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
2015 RESULTS
NEW YORK, NY, July 15, 2015—Cohen & Steers, Inc. (NYSE: CNS) reported net income attributable to common stockholders of $20.8 million, or $0.45 per diluted share and $0.46 per basic share, for the quarter ended June 30, 2015, compared with $22.2 million, or $0.49 per share (diluted and basic), for the quarter ended June 30, 2014. Total revenue for the second quarter of 2015 was $83.5 million, an increase of 6.5% from $78.4 million for the second quarter of 2014.
For the six months ended June 30, 2015, the company recorded net income attributable to common stockholders of $41.6 million, or $0.91 per diluted share and $0.92 per basic share, compared with $41.6 million, or $0.91 per diluted share and $0.93 per basic share, for the six months ended June 30, 2014.
Financial Highlights (Unaudited)
For the Periods
|
| | | | | | | | | | | | | | | | | | | | | |
| (in thousands, except per share data) | Three Months Ended | | | | Six Months Ended | | |
| | June 30, 2015 | | March 31, 2015 | | % Change | | June 30, 2015 | | June 30, 2014 | | % Change |
| Revenue | $ | 83,502 |
| | $ | 83,815 |
| | (0.4 | %) | | $ | 167,317 |
| | $ | 151,247 |
| | 10.6 | % |
| Expenses | $ | 52,331 |
| | $ | 49,266 |
| | 6.2 | % | | $ | 101,597 |
| | $ | 93,983 |
| | 8.1 | % |
| Operating income | $ | 31,171 |
| | $ | 34,549 |
| | (9.8 | %) | | $ | 65,720 |
| | $ | 57,264 |
| | 14.8 | % |
| Operating margin | 37.3 | % | | 41.2 | % | | (389) bps |
| | 39.3 | % | | 37.9 | % | | 142 bps |
|
| Total non-operating income (loss) | $ | 1,797 |
| | $ | (1,552 | ) | | * |
| | $ | 245 |
| | $ | 8,171 |
| | (97.0 | %) |
| Net income attributable to common stockholders | $ | 20,763 |
| | $ | 20,816 |
| | (0.3 | %) | | $ | 41,579 |
| | $ | 41,628 |
| | (0.1 | %) |
| Diluted earnings per share attributable to common stockholders | $ | 0.45 |
| | $ | 0.45 |
| | 0.1 | % | | $ | 0.91 |
| | $ | 0.91 |
| | (1.0 | %) |
________________________
* Not meaningful
Revenue
Revenue for the second quarter of 2015 was $83.5 million, a decrease of $313,000 from $83.8 million for the first quarter of 2015. Lower average assets under management in the quarter resulted in the following decreases in investment advisory and administration fees:
| |
• | $268,000 from open-end mutual funds; |
| |
| • | $227,000 from institutional accounts; and |
| |
| • | $36,000 from closed-end funds. |
The decrease in investment advisory and administration fees was partially offset by increases of $110,000 in portfolio consulting and other and $108,000 in distribution and service fees for the second quarter of 2015.
Revenue for the six months ended June 30, 2015 was $167.3 million, an increase of $16.1 million from $151.2 million for the six months ended June 30, 2014.
Expenses
Expenses for the second quarter of 2015 were $52.3 million, an increase of $3.1 million from $49.3 million for the first quarter of 2015. The change was primarily due to:
| |
| • | An increase of $2.4 million in employee compensation and benefits expense to adjust for lower than expected revenue; |
| |
| • | Higher general and administrative expenses of $362,000, primarily due to increased rent and occupancy costs and business related travel; and |
| |
| • | Higher distribution and service fees of $274,000, primarily due to an increase in intermediary payments made by the advisor for our U.S. mutual funds. |
Expenses for the six months ended June 30, 2015 were $101.6 million, an increase of $7.6 million from $94.0 million for the six months ended June 30, 2014.
Operating Margin
The company's operating margin decreased to 37.3% for the second quarter of 2015 compared with 41.2% for the three months ended March 31, 2015. The operating margin for the six months ended June 30, 2015 was 39.3% compared with 37.9% for the six months ended June 30, 2014.
Non-operating Income
Non-operating income for the second quarter of 2015 was $1.8 million, compared with a loss of $1.6 million for the first quarter of 2015. The change was primarily due to higher realized and unrealized gains on the company's seed investments. Non-operating income included net income attributable to redeemable noncontrolling interest of $11,000 and net loss attributable to redeemable noncontrolling interest of $45,000 for the quarters ended June 30, 2015 and March 31, 2015, respectively. Non-operating income for the six months ended June 30, 2015 was $245,000, compared with $8.2 million for the six months ended June 30, 2014. Non-operating income included net
loss attributable to redeemable noncontrolling interest of $34,000 and net income attributable to redeemable noncontrolling interest of $896,000 for the six months ended June 30, 2015 and June 30, 2014, respectively.
