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 FOURTH QUARTER
AND FULL YEAR 2011 RESULTS
NEW YORK, NY, January 25, 2012—Cohen & Steers, Inc. (NYSE: CNS) reported income attributable to common shareholders of $16.0 million, or $0.36 per diluted share and $0.37 per basic share, for the quarter ended December 31, 2011, compared with income attributable to common shareholders of $12.8 million, or $0.29 per diluted share and $0.30 per basic share, for the quarter ended December 31, 2010. Total revenue for the fourth quarter of 2011 was $59.4 million, an increase of 14.7% from $51.8 million for the fourth quarter of 2010.
The fourth quarter 2010 results included an after-tax expense of approximately $0.06 per share associated primarily with the offering of Cohen & Steers Select Preferred and Income Fund, Inc., a closed-end mutual fund, and an after-tax gain of approximately $0.03 per share due to recoveries on the sale of securities. After adjusting for these items, earnings per share would have been $0.32 for the quarter ended December 31, 2010.
For the year ended December 31, 2011, the company recorded income attributable to common shareholders of $54.3 million, or $1.23 per diluted share and $1.26 per basic share, compared with income attributable to common shareholders of $46.4 million, or $1.07 per diluted share and $1.09 per basic share, for the year ended December 31, 2010. The 2010 results included after-tax gains of approximately $0.17 per share primarily due to recoveries on the sale of securities and the above mentioned after-tax expense of approximately $0.06 per share. After adjusting for these items, earnings per share would have been $0.96 for the year ended December 31, 2010.
Assets Under Management
Assets under management were $41.3 billion as of December 31, 2011, an increase of 6.9% from $38.6 billion at September 30, 2011 and an increase of 19.8% from $34.5 billion at December 31, 2010. The increase from September 30, 2011 was due to market appreciation of $3.7 billion, partially offset by net outflows of $1.1 billion,
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primarily from global/international real estate strategies. The increase from December 31, 2010 was due to net inflows of $7.4 billion, primarily into U.S. real estate strategies, partially offset by market depreciation of $598 million. Average assets under management were $40.3 billion for the quarter ended December 31, 2011, a decrease of 6.0% from $42.9 billion for the quarter ended September 30, 2011 and an increase of 22.8% from $32.8 billion for the quarter ended December 31, 2010.
Assets under management for institutional accounts were $25.4 billion as of December 31, 2011, an increase of 5.6% from $24.0 billion at September 30, 2011 and an increase of 29.3% from $19.6 billion at December 31, 2010. The increase from September 30, 2011 was due to market appreciation of $2.5 billion, partially offset by net outflows of $1.1 billion, primarily from subadvisory relationships. The increase from December 31, 2010 was due to net inflows of $6.0 billion, primarily from subadvisory relationships, partially offset by market depreciation of $284 million. Average assets under management for institutional accounts were $24.9 billion for the quarter ended December 31, 2011, a decrease of 7.0% from $26.8 billion for the quarter ended September 30, 2011 and an increase of 33.5% from $18.7 billion for the quarter ended December 31, 2010.
Assets under management for open-end mutual funds were $9.6 billion as of December 31, 2011, an increase of 11.7% from $8.6 billion at September 30, 2011 and an increase of 13.4% from $8.5 billion at December 31, 2010. The increase from September 30, 2011 was due to market appreciation of $916 million and net inflows of $91 million. The increase from December 31, 2010 was due to net inflows of $1.3 billion, partially offset by market depreciation of $152 million. Average assets under management for open-end mutual funds were $9.2 billion for the quarter ended December 31, 2011, a decrease of 4.2% from $9.6 billion for the quarter ended September 30, 2011 and an increase of 14.7% from $8.0 billion for the quarter ended December 31, 2010.
Assets under management for closed-end mutual funds were $6.3 billion as of December 31, 2011, an increase of 5.1% from $6.0 billion at September 30, 2011 and a decrease of 1.1% from $6.4 billion at December 31, 2010. The increase from September 30, 2011 was due to market appreciation of $365 million, partially offset by net outflows of $59 million. The decrease from December 31, 2010 was due to market depreciation of $162 million, partially offset by net inflows of $94 million. Average assets under management for closed-end mutual funds were $6.2 billion for the quarter ended December 31, 2011, a decrease of 4.5% from $6.5 billion for the quarter ended September 30, 2011 and an increase of 0.7% from $6.1 billion for the quarter ended December 31, 2010.
