trading securities - net | (477 | ) | (182 | ) | |||||||
| Gain from available-for-sale securities - net | 590 | 3,479 | |||||||||
| Equity in earnings (losses) of affiliates | 613 | (820 | ) | ||||||||
| Other | 1,016 | 47 | |||||||||
| Total non-operating income | 2,281 | 3,085 | (26.1 | %) | |||||||
| Income before provision for income taxes | 44,089 | 28,846 | 52.8 | % | |||||||
| Provision for income taxes | 15,428 | 8,355 | |||||||||
| Net income | 28,661 | 20,491 | 39.9 | % | |||||||
| Less: Net income attributable to redeemable noncontrolling interest | (7 | ) | (8 | ) | |||||||
| Net income attributable to common shareholders | $ | 28,654 | $ | 20,483 | 39.9 | % | |||||
| Earnings per share attributable to common shareholders | |||||||||||
| Basic | $ | 0.66 | $ | 0.48 | 38.4 | % | |||||
| Diluted | $ | 0.65 | $ | 0.48 | 37.4 | % | |||||
| Weighted average shares outstanding | |||||||||||
| Basic | 43,136 | 42,665 | |||||||||
| Diluted | 43,811 | 43,040 | |||||||||
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| Cohen & Steers, Inc. and Subsidiaries | |||||||||||||||||
| Assets Under Management (Unaudited) | |||||||||||||||||
| By Investment Vehicle | |||||||||||||||||
| (in millions) | |||||||||||||||||
| Three Months Ended | % Change From | ||||||||||||||||
| June 30, 2011 | March 31, 2011 | June 30, 2010 | March 31, 2011 | June 30, 2010 | |||||||||||||
| Institutional Accounts | |||||||||||||||||
| Assets under management, beginning of period | $ | 21,931 | $ | 19,625 | $ | 14,503 | |||||||||||
| Inflows | 4,997 | 1,529 | 1,471 | ||||||||||||||
| Outflows | (430 | ) | (321 | ) | (417 | ) | |||||||||||
| Net inflows | 4,567 | 1,208 | 1,054 | ||||||||||||||
| Market appreciation (depreciation) | 794 | 1,098 | (1,225 | ) | |||||||||||||
| Total increase (decrease) | 5,361 | 2,306 | (171 | ) | |||||||||||||
| Assets under management, end of period | $ | 27,292 | $ | 21,931 | $ | 14,332 | 24.4 | % | 90.4 | % | |||||||
| Average assets under management for period | $ | 24,293 | $ | 20,671 | $ | 14,726 | 17.5 | % | 65.0 | % | |||||||
| Open-End Mutual Funds | |||||||||||||||||
| Assets under management, beginning of period | $ | 9,390 | $ | 8,484 | $ | 6,958 | |||||||||||
| Inflows | 1,175 | 1,147 | 684 | ||||||||||||||
| Outflows | (642 | ) | (640 | ) | (509 | ) | |||||||||||
| Net inflows | 533 | 507 | 175 | ||||||||||||||
| Market appreciation (depreciation) | 290 | 399 | (538 | ) | |||||||||||||
| Total increase (decrease) | 823 | 906 | (363 | ) | |||||||||||||
| Assets under management, end of period | $ | 10,213 | $ | 9,390 | $ | 6,595 | 8.8 | % | 54.9 | % | |||||||
| Average assets under management for period | $ | 9,822 | $ | 8,803 | $ | 6,672 | 11.6 | % | 47.2 | % | |||||||
| Closed-End Mutual Funds | |||||||||||||||||
| Assets under management, beginning of period | $ | 6,709 | $ | 6,353 | $ | 5,736 | |||||||||||
| Inflows | 24 | 129 | — | ||||||||||||||
| Outflows | — | — | (7 | ) | |||||||||||||
| Net inflows (outflows) | 24 | 129 | (7 | ) | |||||||||||||
| Market appreciation (depreciation) | 76 | 227 | (414 | ) | |||||||||||||
| Total increase (decrease) | 100 | 356 | (421 | ) | |||||||||||||
| Assets under management, end of period | $ | 6,809 | $ | 6,709 | $ | 5,315 | 1.5 | % | 28.1 | % | |||||||
| Average assets under management for period | $ | 6,818 | $ | 6,613 | $ | 5,633 | 3.1 | % | 21.0 | % | |||||||
| Total | |||||||||||||||||
| Assets under management, beginning of period | $ | 38,030 | $ | 34,462 | $ | 27,197 | |||||||||||
| Inflows | 6,196 | 2,805 | 2,155 | ||||||||||||||