Assets Under Management Highlights (Unaudited)
June 30, 2015 Compared with March 31, 2015
|
| | | | | | | | | | |
| (in millions) | Assets Under Management | | |
| | As of | | |
| By Investment Vehicle | June 30,
2015 | | March 31,
2015 | | % Change |
| Institutional accounts | $ | 24,545 |
| | $ | 26,704 |
| | (8.1 | %) |
| Open-end mutual funds | 16,236 |
| | 18,062 |
| | (10.1 | %) |
| Closed-end funds | 9,367 |
| | 9,900 |
| | (5.4 | %) |
| Total | $ | 50,148 |
| | $ | 54,666 |
| | (8.3 | %) |
| | | | | | |
| By Investment Strategy | | | | | |
| U.S. real estate | $ | 25,604 |
| | $ | 29,289 |
| | (12.6 | %) |
| Global/international real estate | 9,654 |
| | 10,189 |
| | (5.3 | %) |
| Preferred securities | 6,742 |
| | 6,732 |
| | 0.1 | % |
| Global listed infrastructure | 5,422 |
| | 5,701 |
| | (4.9 | %) |
| Other | 2,726 |
| | 2,755 |
| | (1.1 | %) |
| Total | $ | 50,148 |
| | $ | 54,666 |
| | (8.3 | %) |
Assets under management were $50.1 billion as of June 30, 2015, a decrease of $4.5 billion from $54.7 billion at March 31, 2015. The decrease from March 31, 2015 was attributable to market depreciation of $3.8 billion and net outflows of $741 million.
Institutional Accounts
Assets under management in institutional accounts were $24.5 billion as of June 30, 2015, a decrease of 8.1% from $26.7 billion at March 31, 2015. The change from March 31, 2015 was due to the following:
| |
| • | Market depreciation of $1.9 billion, including $1.5 billion from U.S. real estate and $393 million from global/international real estate; |
| |
| • | Net outflows of $241 million from subadvisory relationships, including $250 million from U.S. real estate and $10 million from global/international real estate, partially offset by net inflows of $22 million into preferred securities; and |
| |
| • | Net outflows of $27 million from advisory relationships, including $136 million from global listed infrastructure, $34 million from preferred securities and $34 million from large cap value (included in "Other" in the above table), partially offset by net inflows of $76 million into U.S. real estate, $58 million into global/international real estate and $29 million into commodities (included in "Other" in the above table). |
Open-end Mutual Funds
Assets under management for open-end mutual funds were $16.2 billion as of June 30, 2015, a decrease of 10.1% from $18.1 billion at March 31, 2015. The change from March 31, 2015 was due to the following:
| |
| • | Market depreciation of $1.4 billion, including $1.2 billion from U.S. real estate, $92 million from global/international real estate and $63 million from preferred securities; and |
| |
| • | Net outflows of $454 million, including net outflows of $546 million from U.S. real estate and $98 million from global/international real estate, partially offset by net inflows of $168 million into preferred securities and $36 million into global listed infrastructure. |
Closed-end Funds
Assets under management for closed-end funds were $9.4 billion as of June 30, 2015, a decrease of 5.4% from $9.9 billion at March 31, 2015. The decrease from March 31, 2015 was primarily due to market depreciation of $514 million.
Balance Sheet Information
As of June 30, 2015, cash, cash equivalents and investments were $181 million. As of June 30, 2015, stockholders' equity was $242 million and the company had no debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, July 16, 2015 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 888-383-1618 (U.S.) or +1-303-223-0118 (international); passcode: 21771914. 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 16, 2015 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 21771914. 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
Cohen & Steers is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Hong Kong, Tokyo and Seattle.
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, 2014 ("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 | | | | | | | | | |
| (in thousands, except per share data) | | | | | | | | | |
| | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | June 30, 2015 | | March 31, 2015 | | June 30, 2014 | | March 31, 2015 | | June 30, 2014 |
| Revenue | | | | | | | | | |
