COHEN & STEERS, INC. - FORM 8-K - EX-99.1 - CNS EARNINGS RELEASE 9.30.15

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8-K - 8-K COHEN & STEERS, INC. - COHEN & STEERS, INC.	cns-8kx93015.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 THIRD QUARTER

2015 RESULTS

NEW YORK, NY, October 14, 2015—Cohen & Steers, Inc. (NYSE: CNS) reported net income attributable to common stockholders of $17.1 million, or $0.37 per diluted share and $0.38 per basic share, for the quarter ended September 30, 2015, compared with $18.2 million, or $0.40 per diluted share and $0.41 per basic share, for the quarter ended September 30, 2014. Total revenue for the third quarter of 2015 was $79.7 million, a decrease of 1.5% from $80.8 million for the third quarter of 2014.

For the nine months ended September 30, 2015, the company recorded net income attributable to common stockholders of $58.7 million, or $1.28 per diluted share and $1.29 per basic share, compared with $59.8 million, or $1.31 per diluted share and $1.34 per basic share, for the nine months ended September 30, 2014.

Financial Highlights (Unaudited)

For the Periods



(in thousands, except per share data)	Three Months Ended								Nine Months Ended
	September 30, 2015			June 30, 2015			% Change		September 30, 2015			September 30, 2014			% Change
Revenue	$	79,667		$	83,502		(4.6	%)	$	246,984		$	232,092		6.4	%
Expenses	$	48,190		$	52,331		(7.9	%)	$	149,787		$	142,501		5.1	%
Operating income	$	31,477		$	31,171		1.0	%	$	97,197		$	89,591		8.5	%
Operating margin	39.5		%	37.3		%	218 bps		39.4		%	38.6		%	75 bps
Total non-operating (loss) income ⁽¹⁾	$	(2,972	)	$	1,797		*		$	(2,727	)	$	4,614		*
Net income attributable to common stockholders	$	17,093		$	20,763		(17.7	%)	$	58,672		$	59,812		(1.9	%)
Diluted earnings per share attributable to common stockholders	$	0.37		$	0.45		(17.7	%)	$	1.28		$	1.31		(2.6	%)

________________________

* Not meaningful

(1) Includes net income/(loss) attributable to redeemable noncontrolling interest for the periods presented.

Revenue

Revenue for the third quarter of 2015 was $79.7 million, a decrease of $3.8 million from $83.5 million for the second quarter of 2015. Lower average assets under management in the quarter resulted in the following decreases in investment advisory and administration fees:


•	Open-end mutual funds decreased $2.0 million to $32.8 million for the third quarter of 2015;


•	Institutional accounts decreased $0.9 million to $20.6 million for the third quarter of 2015; and


•	Closed-end funds decreased $0.8 million to $20.0 million for the third quarter of 2015.

Revenue for the nine months ended September 30, 2015 was $247.0 million, an increase of $14.9 million from $232.1 million for the nine months ended September 30, 2014.

Expenses

Expenses for the third quarter of 2015 were $48.2 million, a decrease of $4.1 million from $52.3 million for the second quarter of 2015. The change was primarily due to:


•	A decrease of $2.5 million in employee compensation and benefits expense when compared with the second quarter of 2015, which included an adjustment that increased the compensation to revenue ratio due to lower than expected revenue growth;


•	Lower distribution and service fees of $0.9 million, primarily due to lower average assets under management in our open-end no-load mutual funds; and


•	Lower general and administrative expenses of $0.7 million, primarily due to decreased business related travel and hosted events during the third quarter of 2015.

Expenses for the nine months ended September 30, 2015 were $149.8 million, an increase of $7.3 million from $142.5 million for the nine months ended September 30, 2014.

Operating Margin

The company's operating margin increased to 39.5% for the third quarter of 2015 compared with 37.3% for the three months ended June 30, 2015. The operating margin for the nine months ended September 30, 2015 was 39.4% compared with 38.6% for the nine months ended September 30, 2014.

