COHEN & STEERS, INC. - FORM 8-K - EX-99.1 - CNS EARNINGS RELEASE 12.31.14

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8-K - 8-K COHEN & STEERS, INC. - COHEN & STEERS, INC.	cns-8kx123114.htm

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 2014 RESULTS

Record Quarterly Revenue of $81.8 million

NEW YORK, NY, January 21, 2015—Cohen & Steers, Inc. (NYSE: CNS) reported net income attributable to common stockholders of $15.7 million, or $0.34 per diluted share and $0.35 per basic share, for the quarter ended December 31, 2014, compared with $19.4 million, or $0.43 per diluted share and $0.44 per basic share, for the quarter ended December 31, 2013. Total revenue for the fourth quarter of 2014 was $81.8 million, an increase of 11.5% from $73.4 million for the fourth quarter of 2013.

For the year ended December 31, 2014, the company recorded net income attributable to common stockholders of $75.5 million, or $1.65 per diluted share and $1.69 per basic share, compared with $68.1 million, or $1.51 per diluted share and $1.54 per basic share, for the year ended December 31, 2013.

The results for the year ended December 31, 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 fund. After adjusting for these items, diluted earnings per share would have been $1.61 for the year ended December 31, 2013.

Financial Highlights (Unaudited)

For the Periods



(in thousands, except per share data)	Three Months Ended								Year Ended
	December 31, 2014			September 30, 2014			% Change		December 31, 2014			December 31, 2013			% Change
Revenue	$	81,842		$	80,845		1.2	%	$	313,934		$	297,713		5.4	%
Expenses	$	49,492		$	48,518		2.0	%	$	191,993		$	191,371		0.3	%
Operating income	$	32,350		$	32,327		0.1	%	$	121,941		$	106,342		14.7	%
Operating margin	39.5		%	40.0		%	(46) bps		38.8		%	35.7		%	312 bps
Total non-operating (loss) income	$	(4,541	)	$	(3,557	)	*		$	73		$	(1,978	)	*
Net income attributable to common stockholders	$	15,698		$	18,184		(13.7	)%	$	75,510		$	68,119		10.9	%
Diluted earnings per share attributable to common stockholders	$	0.34		$	0.40		(14.0	)%	$	1.65		$	1.51		9.5	%

* Not meaningful

Revenue

Revenue for the fourth quarter of 2014 was $81.8 million, an increase of $997,000 from $80.8 million for the third quarter of 2014. Higher average assets under management in institutional accounts and open-end mutual funds resulted in the following revenue increases:


•	$665,000 from institutional accounts; and


•	$429,000 from open-end mutual funds.

Revenue for the year ended December 31, 2014 was $313.9 million, an increase of $16.2 million from $297.7 million for the year ended December 31, 2013.

Expenses

Expenses for the fourth quarter of 2014 were $49.5 million, an increase of $974,000 from $48.5 million for the third quarter of 2014. The change was primarily due to:


•	Higher general and administrative expenses of $1.6 million, primarily due to higher fund-related expenses as well as increases in hosted and sponsored conference expenses, including travel; and


•	Lower employee compensation and benefits expenses of $537,000 primarily attributable to lower production compensation.

Expenses for the year ended December 31, 2014 were $192.0 million, an increase of $622,000 from $191.4 million for the year ended December 31, 2013.

Operating Margin

The company's operating margin decreased to 39.5% for the fourth quarter of 2014 compared with 40.0% for the three months ended September 30, 2014. The operating margin for the year ended December 31, 2014 was 38.8% compared with 35.7% for the year ended December 31, 2013.