| Investment advisory and administration fees | $ | 77,221 |
| | $ | 77,752 |
| | $ | 72,907 |
| | | | |
| Distribution and service fees | 4,014 |
| | 3,906 |
| | 3,744 |
| | | | |
| Portfolio consulting and other | 2,267 |
| | 2,157 |
| | 1,761 |
| | | | |
| Total revenue | 83,502 |
| | 83,815 |
| | 78,412 |
| | (0.4 | %) | | 6.5 | % |
| Expenses | | | | | | | | | |
| Employee compensation and benefits | 28,395 |
| | 25,983 |
| | 25,876 |
| | | | |
| Distribution and service fees | 9,525 |
| | 9,251 |
| | 9,256 |
| | | | |
| General and administrative | 12,825 |
| | 12,463 |
| | 12,065 |
| | | | |
| Depreciation and amortization | 1,586 |
| | 1,569 |
| | 1,547 |
| | | | |
| Total expenses | 52,331 |
| | 49,266 |
| | 48,744 |
| | 6.2 | % | | 7.4 | % |
| Operating income | 31,171 |
| | 34,549 |
| | 29,668 |
| | (9.8 | %) | | 5.1 | % |
| Non-operating income | | | | | | | | | |
| Interest and dividend income—net | 450 |
| | 299 |
| | 592 |
| | | | |
| Gain (loss) from trading investments—net | 205 |
| | (451 | ) | | 2,762 |
| | | | |
| Gain from available-for-sale investments—net | 320 |
| | 100 |
| | 52 |
| | | | |
| Equity in earnings (losses) of affiliates | 1,085 |
| | (1,081 | ) | | 1,429 |
| | | | |
| Other (losses) income | (263 | ) | | (419 | ) | | 155 |
| | | | |
| Total non-operating income (loss) | 1,797 |
| | (1,552 | ) | | 4,990 |
| | * |
| | (64.0 | %) |
| Income before provision for income taxes | 32,968 |
| | 32,997 |
| | 34,658 |
| | (0.1 | %) | | (4.9 | %) |
| Provision for income taxes | 12,194 |
| | 12,226 |
| | 11,734 |
| | | | |
| Net income | 20,774 |
| | 20,771 |
| | 22,924 |
| | 0.0 | % | | (9.4 | %) |
| Less: Net (income) loss attributable to redeemable noncontrolling interest | (11 | ) | | 45 |
| | (741 | ) | | | | |
| Net income attributable to common stockholders | $ | 20,763 |
| | $ | 20,816 |
| | $ | 22,183 |
| | (0.3 | %) | | (6.4 | %) |
| | | | | | | | | | |
| Earnings per share attributable to common stockholders | | | | | | | | | |
| Basic | $ | 0.46 |
| | $ | 0.46 |
| | $ | 0.49 |
| | (0.7 | %) | | (7.7 | %) |
| Diluted | $ | 0.45 |
| | $ | 0.45 |
| | $ | 0.49 |
| | 0.1 | % | | (7.0 | %) |
| | | | | | | | | | |
| Dividends declared per share | | | | | | | | | |
| Quarterly | $ | 0.25 |
| | $ | 0.25 |
| | $ | 0.22 |
| | — |
| | 13.6 | % |
| | | | | | | | | | |
| Weighted average shares outstanding | | | | | | | | | |
| Basic | 45,462 |
| | 45,241 |
| | 44,825 |
| | | | |
| Diluted | 45,805 |
| | 45,980 |
| | 45,530 |
| | | | |
| | | | | | | | | | |
| * Not meaningful | | | | | | | | | |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Condensed Consolidated Statements of Operations (Unaudited) | | |
| For the Periods | | | | | |
| (in thousands, except per share data) | | | | | |
| | | | | | |
| | Six Months Ended | | |
| | June 30, 2015 | | June 30, 2014 | | % Change |
| Revenue | | | | | |
| Investment advisory and administration fees | $ | 154,973 |
| | $ | 140,471 |
| | |
| Distribution and service fees | 7,920 |
| | 7,214 |
| | |
| Portfolio consulting and other | 4,424 |
| | 3,562 |
| | |
| Total revenue | 167,317 |
| | 151,247 |
| | 10.6 | % |
| Expenses | | | | | |
| Employee compensation and benefits | 54,378 |
| | 49,911 |
| | |
| Distribution and service fees | 18,776 |
| | 17,560 |
| | |
| General and administrative | 25,288 |
| | 23,158 |
| | |
| Depreciation and amortization | 3,155 |
| | 3,354 |
| | |
| Total expenses | 101,597 |
| | 93,983 |
| | 8.1 | % |
| Operating income | 65,720 |
| | 57,264 |
| | 14.8 | % |
| Non-operating income | | | | | |
| Interest and dividend income—net | 749 |
| | 831 |
| | |
| (Loss) gain from trading investments—net | (246 | ) | | 3,745 |
| | |
| Gain from available-for-sale investments—net | 420 |
| | 1,128 |
| | |
| Equity in earnings of affiliates | 4 |
| | 2,364 |
| | |
| Other (losses) income | (682 | ) | | 103 |
| | |
| Total non-operating income | 245 |
| | 8,171 |
| | (97.0 | %) |
| Income before provision for income taxes | 65,965 |
| | 65,435 |
| | 0.8 | % |
| Provision for income taxes | 24,420 |
| | 22,911 |
| | |
| Net income | 41,545 |
| | 42,524 |
| | (2.3 | %) |
| Less: Net loss (income) attributable to redeemable noncontrolling interest | 34 |
| | (896 | ) | | |