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Financial Highlights (Unaudited)
| (in thousands, except per share data or as noted) | Three Months Ended | Year Ended | |||||||||||||
| December 31, 2011 | September 30, 2011 | December 31, 2011 | December 31, 2010 | ||||||||||||
| Revenue | $ | 59,416 | $ | 61,616 | $ | 237,246 | $ | 183,738 | |||||||
| Expenses | $ | 36,617 | $ | 39,219 | $ | 150,242 | $ | 130,952 | |||||||
| Operating income | $ | 22,799 | $ | 22,397 | $ | 87,004 | $ | 52,786 | |||||||
| Operating margin | 38.4 | % | 36.3 | % | 36.7 | % | 28.7 | % | |||||||
| Total non-operating income (loss) | $ | 2,409 | $ | (4,833 | ) | $ | (143 | ) | $ | 12,708 | |||||
| Net income attributable to common shareholders | $ | 16,047 | $ | 9,606 | $ | 54,307 | $ | 46,397 | |||||||
| Diluted earnings per share attributable to common shareholders | $ | 0.36 | $ | 0.22 | $ | 1.23 | $ | 1.07 | |||||||
| Assets under management, end of period (in millions) | $ | 41,284 | $ | 38,617 | $ | 41,284 | $ | 34,462 | |||||||
| Average assets under management for period (in millions) | $ | 40,286 | $ | 42,852 | $ | 40,039 | $ | 28,428 | |||||||
Total revenue for the fourth quarter of 2011 was $59.4 million, a decrease of 3.6% from $61.6 million for the third quarter of 2011, as lower average assets under management were partially offset by an increase in the effective fee rate. Operating expenses for the fourth quarter of 2011 were $36.6 million, a decrease of 6.6% from $39.2 million for the third quarter of 2011, primarily due to decreases in employee compensation and benefits, distribution and service fees and general and administrative expenses. Operating income was $22.8 million for the three months ended December 31, 2011, compared with operating income of $22.4 million for the three months ended September 30, 2011. The company's operating margin increased to 38.4% for the fourth quarter of 2011, compared with 36.3% for the three months ended September 30, 2011, due to decreases in operating expenses. Non-operating income was $2.4 million for the three months ended December 31, 2011, compared with a non-operating loss of $4.8 million for the three months ended September 30, 2011, primarily due to gains from the company's seed investments.
Balance Sheet Information
As of December 31, 2011, cash, cash equivalents and investments were $184 million. As of December 31, 2011, stockholders' equity was $231 million and the company had no long-term or short-term debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, January 26, 2012 at 11:00 a.m. (ET) to discuss the company's fourth quarter and full year results. Investors and analysts can access the live conference call by dialing (800) 769-9015 (U.S.) or (212) 231-2912 (international); passcode: 21574301. 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 January 26, 2012 and can be accessed at (800) 633-8284 (U.S.) or (402) 977-9140 (international); passcode: 21574301. 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.
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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, Tokyo 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.
# # # #
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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 | ||||||||||||||||
| December 31, 2011 | September 30, 2011 | December 31, 2010 | September 30, 2011 | December 31, 2010 | |||||||||||||
| Revenue | |||||||||||||||||
| Investment advisory and administration fees | $ | 55,310 | $ | 58,048 | $ | 48,008 | |||||||||||
| Distribution and service fees | 2,260 | 2,457 | 2,419 | ||||||||||||||
| Portfolio consulting and other | 1,846 | 1,111 | 1,363 | ||||||||||||||
| Total revenue | 59,416 | 61,616 | 51,790 | (3.6 | %) | 14.7 | % | ||||||||||
| Expenses | |||||||||||||||||
| Employee compensation and benefits | 20,694 | 21,873 | 20,198 | ||||||||||||||
| Distribution and service fees | 5,758 | 6,205 | 8,425 | ||||||||||||||