Non-operating Income

Non-operating loss for the fourth quarter of 2014 was $4.5 million, an increase of $984,000 from a loss of $3.6 million for the third quarter of 2014, primarily due to unrealized losses on the company's seed investments. The non-operating loss included net losses attributable to redeemable noncontrolling interest of $525,000 and $147,000 for the quarter ended December 31, 2014 and September 30, 2014, respectively. Non-operating income for the year ended December 31, 2014 was $73,000, compared with a non-operating loss of $2.0 million for the year ended December 31, 2013. The non-operating income for the year ended December 31, 2014 included net income attributable to redeemable noncontrolling interest of $224,000 and the non-operating loss for the year ended December 31, 2013 included a net loss attributable to redeemable noncontrolling interest of $4.9 million.

Assets Under Management Highlights (Unaudited)

December 31, 2014 Compared with September 30, 2014



(in millions)	Assets Under Management
	As of
By Investment Vehicle	December 31, 2014		September 30, 2014		% Change
Institutional accounts	$	26,201	$	23,941	9.4	%
Open-end mutual funds	17,131		16,116		6.3	%
Closed-end funds	9,805		9,638		1.7	%
Total	$	53,137	$	49,695	6.9	%

By Investment Strategy
U.S. real estate	$	28,357	$	26,226	8.1	%
Global/international real estate	10,184		9,677		5.2	%
Preferred securities	6,342		5,766		10.0	%
Global listed infrastructure	5,697		5,611		1.5	%
Large cap value	1,288		1,260		2.2	%
Other	1,269		1,155		9.9	%
Total	$	53,137	$	49,695	6.9	%

Assets under management were $53.1 billion as of December 31, 2014, an increase of $3.4 billion from $49.7 billion at September 30, 2014. The increase from September 30, 2014 was attributable to market appreciation of $4.2 billion, partially offset by net outflows of $794 million.

Institutional Accounts

Assets under management in institutional accounts were $26.2 billion as of December 31, 2014, an increase of 9.4% from $23.9 billion at September 30, 2014. The change from September 30, 2014 was due to the following:


•	Market appreciation of $2.5 billion, including $1.9 billion from U.S. real estate and $577 million from global/international real estate;


•	Net outflows of $169 million from subadvisory relationships, including net outflows of $713 million from U.S. real estate, partially offset by net inflows of $254 million into preferred securities, $176 million into commodities (included in "Other" in the above table) and $114 million into global listed infrastructure; and


•	Net outflows of $99 million from advisory relationships, including net outflows of $129 million from global/international real estate, partially offset by net inflows of $34 million into commodities.

Open-end Mutual Funds

Assets under management for open-end mutual funds were $17.1 billion as of December 31, 2014, an increase of 6.3% from $16.1 billion at September 30, 2014. The change from September 30, 2014 was due to the following:


•	Market appreciation of $1.5 billion, including $1.4 billion from U.S. real estate and $105 million from global/international real estate; and


•	Net outflows of $526 million, including net outflows of $768 million from U.S. real estate, partially offset by net inflows of $241 million into preferred securities.

Closed-end Funds

Assets under management for closed-end funds were $9.8 billion as of December 31, 2014, an increase of 1.7% from $9.6 billion at September 30, 2014. The increase from September 30, 2014 was due to market appreciation of $167 million.

Balance Sheet Information

As of December 31, 2014, cash, cash equivalents and investments were $185 million. As of December 31, 2014, stockholders' equity was $228 million and the company had no debt.

Conference Call Information

Cohen & Steers will host a conference call tomorrow, January 22, 2015 at 11:00 a.m. (ET) to discuss the company's fourth quarter results. Investors and analysts can access the live conference call by dialing 800-758-5606 (U.S.) or +1-212-231-2935 (international); passcode: 21759725. Participants should plan to register at least 10 minutes before the conference call begins.