| Net income attributable to common stockholders | $ | 41,579 |
| | $ | 41,628 |
| | (0.1 | %) |
| | | | | | |
| Earnings per share attributable to common stockholders | | | | | |
| Basic | $ | 0.92 |
| | $ | 0.93 |
| | (1.5 | %) |
| Diluted | $ | 0.91 |
| | $ | 0.91 |
| | (1.0 | %) |
| | | | | | |
| Dividends declared per share | | | | | |
| Quarterly | $ | 0.50 |
| | $ | 0.44 |
| | 13.6 | % |
| | | | | | |
| Weighted average shares outstanding | | | | | |
| Basic | 45,352 |
| | 44,730 |
| | |
| Diluted | 45,893 |
| | 45,507 |
| | |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management (Unaudited) | | | | | | | | | |
| By Investment Vehicle | | | | | | | | | |
| For the Periods | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | June 30, 2015 | | March 31, 2015 | | June 30, 2014 | | March 31, 2015 | | June 30, 2014 |
| Institutional Accounts | | | | | | | | | |
| Assets under management, beginning of period | $ | 26,704 |
| | $ | 26,201 |
| | $ | 24,479 |
| | | | |
| Inflows | 481 |
| | 617 |
| | 375 |
| | | | |
| Outflows | (749 | ) | | (1,235 | ) | | (896 | ) | | | | |
| Net outflows | (268 | ) | | (618 | ) | | (521 | ) | | | | |
| Market (depreciation) appreciation | (1,891 | ) | | 1,121 |
| | 1,770 |
| | | | |
| Total (decrease) increase | (2,159 | ) | | 503 |
| | 1,249 |
| | | | |
| Assets under management, end of period | $ | 24,545 |
| | $ | 26,704 |
| | $ | 25,728 |
| | (8.1 | %) | | (4.6 | %) |
| Percentage of total assets under management | 48.9 | % | | 48.8 | % | | 49.2 | % | | | | |
| Average assets under management for period | $ | 25,942 |
| | $ | 27,080 |
| | $ | 25,010 |
| | (4.2 | %) | | 3.7 | % |
| | | | | | | | | | |
| Open-end Mutual Funds | | | | | | | | | |
| Assets under management, beginning of period | $ | 18,062 |
| | $ | 17,131 |
| | $ | 15,148 |
| | | | |
| Inflows | 1,307 |
| | 1,642 |
| | 1,464 |
| | | | |
| Outflows | (1,761 | ) | | (1,475 | ) | | (949 | ) | | | | |
| Net (outflows) inflows | (454 | ) | | 167 |
| | 515 |
| | | | |
| Market (depreciation) appreciation | (1,372 | ) | | 764 |
| | 966 |
| | | | |
| Total (decrease) increase | (1,826 | ) | | 931 |
| | 1,481 |
| | | | |
| Assets under management, end of period | $ | 16,236 |
| | $ | 18,062 |
| | $ | 16,629 |
| | (10.1 | %) | | (2.4 | %) |
| Percentage of total assets under management | 32.4 | % | | 33.0 | % | | 31.8 | % | | | | |
| Average assets under management for period | $ | 17,514 |
| | $ | 17,963 |
| | $ | 15,992 |
| | (2.5 | %) | | 9.5 | % |
| | | | | | | | | | |
| Closed-end Funds | | | | | | | | | |
| Assets under management, beginning of period | $ | 9,900 |
| | $ | 9,805 |
| | $ | 9,404 |
| | | | |
| Inflows | — |
| | — |
| | — |
| | | | |
| Outflows | (19 | ) | | — |
| | — |
| | | | |
| Net outflows | (19 | ) | | — |
| | — |
| | | | |
| Market (depreciation) appreciation | (514 | ) | | 95 |
| | 524 |
| | | | |
| Total (decrease) increase | (533 | ) | | 95 |
| | 524 |
| | | | |
| Assets under management, end of period | $ | 9,367 |
| | $ | 9,900 |
| | $ | 9,928 |
| | (5.4 | %) | | (5.7 | %) |
| Percentage of total assets under management | 18.7 | % | | 18.1 | % | | 19.0 | % | | | | |
| Average assets under management for period | $ | 9,832 |
| | $ | 9,978 |
| | $ | 9,719 |
| | (1.5 | %) | | 1.2 | % |
| | | | | | | | | | |
| Total | | | | | | | | | |
| Assets under management, beginning of period | $ | 54,666 |
| | $ | 53,137 |
| | $ | 49,031 |
| | | | |
| Inflows | 1,788 |
| | 2,259 |
| | 1,839 |
| | | | |
| Outflows | (2,529 | ) | | (2,710 | ) | | (1,845 | ) | | | | |
| Net outflows | (741 | ) | | (451 | ) | | (6 | ) | | | | |
| Market (depreciation) appreciation | (3,777 | ) | | 1,980 |
| | 3,260 |
| | | | |
| Total (decrease) increase | (4,518 | ) | | 1,529 |
| | 3,254 |
| | | | |
| Assets under management, end of period | $ | 50,148 |
| | $ | 54,666 |
| | $ | 52,285 |
| | (8.3 | %) | | (4.1 | %) |
| Average assets under management for period | $ | 53,288 |
| | $ | 55,021 |
| | $ | 50,721 |
| | (3.1 | %) | | 5.1 | % |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Vehicle | | | | | |
| For the Periods | | | | | |
| (in millions) | | | | | |
| | Six Months Ended | | |
| | June 30, 2015 | | June 30, 2014 | | % Change |
| Institutional Accounts | | | | | |