| General and administrative | 8,380 | 9,365 | 8,683 | ||||||||||||||
| Depreciation and amortization | 1,296 | 1,279 | 1,138 | ||||||||||||||
| Amortization, deferred commissions | 489 | 497 | 293 | ||||||||||||||
| Total expenses | 36,617 | 39,219 | 38,737 | (6.6 | %) | (5.5 | %) | ||||||||||
| Operating income | 22,799 | 22,397 | 13,053 | 1.8 | % | 74.7 | % | ||||||||||
| Non-operating income | |||||||||||||||||
| Interest and dividend income - net | 269 | 260 | 182 | ||||||||||||||
| Gain from trading securities - net | 495 | 21 | — | ||||||||||||||
| Gain (loss) from available-for-sale securities - net | 154 | (368 | ) | 1,961 | |||||||||||||
| Equity in earnings (losses) of affiliates | 1,614 | (5,248 | ) | 2,825 | |||||||||||||
| Other | (123 | ) | 502 | 166 | |||||||||||||
| Total non-operating income (loss) | 2,409 | (4,833 | ) | 5,134 | * | (53.1 | %) | ||||||||||
| Income before provision for income taxes | 25,208 | 17,564 | 18,187 | 43.5 | % | 38.6 | % | ||||||||||
| Provision for income taxes | 9,134 | 8,022 | 5,436 | ||||||||||||||
| Net income | 16,074 | 9,542 | 12,751 | 68.5 | % | 26.1 | % | ||||||||||
| Less: Net (income) loss attributable to redeemable noncontrolling interest | (27 | ) | 64 | — | |||||||||||||
| Net income attributable to common shareholders | $ | 16,047 | $ | 9,606 | $ | 12,751 | 67.1 | % | 25.8 | % | |||||||
| Earnings per share attributable to common shareholders | |||||||||||||||||
| Basic | $ | 0.37 | $ | 0.22 | $ | 0.30 | 67.0 | % | 24.5 | % | |||||||
| Diluted | $ | 0.36 | $ | 0.22 | $ | 0.29 | 67.0 | % | 24.3 | % | |||||||
| Weighted average shares outstanding | |||||||||||||||||
| Basic | 43,249 | 43,237 | 42,770 | ||||||||||||||
| Diluted | 44,141 | 44,133 | 43,608 | ||||||||||||||
| * Not meaningful | |||||||||||||||||
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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) | ||||||||||
| Year Ended | ||||||||||
| December 31, 2011 | December 31, 2010 | % Change | ||||||||
| Revenue | ||||||||||
| Investment advisory and administration fees | $ | 221,879 | $ | 169,844 | ||||||
| Distribution and service fees | 9,718 | 9,078 | ||||||||
| Portfolio consulting and other | 5,649 | 4,816 | ||||||||
| Total revenue | 237,246 | 183,738 | 29.1 | % | ||||||
| Expenses | ||||||||||
| Employee compensation and benefits | 84,371 | 71,658 | ||||||||
| Distribution and service fees | 23,867 | 22,631 | ||||||||
| General and administrative | 35,204 | 31,173 | ||||||||
| Depreciation and amortization | 5,056 | 4,531 | ||||||||
| Amortization, deferred commissions | 1,744 | 959 | ||||||||
| Total expenses | 150,242 | 130,952 | 14.7 | % | ||||||
| Operating income | 87,004 | 52,786 | 64.8 | % | ||||||
| Non-operating income | ||||||||||
| Interest and dividend income - net | 1,068 | 1,453 | ||||||||
| Gain (loss) from trading securities - net | 39 | (182 | ) | |||||||
| Gain from available-for-sale securities - net | 376 | 7,564 | ||||||||
| Equity in (losses) earnings of affiliates | (3,021 | ) | 3,010 | |||||||
| Other | 1,395 | 863 | ||||||||
| Total non-operating (loss) income | (143 | ) | 12,708 | * | ||||||
| Income before provision for income taxes | 86,861 | 65,494 | 32.6 | % | ||||||
| Provision for income taxes | 32,584 | 19,089 | ||||||||
| Net income | 54,277 | 46,405 | 17.0 | % | ||||||
| Less: Net loss (income) attributable to redeemable noncontrolling interest | 30 | (8 | ) | |||||||
| Net income attributable to common shareholders | $ | 54,307 | $ | 46,397 | 17.0 | % | ||||
| Earnings per share attributable to common shareholders | ||||||||||
| Basic | $ | 1.26 | $ | 1.09 | 15.8 | % | ||||
| Diluted | $ | 1.23 | $ | 1.07 | 15.1 | % | ||||
| Weighted average shares outstanding | ||||||||||
| Basic | 43,190 | 42,715 | ||||||||
| Diluted | 43,975 | 43,227 | ||||||||
| * Not meaningful | ||||||||||
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| Cohen & Steers, Inc. and Subsidiaries | |||||||||||||||||