Non-operating Income

Non-operating loss for the third quarter of 2015 was $3.0 million, compared with non-operating income of $1.8 million for the second quarter of 2015. The change was primarily due to realized and unrealized losses on the company's seed investments. Non-operating loss for the nine months ended September 30, 2015 was $2.7 million, compared with non-operating income of $4.6 million for the nine months ended September 30, 2014.

Assets Under Management Highlights (Unaudited)

September 30, 2015 Compared with June 30, 2015



(in millions)	Assets Under Management
	As of
By Investment Vehicle	September 30, 2015		June 30, 2015		% Change
Institutional accounts	$	24,645	$	24,545	0.4	%
Open-end mutual funds	16,141		16,236		(0.6	%)
Closed-end funds	8,958		9,367		(4.4	%)
Total	$	49,744	$	50,148	(0.8	%)

By Investment Strategy
U.S. real estate	$	25,812	$	25,604	0.8	%
Global/international real estate	9,379		9,654		(2.8	%)
Preferred securities	6,877		6,742		2.0	%
Global listed infrastructure	5,212		5,422		(3.9	%)
Other	2,464		2,726		(9.6	%)
Total	$	49,744	$	50,148	(0.8	%)

Assets under management were $49.7 billion as of September 30, 2015, a decrease of $404 million from $50.1 billion at June 30, 2015. The decrease from June 30, 2015 was attributable to net outflows of $239 million and market depreciation of $165 million.

Institutional Accounts

Assets under management in institutional accounts were $24.6 billion as of September 30, 2015, an increase of 0.4% from $24.5 billion at June 30, 2015. The change from June 30, 2015 was due to the following:


•	Market appreciation of $137 million, including $451 million from U.S. real estate, partially offset by market depreciation of $130 million from global listed infrastructure, $82 million from commodities (included in "Other" in the table above) and $71 million from large cap value (included in "Other" in the table above);


•	Net outflows of $187 million from subadvisory relationships, including $245 million from U.S. real estate and $119 million from global/international real estate, partially offset by net inflows of $172 million into global listed infrastructure; and


•	Net inflows of $150 million into advisory relationships, including $148 million into global listed infrastructure.

Open-end Mutual Funds

Assets under management for open-end mutual funds were $16.1 billion as of September 30, 2015, a decrease of 0.6% from $16.2 billion at June 30, 2015. The change from June 30, 2015 was due to the following:


•	Net outflows of $202 million, including net outflows of $277 million from U.S. real estate and $90 million from global/international real estate, partially offset by net inflows of $212 million into preferred securities; and


•	Market appreciation of $107 million, including $251 million from U.S. real estate, partially offset by market depreciation of $46 million from global/international real estate and $43 million from global listed infrastructure.

Closed-end Funds

Assets under management for closed-end funds were $9.0 billion as of September 30, 2015, a decrease of 4.4% from $9.4 billion at June 30, 2015. The decrease from June 30, 2015 was due to market depreciation of $409 million.

Balance Sheet Information

As of September 30, 2015, cash, cash equivalents and seed investments were $197 million. As of September 30, 2015, stockholders' equity was $246 million and the company had no debt.

Conference Call Information

Cohen & Steers will host a conference call tomorrow, October 15, 2015 at 10:00 a.m. (ET) to discuss the company's third quarter results. Investors and analysts can access the live conference call by dialing 800-707-9231 (U.S.) or +1-303-223-4375 (international); passcode: 21779705. 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 12:00 p.m. (ET) on October 15, 2015 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 21779705. 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
	September 30, 2015			June 30, 2015			September 30, 2014			June 30, 2015		September 30, 2014
Revenue
Investment advisory and administration fees	$	73,487		$	77,221		$	75,210
Distribution and service fees	3,961			4,014			3,738
Portfolio consulting and other	2,219			2,267			1,897
Total revenue	79,667			83,502			80,845			(4.6	%)	(1.5	%)
Expenses
Employee compensation and benefits	25,892			28,395			26,679
Distribution and service fees	8,578			9,525			9,048
General and administrative	12,175			12,825			11,313
Depreciation and amortization	1,545			1,586			1,478
Total expenses	48,190			52,331			48,518			(7.9	%)	(0.7	%)
Operating income	31,477			31,171			32,327			1.0	%	(2.6	%)
Non-operating income
Interest and dividend income—net	291			450			610
(Loss) gain from seed investments—net	(2,993		)	1,610			(3,501		)
Other losses	(270		)	(263		)	(666		)
Total non-operating (loss) income	(2,972		)	1,797			(3,557		)	*		(16.4	%)
Income before provision for income taxes	28,505			32,968			28,770			(13.5	%)	(0.9	%)
Provision for income taxes	11,541			12,194			10,733
Net income	16,964			20,774			18,037			(18.3	%)	(5.9	%)
Less: Net loss (income) attributable to redeemable noncontrolling interest	129			(11		)	147
Net income attributable to common stockholders	$	17,093		$	20,763		$	18,184		(17.7	%)	(6.0	%)

