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 2015 RESULTS
NEW YORK, NY, January 20, 2016—Cohen & Steers, Inc. (NYSE: CNS) reported net income attributable to common stockholders of $5.9 million, or $0.13 per share (diluted and basic), for the quarter ended December 31, 2015, compared with $15.7 million, or $0.34 per diluted share and $0.35 per basic share, for the quarter ended December 31, 2014. Total revenue for the fourth quarter of 2015 was $81.7 million, compared with $81.8 million for the fourth quarter of 2014.
The fourth quarter 2015 results included an unrealized, non-operating loss of $8.2 million that, due to a change in accounting classification, has been reflected on the condensed consolidated statements of operations. In addition, the fourth quarter 2015 results included a $2.8 million other-than-temporary impairment.
For the year ended December 31, 2015, the company recorded net income attributable to common stockholders of $64.6 million, or $1.41 per diluted share and $1.42 per basic share, compared with $75.5 million, or $1.65 per diluted share and $1.69 per basic share, for the year ended December 31, 2014.
Financial Highlights (Unaudited)
For the Periods
|
| | | | | | | | | | | | | | | | | | | | | |
| (in thousands, except per share data) | Three Months Ended | | | | Years Ended | | |
| | December 31, 2015 | | September 30, 2015 | | % Change | | December 31, 2015 | | December 31, 2014 | | % Change |
| Revenue | $ | 81,671 |
| | $ | 79,667 |
| | 2.5 | % | | $ | 328,655 |
| | $ | 313,934 |
| | 4.7 | % |
| Expenses | $ | 51,319 |
| | $ | 48,190 |
| | 6.5 | % | | $ | 201,106 |
| | $ | 191,993 |
| | 4.7 | % |
| Operating income | $ | 30,352 |
| | $ | 31,477 |
| | (3.6 | )% | | $ | 127,549 |
| | $ | 121,941 |
| | 4.6 | % |
| Operating margin | 37.2 | % | | 39.5 | % | | (235) bps |
| | 38.8 | % | | 38.8 | % | | (3) bps |
|
Total non-operating (loss) income (1) | $ | (12,078 | ) | | $ | (2,972 | ) | | * |
| | $ | (14,805 | ) | | $ | 73 |
| | * |
|
| Net income attributable to common stockholders | $ | 5,879 |
| | $ | 17,093 |
| | (65.6 | )% | | $ | 64,551 |
| | $ | 75,510 |
| | (14.5 | )% |
| Diluted earnings per share attributable to common stockholders | $ | 0.13 |
| | $ | 0.37 |
| | (65.7 | )% | | $ | 1.41 |
| | $ | 1.65 |
| | (15.0 | )% |
________________________
* Not meaningful
(1) Includes net income/(loss) attributable to redeemable noncontrolling interest for the periods presented.
Revenue
Revenue for the fourth quarter of 2015 was $81.7 million, an increase of $2.0 million from $79.7 million for the third quarter of 2015. Higher average assets under management in the quarter resulted in the following increases in investment advisory and administration fees:
| |
| • | Open-end mutual fund revenue increased $1.3 million to $34.2 million for the fourth quarter of 2015; and |
| |
| • | Institutional account revenue increased $0.9 million to $21.5 million for the fourth quarter of 2015. |
Revenue for the year ended December 31, 2015 was $328.7 million, an increase of $14.7 million from $313.9 million for the year ended December 31, 2014.
Expenses
Expenses for the fourth quarter of 2015 were $51.3 million, an increase of $3.1 million from $48.2 million for the third quarter of 2015. The change was primarily due to:
| |
| • | Higher employee compensation and benefits expenses of $1.5 million, primarily attributable to higher incentive and production compensation; and |
| |
| • | Higher general and administrative expenses of $1.2 million, primarily due to increased hosted and sponsored conferences and organizational expenses related to the launch of the Cohen & Steers Low Duration Preferred and Income Fund (LPX) during the fourth quarter of 2015. |
Expenses for the year ended December 31, 2015 were $201.1 million, an increase of $9.1 million from $192.0 million for the year ended December 31, 2014.
Operating Margin
The company's operating margin decreased to 37.2% for the fourth quarter of 2015 compared with 39.5% for the three months ended September 30, 2015. The operating margin was 38.8% for each of the years ended December 31, 2015 and December 31, 2014, respectively.
Non-operating Income
Non-operating loss for the fourth quarter of 2015 was $12.1 million, compared with a non-operating loss of $3.0 million for the third quarter of 2015. The change was primarily due to an unrealized loss of $8.2 million on a seed investment that, due to third-party shareholder redemptions, was reclassified from available-for-sale investments to equity method investments during the quarter. In addition, non-operating loss for the quarter included a $2.8 million other-than-temporary impairment.
The non-operating loss for the year ended December 31, 2015 was $14.8 million, compared with non-operating income of $73,000 for the year ended December 31, 2014.
Income Taxes
The effective tax rate for the fourth quarter of 2015 was 67.9%, compared with 40.3% for the third quarter of 2015. The increase in the effective tax rate was primarily attributable to the recording of a valuation allowance on the tax benefit associated with the unrealized losses on the company's seed investments during the quarter.