| Assets Under Management (Unaudited) | |||||||||||||||||
| By Investment Vehicle | |||||||||||||||||
| For the Periods Ended | �� | ||||||||||||||||
| (in millions) | |||||||||||||||||
| Three Months Ended | % Change From | ||||||||||||||||
| December 31, 2011 | September 30, 2011 | December 31, 2010 | September 30, 2011 | December 31, 2010 | |||||||||||||
| Institutional Accounts | |||||||||||||||||
| Assets under management, beginning of period | $ | 24,026 | $ | 27,292 | $ | 17,698 | |||||||||||
| Inflows | 498 | 2,817 | 1,411 | ||||||||||||||
| Outflows | (1,598 | ) | (1,453 | ) | (592 | ) | |||||||||||
| Net (outflows) inflows | (1,100 | ) | 1,364 | 819 | |||||||||||||
| Market appreciation (depreciation) | 2,454 | (4,630 | ) | 1,108 | |||||||||||||
| Total increase (decrease) | 1,354 | (3,266 | ) | 1,927 | |||||||||||||
| Assets under management, end of period | $ | 25,380 | $ | 24,026 | $ | 19,625 | 5.6 | % | 29.3 | % | |||||||
| Average assets under management for period | $ | 24,932 | $ | 26,804 | $ | 18,671 | (7.0 | %) | 33.5 | % | |||||||
| Open-End Mutual Funds | |||||||||||||||||
| Assets under management, beginning of period | $ | 8,612 | $ | 10,213 | $ | 7,638 | |||||||||||
| Inflows | 908 | 1,048 | 880 | ||||||||||||||
| Outflows | (817 | ) | (892 | ) | (547 | ) | |||||||||||
| Net inflows | 91 | 156 | 333 | ||||||||||||||
| Market appreciation (depreciation) | 916 | (1,757 | ) | 513 | |||||||||||||
| Total increase (decrease) | 1,007 | (1,601 | ) | 846 | |||||||||||||
| Assets under management, end of period | $ | 9,619 | $ | 8,612 | $ | 8,484 | 11.7 | % | 13.4 | % | |||||||
| Average assets under management for period | $ | 9,170 | $ | 9,574 | $ | 7,994 | (4.2 | %) | 14.7 | % | |||||||
| Closed-End Mutual Funds | |||||||||||||||||
| Assets under management, beginning of period | $ | 5,979 | $ | 6,809 | $ | 5,903 | |||||||||||
| Inflows | — | — | 299 | ||||||||||||||
| Outflows | (59 | ) | — | (60 | ) | ||||||||||||
| Net (outflows) inflows | (59 | ) | — | 239 | |||||||||||||
| Market appreciation (depreciation) | 365 | (830 | ) | 211 | |||||||||||||
| Total increase (decrease) | 306 | (830 | ) | 450 | |||||||||||||
| Assets under management, end of period | $ | 6,285 | $ | 5,979 | $ | 6,353 | 5.1 | % | (1.1 | %) | |||||||
| Average assets under management for period | $ | 6,184 | $ | 6,474 | $ | 6,144 | (4.5 | %) | 0.7 | % | |||||||
| Total | |||||||||||||||||
| Assets under management, beginning of period | $ | 38,617 | $ | 44,314 | $ | 31,239 | |||||||||||
| Inflows | 1,406 | 3,865 | 2,590 | ||||||||||||||
| Outflows | (2,474 | ) | (2,345 | ) | (1,199 | ) | |||||||||||
| Net (outflows) inflows | (1,068 | ) | 1,520 | 1,391 | |||||||||||||
| Market appreciation (depreciation) | 3,735 | (7,217 | ) | 1,832 | |||||||||||||
| Total increase (decrease) | 2,667 | (5,697 | ) | 3,223 | |||||||||||||
| Assets under management, end of period | $ | 41,284 | $ | 38,617 | $ | 34,462 | 6.9 | % | 19.8 | % | |||||||
| Average assets under management for period | $ | 40,286 | $ | 42,852 | $ | 32,809 | (6.0 | %) | 22.8 | % | |||||||
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| Cohen & Steers, Inc. and Subsidiaries | ||||||||||
| Assets Under Management (Unaudited) | ||||||||||
| By Investment Vehicle | ||||||||||
| For the Periods Ended | ||||||||||
| (in millions) | ||||||||||
| Year Ended | ||||||||||
| December 31, 2011 | December 31, 2010 | % Change | ||||||||
| Institutional Accounts | ||||||||||
| Assets under management, beginning of period | $ | 19,625 | $ | 12,954 | ||||||
| Inflows | 9,841 | 6,116 | ||||||||
| Outflows | (3,802 | ) | (2,327 | ) | ||||||
| Net inflows | 6,039 | 3,789 | ||||||||
| Market (depreciation) appreciation | (284 | ) | 2,882 | |||||||
| Total increase | 5,755 | 6,671 | ||||||||
| Assets under management, end of period | $ | 25,380 | $ | 19,625 | 29.3 | % | ||||
| Average assets under management for period | $ | 24,175 | $ | 15,690 | 54.1 | % | ||||
