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.
|