| Outflows | (1,072 | ) | (961 | ) | (933 | ) | |||||||||||
| Net inflows | 5,124 | 1,844 | 1,222 | ||||||||||||||
| Market appreciation (depreciation) | 1,160 | 1,724 | (2,177 | ) | |||||||||||||
| Total increase (decrease) | 6,284 | 3,568 | (955 | ) | |||||||||||||
| Assets under management, end of period | $ | 44,314 | $ | 38,030 | $ | 26,242 | 16.5 | % | 68.9 | % | |||||||
| Average assets under management for period | $ | 40,933 | $ | 36,087 | $ | 27,031 | 13.4 | % | 51.4 | % | |||||||
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| Cohen & Steers, Inc. and Subsidiaries | |||||||||||
| Assets Under Management (Unaudited) | |||||||||||
| By Investment Vehicle | |||||||||||
| (in millions) | |||||||||||
| Six Months Ended | % Change | ||||||||||
| June 30, 2011 | June 30, 2010 | June 30, 2010 | |||||||||
| Institutional Accounts | |||||||||||
| Assets under management, beginning of period | $ | 19,625 | $ | 12,954 | |||||||
| Inflows | 6,526 | 2,865 | |||||||||
| Outflows | (751 | ) | (937 | ) | |||||||
| Net inflows | 5,775 | 1,928 | |||||||||
| Market appreciation (depreciation) | 1,892 | (550 | ) | ||||||||
| Total increase | 7,667 | 1,378 | |||||||||
| Assets under management, end of period | $ | 27,292 | $ | 14,332 | 90.4 | % | |||||
| Average assets under management for period | $ | 22,482 | $ | 13,935 | 61.3 | % | |||||
| Open-End Mutual Funds | |||||||||||
| Assets under management, beginning of period | $ | 8,484 | $ | 6,285 | |||||||
| Inflows | 2,322 | 1,394 | |||||||||
| Outflows | (1,282 | ) | (962 | ) | |||||||
| Net inflows | 1,040 | 432 | |||||||||
| Market appreciation (depreciation) | 689 | (122 | ) | ||||||||
| Total increase | 1,729 | 310 | |||||||||
| Assets under management, end of period | $ | 10,213 | $ | 6,595 | 54.9 | % | |||||
| Average assets under management for period | $ | 9,313 | $ | 6,451 | 44.4 | % | |||||
| Closed-End Mutual Funds | |||||||||||
| Assets under management, beginning of period | $ | 6,353 | $ | 5,546 | |||||||
| Inflows | 153 | — | |||||||||
| Outflows | — | (7 | ) | ||||||||
| Net inflows (outflows) | 153 | (7 | ) | ||||||||
| Market appreciation (depreciation) | 303 | (224 | ) | ||||||||
| Total increase (decrease) | 456 | (231 | ) | ||||||||
| Assets under management, end of period | $ | 6,809 | $ | 5,315 | 28.1 | % | |||||
| Average assets under management for period | $ | 6,715 | $ | 5,585 | 20.2 | % | |||||
| Total | |||||||||||
| Assets under management, beginning of period | $ | 34,462 | $ | 24,785 | |||||||
| Inflows | 9,001 | 4,259 | |||||||||
| Outflows | (2,033 | ) | (1,906 | ) | |||||||
| Net inflows | 6,968 | 2,353 | |||||||||
| Market appreciation (depreciation) | 2,884 | (896 | ) | ||||||||
| Total increase | 9,852 | 1,457 | |||||||||
| Assets under management, end of period | $ | 44,314 | $ | 26,242 | 68.9 | % | |||||
| Average assets under management for period | $ | 38,510 | $ | 25,971 | 48.3 | % | |||||
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| 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 | ||||||||||||||||
| June 30, 2011 | March 31, 2011 | June 30, 2010 | March 31, 2011 | June 30, 2010 | |||||||||||||
| Subadvisory | |||||||||||||||||
| Assets under management, beginning of period | $ | 15,128 | $ | 13,222 | $ | 9,089 | |||||||||||
| Inflows | 4,628 | 1,323 | 1,353 | ||||||||||||||
| Outflows | (277 | ) | (186 | ) | (293 | ) | |||||||||||
| Net inflows | 4,351 | 1,137 | 1,060 | ||||||||||||||
| Market appreciation (depreciation) | 557 | 769 | (789 | ) | |||||||||||||
| Total increase | 4,908 | 1,906 | 271 | ||||||||||||||