| Open-End Mutual Funds | ||||||||||
| Assets under management, beginning of period | $ | 8,484 | $ | 6,285 | ||||||
| Inflows | 4,278 | 2,915 | ||||||||
| Outflows | (2,991 | ) | (2,117 | ) | ||||||
| Net inflows | 1,287 | 798 | ||||||||
| Market (depreciation) appreciation | (152 | ) | 1,401 | |||||||
| Total increase | 1,135 | 2,199 | ||||||||
| Assets under management, end of period | $ | 9,619 | $ | 8,484 | 13.4 | % | ||||
| Average assets under management for period | $ | 9,342 | $ | 6,984 | 33.8 | % | ||||
| Closed-End Mutual Funds | ||||||||||
| Assets under management, beginning of period | $ | 6,353 | $ | 5,546 | ||||||
| Inflows | 153 | 340 | ||||||||
| Outflows | (59 | ) | (79 | ) | ||||||
| Net inflows | 94 | 261 | ||||||||
| Market (depreciation) appreciation | (162 | ) | 546 | |||||||
| Total (decrease) increase | (68 | ) | 807 | |||||||
| Assets under management, end of period | $ | 6,285 | $ | 6,353 | (1.1 | %) | ||||
| Average assets under management for period | $ | 6,522 | $ | 5,754 | 13.3 | % | ||||
| Total | ||||||||||
| Assets under management, beginning of period | $ | 34,462 | $ | 24,785 | ||||||
| Inflows | 14,272 | 9,371 | ||||||||
| Outflows | (6,852 | ) | (4,523 | ) | ||||||
| Net inflows | 7,420 | 4,848 | ||||||||
| Market (depreciation) appreciation | (598 | ) | 4,829 | |||||||
| Total increase | 6,822 | 9,677 | ||||||||
| Assets under management, end of period | $ | 41,284 | $ | 34,462 | 19.8 | % | ||||
| Average assets under management for period | $ | 40,039 | $ | 28,428 | 40.8 | % | ||||
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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 | ||||||||||||||||
| December 31, 2011 | September 30, 2011 | December 31, 2010 | September 30, 2011 | December 31, 2010 | |||||||||||||
| Subadvisory | |||||||||||||||||
| Assets under management, beginning of period | $ | 18,266 | $ | 20,132 | $ | 11,886 | |||||||||||
| Inflows | 349 | 2,718 | 1,196 | ||||||||||||||
| Outflows | (1,429 | ) | (1,161 | ) | (444 | ) | |||||||||||
| Net (outflows) inflows | (1,080 | ) | 1,557 | 752 | |||||||||||||
| Market appreciation (depreciation) | 1,887 | (3,423 | ) | 696 | |||||||||||||
| Total increase (decrease) | 807 | (1,866 | ) | 1,448 | |||||||||||||
| Assets under management, end of period | $ | 19,073 | $ | 18,266 | $ | 13,334 | 4.4 | % | 43.0 | % | |||||||
| Average assets under management for period | $ | 18,795 | $ | 20,233 | $ | 12,712 | (7.1 | %) | 47.9 | % | |||||||
| Advisory | |||||||||||||||||
| Assets under management, beginning of period | $ | 5,760 | $ | 7,160 | $ | 5,812 | |||||||||||
| Inflows | 149 | 99 | 215 | ||||||||||||||
| Outflows | (169 | ) | (292 | ) | (148 | ) | |||||||||||
| Net (outflows) inflows | (20 | ) | (193 | ) | 67 | ||||||||||||
| Market appreciation (depreciation) | 567 | (1,207 | ) | 412 | |||||||||||||
| Total increase (decrease) | 547 | (1,400 | ) | 479 | |||||||||||||
| Assets under management, end of period | $ | 6,307 | $ | 5,760 | $ | 6,291 | 9.5 | % | 0.3 | % | |||||||
| Average assets under management for period | $ | 6,137 | $ | 6,571 | $ | 5,959 | (6.6 | %) | 3.0 | % | |||||||
| Total Institutional Accounts | |||||||||||||||||
| Assets under management, beginning of period | $ | 24,026 | $ | 27,292 | $ | 17,698 | |||||||||||
| Inflows | 498 | 2,817 | 1,411 | ||||||||||||||
| Outflows | (1,598 | ) | (1,453 | ) | (592 | ) | |||||||||||
| Net (outflows) inflows | (1,100 | ) | 1,364 | 819 | |||||||||||||
| Market appreciation (depreciation) | 2,454 | (4,630 | ) | 1,108 | |||||||||||||
| Total increase (decrease) | 1,354 | (3,266 | ) | 1,927 | |||||||||||||
| Assets under management, end of period | $ | 25,380 | $ | 24,026 | $ | 19,625 | 5.6 | % | 29.3 | % | |||||||
| Average assets under management for period | $ | 24,932 | $ | 26,804 | $ | 18,671 | (7.0 | %) | 33.5 | % | |||||||
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| Cohen & Steers, Inc. and Subsidiaries | ||||||||||