| Assets under management, beginning of period | $ | 26,201 |
| | $ | 22,926 |
| | |
| Inflows | 1,098 |
| | 807 |
| | |
| Outflows | (1,984 | ) | | (1,548 | ) | | |
| Net outflows | (886 | ) | | (741 | ) | | |
| Market (depreciation) appreciation | (770 | ) | | 3,543 |
| | |
| Total (decrease) increase | (1,656 | ) | | 2,802 |
| | |
| Assets under management, end of period | $ | 24,545 |
| | $ | 25,728 |
| | (4.6 | %) |
| Percentage of total assets under management | 48.9 | % | | 49.2 | % | | |
| Average assets under management for period | $ | 26,508 |
| | $ | 24,437 |
| | 8.5 | % |
| | | | | | |
| Open-end Mutual Funds | | | | | |
| Assets under management, beginning of period | $ | 17,131 |
| | $ | 14,016 |
| | |
| Inflows | 2,949 |
| | 2,987 |
| | |
| Outflows | (3,236 | ) | | (2,368 | ) | | |
| Net (outflows) inflows | (287 | ) | | 619 |
| | |
| Market (depreciation) appreciation | (608 | ) | | 1,994 |
| | |
| Total (decrease) increase | (895 | ) | | 2,613 |
| | |
| Assets under management, end of period | $ | 16,236 |
| | $ | 16,629 |
| | (2.4 | %) |
| Percentage of total assets under management | 32.4 | % | | 31.8 | % | | |
| Average assets under management for period | $ | 17,737 |
| | $ | 15,303 |
| | 15.9 | % |
| | | | | | |
| Closed-end Funds | | | | | |
| Assets under management, beginning of period | $ | 9,805 |
| | $ | 8,965 |
| | |
| Inflows | — |
| | — |
| | |
| Outflows | (19 | ) | | — |
| | |
| Net outflows | (19 | ) | | — |
| | |
| Market (depreciation) appreciation | (419 | ) | | 963 |
| | |
| Total (decrease) increase | (438 | ) | | 963 |
| | |
| Assets under management, end of period | $ | 9,367 |
| | $ | 9,928 |
| | (5.7 | %) |
| Percentage of total assets under management | 18.7 | % | | 19.0 | % | | |
| Average assets under management for period | $ | 9,905 |
| | $ | 9,482 |
| | 4.5 | % |
| | | | | | |
| Total | | | | | |
| Assets under management, beginning of period | $ | 53,137 |
| | $ | 45,907 |
| | |
| Inflows | 4,047 |
| | 3,794 |
| | |
| Outflows | (5,239 | ) | | (3,916 | ) | | |
| Net outflows | (1,192 | ) | | (122 | ) | | |
| Market (depreciation) appreciation | (1,797 | ) | | 6,500 |
| | |
| Total (decrease) increase | (2,989 | ) | | 6,378 |
| | |
| Assets under management, end of period | $ | 50,148 |
| | $ | 52,285 |
| | (4.1 | %) |
| Average assets under management for period | $ | 54,150 |
| | $ | 49,222 |
| | 10.0 | % |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management - Institutional Accounts (Unaudited) | | | | | | |
| By Account Type | | | | | | | | | |
| For the Periods | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | June 30, 2015 | | March 31, 2015 | | June 30, 2014 | | March 31, 2015 | | June 30, 2014 |
| Subadvisory | | | | | | | | | |
| Assets under management, beginning of period | $ | 19,242 |
| | $ | 18,857 |
| | $ | 17,924 |
| | | | |
| Inflows | 279 |
| | 419 |
| | 218 |
| | | | |
| Outflows | (520 | ) | | (848 | ) | | (868 | ) | | | | |
| Net outflows | (241 | ) | | (429 | ) | | (650 | ) | | | | |
| Market (depreciation) appreciation | (1,478 | ) | | 814 |
| | 1,284 |
| | | | |
| Total (decrease) increase | (1,719 | ) | | 385 |
| | 634 |
| | | | |
| Assets under management, end of period | $ | 17,523 |
| | $ | 19,242 |
| | $ | 18,558 |
| | (8.9 | %) | | (5.6 | %) |
| Percentage of institutional assets under management | 71.4 | % | | 72.1 | % | | 72.1 | % | | | | |
| Average assets under management for period | $ | 18,582 |
| | $ | 19,526 |
| | $ | 18,118 |
| | (4.8 | %) | | 2.6 | % |
| | | | | | | | | | |
| Advisory | | | | | | | | | |
| Assets under management, beginning of period | $ | 7,462 |
| | $ | 7,344 |
| | $ | 6,555 |
| | | | |
| Inflows | 202 |
| | 198 |
| | 157 |
| | | | |
| Outflows | (229 | ) | | (387 | ) | | (28 | ) | | | | |
| Net (outflows) inflows | (27 | ) | | (189 | ) | | 129 |
| | | | |
| Market (depreciation) appreciation | (413 | ) | | 307 |
| | 486 |
| | | | |
| Total (decrease) increase | (440 | ) | | 118 |
| | 615 |
| | | | |
| Assets under management, end of period | $ | 7,022 |
| | $ | 7,462 |
| | $ | 7,170 |
| | (5.9 | %) | | (2.1 | %) |
| Percentage of institutional assets under management | 28.6 | % | | 27.9 | % | | 27.9 | % | | | | |