A replay of the call will be available for two weeks starting at approximately 1:00 p.m. (ET) on January 22, 2015 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 21759725. 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, along with preferred securities and other income solutions. 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 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, 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
(in thousands, except per share data)

	Three Months Ended									% Change From
	December 31, 2014			September 30, 2014			December 31, 2013			September 30, 2014		December 31, 2013
Revenue
Investment advisory and administration fees	$	76,063		$	75,210		$	67,658
Distribution and service fees	3,715			3,738			3,557
Portfolio consulting and other	2,064			1,897			2,217
Total revenue	81,842			80,845			73,432			1.2	%	11.5	%
Expenses
Employee compensation and benefits	26,142			26,679			22,377
Distribution and service fees	8,862			9,048			8,127
General and administrative	12,866			11,313			11,418
Depreciation and amortization	1,169			1,090			1,496
Amortization, deferred commissions	453			388			658
Total expenses	49,492			48,518			44,076			2.0	%	12.3	%
Operating income	32,350			32,327			29,356			0.1	%	10.2	%
Non-operating income
Interest and dividend income—net	617			610			773
(Loss) gain from trading securities—net	(2,622		)	(2,690		)	344
Gain from available-for-sale securities—net	153			760			751
Equity in (losses) earnings of affiliates	(2,748		)	(1,571		)	418
Other income (losses)	59			(666		)	(315		)
Total non-operating (loss) income	(4,541		)	(3,557		)	1,971			*		*
Income before provision for income taxes	27,809			28,770			31,327			(3.3	%)	(11.2	%)
Provision for income taxes	12,636			10,733			11,899
Net income	15,173			18,037			19,428			(15.9	%)	(21.9	%)
Less: Net loss (income) attributable to redeemable noncontrolling interest	525			147			(15		)
Net income attributable to common stockholders	$	15,698		$	18,184		$	19,413		(13.7	%)	(19.1	%)

Earnings per share attributable to common stockholders
Basic	$	0.35		$	0.41		$	0.44		(13.7	%)	(20.1	%)
Diluted	$	0.34		$	0.40		$	0.43		(14.0	%)	(20.1	%)

Dividends declared per share
Quarterly	$	0.22		$	0.22		$	0.20		—	%	10.0	%
Special	$	1.00		$	—		$	1.00		*		—	%

Weighted average shares outstanding
Basic	44,852			44,839			44,325
Diluted	45,866			45,689			45,338

* Not meaningful



Cohen & Steers, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
For the Periods
(in thousands, except per share data)

	Year Ended
	December 31, 2014			December 31, 2013			% Change
Revenue
Investment advisory and administration fees	$	291,744		$	271,109
Distribution and service fees	14,667			14,359
Portfolio consulting and other	7,523			12,245
Total revenue	313,934			297,713			5.4	%
Expenses
Employee compensation and benefits	102,732			94,707
Distribution and service fees	35,470			41,247
General and administrative	47,337			46,802
Depreciation and amortization	4,624			5,606
Amortization, deferred commissions	1,830			3,009
Total expenses	191,993			191,371			0.3	%
Operating income	121,941			106,342			14.7	%
Non-operating income
Interest and dividend income—net	2,058			2,280
Loss from trading securities—net	(1,567		)	(6,612		)
Gain from available-for-sale securities—net	2,041			2,259
Equity in (losses) earnings of affiliates	(1,955		)	840
Other losses	(504		)	(745		)
Total non-operating income (loss)	73			(1,978		)	*
Income before provision for income taxes	122,014			104,364			16.9	%
Provision for income taxes	46,280			41,109
Net income	75,734			63,255			19.7	%
Less: Net (income) loss attributable to redeemable noncontrolling interest	(224		)	4,864
Net income attributable to common stockholders	$	75,510		$	68,119		10.9	%

Earnings per share attributable to common stockholders
Basic	$	1.69		$	1.54		9.6	%
Diluted	$	1.65		$	1.51		9.5	%

Dividends declared per share
Quarterly	$	0.88		$	0.80		10.0	%
Special	$	1.00		$	1.00		—	%

Weighted average shares outstanding
Basic	44,788			44,272
Diluted	45,643			45,083