The effective tax rate for the year ended December 31, 2015 was 42.9%, compared with 38.0% for the year ended December 31, 2014.
Assets Under Management Highlights (Unaudited)
December 31, 2015 Compared with September 30, 2015
|
| | | | | | | | | | |
| (in millions) | Assets Under Management | | |
| | As of | | |
| By Investment Vehicle | December 31, 2015 | | September 30, 2015 | | % Change |
| Institutional accounts | $ | 26,105 |
| | $ | 24,645 |
| | 5.9 | % |
| Open-end mutual funds | 17,460 |
| | 16,141 |
| | 8.2 | % |
| Closed-end funds | 9,029 |
| | 8,958 |
| | 0.8 | % |
| Total | $ | 52,594 |
| | $ | 49,744 |
| | 5.7 | % |
| | | | | | |
| By Investment Strategy | | | | | |
| U.S. real estate | $ | 27,814 |
| | $ | 25,812 |
| | 7.8 | % |
| Global/international real estate | 9,476 |
| | 9,379 |
| | 1.0 | % |
| Preferred securities | 7,705 |
| | 6,877 |
| | 12.0 | % |
| Global listed infrastructure | 5,147 |
| | 5,212 |
| | (1.2 | %) |
| Other | 2,452 |
| | 2,464 |
| | (0.5 | %) |
| Total | $ | 52,594 |
| | $ | 49,744 |
| | 5.7 | % |
Assets under management were $52.6 billion as of December 31, 2015, an increase of $2.9 billion from $49.7 billion at September 30, 2015. The increase from September 30, 2015 was attributable to market appreciation of $2.4 billion and net inflows of $450 million.
Institutional Accounts
Assets under management in institutional accounts were $26.1 billion as of December 31, 2015, an increase of 5.9% from $24.6 billion at September 30, 2015. The change from September 30, 2015 was due to the following:
| |
| • | Market appreciation of $1.5 billion, including $1.1 billion from U.S. real estate and $387 million from global/international real estate; |
| |
| • | Net outflows of $95 million from subadvisory relationships, including net outflows of $143 million from global/international real estate, partially offset by net inflows of $43 million into commodities (included in "Other" in the table above); and |
| |
| • | Net inflows of $60 million into advisory relationships, including net inflows of $106 million into global listed infrastructure and $69 million into preferred securities, partially offset by net outflows of $113 million from global/international real estate. |
Open-end Mutual Funds
Assets under management for open-end mutual funds were $17.5 billion as of December 31, 2015, an increase of 8.2% from $16.1 billion at September 30, 2015. The change from September 30, 2015 was due to the following:
| |
| • | Market appreciation of $800 million, including $657 million from U.S. real estate, $86 million from preferred securities and $58 million from global/international real estate; and |
| |
| • | Net inflows of $519 million, including net inflows of $608 million into preferred securities, partially offset by net outflows of $92 million from global/international real estate. |
Closed-end Funds
Assets under management for closed-end funds were $9.0 billion at both December 31, 2015 and September 30, 2015.
Balance Sheet Information
As of December 31, 2015, cash, cash equivalents and seed investments were $202 million. As of December 31, 2015, stockholders' equity was $232 million and the company had no debt.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, January 21, 2016 at 11:00 a.m. (ET) to discuss the company's fourth quarter and full year 2015 financial results. Investors and analysts can access the live conference call by dialing 800-954-0628 (U.S.) or +1-415-226-5359 (international); passcode: 21802857. Participants should plan to register at least 10 minutes before the conference call begins. The presentation that will be reviewed as part of the conference call will be available on the company's website at www.cohenandsteers.com under "Company - Investor Relations."
A replay of the call will be available for two weeks starting at approximately 1:00 p.m. (ET) on January 21, 2016 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 21802857. 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 the company'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 (the 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 |
| | December 31, 2015 | | September 30, 2015 | | December 31, 2014 | | September 30, 2015 | | December 31, 2014 |