| Average assets under management for period | $ | 7,360 |
| | $ | 7,554 |
| | $ | 6,892 |
| | (2.6 | %) | | 6.8 | % |
| | | | | | | | | | |
| Total Institutional Accounts | | | | | | | | | |
| Assets under management, beginning of period | $ | 26,704 |
| | $ | 26,201 |
| | $ | 24,479 |
| | | | |
| Inflows | 481 |
| | 617 |
| | 375 |
| | | | |
| Outflows | (749 | ) | | (1,235 | ) | | (896 | ) | | | | |
| Net outflows | (268 | ) | | (618 | ) | | (521 | ) | | | | |
| Market (depreciation) appreciation | (1,891 | ) | | 1,121 |
| | 1,770 |
| | | | |
| Total (decrease) increase | (2,159 | ) | | 503 |
| | 1,249 |
| | | | |
| Assets under management, end of period | $ | 24,545 |
| | $ | 26,704 |
| | $ | 25,728 |
| | (8.1 | %) | | (4.6 | %) |
| Average assets under management for period | $ | 25,942 |
| | $ | 27,080 |
| | $ | 25,010 |
| | (4.2 | %) | | 3.7 | % |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management - Institutional Accounts (Unaudited) | | | |
| By Account Type | | | | | |
| For the Periods | | | | | |
| (in millions) | | | | | |
| | Six Months Ended | | |
| | June 30, 2015 | | June 30, 2014 | | % Change |
| Subadvisory | | | | | |
| Assets under management, beginning of period | $ | 18,857 |
| | $ | 16,693 |
| | |
| Inflows | 698 |
| | 529 |
| | |
| Outflows | (1,368 | ) | | (1,355 | ) | | |
| Net outflows | (670 | ) | | (826 | ) | | |
| Market (depreciation) appreciation | (664 | ) | | 2,691 |
| | |
| Total (decrease) increase | (1,334 | ) | | 1,865 |
| | |
| Assets under management, end of period | $ | 17,523 |
| | $ | 18,558 |
| | (5.6 | %) |
| Percentage of institutional assets under management | 71.4 | % | | 72.1 | % | | |
| Average assets under management for period | 19,051 |
| | $ | 17,801 |
| | 7.0 | % |
| | | | | | |
| Advisory | | | | | |
| Assets under management, beginning of period | $ | 7,344 |
| | $ | 6,233 |
| | |
| Inflows | 400 |
| | 278 |
| | |
| Outflows | (616 | ) | | (193 | ) | | |
| Net (outflows) inflows | (216 | ) | | 85 |
| | |
| Market (depreciation) appreciation | (106 | ) | | 852 |
| | |
| Total (decrease) increase | (322 | ) | | 937 |
| | |
| Assets under management, end of period | $ | 7,022 |
| | $ | 7,170 |
| | (2.1 | %) |
| Percentage of institutional assets under management | 28.6 | % | | 27.9 | % | | |
| Average assets under management for period | $ | 7,457 |
| | $ | 6,636 |
| | 12.4 | % |
| | | | | | |
| Total Institutional Accounts | | | | | |
| Assets under management, beginning of period | $ | 26,201 |
| | $ | 22,926 |
| | |
| Inflows | 1,098 |
| | 807 |
| | |
| Outflows | (1,984 | ) | | (1,548 | ) | | |
| Net outflows | (886 | ) | | (741 | ) | | |
| Market (depreciation) appreciation | (770 | ) | | 3,543 |
| | |
| Total (decrease) increase | (1,656 | ) | | 2,802 |
| | |
| Assets under management, end of period | $ | 24,545 |
| | $ | 25,728 |
| | (4.6 | %) |
| Average assets under management for period | $ | 26,508 |
| | $ | 24,437 |
| | 8.5 | % |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management (Unaudited) | | | | | | | | | |
| By Investment Strategy | | | | | | | | | |
| For the Periods | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | June 30, 2015 | | March 31, 2015 | | June 30, 2014 | | March 31, 2015 | | June 30, 2014 |
| U.S. Real Estate | | | | | | | | | |
| Assets under management, beginning of period | $ | 29,289 |
| | $ | 28,357 |
| | $ | 25,251 |
| | | | |
| Inflows | 568 |
| | 813 |
| | 734 |
| | | | |
| Outflows | (1,293 | ) | | (1,265 | ) | | (583 | ) | | | | |
| Net (outflows) inflows | (725 | ) | | (452 | ) | | 151 |
| | | | |
| Market (depreciation) appreciation | (2,960 | ) | | 1,384 |
| | 1,780 |
| | | | |
| Transfers * | — |
| | — |
| | 222 |
| | | | |
| Total (decrease) increase | (3,685 | ) | | 932 |
| | 2,153 |
| | | | |
| Assets under management, end of period | $ | 25,604 |
| | $ | 29,289 |
| | $ | 27,404 |
| | (12.6 | %) | | (6.6 | %) |
| Percentage of total assets under management | 51.1 | % | | 53.6 | % | | 52.4 | % | | | | |
| Average assets under management for period | $ | 27,748 |
| | $ | 29,627 |
| | $ | 26,506 |
| | (6.3 | %) | | 4.7 | % |
| | | | | | | | | | |
| Global/International Real Estate | | | | | | | | | |
| Assets under management, beginning of period | $ | 10,189 |