* 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, 2014			September 30, 2014			December 31, 2013			September 30, 2014		December 31, 2013
Institutional Accounts
Assets under management, beginning of period	$	23,941		$	25,728		$	23,291
Inflows	1,077			893			549
Outflows	(1,345		)	(1,962		)	(1,232		)
Net outflows	(268		)	(1,069		)	(683		)
Market appreciation (depreciation)	2,528			(831		)	318
Transfers *	—			113			—
Total increase (decrease)	2,260			(1,787		)	(365		)
Assets under management, end of period	$	26,201		$	23,941		$	22,926		9.4	%	14.3	%
Percentage of total assets under management	49.3		%	48.2		%	49.9		%
Average assets under management for period	$	25,589		$	24,944		$	23,643		2.6	%	8.2	%

Open-end Mutual Funds
Assets under management, beginning of period	$	16,116		$	16,629		$	14,262
Inflows	1,368			1,542			1,103
Outflows	(1,894		)	(1,439		)	(1,373		)
Net (outflows) inflows	(526		)	103			(270		)
Market appreciation (depreciation)	1,541			(503		)	24
Transfers *	—			(113		)	—
Total increase (decrease)	1,015			(513		)	(246		)
Assets under management, end of period	$	17,131		$	16,116		$	14,016		6.3	%	22.2	%
Percentage of total assets under management	32.2		%	32.4		%	30.5		%
Average assets under management for period	$	16,986		$	16,768		$	14,336		1.3	%	18.5	%

Closed-end Funds
Assets under management, beginning of period	$	9,638		$	9,928		$	8,783
Inflows	—			—			50
Outflows	—			—			(24		)
Net inflows	—			—			26
Market appreciation (depreciation)	167			(290		)	156
Total increase (decrease)	167			(290		)	182
Assets under management, end of period	$	9,805		$	9,638		$	8,965		1.7	%	9.4	%
Percentage of total assets under management	18.5		%	19.4		%	19.5		%
Average assets under management for period	$	9,830		$	9,922		$	8,991		(0.9	%)	9.3	%

Total
Assets under management, beginning of period	$	49,695		$	52,285		$	46,336
Inflows	2,445			2,435			1,702
Outflows	(3,239		)	(3,401		)	(2,629		)
Net outflows	(794		)	(966		)	(927		)
Market appreciation (depreciation)	4,236			(1,624		)	498
Total increase (decrease)	3,442			(2,590		)	(429		)
Assets under management, end of period	$	53,137		$	49,695		$	45,907		6.9	%	15.7	%
Average assets under management for period	$	52,405		$	51,634		$	46,970		1.5	%	11.6	%

* 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 Vehicle
For the Periods
(in millions)
	Year Ended
	December 31, 2014			December 31, 2013			% Change
Institutional Accounts
Assets under management, beginning of period	$	22,926		$	24,850
Inflows	2,777			1,163
Outflows	(4,855		)	(4,583		)
Net outflows	(2,078		)	(3,420		)
Market appreciation	5,240			1,496
Transfers *	113			—
Total increase (decrease)	3,275			(1,924		)
Assets under management, end of period	$	26,201		$	22,926		14.3	%
Percentage of total assets under management	49.3		%	49.9		%
Average assets under management for period	$	24,856		$	24,706		0.6	%

Open-end Mutual Funds
Assets under management, beginning of period	$	14,016		$	12,962
Inflows	5,897			5,521
Outflows	(5,701		)	(4,819		)
Net inflows	196			702
Market appreciation	3,032			352
Transfers *	(113		)	—
Total increase	3,115			1,054
Assets under management, end of period	$	17,131		$	14,016		22.2	%
Percentage of total assets under management	32.2		%	30.5		%
Average assets under management for period	$	16,097		$	14,382		11.9	%

Closed-end Funds
Assets under management, beginning of period	$	8,965		$	7,985
Inflows	—			789
Outflows	—			(24		)
Net inflows	—			765
Market appreciation	840			215
Total increase	840			980
Assets under management, end of period	$	9,805		$	8,965		9.4	%
Percentage of total assets under management	18.5		%	19.5		%
Average assets under management for period	$	9,680		$	8,790		10.1	%