| Revenue | | | | | | | | | |
| Investment advisory and administration fees | $ | 75,269 |
| | $ | 73,487 |
| | $ | 76,063 |
| | | | |
| Distribution and service fees | 4,120 |
| | 3,961 |
| | 3,715 |
| | | | |
| Portfolio consulting and other | 2,282 |
| | 2,219 |
| | 2,064 |
| | | | |
| Total revenue | 81,671 |
| | 79,667 |
| | 81,842 |
| | 2.5 | % | | (0.2 | %) |
| Expenses | | | | | | | | | |
| Employee compensation and benefits | 27,440 |
| | 25,892 |
| | 26,142 |
| | | | |
| Distribution and service fees | 8,976 |
| | 8,578 |
| | 8,862 |
| | | | |
| General and administrative | 13,390 |
| | 12,175 |
| | 12,866 |
| | | | |
| Depreciation and amortization | 1,513 |
| | 1,545 |
| | 1,622 |
| | | | |
| Total expenses | 51,319 |
| | 48,190 |
| | 49,492 |
| | 6.5 | % | | 3.7 | % |
| Operating income | 30,352 |
| | 31,477 |
| | 32,350 |
| | (3.6 | %) | | (6.2 | %) |
| Non-operating income | | | | | | | | | |
| Interest and dividend income—net | 560 |
| | 291 |
| | 617 |
| | | | |
| Loss from seed investments—net | (12,587 | ) | | (2,993 | ) | | (5,217 | ) | | | | |
| Other (losses) income | (51 | ) | | (270 | ) | | 59 |
| | | | |
| Total non-operating loss | (12,078 | ) | | (2,972 | ) | | (4,541 | ) | | * |
| | * |
|
| Income before provision for income taxes | 18,274 |
| | 28,505 |
| | 27,809 |
| | (35.9 | %) | | (34.3 | %) |
| Provision for income taxes | 12,446 |
| | 11,541 |
| | 12,636 |
| | | | |
| Net income | 5,828 |
| | 16,964 |
| | 15,173 |
| | (65.6 | %) | | (61.6 | %) |
| Less: Net loss attributable to redeemable noncontrolling interest | 51 |
| | 129 |
| | 525 |
| | | | |
| Net income attributable to common stockholders | $ | 5,879 |
| | $ | 17,093 |
| | $ | 15,698 |
| | (65.6 | %) | | (62.5 | %) |
| | | | | | | | | | |
| Earnings per share attributable to common stockholders | | | | | | | | | |
| Basic | $ | 0.13 |
| | $ | 0.38 |
| | $ | 0.35 |
| | (65.6 | %) | | (63.1 | %) |
| Diluted | $ | 0.13 |
| | $ | 0.37 |
| | $ | 0.34 |
| | (65.7 | %) | | (62.6 | %) |
| | | | | | | | | | |
| Dividends declared per share | | | | | | | | | |
| Quarterly | $ | 0.25 |
| | $ | 0.25 |
| | $ | 0.22 |
| | — | % | | 13.6 | % |
| Special | $ | 0.50 |
| | $ | — |
| | $ | 1.00 |
| | * |
| | (50.0 | %) |
| | | | | | | | | | |
| Weighted average shares outstanding | | | | | | | | | |
| Basic | 45,524 |
| | 45,500 |
| | 44,852 |
| | | | |
| Diluted | 45,969 |
| | 45,830 |
| | 45,866 |
| | | | |
| | | | | | | | | | |
| * Not meaningful | | | | | | | | | |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Condensed Consolidated Statements of Operations (Unaudited) | | | |
| For the Periods | | | | | |
| (in thousands, except per share data) | | | | | |
| | | | | | |
| | Years Ended | | |
| | December 31, 2015 | | December 31, 2014 | | % Change |
| Revenue | | | | | |
| Investment advisory and administration fees | $ | 303,729 |
| | $ | 291,744 |
| | |
| Distribution and service fees | 16,001 |
| | 14,667 |
| | |
| Portfolio consulting and other | 8,925 |
| | 7,523 |
| | |
| Total revenue | 328,655 |
| | 313,934 |
| | 4.7 | % |
| Expenses | | | | | |
| Employee compensation and benefits | 107,710 |
| | 102,732 |
| | |
| Distribution and service fees | 36,330 |
| | 35,470 |
| | |
| General and administrative | 50,853 |
| | 47,337 |
| | |
| Depreciation and amortization | 6,213 |
| | 6,454 |
| | |
| Total expenses | 201,106 |
| | 191,993 |
| | 4.7 | % |
| Operating income | 127,549 |
| | 121,941 |
| | 4.6 | % |
| Non-operating income | | | | | |
| Interest and dividend income—net | 1,600 |
| | 2,058 |
| | |
| Loss from seed investments—net | (15,402 | ) | | (1,481 | ) | | |
| Other losses | (1,003 | ) | | (504 | ) | | |
| Total non-operating (loss) income | (14,805 | ) | | 73 |
| | * |
|
| Income before provision for income taxes | 112,744 |
| | 122,014 |
| | (7.6 | %) |
| Provision for income taxes | 48,407 |
| | 46,280 |
| | |
| Net income | 64,337 |
| | 75,734 |
| | (15.0 | %) |
| Less: Net loss (income) attributable to redeemable noncontrolling interest | 214 |
| | (224 | ) | | |
| Net income attributable to common stockholders | $ | 64,551 |
| | $ | 75,510 |
| | (14.5 | %) |
| | | | | | |