| Assets under management, end of period | $ | 20,036 | $ | 15,128 | $ | 9,360 | 32.4 | % | 114.1 | % | |||||||
| Average assets under management for period | $ | 17,315 | $ | 14,174 | $ | 9,566 | 22.2 | % | 81.0 | % | |||||||
| Advisory | |||||||||||||||||
| Assets under management, beginning of period | $ | 6,657 | $ | 6,251 | $ | 5,194 | |||||||||||
| Inflows | 337 | 196 | 109 | ||||||||||||||
| Outflows | (150 | ) | (119 | ) | (118 | ) | |||||||||||
| Net inflows (outflows) | 187 | 77 | (9 | ) | |||||||||||||
| Market appreciation (depreciation) | 236 | 329 | (430 | ) | |||||||||||||
| Total increase (decrease) | 423 | 406 | (439 | ) | |||||||||||||
| Assets under management, end of period | $ | 7,080 | $ | 6,657 | $ | 4,755 | 6.4 | % | 48.9 | % | |||||||
| Average assets under management for period | $ | 6,819 | $ | 6,348 | $ | 4,942 | 7.4 | % | 38.0 | % | |||||||
| Alternatives | |||||||||||||||||
| Assets under management, beginning of period | $ | 146 | $ | 152 | $ | 220 | |||||||||||
| Inflows | 32 | 10 | 9 | ||||||||||||||
| Outflows | (3 | ) | (16 | ) | (6 | ) | |||||||||||
| Net inflows (outflows) | 29 | (6 | ) | 3 | |||||||||||||
| Market appreciation (depreciation) | 1 | — | (6 | ) | |||||||||||||
| Total increase (decrease) | 30 | (6 | ) | (3 | ) | ||||||||||||
| Assets under management, end of period | $ | 176 | $ | 146 | $ | 217 | 20.5 | % | (18.9 | %) | |||||||
| Average assets under management for period | $ | 159 | $ | 149 | $ | 218 | 6.7 | % | (27.1 | %) | |||||||
| Total Institutional Accounts | |||||||||||||||||
| Assets under management, beginning of period | $ | 21,931 | $ | 19,625 | $ | 14,503 | |||||||||||
| Inflows | 4,997 | 1,529 | 1,471 | ||||||||||||||
| Outflows | (430 | ) | (321 | ) | (417 | ) | |||||||||||
| Net inflows | 4,567 | 1,208 | 1,054 | ||||||||||||||
| Market appreciation (depreciation) | 794 | 1,098 | (1,225 | ) | |||||||||||||
| Total increase (decrease) | 5,361 | 2,306 | (171 | ) | |||||||||||||
| Assets under management, end of period | $ | 27,292 | $ | 21,931 | $ | 14,332 | 24.4 | % | 90.4 | % | |||||||
| Average assets under management for period | $ | 24,293 | $ | 20,671 | $ | 14,726 | 17.5 | % | 65.0 | % | |||||||
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| Cohen & Steers, Inc. and Subsidiaries | |||||||||||
| Assets Under Management - Institutional Accounts (Unaudited) | |||||||||||
| By Investment Relationship | |||||||||||
| For the Periods Ended | |||||||||||
| (in millions) | |||||||||||
| Six Months Ended | % Change | ||||||||||
| June 30, 2011 | June 30, 2010 | June 30, 2010 | |||||||||
| Subadvisory | |||||||||||
| Assets under management, beginning of period | $ | 13,222 | $ | 8,024 | |||||||
| Inflows | 5,951 | 2,386 | |||||||||
| Outflows | (463 | ) | (694 | ) | |||||||
| Net inflows | 5,488 | 1,692 | |||||||||
| Market appreciation (depreciation) | 1,326 | (356 | ) | ||||||||
| Total increase | 6,814 | 1,336 | |||||||||
| Assets under management, end of period | $ | 20,036 | $ | 9,360 | 114.1 | % | |||||
| Average assets under management for period | $ | 15,745 | $ | 8,861 | 77.7 | % | |||||
| Advisory | |||||||||||
| Assets under management, beginning of period | $ | 6,251 | $ | 4,894 | |||||||
| Inflows | 533 | 287 | |||||||||
| Outflows | (269 | ) | (237 | ) | |||||||
| Net inflows | 264 | 50 | |||||||||
| Market appreciation (depreciation) | 565 | (189 | ) | ||||||||
| Total increase (decrease) | 829 | (139 | ) | ||||||||
| Assets under management, end of period | $ | 7,080 | $ | 4,755 | 48.9 | % | |||||