| Assets Under Management - Institutional Accounts (Unaudited) | ||||||||||
| By Investment Relationship | ||||||||||
| For the Periods Ended | ||||||||||
| (in millions) | ||||||||||
| Year Ended | ||||||||||
| December 31, 2011 | December 31, 2010 | % Change | ||||||||
| Subadvisory | ||||||||||
| Assets under management, beginning of period | $ | 13,334 | $ | 8,024 | ||||||
| Inflows | 9,018 | 4,976 | ||||||||
| Outflows | (3,074 | ) | (1,567 | ) | ||||||
| Net inflows | 5,944 | 3,409 | ||||||||
| Market (depreciation) appreciation | (205 | ) | 1,901 | |||||||
| Total increase | 5,739 | 5,310 | ||||||||
| Assets under management, end of period | $ | 19,073 | $ | 13,334 | 43.0 | % | ||||
| Average assets under management for period | $ | 17,515 | $ | 10,029 | 74.6 | % | ||||
| Advisory | ||||||||||
| Assets under management, beginning of period | $ | 6,291 | $ | 4,930 | ||||||
| Inflows | 823 | 1,140 | ||||||||
| Outflows | (728 | ) | (760 | ) | ||||||
| Net inflows | 95 | 380 | ||||||||
| Market (depreciation) appreciation | (79 | ) | 981 | |||||||
| Total increase | 16 | 1,361 | ||||||||
| Assets under management, end of period | $ | 6,307 | $ | 6,291 | 0.3 | % | ||||
| Average assets under management for period | $ | 6,660 | $ | 5,661 | 17.6 | % | ||||
| Total Institutional Accounts | ||||||||||
| Assets under management, beginning of period | $ | 19,625 | $ | 12,954 | ||||||
| Inflows | 9,841 | 6,116 | ||||||||
| Outflows | (3,802 | ) | (2,327 | ) | ||||||
| Net inflows | 6,039 | 3,789 | ||||||||
| Market (depreciation) appreciation | (284 | ) | 2,882 | |||||||
| Total increase | 5,755 | 6,671 | ||||||||
| Assets under management, end of period | $ | 25,380 | $ | 19,625 | 29.3 | % | ||||
| Average assets under management for period | $ | 24,175 | $ | 15,690 | 54.1 | % | ||||
10
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||||||||
| Assets Under Management (Unaudited) | |||||||||||||||||
| By Investment Strategy | |||||||||||||||||
| For the Periods Ended | |||||||||||||||||
| (in millions) | |||||||||||||||||
| Three Months Ended | % Change From | ||||||||||||||||
| December 31, 2011 | September 30, 2011 | December 31, 2010 | September 30, 2011 | December 31, 2010 | |||||||||||||
| U.S. Real Estate | |||||||||||||||||
| Assets under management, beginning of period | $ | 16,099 | $ | 16,545 | $ | 9,343 | |||||||||||
| Inflows | 749 | 3,041 | 854 | ||||||||||||||
| Outflows | (513 | ) | (645 | ) | (375 | ) | |||||||||||
| Net inflows | 236 | 2,396 | 479 | ||||||||||||||
| Market appreciation (depreciation) | 2,170 | (2,842 | ) | 684 | |||||||||||||
| Total increase (decrease) | 2,406 | (446 | ) | 1,163 | |||||||||||||
| Assets under management, end of period | $ | 18,505 | $ | 16,099 | $ | 10,506 | 14.9 | % | 76.1 | % | |||||||
| Average assets under management for period | $ | 17,339 | $ | 17,286 | $ | 9,924 | 0.3 | % | 74.7 | % | |||||||
| Global / International Real Estate | |||||||||||||||||
| Assets under management, beginning of period | $ | 13,734 | $ | 17,973 | $ | 14,203 | |||||||||||
| Inflows | 343 | 384 | 953 | ||||||||||||||
| Outflows | (1,624 | ) | (1,400 | ) | (448 | ) | |||||||||||
| Net (outflows) inflows | (1,281 | ) | (1,016 | ) | 505 | ||||||||||||
| Market appreciation (depreciation) | 956 | (3,223 | ) | 730 | |||||||||||||
| Total (decrease) increase | (325 | ) | (4,239 | ) | 1,235 | ||||||||||||
| Assets under management, end of period | $ | 13,409 | $ | 13,734 | $ | 15,438 | (2.4 | %) | (13.1 | %) | |||||||
| Average assets under management for period | $ | 13,822 | $ | 16,274 | $ | 14,780 | (15.1 | %) | (6.5 | %) | |||||||
| Large Cap Value Stocks | |||||||||||||||||
| Assets under management, beginning of period | $ | 3,470 | $ | 4,073 | $ | 3,394 | |||||||||||
| Inflows | 145 | 144 | 209 | ||||||||||||||
| Outflows | (116 | ) | (172 | ) | (222 | ) | |||||||||||
| Net inflows (outflows) | 29 | (28 | ) | (13 | ) | ||||||||||||
| Market appreciation (depreciation) | 377 | (575 | ) | 292 | |||||||||||||