Total
Assets under management, beginning of period	$	45,907		$	45,797
Inflows	8,674			7,473
Outflows	(10,556		)	(9,426		)
Net outflows	(1,882		)	(1,953		)
Market appreciation	9,112			2,063
Total increase	7,230			110
Assets under management, end of period	$	53,137		$	45,907		15.7	%
Average assets under management for period	$	50,633		$	47,878		5.8	%

* 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, 2014			September 30, 2014			December 31, 2013			September 30, 2014		December 31, 2013
Subadvisory
Assets under management, beginning of period	$	17,092		$	18,558		$	16,833
Inflows	969			529			385
Outflows	(1,138		)	(1,374		)	(745		)
Net outflows	(169		)	(845		)	(360		)
Market appreciation (depreciation)	1,934			(621		)	220
Total increase (decrease)	1,765			(1,466		)	(140		)
Assets under management, end of period	$	18,857		$	17,092		$	16,693		10.3	%	13.0	%
Percentage of institutional assets under management	72.0		%	71.4		%	72.8		%
Average assets under management for period	$	18,371		$	17,869		$	17,077		2.8	%	7.6	%

Advisory
Assets under management, beginning of period	$	6,849		$	7,170		$	6,458
Inflows	108			364			164
Outflows	(207		)	(588		)	(487		)
Net outflows	(99		)	(224		)	(323		)
Market appreciation (depreciation)	594			(210		)	98
Transfers *	—			113			—
Total increase (decrease)	495			(321		)	(225		)
Assets under management, end of period	$	7,344		$	6,849		$	6,233		7.2	%	17.8	%
Percentage of institutional assets under management	28.0		%	28.6		%	27.2		%
Average assets under management for period	$	7,218		$	7,075		$	6,566		2.0	%	9.9	%

Total Institutional Accounts
Assets under management, beginning of period	$	23,941		$	25,728		$	23,291
Inflows	1,077			893			549
Outflows	(1,345		)	(1,962		)	(1,232		)
Net outflows	(268		)	(1,069		)	(683		)
Market appreciation (depreciation)	2,528			(831		)	318
Transfers *	—			113			—
Total increase (decrease)	2,260			(1,787		)	(365		)
Assets under management, end of period	$	26,201		$	23,941		$	22,926		9.4	%	14.3	%
Average assets under management for period	$	25,589		$	24,944		$	23,643		2.6	%	8.2	%

* 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)
	Year Ended
	December 31, 2014			December 31, 2013			% Change
Subadvisory
Assets under management, beginning of period	$	16,693		$	17,582
Inflows	2,027			728
Outflows	(3,867		)	(2,646		)
Net outflows	(1,840		)	(1,918		)
Market appreciation	4,004			1,029
Total increase (decrease)	2,164			(889		)
Assets under management, end of period	$	18,857		$	16,693		13.0	%
Percentage of institutional assets under management	72.0		%	72.8		%
Average assets under management for period	$	17,962		$	17,580		2.2	%

Advisory
Assets under management, beginning of period	$	6,233		$	7,268
Inflows	750			435
Outflows	(988		)	(1,937		)
Net outflows	(238		)	(1,502		)
Market appreciation	1,236			467
Transfers *	113			—
Total increase (decrease)	1,111			(1,035		)
Assets under management, end of period	$	7,344		$	6,233		17.8	%
Percentage of institutional assets under management	28.0		%	27.2		%
Average assets under management for period	$	6,894		$	7,126		(3.3	%)

Total Institutional Accounts
Assets under management, beginning of period	$	22,926		$	24,850
Inflows	2,777			1,163
Outflows	(4,855		)	(4,583		)
Net outflows	(2,078		)	(3,420		)
Market appreciation	5,240			1,496
Transfers *	113			—
Total increase (decrease)	3,275			(1,924		)
Assets under management, end of period	$	26,201		$	22,926		14.3	%
Average assets under management for period	$	24,856		$	24,706		0.6	%