Earnings per share attributable to common stockholders
Basic	$	0.38		$	0.46		$	0.41		(17.7	%)	(7.4	%)
Diluted	$	0.37		$	0.45		$	0.40		(17.7	%)	(6.3	%)

Dividends declared per share
Quarterly	$	0.25		$	0.25		$	0.22		—		13.6	%

Weighted average shares outstanding
Basic	45,500			45,462			44,839
Diluted	45,830			45,805			45,689

* Not meaningful



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

	Nine Months Ended
	September 30, 2015			September 30, 2014			% Change
Revenue
Investment advisory and administration fees	$	228,460		$	215,681
Distribution and service fees	11,881			10,952
Portfolio consulting and other	6,643			5,459
Total revenue	246,984			232,092			6.4	%
Expenses
Employee compensation and benefits	80,270			76,590
Distribution and service fees	27,354			26,608
General and administrative	37,463			34,471
Depreciation and amortization	4,700			4,832
Total expenses	149,787			142,501			5.1	%
Operating income	97,197			89,591			8.5	%
Non-operating income
Interest and dividend income—net	1,040			1,441
(Loss) gain from seed investments—net	(2,815		)	3,736
Other losses	(952		)	(563		)
Total non-operating (loss) income	(2,727		)	4,614			*
Income before provision for income taxes	94,470			94,205			0.3	%
Provision for income taxes	35,961			33,644
Net income	58,509			60,561			(3.4	%)
Less: Net loss (income) attributable to redeemable noncontrolling interest	163			(749		)
Net income attributable to common stockholders	$	58,672		$	59,812		(1.9	%)

Earnings per share attributable to common stockholders
Basic	$	1.29		$	1.34		(3.3	%)
Diluted	$	1.28		$	1.31		(2.6	%)

Dividends declared per share
Quarterly	$	0.75		$	0.66		13.6	%

Weighted average shares outstanding
Basic	45,402			44,766
Diluted	45,873			45,568

* Not meaningful



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Vehicle
For the Periods
(in millions)
	Three Months Ended									% Change From
	September 30, 2015			June 30, 2015			September 30, 2014			June 30, 2015		September 30, 2014
Institutional Accounts
Assets under management, beginning of period	$	24,545		$	26,704		$	25,728
Inflows	652			481			893
Outflows	(689		)	(749		)	(1,962		)
Net outflows	(37		)	(268		)	(1,069		)
Market appreciation (depreciation)	137			(1,891		)	(831		)
Transfers *	—			—			113
Total increase (decrease)	100			(2,159		)	(1,787		)
Assets under management, end of period	$	24,645		$	24,545		$	23,941		0.4	%	2.9	%
Percentage of total assets under management	49.5		%	48.9		%	48.2		%
Average assets under management for period	$	24,885		$	25,942		$	24,944		(4.1	%)	(0.2	%)