| Earnings per share attributable to common stockholders | | | | | |
| Basic | $ | 1.42 |
| | $ | 1.69 |
| | (15.7 | %) |
| Diluted | $ | 1.41 |
| | $ | 1.65 |
| | (15.0 | %) |
| | | | | | |
| Dividends declared per share | | | | | |
| Quarterly | $ | 1.00 |
| | $ | 0.88 |
| | 13.6 | % |
| Special | $ | 0.50 |
| | $ | 1.00 |
| | (50.0 | %) |
| | | | | | |
| Weighted average shares outstanding | | | | | |
| Basic | 45,433 |
| | 44,788 |
| | |
| Diluted | 45,897 |
| | 45,643 |
| | |
| | | | | | |
| * Not meaningful | | | | | |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management (Unaudited) | | | | | | | | | |
| By Investment Vehicle | | | | | | | | | |
| For the Periods | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | December 31, 2015 | | September 30, 2015 | | December 31, 2014 | | September 30, 2015 | | December 31, 2014 |
| Institutional Accounts | | | | | | | | | |
| Assets under management, beginning of period | $ | 24,645 |
| | $ | 24,545 |
| | $ | 23,941 |
| | | | |
| Inflows | 567 |
| | 652 |
| | 1,077 |
| | | | |
| Outflows | (602 | ) | | (689 | ) | | (1,345 | ) | | | | |
| Net outflows | (35 | ) | | (37 | ) | | (268 | ) | | | | |
| Market appreciation | 1,495 |
| | 137 |
| | 2,528 |
| | | | |
| Total increase | 1,460 |
| | 100 |
| | 2,260 |
| | | | |
| Assets under management, end of period | $ | 26,105 |
| | $ | 24,645 |
| | $ | 26,201 |
| | 5.9 | % | | (0.4 | %) |
| Percentage of total assets under management | 49.6 | % | | 49.5 | % | | 49.3 | % | | | | |
| Average assets under management for period | $ | 25,655 |
| | $ | 24,885 |
| | $ | 25,589 |
| | 3.1 | % | | 0.3 | % |
| | | | | | | | | | |
| Open-end Mutual Funds | | | | | | | | | |
| Assets under management, beginning of period | $ | 16,141 |
| | $ | 16,236 |
| | $ | 16,116 |
| | | | |
| Inflows | 1,838 |
| | 1,145 |
| | 1,368 |
| | | | |
| Outflows | (1,319 | ) | | (1,347 | ) | | (1,894 | ) | | | | |
| Net inflows (outflows) | 519 |
| | (202 | ) | | (526 | ) | | | | |
| Market appreciation | 800 |
| | 107 |
| | 1,541 |
| | | | |
| Total increase (decrease) | 1,319 |
| | (95 | ) | | 1,015 |
| | | | |
| Assets under management, end of period | $ | 17,460 |
| | $ | 16,141 |
| | $ | 17,131 |
| | 8.2 | % | | 1.9 | % |
| Percentage of total assets under management | 33.2 | % |
| 32.5 | % | | 32.2 | % | | | | |
| Average assets under management for period | $ | 17,114 |
| | $ | 16,433 |
| | $ | 16,986 |
| | 4.1 | % | | 0.8 | % |
| | | | | | | | | | |
| Closed-end Funds | | | | | | | | | |
| Assets under management, beginning of period | $ | 8,958 |
| | $ | 9,367 |
| | $ | 9,638 |
| | | | |
| Inflows | — |
| | — |
| | — |
| | | | |
| Outflows | (34 | ) | | — |
| | — |
| | | | |
| Net outflows | (34 | ) | | — |
| | — |
| | | | |
| Market appreciation (depreciation) | 105 |
| | (409 | ) | | 167 |
| | | | |
| Total increase (decrease) | 71 |
| | (409 | ) | | 167 |
| | | | |
| Assets under management, end of period | $ | 9,029 |
| | $ | 8,958 |
| | $ | 9,805 |
| | 0.8 | % | | (7.9 | %) |
| Percentage of total assets under management | 17.2 | % | | 18.0 | % | | 18.5 | % | | | | |
| Average assets under management for period | $ | 9,198 |
| | $ | 9,349 |
| | $ | 9,830 |
| | (1.6 | %) | | (6.4 | %) |
| | | | | | | | | | |
| Total | | | | | | | | | |
| Assets under management, beginning of period | $ | 49,744 |
| | $ | 50,148 |
| | $ | 49,695 |
| | | | |
| Inflows | 2,405 |
| | 1,797 |
| | 2,445 |
| | | | |
| Outflows | (1,955 | ) | | (2,036 | ) | | (3,239 | ) | | | | |
| Net inflows (outflows) | 450 |
| | (239 | ) | | (794 | ) | | | | |
| Market appreciation (depreciation) | 2,400 |
| | (165 | ) | | 4,236 |
| | | | |
| Total increase (decrease) | 2,850 |
| | (404 | ) | | 3,442 |
| | | | |
| Assets under management, end of period | $ | 52,594 |
| | $ | 49,744 |
| | $ | 53,137 |
| | 5.7 | % | | (1.0 | %) |
| Average assets under management for period | $ | 51,967 |
| | $ | 50,667 |
| | $ | 52,405 |
| | 2.6 | % | | (0.8 | %) |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Vehicle | | | | | |
| For the Periods | | | | | |
| (in millions) | | | | | |
| | Years Ended | | |
| | December 31, 2015 | | December 31, 2014 | | % Change |
| Institutional Accounts | | | | | |