* 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, 2014			September 30, 2014			December 31, 2013			September 30, 2014		December 31, 2013
U.S. Real Estate
Assets under management, beginning of period	$	26,226		$	27,404		$	23,237
Inflows	695			735			766
Outflows	(2,183		)	(1,054		)	(813		)
Net outflows	(1,488		)	(319		)	(47		)
Market appreciation (depreciation)	3,619			(859		)	(74		)
Total increase (decrease)	2,131			(1,178		)	(121		)
Assets under management, end of period	$	28,357		$	26,226		$	23,116		8.1	%	22.7	%
Percentage of total assets under management	53.4		%	52.8		%	50.4		%
Average assets under management for period	$	27,998		$	27,422		$	23,614		2.1	%	18.6	%

Global/International Real Estate
Assets under management, beginning of period	$	9,677		$	10,161		$	9,630
Inflows	408			620			345
Outflows	(583		)	(651		)	(510		)
Net outflows	(175		)	(31		)	(165		)
Market appreciation (depreciation)	682			(453		)	33
Total increase (decrease)	507			(484		)	(132		)
Assets under management, end of period	$	10,184		$	9,677		$	9,498		5.2	%	7.2	%
Percentage of total assets under management	19.2		%	19.5		%	20.7		%
Average assets under management for period	$	10,021		$	10,200		$	9,694		(1.8	%)	3.4	%

Preferred Securities
Assets under management, beginning of period	$	5,766		$	5,672		$	4,820
Inflows	783			597			194
Outflows	(271		)	(445		)	(340		)
Net inflows (outflows)	512			152			(146		)
Market appreciation (depreciation)	64			(58		)	48
Total increase (decrease)	576			94			(98		)
Assets under management, end of period	$	6,342		$	5,766		$	4,722		10.0	%	34.3	%
Percentage of total assets under management	11.9		%	11.6		%	10.3		%
Average assets under management for period	$	6,150		$	5,675		$	4,820		8.4	%	27.6	%

Global Listed Infrastructure
Assets under management, beginning of period	$	5,611		$	5,616		$	4,469
Inflows	251			326			134
Outflows	(84		)	(144		)	(57		)
Net inflows	167			182			77
Market (depreciation) appreciation	(81		)	(187		)	168
Total increase (decrease)	86			(5		)	245
Assets under management, end of period	$	5,697		$	5,611		$	4,714		1.5	%	20.9	%
Percentage of total assets under management	10.7		%	11.3		%	10.3		%
Average assets under management for period	$	5,701		$	5,703		$	4,661		0.0	%	22.3	%



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, 2014			September 30, 2014			December 31, 2013			September 30, 2014		December 31, 2013
Large Cap Value
Assets under management, beginning of period	$	1,260		$	2,285		$	3,492
Inflows	45			30			8
Outflows	(57		)	(1,064		)	(902		)
Net outflows	(12		)	(1,034		)	(894		)
Market appreciation	40			9			309
Total increase (decrease)	28			(1,025		)	(585		)
Assets under management, end of period	$	1,288		$	1,260		$	2,907		2.2	%	(55.7	%)
Percentage of total assets under management	2.4		%	2.5		%	6.3		%
Average assets under management for period	$	1,251		$	1,484		$	3,279		(15.7	%)	(61.8	%)

Other
Assets under management, beginning of period	$	1,155		$	1,147		$	688
Inflows	263			127			255
Outflows	(61		)	(43		)	(7		)
Net inflows	202			84			248
Market (depreciation) appreciation	(88		)	(76		)	14
Total increase	114			8			262
Assets under management, end of period	$	1,269		$	1,155		$	950		9.9	%	33.6	%
Percentage of total assets under management	2.4		%	2.3		%	2.1		%
Average assets under management for period	$	1,284		$	1,150		$	902		11.7	%	42.4	%