| | $ | 10,184 |
| | $ | 9,721 |
| | | | |
| Inflows | 401 |
| | 264 |
| | 233 |
| | | | |
| Outflows | (453 | ) | | (744 | ) | | (517 | ) | | | | |
| Net outflows | (52 | ) | | (480 | ) | | (284 | ) | | | | |
| Market (depreciation) appreciation | (483 | ) | | 485 |
| | 724 |
| | | | |
| Total (decrease) increase | (535 | ) | | 5 |
| | 440 |
| | | | |
| Assets under management, end of period | $ | 9,654 |
| | $ | 10,189 |
| | $ | 10,161 |
| | (5.3 | %) | | (5.0 | %) |
| Percentage of total assets under management | 19.3 | % | | 18.6 | % | | 19.4 | % | | | | |
| Average assets under management for period | $ | 10,097 |
| | $ | 10,429 |
| | $ | 9,993 |
| | (3.2 | %) | | 1.0 | % |
| | | | | | | | | | |
| Preferred Securities | | | | | | | | | |
| Assets under management, beginning of period | $ | 6,732 |
| | $ | 6,342 |
| | $ | 5,126 |
| | | | |
| Inflows | 660 |
| | 684 |
| | 520 |
| | | | |
| Outflows | (505 | ) | | (469 | ) | | (148 | ) | | | | |
| Net inflows | 155 |
| | 215 |
| | 372 |
| | | | |
| Market (depreciation) appreciation | (145 | ) | | 175 |
| | 174 |
| | | | |
| Total increase | 10 |
| | 390 |
| | 546 |
| | | | |
| Assets under management, end of period | $ | 6,742 |
| | $ | 6,732 |
| | $ | 5,672 |
| | 0.1 | % | | 18.9 | % |
| Percentage of total assets under management | 13.4 | % | | 12.3 | % | | 10.8 | % | | | | |
| Average assets under management for period | $ | 6,869 |
| | $ | 6,597 |
| | $ | 5,415 |
| | 4.1 | % | | 26.9 | % |
| | | | | | | | | | |
| Global Listed Infrastructure | | | | | | | | | |
| Assets under management, beginning of period | $ | 5,701 |
| | $ | 5,697 |
| | $ | 5,072 |
| | | | |
| Inflows | 86 |
| | 208 |
| | 169 |
| | | | |
| Outflows | (200 | ) | | (157 | ) | | (48 | ) | | | | |
| Net (outflows) inflows | (114 | ) | | 51 |
| | 121 |
| | | | |
| Market (depreciation) appreciation | (165 | ) | | (47 | ) | | 423 |
| | | | |
| Total (decrease) increase | (279 | ) | | 4 |
| | 544 |
| | | | |
| Assets under management, end of period | $ | 5,422 |
| | $ | 5,701 |
| | $ | 5,616 |
| | (4.9 | %) | | (3.5 | %) |
| Percentage of total assets under management | 10.8 | % | | 10.4 | % | | 10.7 | % | | | | |
| Average assets under management for period | $ | 5,766 |
| | $ | 5,685 |
| | $ | 5,333 |
| | 1.4 | % | | 8.1 | % |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management (Unaudited) | | | | | | | | | |
| By Investment Strategy - continued | | | | | | | | | |
| For the Periods | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | June 30, 2015 | | March 31, 2015 | | June 30, 2014 | | March 31, 2015 | | June 30, 2014 |
| Other | | | | | | | | | |
| Assets under management, beginning of period | $ | 2,755 |
| | $ | 2,557 |
| | $ | 3,861 |
| | | | |
| Inflows | 73 |
| | 290 |
| | 183 |
| | | | |
| Outflows | (78 | ) | | (75 | ) | | (549 | ) | | | | |
| Net (outflows) inflows | (5 | ) | | 215 |
| | (366 | ) | | | | |
| Market (depreciation) appreciation | (24 | ) | | (17 | ) | | 159 |
| | | | |
| Transfers * | — |
| | — |
| | (222 | ) | | | | |
| Total (decrease) increase | (29 | ) | | 198 |
| | (429 | ) | | | | |
| Assets under management, end of period | $ | 2,726 |
| | $ | 2,755 |
| | $ | 3,432 |
| | (1.1 | %) | | (20.6 | %) |
| Percentage of total assets under management | 5.4 | % | | 5.0 | % | | 6.6 | % | | | | |
| Average assets under management for period | $ | 2,808 |
| | $ | 2,683 |
| | $ | 3,474 |
| | 4.7 | % | | (19.2 | %) |
| | | | | | | | | | |
| Total | | | | | | | | | |
| Assets under management, beginning of period | $ | 54,666 |
| | $ | 53,137 |
| | $ | 49,031 |
| | | | |
| Inflows | 1,788 |
| | 2,259 |
| | 1,839 |
| | | | |
| Outflows | (2,529 | ) | | (2,710 | ) | | (1,845 | ) | | | | |
| Net outflows | (741 | ) | | (451 | ) | | (6 | ) | | | | |
| Market (depreciation) appreciation | (3,777 | ) | | 1,980 |
| | 3,260 |
| | | | |
| Total (decrease) increase | (4,518 | ) | | 1,529 |
| | 3,254 |
| | | | |
| Assets under management, end of period | $ | 50,148 |
| | $ | 54,666 |
| | $ | 52,285 |
| | (8.3 | %) | | (4.1 | %) |
| Average assets under management for period | $ | 53,288 |
| | $ | 55,021 |
| | $ | 50,721 |
| | (3.1 | %) | | 5.1 | % |
| | | | | | | | | | |
| * Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation). |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Strategy | | | | | |
| For the Periods | | | | | |
| (in millions) | | | | | |
| | Six Months Ended | | |
| | June 30, 2015 | | June 30, 2014 | | % Change |
| U.S. Real Estate | | | | | |
| Assets under management, beginning of period | $ | 28,357 |
| | $ | 23,116 |
| | |
| Inflows | 1,381 |
| | 1,490 |
| | |
| Outflows | (2,558 | ) | | (1,412 | ) | | |
| Net (outflows) inflows | (1,177 | ) | | 78 |
| | |
| Market (depreciation) appreciation | (1,576 | ) | | 3,988 |
| | |
| Transfers * | — |
| | 222 |
| | |
| Total (decrease) increase | (2,753 | ) | | 4,288 |
| | |
| Assets under management, end of period | $ | 25,604 |
| | $ | 27,404 |
| | (6.6 | %) |
| Percentage of total assets under management | 51.1 | % | | 52.4 | % | | |
| Average assets under management for period | $ | 28,682 |
| | $ | 25,440 |
| | 12.7 | % |
| | | | | | |
| Global/International Real Estate | | | | | |
| Assets under management, beginning of period | $ | 10,184 |
| | $ | 9,498 |
| | |
| Inflows | 665 |
| | 718 |
| | |
| Outflows | (1,197 | ) | | (1,181 | ) | | |
| Net outflows | (532 | ) | | (463 | ) | | |
| Market appreciation | 2 |
| | 1,126 |
| | |
| Total (decrease) increase | (530 | ) | | 663 |
| | |
| Assets under management, end of period | $ | 9,654 |
| | $ | 10,161 |
| | (5.0 | %) |
| Percentage of total assets under management | 19.3 | % | | 19.4 | % | | |
| Average assets under management for period | $ | 10,262 |
| | $ | 9,795 |
| | 4.8 | % |
| | | | | | |
| Preferred Securities | | | | | |
| Assets under management, beginning of period | $ | 6,342 |
| | $ | 4,722 |
| | |
| Inflows | 1,344 |
| | 878 |
| | |
| Outflows | (974 | ) | | (328 | ) | | |
| Net inflows | 370 |
| | 550 |
| | |
| Market appreciation | 30 |
| | 400 |
| | |
| Total increase | 400 |
| | 950 |
| | |
| Assets under management, end of period | $ | 6,742 |
| | $ | 5,672 |
| | 18.9 | % |
| Percentage of total assets under management | 13.4 | % | | 10.8 | % | | |
| Average assets under management for period | $ | 6,734 |
| | $ | 5,182 |
| | 29.9 | % |
| | | | | | |
| Global Listed Infrastructure | | | | | |
| Assets under management, beginning of period | $ | 5,697 |
| | $ | 4,714 |
| | |
| Inflows | 294 |
| | 471 |
| | |
| Outflows | (357 | ) | | (272 | ) | | |
| Net (outflows) inflows | (63 | ) | | 199 |
| | |
| Market (depreciation) appreciation | (212 | ) | | 703 |
| | |
| Total (decrease) increase | (275 | ) | | 902 |
| | |
| Assets under management, end of period | $ | 5,422 |
| | $ | 5,616 |
| | (3.5 | %) |
| Percentage of total assets under management | 10.8 | % | | 10.7 | % | | |
| Average assets under management for period | $ | 5,726 |
| | $ | 5,173 |
| | 10.7 | % |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Strategy - continued | | | | | |
| For the Periods | | | | | |
| (in millions) | | | | | |
| | Six Months Ended | | |
| | June 30, 2015 | | June 30, 2014 | | % Change |
| Other | | | | | |
| Assets under management, beginning of period | $ | 2,557 |
| | $ | 3,857 |
| | |
| Inflows | 363 |
| | 237 |
| | |
| Outflows | (153 | ) | | (723 | ) | | |
| Net inflows (outflows) | 210 |
| | (486 | ) | | |
| Market (depreciation) appreciation | (41 | ) | | 283 |
| | |
| Transfers * | — |
| | (222 | ) | | |
| Total increase (decrease) | 169 |
| | (425 | ) | | |
| Assets under management, end of period | $ | 2,726 |
| | $ | 3,432 |
| | (20.6 | %) |
| Percentage of total assets under management | 5.4 | % | | 6.6 | % | | |
| Average assets under management for period | $ | 2,746 |
| | $ | 3,632 |
| | (24.4 | %) |
| | | | | | |
| Total | | | | | |
| Assets under management, beginning of period | $ | 53,137 |
| | $ | 45,907 |
| | |
| Inflows | 4,047 |
| | 3,794 |
| | |
| Outflows | (5,239 | ) | | (3,916 | ) | | |
| Net outflows | (1,192 | ) | | (122 | ) | | |
| Market (depreciation) appreciation | (1,797 | ) | | 6,500 |
| | |
| Total (decrease) increase | (2,989 | ) | | 6,378 |
| | |
| Assets under management, end of period | $ | 50,148 |
| | $ | 52,285 |
| | (4.1 | %) |
| Average assets under management for period | $ | 54,150 |
| | $ | 49,222 |
| | 10.0 | % |
| | | | | | |
| * Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation). |