| Assets under management, beginning of period | $ | 26,201 |
| | $ | 22,926 |
| | |
| Inflows | 2,317 |
| | 2,777 |
| | |
| Outflows | (3,275 | ) | | (4,855 | ) | | |
| Net outflows | (958 | ) | | (2,078 | ) | | |
| Market appreciation | 862 |
| | 5,240 |
| | |
| Transfers * | — |
| | 113 |
| | |
| Total (decrease) increase | (96 | ) | | 3,275 |
| | |
| Assets under management, end of period | $ | 26,105 |
| | $ | 26,201 |
| | (0.4 | %) |
| Percentage of total assets under management | 49.6 | % | | 49.3 | % | | |
| Average assets under management for period | $ | 25,884 |
| | $ | 24,856 |
| | 4.1 | % |
| | | | | | |
| Open-end Mutual Funds | | | | | |
| Assets under management, beginning of period | $ | 17,131 |
| | $ | 14,016 |
| | |
| Inflows | 5,932 |
| | 5,897 |
| | |
| Outflows | (5,902 | ) | | (5,701 | ) | | |
| Net inflows | 30 |
| | 196 |
| | |
| Market appreciation | 299 |
| | 3,032 |
| | |
| Transfers * | — |
| | (113 | ) | | |
| Total increase | 329 |
| | 3,115 |
| | |
| Assets under management, end of period | $ | 17,460 |
| | $ | 17,131 |
| | 1.9 | % |
| Percentage of total assets under management | 33.2 | % | | 32.2 | % | | |
| Average assets under management for period | $ | 17,252 |
| | $ | 16,097 |
| | 7.2 | % |
| | | | | | |
| Closed-end Funds | | | | | |
| Assets under management, beginning of period | $ | 9,805 |
| | $ | 8,965 |
| | |
| Inflows | — |
| | — |
| | |
| Outflows | (53 | ) | | — |
| | |
| Net outflows | (53 | ) | | — |
| | |
| Market (depreciation) appreciation | (723 | ) | | 840 |
| | |
| Total (decrease) increase | (776 | ) | | 840 |
| | |
| Assets under management, end of period | $ | 9,029 |
| | $ | 9,805 |
| | (7.9 | %) |
| Percentage of total assets under management | 17.2 | % | | 18.5 | % | | |
| Average assets under management for period | $ | 9,586 |
| | $ | 9,680 |
| | (1.0 | %) |
| | | | | | |
| Total | | | | | |
| Assets under management, beginning of period | $ | 53,137 |
| | $ | 45,907 |
| | |
| Inflows | 8,249 |
| | 8,674 |
| | |
| Outflows | (9,230 | ) | | (10,556 | ) | | |
| Net outflows | (981 | ) | | (1,882 | ) | | |
| Market appreciation | 438 |
| | 9,112 |
| | |
| Total (decrease) increase | (543 | ) | | 7,230 |
| | |
| Assets under management, end of period | $ | 52,594 |
| | $ | 53,137 |
| | (1.0 | %) |
| Average assets under management for period | $ | 52,722 |
| | $ | 50,633 |
| | 4.1 | % |
| | | | | | |
| * Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation). |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management - Institutional Accounts (Unaudited) | | | | | | |
| By Account Type | | | | | | | | | |
| For the Periods | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | December 31, 2015 | | September 30, 2015 | | December 31, 2014 | | September 30, 2015 | | December 31, 2014 |
| Subadvisory | | | | | | | | | |
| Assets under management, beginning of period | $ | 17,500 |
| | $ | 17,523 |
| | $ | 17,092 |
| | | | |
| Inflows | 385 |
| | 481 |
| | 969 |
| | | | |
| Outflows | (480 | ) | | (668 | ) | | (1,138 | ) | | | | |
| Net outflows | (95 | ) | | (187 | ) | | (169 | ) | | | | |
| Market appreciation | 1,135 |
| | 164 |
| | 1,934 |
| | | | |
| Total increase (decrease) | 1,040 |
| | (23 | ) | | 1,765 |
| | | | |
| Assets under management, end of period | $ | 18,540 |
| | $ | 17,500 |
| | $ | 18,857 |
| | 5.9 | % | | (1.7 | %) |
| Percentage of institutional assets under management | 71.0 | % | | 71.0 | % | | 72.0 | % | | | | |
| Average assets under management for period | $ | 18,180 |
| | $ | 17,774 |
| | $ | 18,371 |
| | 2.3 | % | | (1.0 | %) |
| | | | | | | | | | |
| Advisory | | | | | | | | | |
| Assets under management, beginning of period | $ | 7,145 |
| | $ | 7,022 |
| | $ | 6,849 |
| | | | |
| Inflows | 182 |
| | 171 |
| | 108 |
| | | | |
| Outflows | (122 | ) | | (21 | ) | | (207 | ) | | | | |
| Net inflows (outflows) | 60 |
| | 150 |
| | (99 | ) | | | | |
| Market appreciation (depreciation) | 360 |
| | (27 | ) | | 594 |
| | | | |
| Total increase | 420 |
| | 123 |
| | 495 |
| | | | |
| Assets under management, end of period | $ | 7,565 |
| | $ | 7,145 |
| | $ | 7,344 |
| | 5.9 | % | | 3.0 | % |
| Percentage of institutional assets under management | 29.0 | % | | 29.0 | % | | 28.0 | % | | | | |