| Average assets under management for period | $ | 6,573 | $ | 4,889 | 34.4 | % | |||||
| Alternatives | |||||||||||
| Assets under management, beginning of period | $ | 152 | $ | 36 | |||||||
| Inflows | 42 | 192 | |||||||||
| Outflows | (19 | ) | (6 | ) | |||||||
| Net inflows | 23 | 186 | |||||||||
| Market appreciation (depreciation) | 1 | (5 | ) | ||||||||
| Total increase | 24 | 181 | |||||||||
| Assets under management, end of period | $ | 176 | $ | 217 | (18.9 | %) | |||||
| Average assets under management for period | $ | 164 | $ | 185 | (11.4 | %) | |||||
| Total Institutional Accounts | |||||||||||
| Assets under management, beginning of period | $ | 19,625 | $ | 12,954 | |||||||
| Inflows | 6,526 | 2,865 | |||||||||
| Outflows | (751 | ) | (937 | ) | |||||||
| Net inflows | 5,775 | 1,928 | |||||||||
| Market appreciation (depreciation) | 1,892 | (550 | ) | ||||||||
| Total increase | 7,667 | 1,378 | |||||||||
| Assets under management, end of period | $ | 27,292 | $ | 14,332 | 90.4 | % | |||||
| Average assets under management for period | $ | 22,482 | $ | 13,935 | 61.3 | % | |||||
10
| 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, 2011 | March 31, 2011 | June 30, 2010 | March 31, 2011 | June 30, 2010 | |||||||||||||
| Global / International Real Estate | |||||||||||||||||
| Assets under management, beginning of period | $ | 16,878 | $ | 15,590 | $ | 11,342 | |||||||||||
| Inflows | 1,165 | 1,082 | 1,409 | ||||||||||||||
| Outflows | (532 | ) | (477 | ) | (456 | ) | |||||||||||
| Net inflows | 633 | 605 | 953 | �� | |||||||||||||
| Market appreciation (depreciation) | 608 | 683 | (1,053 | ) | |||||||||||||
| Total increase (decrease) | 1,241 | 1,288 | (100 | ) | |||||||||||||
| Assets under management, end of period | $ | 18,119 | $ | 16,878 | $ | 11,242 | 7.4 | % | 61.2 | % | |||||||
| Average assets under management for period | $ | 17,359 | $ | 16,009 | $ | 11,602 | 8.4 | % | 49.6 | % | |||||||
| U.S. Real Estate | |||||||||||||||||
| Assets under management, beginning of period | $ | 12,033 | $ | 10,506 | $ | 8,852 | |||||||||||
| Inflows | 4,364 | 1,352 | 433 | ||||||||||||||
| Outflows | (317 | ) | (504 | ) | (432 | ) | |||||||||||
| Net inflows | 4,047 | 848 | 1 | ||||||||||||||
| Market appreciation (depreciation) | 465 | 679 | (423 | ) | |||||||||||||
| Total increase (decrease) | 4,512 | 1,527 | (422 | ) | |||||||||||||
| Assets under management, end of period | $ | 16,545 | $ | 12,033 | $ | 8,430 | 37.5 | % | 96.3 | % | |||||||
| Average assets under management for period | $ | 14,214 | $ | 11,336 | $ | 8,641 | 25.4 | % | 64.5 | % | |||||||
| Large Cap Value Stocks | |||||||||||||||||
| Assets under management, beginning of period | $ | 3,898 | $ | 3,673 | $ | 3,097 | |||||||||||
| Inflows | 308 | 113 | 286 | ||||||||||||||
| Outflows | (153 | ) | (82 | ) | (27 | ) | |||||||||||
| Net inflows | 155 | 31 | 259 | ||||||||||||||
| Market appreciation (depreciation) | 20 | 194 | (402 | ) | |||||||||||||
| Total increase (decrease) | 175 | 225 | (143 | ) | |||||||||||||
| Assets under management, end of period | $ | 4,073 | $ | 3,898 | $ | 2,954 | 4.5 | % | 37.9 | % | |||||||
| Average assets under management for period | $ | 3,977 | $ | 3,786 | $ | 3,026 | 5.0 | % | 31.4 | % | |||||||
| Global Infrastructure | |||||||||||||||||
| Assets under management, beginning of period | $ | 3,125 | $ | 2,870 | $ | 2,596 | |||||||||||
| Inflows | 86 | 174 | 15 | ||||||||||||||
| Outflows | (8 | ) | (17 | ) | (14 | ) | |||||||||||
| Net inflows | 78 | 157 | 1 | ||||||||||||||
| Market appreciation (depreciation) | 57 | 98 | (220 | ) | |||||||||||||