Open-end Mutual Funds
Assets under management, beginning of period	$	16,236		$	18,062		$	16,629
Inflows	1,145			1,307			1,542
Outflows	(1,347		)	(1,761		)	(1,439		)
Net (outflows) inflows	(202		)	(454		)	103
Market appreciation (depreciation)	107			(1,372		)	(503		)
Transfers *	—			—			(113		)
Total decrease	(95		)	(1,826		)	(513		)
Assets under management, end of period	$	16,141		$	16,236		$	16,116		(0.6	%)	0.2	%
Percentage of total assets under management	32.5		%	32.4		%	32.4		%
Average assets under management for period	$	16,433		$	17,514		$	16,768		(6.2	%)	(2.0	%)

Closed-end Funds
Assets under management, beginning of period	$	9,367		$	9,900		$	9,928
Inflows	—			—			—
Outflows	—			(19		)	—
Net outflows	—			(19		)	—
Market depreciation	(409		)	(514		)	(290		)
Total decrease	(409		)	(533		)	(290		)
Assets under management, end of period	$	8,958		$	9,367		$	9,638		(4.4	%)	(7.1	%)
Percentage of total assets under management	18.0		%	18.7		%	19.4		%
Average assets under management for period	$	9,349		$	9,832		$	9,922		(4.9	%)	(5.8	%)

Total
Assets under management, beginning of period	$	50,148		$	54,666		$	52,285
Inflows	1,797			1,788			2,435
Outflows	(2,036		)	(2,529		)	(3,401		)
Net outflows	(239		)	(741		)	(966		)
Market depreciation	(165		)	(3,777		)	(1,624		)
Total decrease	(404		)	(4,518		)	(2,590		)
Assets under management, end of period	$	49,744		$	50,148		$	49,695		(0.8	%)	0.1	%
Average assets under management for period	$	50,667		$	53,288		$	51,634		(4.9	%)	(1.9	%)

* 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)
	Nine Months Ended
	September 30, 2015			September 30, 2014			% Change
Institutional Accounts
Assets under management, beginning of period	$	26,201		$	22,926
Inflows	1,750			1,700
Outflows	(2,673		)	(3,510		)
Net outflows	(923		)	(1,810		)
Market (depreciation) appreciation	(633		)	2,712
Transfers *	—			113
Total (decrease) increase	(1,556		)	1,015
Assets under management, end of period	$	24,645		$	23,941		2.9	%
Percentage of total assets under management	49.5		%	48.2		%
Average assets under management for period	$	25,961		$	24,608		5.5	%

Open-end Mutual Funds
Assets under management, beginning of period	$	17,131		$	14,016
Inflows	4,094			4,529
Outflows	(4,583		)	(3,807		)
Net (outflows) inflows	(489		)	722
Market (depreciation) appreciation	(501		)	1,491
Transfers *	—			(113		)
Total (decrease) increase	(990		)	2,100
Assets under management, end of period	$	16,141		$	16,116		0.2	%
Percentage of total assets under management	32.5		%	32.4		%
Average assets under management for period	$	17,298		$	15,797		9.5	%

Closed-end Funds
Assets under management, beginning of period	$	9,805		$	8,965
Inflows	—			—
Outflows	(19		)	—
Net outflows	(19		)	—
Market (depreciation) appreciation	(828		)	673
Total (decrease) increase	(847		)	673
Assets under management, end of period	$	8,958		$	9,638		(7.1	%)
Percentage of total assets under management	18.0		%	19.4		%
Average assets under management for period	$	9,717		$	9,630		0.9	%

Total
Assets under management, beginning of period	$	53,137		$	45,907
Inflows	5,844			6,229
Outflows	(7,275		)	(7,317		)
Net outflows	(1,431		)	(1,088		)
Market (depreciation) appreciation	(1,962		)	4,876
Total (decrease) increase	(3,393		)	3,788
Assets under management, end of period	$	49,744		$	49,695		0.1	%
Average assets under management for period	$	52,976		$	50,035		5.9	%