| Average assets under management for period | $ | 7,475 |
| | $ | 7,111 |
| | $ | 7,218 |
| | 5.1 | % | | 3.6 | % |
| | | | | | | | | | |
| Total Institutional Accounts | | | | | | | | | |
| Assets under management, beginning of period | $ | 24,645 |
| | $ | 24,545 |
| | $ | 23,941 |
| | | | |
| Inflows | 567 |
| | 652 |
| | 1,077 |
| | | | |
| Outflows | (602 | ) | | (689 | ) | | (1,345 | ) | | | | |
| Net outflows | (35 | ) | | (37 | ) | | (268 | ) | | | | |
| Market appreciation | 1,495 |
| | 137 |
| | 2,528 |
| | | | |
| Total increase | 1,460 |
| | 100 |
| | 2,260 |
| | | | |
| Assets under management, end of period | $ | 26,105 |
| | $ | 24,645 |
| | $ | 26,201 |
| | 5.9 | % | | (0.4 | %) |
| Average assets under management for period | $ | 25,655 |
| | $ | 24,885 |
| | $ | 25,589 |
| | 3.1 | % | | 0.3 | % |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management - Institutional Accounts (Unaudited) | | |
| By Account Type | | | | | |
| For the Periods | | | | | |
| (in millions) | | | | | |
| | Years Ended | | |
| | December 31, 2015 | | December 31, 2014 | | % Change |
| Subadvisory | | | | | |
| Assets under management, beginning of period | $ | 18,857 |
| | $ | 16,693 |
| | |
| Inflows | 1,564 |
| | 2,027 |
| | |
| Outflows | (2,516 | ) | | (3,867 | ) | | |
| Net outflows | (952 | ) | | (1,840 | ) | | |
| Market appreciation | 635 |
| | 4,004 |
| | |
| Total (decrease) increase | (317 | ) | | 2,164 |
| | |
| Assets under management, end of period | $ | 18,540 |
| | $ | 18,857 |
| | (1.7 | %) |
| Percentage of institutional assets under management | 71.0 | % | | 72.0 | % | | |
| Average assets under management for period | $ | 18,510 |
| | $ | 17,962 |
| | 3.1 | % |
| | | | | | |
| Advisory | | | | | |
| Assets under management, beginning of period | $ | 7,344 |
| | $ | 6,233 |
| | |
| Inflows | 753 |
| | 750 |
| | |
| Outflows | (759 | ) | | (988 | ) | | |
| Net outflows | (6 | ) | | (238 | ) | | |
| Market appreciation | 227 |
| | 1,236 |
| | |
| Transfers * | — |
| | 113 |
| | |
| Total increase | 221 |
| | 1,111 |
| | |
| Assets under management, end of period | $ | 7,565 |
| | $ | 7,344 |
| | 3.0 | % |
| Percentage of institutional assets under management | 29.0 | % | | 28.0 | % | | |
| Average assets under management for period | $ | 7,374 |
| | $ | 6,894 |
| | 7.0 | % |
| | | | | | |
| Total Institutional Accounts | | | | | |
| Assets under management, beginning of period | $ | 26,201 |
| | $ | 22,926 |
| | |
| Inflows | 2,317 |
| | 2,777 |
| | |
| Outflows | (3,275 | ) | | (4,855 | ) | | |
| Net outflows | (958 | ) | | (2,078 | ) | | |
| Market appreciation | 862 |
| | 5,240 |
| | |
| Transfers * | — |
| | 113 |
| | |
| Total (decrease) increase | (96 | ) | | 3,275 |
| | |
| Assets under management, end of period | $ | 26,105 |
| | $ | 26,201 |
| | (0.4 | %) |
| Average assets under management for period | $ | 25,884 |
| | $ | 24,856 |
| | 4.1 | % |
| | | | | | |
| * 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) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | December 31, 2015 | | September 30, 2015 | | December 31, 2014 | | September 30, 2015 | | December 31, 2014 |
| U.S. Real Estate | | | | | | | | | |
| Assets under management, beginning of period | $ | 25,812 |
| | $ | 25,604 |
| | $ | 26,226 |
| | | | |
| Inflows | 861 |
| | 618 |
| | 695 |
| | | | |
| Outflows | (755 | ) | | (1,135 | ) | | (2,183 | ) | | | | |
| Net inflows (outflows) | 106 |
| | (517 | ) | | (1,488 | ) | | | | |
| Market appreciation | 1,896 |
| | 725 |
| | 3,619 |
| | | | |
| Total increase | 2,002 |
| | 208 |
| | 2,131 |
| | | | |
| Assets under management, end of period | $ | 27,814 |
| | $ | 25,812 |
| | $ | 28,357 |
| | 7.8 | % | | (1.9 | %) |
| Percentage of total assets under management | 52.9 | % | | 51.9 | % | | 53.4 | % | | | | |
| Average assets under management for period | $ | 27,195 |
| | $ | 26,130 |
| | $ | 27,998 |
| | 4.1 | % | | (2.9 | %) |
| | | | | | | | | | |
| Global/International Real Estate | | | | | | | | | |
| Assets under management, beginning of period | $ | 9,379 |
| | $ | 9,654 |
| | $ | 9,677 |
| | | | |
| Inflows | 140 |
| | 170 |
| | 408 |