| Total increase (decrease) | 135 | 255 | (219 | ) | |||||||||||||
| Assets under management, end of period | $ | 3,260 | $ | 3,125 | $ | 2,377 | 4.3 | % | 37.1 | % | |||||||
| Average assets under management for period | $ | 3,188 | $ | 2,998 | $ | 2,487 | 6.3 | % | 28.2 | % | |||||||
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 | ||||||||||||||||
| June 30, 2011 | March 31, 2011 | June 30, 2010 | March 31, 2011 | June 30, 2010 | |||||||||||||
| Preferred Securities | |||||||||||||||||
| Assets under management, beginning of period | $ | 1,548 | $ | 1,292 | $ | 794 | |||||||||||
| Inflows | 273 | 216 | 12 | ||||||||||||||
| Outflows | (62 | ) | (13 | ) | (4 | ) | |||||||||||
| Net inflows | 211 | 203 | 8 | ||||||||||||||
| Market appreciation (depreciation) | 16 | 53 | (29 | ) | |||||||||||||
| Total increase (decrease) | 227 | 256 | (21 | ) | |||||||||||||
| Assets under management, end of period | $ | 1,775 | $ | 1,548 | $ | 773 | 14.7 | % | 129.6 | % | |||||||
| Average assets under management for period | $ | 1,657 | $ | 1,420 | $ | 784 | 16.7 | % | 111.4 | % | |||||||
| Other | |||||||||||||||||
| Assets under management, beginning of period | $ | 548 | $ | 531 | $ | 516 | |||||||||||
| Market (depreciation) appreciation | (6 | ) | 17 | (50 | ) | ||||||||||||
| Total (decrease) increase | (6 | ) | 17 | (50 | ) | ||||||||||||
| Assets under management, end of period | $ | 542 | $ | 548 | $ | 466 | (1.1 | %) | 16.3 | % | |||||||
| Average assets under management for period | $ | 538 | $ | 538 | $ | 491 | 0.0 | % | 9.6 | % | |||||||
| Total | |||||||||||||||||
| Assets under management, beginning of period | $ | 38,030 | $ | 34,462 | $ | 27,197 | |||||||||||
| Inflows | 6,196 | 2,937 | 2,155 | ||||||||||||||
| Outflows | (1,072 | ) | (1,093 | ) | (933 | ) | |||||||||||
| Net inflows | 5,124 | 1,844 | 1,222 | ||||||||||||||
| Market appreciation (depreciation) | 1,160 | 1,724 | (2,177 | ) | |||||||||||||
| Total increase (decrease) | 6,284 | 3,568 | (955 | ) | |||||||||||||
| Assets under management, end of period | $ | 44,314 | $ | 38,030 | $ | 26,242 | 16.5 | % | 68.9 | % | |||||||
| Average assets under management for period | $ | 40,933 | $ | 36,087 | $ | 27,031 | 13.4 | % | 51.4 | % | |||||||
12
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||
| Assets Under Management (Unaudited) | |||||||||||
| By Investment Strategy | |||||||||||
| For the Periods Ended | |||||||||||
| (in millions) | |||||||||||
| Six Months Ended | % Change | ||||||||||
| June 30, 2011 | June 30, 2010 | June 30, 2010 | |||||||||
| Global / International Real Estate | |||||||||||
| Assets under management, beginning of period | $ | 15,590 | $ | 10,401 | |||||||
| Inflows | 2,247 | 2,613 | |||||||||
| Outflows | (1,009 | ) | (1,070 | ) | |||||||
| Net inflows | 1,238 | 1,543 | |||||||||
| Market appreciation (depreciation) | 1,291 | (702 | ) | ||||||||
| Total increase | 2,529 | 841 | |||||||||
| Assets under management, end of period | $ | 18,119 | $ | 11,242 | 61.2 | % | |||||
| Average assets under management for period | $ | 16,549 | $ | 11,070 | 49.5 | % | |||||
| U.S. Real Estate | |||||||||||
| Assets under management, beginning of period | $ | 10,506 | $ | 8,012 | |||||||
| Inflows | 5,716 | 852 | |||||||||
| Outflows | (821 | ) | (760 | ) | |||||||
| Net inflows | 4,895 | 92 | |||||||||
| Market appreciation | 1,144 | 326 | |||||||||
| Total increase | 6,039 | 418 | |||||||||
| Assets under management, end of period | $ | 16,545 | $ | 8,430 | 96.3 | % | |||||