| Total increase (decrease) | 406 | (603 | ) | 279 | |||||||||||||
| Assets under management, end of period | $ | 3,876 | $ | 3,470 | $ | 3,673 | 11.7 | % | 5.5 | % | |||||||
| Average assets under management for period | $ | 3,718 | $ | 3,739 | $ | 3,534 | (0.6 | %) | 5.2 | % | |||||||
| Global Infrastructure | |||||||||||||||||
| Assets under management, beginning of period | $ | 2,919 | $ | 3,260 | $ | 2,641 | |||||||||||
| Inflows | 17 | 14 | 203 | ||||||||||||||
| Outflows | (73 | ) | (22 | ) | (69 | ) | |||||||||||
| Net (outflows) inflows | (56 | ) | (8 | ) | 134 | ||||||||||||
| Market appreciation (depreciation) | 147 | (333 | ) | 95 | |||||||||||||
| Total increase (decrease) | 91 | (341 | ) | 229 | |||||||||||||
| Assets under management, end of period | $ | 3,010 | $ | 2,919 | $ | 2,870 | 3.1 | % | 4.9 | % | |||||||
| Average assets under management for period | $ | 2,970 | $ | 3,073 | $ | 2,756 | (3.4 | %) | 7.8 | % | |||||||
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 | ||||||||||||||||
| December 31, 2011 | September 30, 2011 | December 31, 2010 | September 30, 2011 | December 31, 2010 | |||||||||||||
| Preferred Securities | |||||||||||||||||
| Assets under management, beginning of period | $ | 1,803 | $ | 1,775 | $ | 928 | |||||||||||
| Inflows | 152 | 246 | 371 | ||||||||||||||
| Outflows | (52 | ) | (73 | ) | (21 | ) | |||||||||||
| Net inflows | 100 | 173 | 350 | ||||||||||||||
| Market appreciation (depreciation) | 61 | (145 | ) | 14 | |||||||||||||
| Total increase | 161 | 28 | 364 | ||||||||||||||
| Assets under management, end of period | $ | 1,964 | $ | 1,803 | $ | 1,292 | 8.9 | % | 52.0 | % | |||||||
| Average assets under management for period | $ | 1,894 | $ | 1,819 | $ | 1,110 | 4.1 | % | 70.6 | % | |||||||
| Other | |||||||||||||||||
| Assets under management, beginning of period | $ | 592 | $ | 688 | $ | 730 | |||||||||||
| Inflows | — | 36 | — | ||||||||||||||
| Outflows | (96 | ) | (33 | ) | (64 | ) | |||||||||||
| Net (outflows) inflows | (96 | ) | 3 | (64 | ) | ||||||||||||
| �� Market appreciation (depreciation) | 24 | (99 | ) | 17 | |||||||||||||
| Total decrease | (72 | ) | (96 | ) | (47 | ) | |||||||||||
| Assets under management, end of period | $ | 520 | $ | 592 | $ | 683 | (12.2 | %) | (23.9 | %) | |||||||
| Average assets under management for period | $ | 543 | $ | 661 | $ | 705 | (17.9 | %) | (23.0 | %) | |||||||
| Total | |||||||||||||||||
| Assets under management, beginning of period | $ | 38,617 | $ | 44,314 | $ | 31,239 | |||||||||||
| Inflows | 1,406 | 3,865 | 2,590 | ||||||||||||||
| Outflows | (2,474 | ) | (2,345 | ) | (1,199 | ) | |||||||||||
| Net (outflows) inflows | (1,068 | ) | 1,520 | 1,391 | |||||||||||||
| Market appreciation (depreciation) | 3,735 | (7,217 | ) | 1,832 | |||||||||||||
| Total increase (decrease) | 2,667 | (5,697 | ) | 3,223 | |||||||||||||
| Assets under management, end of period | $ | 41,284 | $ | 38,617 | $ | 34,462 | 6.9 | % | 19.8 | % | |||||||
| Average assets under management for period | $ | 40,286 | $ | 42,852 | $ | 32,809 | (6.0 | %) | 22.8 | % | |||||||
12
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||
| Assets Under Management (Unaudited) | ||||||||||
| By Investment Strategy | ||||||||||
| For the Periods Ended | ||||||||||
| (in millions) | ||||||||||
| Year Ended | ||||||||||
| December 31, 2011 | December 31, 2010 | % Change | ||||||||
| U.S. Real Estate | ||||||||||
| Assets under management, beginning of period | $ | 10,506 | $ | 8,012 | ||||||
| Inflows | 9,506 | 2,224 | ||||||||
| Outflows | (1,979 | ) | (1,772 | ) | ||||||
| Net inflows | 7,527 | 452 | ||||||||
| Market appreciation | 472 | 2,042 | ||||||||
| Total increase | 7,999 | 2,494 | ||||||||
| Assets under management, end of period | $ | 18,505 | $ | 10,506 | 76.1 | % | ||||
| Average assets under management for period | $ | 15,043 | $ | 8,847 | 70.0 | % | ||||
| Global / International Real Estate | ||||||||||