| | | | |
| Outflows | (488 | ) | | (378 | ) | | (583 | ) | | | | |
| Net outflows | (348 | ) | | (208 | ) | | (175 | ) | | | | |
| Market appreciation (depreciation) | 445 |
| | (67 | ) | | 682 |
| | | | |
| Total increase (decrease) | 97 |
| | (275 | ) | | 507 |
| | | | |
| Assets under management, end of period | $ | 9,476 |
| | $ | 9,379 |
| | $ | 10,184 |
| | 1.0 | % | | (7.0 | %) |
| Percentage of total assets under management | 18.0 | % | | 18.9 | % | | 19.2 | % | | | | |
| Average assets under management for period | $ | 9,605 |
| | $ | 9,633 |
| | $ | 10,021 |
| | (0.3 | %) | | (4.2 | %) |
| | | | | | | | | | |
| Preferred Securities | | | | | | | | | |
| Assets under management, beginning of period | $ | 6,877 |
| | $ | 6,742 |
| | $ | 5,766 |
| | | | |
| Inflows | 1,110 |
| | 476 |
| | 783 |
| | | | |
| Outflows | (432 | ) | | (309 | ) | | (271 | ) | | | | |
| Net inflows | 678 |
| | 167 |
| | 512 |
| | | | |
| Market appreciation (depreciation) | 150 |
| | (32 | ) | | 64 |
| | | | |
| Total increase | 828 |
| | 135 |
| | 576 |
| | | | |
| Assets under management, end of period | $ | 7,705 |
| | $ | 6,877 |
| | $ | 6,342 |
| | 12.0 | % | | 21.5 | % |
| Percentage of total assets under management | 14.6 | % | | 13.8 | % | | 11.9 | % | | | | |
| Average assets under management for period | $ | 7,343 |
| | $ | 6,843 |
| | $ | 6,150 |
| | 7.3 | % | | 19.4 | % |
| | | | | | | | | | |
| Global Listed Infrastructure | | | | | | | | | |
| Assets under management, beginning of period | $ | 5,212 |
| | $ | 5,422 |
| | $ | 5,611 |
| | | | |
| Inflows | 193 |
| | 418 |
| | 251 |
| | | | |
| Outflows | (136 | ) | | (116 | ) | | (84 | ) | | | | |
| Net inflows | 57 |
| | 302 |
| | 167 |
| | | | |
| Market depreciation | (122 | ) | | (512 | ) | | (81 | ) | | | | |
| Total (decrease) increase | (65 | ) | | (210 | ) | | 86 |
| | | | |
| Assets under management, end of period | $ | 5,147 |
| | $ | 5,212 |
| | $ | 5,697 |
| | (1.2 | %) | | (9.7 | %) |
| Percentage of total assets under management | 9.8 | % | | 10.5 | % | | 10.7 | % | | | | |
| Average assets under management for period | $ | 5,324 |
| | $ | 5,464 |
| | $ | 5,701 |
| | (2.6 | %) | | (6.6 | %) |
|
| | | | | | | | | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | | | | | |
| Assets Under Management (Unaudited) | | | | | | | | | |
| By Investment Strategy - continued | | | | | | | | | |
| For the Periods | | | | | | | | | |
| (in millions) | | | | | | | | | |
| | Three Months Ended | | % Change From |
| | December 31, 2015 | | September 30, 2015 | | December 31, 2014 | | September 30, 2015 | | December 31, 2014 |
| Other | | | | | | | | | |
| Assets under management, beginning of period | $ | 2,464 |
| | $ | 2,726 |
| | $ | 2,415 |
| | | | |
| Inflows | 101 |
| | 115 |
| | 308 |
| | | | |
| Outflows | (144 | ) | | (98 | ) | | (118 | ) | | | | |
| Net (outflows) inflows | (43 | ) | | 17 |
| | 190 |
| | | | |
| Market appreciation (depreciation) | 31 |
| | (279 | ) | | (48 | ) | | | | |
| Total (decrease) increase | (12 | ) | | (262 | ) | | 142 |
| | | | |
| Assets under management, end of period | $ | 2,452 |
| | $ | 2,464 |
| | $ | 2,557 |
| | (0.5 | %) | | (4.1 | %) |
| Percentage of total assets under management | 4.7 | % | | 4.9 | % | | 4.8 | % | | | | |
| Average assets under management for period | $ | 2,500 |
| | $ | 2,597 |
| | $ | 2,535 |
| | (3.7 | %) | | (1.4 | %) |
| | | | | | | | | | |
| Total | | | | | | | | | |
| Assets under management, beginning of period | $ | 49,744 |
| | $ | 50,148 |
| | $ | 49,695 |
| | | | |
| Inflows | 2,405 |
| | 1,797 |
| | 2,445 |
| | | | |
| Outflows | (1,955 | ) | | (2,036 | ) | | (3,239 | ) | | | | |
| Net inflows (outflows) | 450 |
| | (239 | ) | | (794 | ) | | | | |
| Market appreciation (depreciation) | 2,400 |
| | (165 | ) | | 4,236 |
| | | | |
| Total increase (decrease) | 2,850 |
| | (404 | ) | | 3,442 |
| | | | |
| Assets under management, end of period | $ | 52,594 |
| | $ | 49,744 |
| | $ | 53,137 |
| | 5.7 | % | | (1.0 | %) |
| Average assets under management for period | $ | 51,967 |
| | $ | 50,667 |
| | $ | 52,405 |
| | 2.6 | % | | (0.8 | %) |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Strategy | | | | | |