| Average assets under management for period | $ | 12,951 | $ | 8,371 | 54.7 | % | |||||
| Large Cap Value Stocks | |||||||||||
| Assets under management, beginning of period | $ | 3,673 | $ | 2,550 | |||||||
| Inflows | 421 | 745 | |||||||||
| Outflows | (235 | ) | (50 | ) | |||||||
| Net inflows | 186 | 695 | |||||||||
| Market appreciation (depreciation) | 214 | (291 | ) | ||||||||
| Total increase | 400 | 404 | |||||||||
| Assets under management, end of period | $ | 4,073 | $ | 2,954 | 37.9 | % | |||||
| Average assets under management for period | $ | 3,873 | $ | 2,784 | 39.1 | % | |||||
| Global Infrastructure | |||||||||||
| Assets under management, beginning of period | $ | 2,870 | $ | 2,577 | |||||||
| Inflows | 260 | 37 | |||||||||
| Outflows | (25 | ) | (19 | ) | |||||||
| Net inflows | 235 | 18 | |||||||||
| Market appreciation (depreciation) | 155 | (218 | ) | ||||||||
| Total increase (decrease) | 390 | (200 | ) | ||||||||
| Assets under management, end of period | $ | 3,260 | $ | 2,377 | 37.1 | % | |||||
| Average assets under management for period | $ | 3,065 | $ | 2,477 | 23.7 | % | |||||
13
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||
| Assets Under Management (Unaudited) | |||||||||||
| By Investment Strategy - continued | |||||||||||
| For the Periods Ended | |||||||||||
| (in millions) | |||||||||||
| Six Months Ended | % Change | ||||||||||
| June 30, 2011 | June 30, 2010 | June 30, 2010 | |||||||||
| Preferred Securities | |||||||||||
| Assets under management, beginning of period | $ | 1,292 | $ | 745 | |||||||
| Inflows | 489 | 12 | |||||||||
| Outflows | (75 | ) | (7 | ) | |||||||
| Net inflows | 414 | 5 | |||||||||
| Market appreciation | 69 | 23 | |||||||||
| Total increase | 483 | 28 | |||||||||
| Assets under management, end of period | $ | 1,775 | $ | 773 | 129.6 | % | |||||
| Average assets under management for period | $ | 1,534 | $ | 759 | 102.1 | % | |||||
| Other | |||||||||||
| Assets under management, beginning of period | $ | 531 | $ | 500 | |||||||
| Market appreciation (depreciation) | 11 | (34 | ) | ||||||||
| Total increase (decrease) | 11 | (34 | ) | ||||||||
| Assets under management, end of period | $ | 542 | $ | 466 | 16.3 | % | |||||
| Average assets under management for period | $ | 538 | $ | 510 | 5.5 | % | |||||
| Total | |||||||||||
| Assets under management, beginning of period | $ | 34,462 | $ | 24,785 | |||||||
| Inflows | 9,133 | 4,259 | |||||||||
| Outflows | (2,165 | ) | (1,906 | ) | |||||||
| Net inflows | 6,968 | 2,353 | |||||||||
| Market appreciation (depreciation) | 2,884 | (896 | ) | ||||||||
| Total increase | 9,852 | 1,457 | |||||||||
| Assets under management, end of period | $ | 44,314 | $ | 26,242 | 68.9 | % | |||||
| Average assets under management for period | $ | 38,510 | $ | 25,971 | 48.3 | % | |||||
14
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||||
| Other Fee Earning Assets (Unaudited) | ||||||||||||
| (in millions) | ||||||||||||
| As of | ||||||||||||
| June 30, 2011 | March 31, 2011 | June 30, 2010 | ||||||||||
| Unified Managed Accounts, end of period | $ | 571 | $ | 554 | $ | 468 | ||||||
| Exchange Traded Funds, end of period | $ | 2,748 | $ | 2,558 | $ | 2,012 | ||||||
| Unit Investment Trusts, end of period | $ | 1,418 | $ | 1,421 | $ | 1,256 | ||||||
| Total, end of period | $ | 4,737 | $ | 4,533 | $ | 3,736 | ||||||
| Note: Other fee earning assets are defined as assets for which the company provides non-discretionary investment advice, and therefore are not included in the company's reported assets under management. | ||||||||||||
15