| Assets under management, beginning of period | $ | 15,438 | $ | 10,401 | ||||||
| Inflows | 2,964 | 4,779 | ||||||||
| Outflows | (4,010 | ) | (1,903 | ) | ||||||
| Net (outflows) inflows | (1,046 | ) | 2,876 | |||||||
| Market (depreciation) appreciation | (983 | ) | 2,161 | |||||||
| Total (decrease) increase | (2,029 | ) | 5,037 | |||||||
| Assets under management, end of period | $ | 13,409 | $ | 15,438 | (13.1 | %) | ||||
| Average assets under management for period | $ | 15,789 | $ | 12,193 | 29.5 | % | ||||
| Large Cap Value Stocks | ||||||||||
| Assets under management, beginning of period | $ | 3,673 | $ | 2,550 | ||||||
| Inflows | 710 | 1,454 | ||||||||
| Outflows | (523 | ) | (632 | ) | ||||||
| Net inflows | 187 | 822 | ||||||||
| Market appreciation | 16 | 301 | ||||||||
| Total increase | 203 | 1,123 | ||||||||
| Assets under management, end of period | $ | 3,876 | $ | 3,673 | 5.5 | % | ||||
| Average assets under management for period | $ | 3,805 | $ | 3,136 | 21.3 | % | ||||
| Global Infrastructure | ||||||||||
| Assets under management, beginning of period | $ | 2,870 | $ | 2,577 | ||||||
| Inflows | 291 | 246 | ||||||||
| Outflows | (120 | ) | (104 | ) | ||||||
| Net inflows | 171 | 142 | ||||||||
| Market (depreciation) appreciation | (31 | ) | 151 | |||||||
| Total increase | 140 | 293 | ||||||||
| Assets under management, end of period | $ | 3,010 | $ | 2,870 | 4.9 | % | ||||
| Average assets under management for period | $ | 3,057 | $ | 2,590 | 18.0 | % | ||||
13
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||
| Assets Under Management (Unaudited) | ||||||||||
| By Investment Strategy - continued | ||||||||||
| For the Periods Ended | ||||||||||
| (in millions) | ||||||||||
| Year Ended | ||||||||||
| December 31, 2011 | December 31, 2010 | % Change | ||||||||
| Preferred Securities | ||||||||||
| Assets under management, beginning of period | $ | 1,292 | $ | 745 | ||||||
| Inflows | 887 | 468 | ||||||||
| Outflows | (200 | ) | (37 | ) | ||||||
| Net inflows | 687 | 431 | ||||||||
| Market (depreciation) appreciation | (15 | ) | 116 | |||||||
| Total increase | 672 | 547 | ||||||||
| Assets under management, end of period | $ | 1,964 | $ | 1,292 | 52.0 | % | ||||
| Average assets under management for period | $ | 1,698 | $ | 878 | 93.4 | % | ||||
| Other | ||||||||||
| Assets under management, beginning of period | $ | 683 | $ | 500 | ||||||
| Inflows | 46 | 200 | ||||||||
| Outflows | (152 | ) | (75 | ) | ||||||
| Net (outflows) inflows | (106 | ) | 125 | |||||||
| Market (depreciation) appreciation | (57 | ) | 58 | |||||||
| Total (decrease) increase | (163 | ) | 183 | |||||||
| Assets under management, end of period | $ | 520 | $ | 683 | (23.9 | %) | ||||
| Average assets under management for period | $ | 647 | $ | 784 | (17.5 | %) | ||||
| Total | ||||||||||
| Assets under management, beginning of period | $ | 34,462 | $ | 24,785 | ||||||
| Inflows | 14,404 | 9,371 | ||||||||
| Outflows | (6,984 | ) | (4,523 | ) | ||||||
| Net inflows | 7,420 | 4,848 | ||||||||
| Market (depreciation) appreciation | (598 | ) | 4,829 | |||||||
| Total increase | 6,822 | 9,677 | ||||||||
| Assets under management, end of period | $ | 41,284 | $ | 34,462 | 19.8 | % | ||||
| Average assets under management for period | $ | 40,039 | $ | 28,428 | 40.8 | % | ||||
14
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||
| Assets Under Advisement (Unaudited) | |||||||||||
| (in millions) | |||||||||||
| As of | |||||||||||
| December 31, 2011 | September 30, 2011 | December 31, 2010 | |||||||||
| Exchange Traded Funds | $ | 2,380 | $ | 2,163 | $ | 2,284 | |||||
| Model-Based Strategies | $ | 2,009 | $ | 902 | $ | 555 | |||||
| Unit Investment Trusts | $ | 1,233 | $ | 1,243 | $ | 1,428 | |||||
| Total | $ | 5,622 | $ | 4,308 | $ | 4,267 | |||||
| Note: Assets under advisement are defined as assets for which the company does not provide active management. | |||||||||||
15