| For the Periods | | | | | |
| (in millions) | | | | | |
| | Years Ended | | |
| | December 31, 2015 | | December 31, 2014 | | % Change |
| U.S. Real Estate | | | | | |
| Assets under management, beginning of period | $ | 28,357 |
| | $ | 23,116 |
| | |
| Inflows | 2,860 |
| | 2,920 |
| | |
| Outflows | (4,448 | ) | | (4,649 | ) | | |
| Net outflows | (1,588 | ) | | (1,729 | ) | | |
| Market appreciation | 1,045 |
| | 6,748 |
| | |
| Transfers * | — |
| | 222 |
| | |
| Total (decrease) increase | (543 | ) | | 5,241 |
| | |
| Assets under management, end of period | $ | 27,814 |
| | $ | 28,357 |
| | (1.9 | %) |
| Percentage of total assets under management | 52.9 | % | | 53.4 | % | | |
| Average assets under management for period | $ | 27,663 |
| | $ | 26,585 |
| | 4.1 | % |
| | | | | | |
| Global/International Real Estate | | | | | |
| Assets under management, beginning of period | $ | 10,184 |
| | $ | 9,498 |
| | |
| Inflows | 975 |
| | 1,746 |
| | |
| Outflows | (2,063 | ) | | (2,415 | ) | | |
| Net outflows | (1,088 | ) | | (669 | ) | | |
| Market appreciation | 380 |
| | 1,355 |
| | |
| Total (decrease) increase | (708 | ) | | 686 |
| | |
| Assets under management, end of period | $ | 9,476 |
| | $ | 10,184 |
| | (7.0 | %) |
| Percentage of total assets under management | 18.0 | % | | 19.2 | % | | |
| Average assets under management for period | $ | 9,938 |
| | $ | 9,954 |
| | (0.2 | %) |
| | | | | | |
| Preferred Securities | | | | | |
| Assets under management, beginning of period | $ | 6,342 |
| | $ | 4,722 |
| | |
| Inflows | 2,930 |
| | 2,258 |
| | |
| Outflows | (1,715 | ) | | (1,044 | ) | | |
| Net inflows | 1,215 |
| | 1,214 |
| | |
| Market appreciation | 148 |
| | 406 |
| | |
| Total increase | 1,363 |
| | 1,620 |
| | |
| Assets under management, end of period | $ | 7,705 |
| | $ | 6,342 |
| | 21.5 | % |
| Percentage of total assets under management | 14.6 | % | | 11.9 | % | | |
| Average assets under management for period | $ | 6,915 |
| | $ | 5,550 |
| | 24.6 | % |
| | | | | | |
| Global Listed Infrastructure | | | | | |
| Assets under management, beginning of period | $ | 5,697 |
| | $ | 4,714 |
| | |
| Inflows | 905 |
| | 1,048 |
| | |
| Outflows | (609 | ) | | (500 | ) | | |
| Net inflows | 296 |
| | 548 |
| | |
| Market (depreciation) appreciation | (846 | ) | | 435 |
| | |
| Total (decrease) increase | (550 | ) | | 983 |
| | |
| Assets under management, end of period | $ | 5,147 |
| | $ | 5,697 |
| | (9.7 | %) |
| Percentage of total assets under management | 9.8 | % | | 10.7 | % | | |
| Average assets under management for period | $ | 5,559 |
| | $ | 5,440 |
| | 2.2 | % |
|
| | | | | | | | | | |
| Cohen & Steers, Inc. and Subsidiaries | | | | | |
| Assets Under Management (Unaudited) | | | | | |
| By Investment Strategy - continued | | | | | |
| For the Periods | | | | | |
| (in millions) | | | | | |
| | Years Ended | | |
| | December 31, 2015 | | December 31, 2014 | | % Change |
| Other | | | | | |
| Assets under management, beginning of period | $ | 2,557 |
| | $ | 3,857 |
| | |
| Inflows | 579 |
| | 702 |
| | |
| Outflows | (395 | ) | | (1,948 | ) | | |
| Net inflows (outflows) | 184 |
| | (1,246 | ) | | |
| Market (depreciation) appreciation | (289 | ) | | 168 |
| | |
| Transfers * | — |
| | (222 | ) | | |
| Total decrease | (105 | ) | | (1,300 | ) | | |
| Assets under management, end of period | $ | 2,452 |
| | $ | 2,557 |
| | (4.1 | %) |
| Percentage of total assets under management | 4.7 | % | | 4.8 | % | | |
| Average assets under management for period | $ | 2,647 |
| | $ | 3,104 |
| | (14.7 | %) |
| | | | | | |
| Total | | | | | |
| Assets under management, beginning of period | $ | 53,137 |
| | $ | 45,907 |
| | |
| Inflows | 8,249 |
| | 8,674 |
| | |
| Outflows | (9,230 | ) | | (10,556 | ) | | |
| Net outflows | (981 | ) | | (1,882 | ) | | |
| Market appreciation | 438 |
| | 9,112 |
| | |
| Total (decrease) increase | (543 | ) | | 7,230 |
| | |
| Assets under management, end of period | $ | 52,594 |
| | $ | 53,137 |
| | (1.0 | %) |
| Average assets under management for period | $ | 52,722 |
| | $ | 50,633 |
| | 4.1 | % |
| | | | | | |
| * Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation). |