Total
Assets under management, beginning of period	$	49,695		$	52,285		$	46,336
Inflows	2,445			2,435			1,702
Outflows	(3,239		)	(3,401		)	(2,629		)
Net outflows	(794		)	(966		)	(927		)
Market appreciation (depreciation)	4,236			(1,624		)	498
Total increase (decrease)	3,442			(2,590		)	(429		)
Assets under management, end of period	$	53,137		$	49,695		$	45,907		6.9	%	15.7	%
Average assets under management for period	$	52,405		$	51,634		$	46,970		1.5	%	11.6	%



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy
For the Periods
(in millions)
	Year Ended
	December 31, 2014			December 31, 2013			% Change
U.S. Real Estate
Assets under management, beginning of period	$	23,116		$	22,613
Inflows	2,920			3,005
Outflows	(4,649		)	(2,881		)
Net (outflows) inflows	(1,729		)	124
Market appreciation	6,748			379
Transfers *	222			—
Total increase	5,241			503
Assets under management, end of period	$	28,357		$	23,116		22.7	%
Percentage of total assets under management	53.4		%	50.4		%
Average assets under management for period	$	26,585		$	23,977		10.9	%

Global/International Real Estate
Assets under management, beginning of period	$	9,498		$	11,155
Inflows	1,746			1,456
Outflows	(2,415		)	(3,622		)
Net outflows	(669		)	(2,166		)
Market appreciation	1,355			509
Total increase (decrease)	686			(1,657		)
Assets under management, end of period	$	10,184		$	9,498		7.2	%
Percentage of total assets under management	19.2		%	20.7		%
Average assets under management for period	$	9,954		$	10,429		(4.6	%)

Preferred Securities
Assets under management, beginning of period	$	4,722		$	4,364
Inflows	2,258			1,684
Outflows	(1,044		)	(1,251		)
Net inflows	1,214			433
Market appreciation (depreciation)	406			(75		)
Total increase	1,620			358
Assets under management, end of period	$	6,342		$	4,722		34.3	%
Percentage of total assets under management	11.9		%	10.3		%
Average assets under management for period	$	5,550		$	4,890		13.5	%

Global Listed Infrastructure
Assets under management, beginning of period	$	4,714		$	3,509
Inflows	1,048			957
Outflows	(500		)	(136		)
Net inflows	548			821
Market appreciation	435			384
Total increase	983			1,205
Assets under management, end of period	$	5,697		$	4,714		20.9	%
Percentage of total assets under management	10.7		%	10.3		%
Average assets under management for period	$	5,440		$	4,257		27.8	%



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy - continued
For the Periods
(in millions)
	Year Ended
	December 31, 2014			December 31, 2013			% Change
Large Cap Value
Assets under management, beginning of period	$	2,907		$	3,465
Inflows	150			51
Outflows	(1,810		)	(1,466		)
Net outflows	(1,660		)	(1,415		)
Market appreciation	263			857
Transfers *	(222		)	—
Total decrease	(1,619		)	(558		)
Assets under management, end of period	$	1,288		$	2,907		(55.7	%)
Percentage of total assets under management	2.4		%	6.3		%
Average assets under management for period	$	1,984		$	3,563		(44.3	%)

Other
Assets under management, beginning of period	$	950		$	691
Inflows	552			320
Outflows	(138		)	(70		)
Net inflows	414			250
Market (depreciation) appreciation	(95		)	9
Total increase	319			259
Assets under management, end of period	$	1,269		$	950		33.6	%
Percentage of total assets under management	2.4		%	2.1		%
Average assets under management for period	$	1,120		$	762		47.0	%

Total
Assets under management, beginning of period	$	45,907		$	45,797
Inflows	8,674			7,473
Outflows	(10,556		)	(9,426		)
Net outflows	(1,882		)	(1,953		)
Market appreciation	9,112			2,063
Total increase	7,230			110
Assets under management, end of period	$	53,137		$	45,907		15.7	%
Average assets under management for period	$	50,633		$	47,878		5.8	%

* Represents transfer of assets under management not related to subscriptions, redemptions or market appreciation (depreciation).

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COHEN & STEERS, INC. Reports