* 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
	September 30, 2015			June 30, 2015			September 30, 2014			June 30, 2015		September 30, 2014
Subadvisory
Assets under management, beginning of period	$	17,523		$	19,242		$	18,558
Inflows	481			279			529
Outflows	(668		)	(520		)	(1,374		)
Net outflows	(187		)	(241		)	(845		)
Market appreciation (depreciation)	164			(1,478		)	(621		)
Total decrease	(23		)	(1,719		)	(1,466		)
Assets under management, end of period	$	17,500		$	17,523		$	17,092		(0.1	%)	2.4	%
Percentage of institutional assets under management	71.0		%	71.4		%	71.4		%
Average assets under management for period	$	17,774		$	18,582		$	17,869		(4.3	%)	(0.5	%)

Advisory
Assets under management, beginning of period	$	7,022		$	7,462		$	7,170
Inflows	171			202			364
Outflows	(21		)	(229		)	(588		)
Net inflows (outflows)	150			(27		)	(224		)
Market depreciation	(27		)	(413		)	(210		)
Transfers *	—			—			113
Total increase (decrease)	123			(440		)	(321		)
Assets under management, end of period	$	7,145		$	7,022		$	6,849		1.8	%	4.3	%
Percentage of institutional assets under management	29.0		%	28.6		%	28.6		%
Average assets under management for period	$	7,111		$	7,360		$	7,075		(3.4	%)	0.5	%

Total Institutional Accounts
Assets under management, beginning of period	$	24,545		$	26,704		$	25,728
Inflows	652			481			893
Outflows	(689		)	(749		)	(1,962		)
Net outflows	(37		)	(268		)	(1,069		)
Market appreciation (depreciation)	137			(1,891		)	(831		)
Transfers *	—			—			113
Total increase (decrease)	100			(2,159		)	(1,787		)
Assets under management, end of period	$	24,645		$	24,545		$	23,941		0.4	%	2.9	%
Average assets under management for period	$	24,885		$	25,942		$	24,944		(4.1	%)	(0.2	%)

* 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)
	Nine Months Ended
	September 30, 2015			September 30, 2014			% Change
Subadvisory
Assets under management, beginning of period	$	18,857		$	16,693
Inflows	1,179			1,058
Outflows	(2,036		)	(2,729		)
Net outflows	(857		)	(1,671		)
Market (depreciation) appreciation	(500		)	2,070
Total (decrease) increase	(1,357		)	399
Assets under management, end of period	$	17,500		$	17,092		2.4	%
Percentage of institutional assets under management	71.0		%	71.4		%
Average assets under management for period	$	18,621		$	17,824		4.5	%

Advisory
Assets under management, beginning of period	$	7,344		$	6,233
Inflows	571			642
Outflows	(637		)	(781		)
Net outflows	(66		)	(139		)
Market (depreciation) appreciation	(133		)	642
Transfers *	—			113
Total (decrease) increase	(199		)	616
Assets under management, end of period	$	7,145		$	6,849		4.3	%
Percentage of institutional assets under management	29.0		%	28.6		%
Average assets under management for period	$	7,340		$	6,784		8.2	%

Total Institutional Accounts
Assets under management, beginning of period	$	26,201		$	22,926
Inflows	1,750			1,700
Outflows	(2,673		)	(3,510		)
Net outflows	(923		)	(1,810		)
Market (depreciation) appreciation	(633		)	2,712
Transfers *	—			113
Total (decrease) increase	(1,556		)	1,015
Assets under management, end of period	$	24,645		$	23,941		2.9	%
Average assets under management for period	$	25,961		$	24,608		5.5	%

* 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
	September 30, 2015			June 30, 2015			September 30, 2014			June 30, 2015		September 30, 2014
U.S. Real Estate
Assets under management, beginning of period	$	25,604		$	29,289		$	27,404
Inflows	618			568			735
Outflows	(1,135		)	(1,293		)	(1,054		)
Net outflows	(517		)	(725		)	(319		)
Market appreciation (depreciation)	725			(2,960		)	(859		)
Total increase (decrease)	208			(3,685		)	(1,178		)
Assets under management, end of period	$	25,812		$	25,604		$	26,226		0.8	%	(1.6	%)
Percentage of total assets under management	51.9		%	51.1		%	52.8		%
Average assets under management for period	$	26,130		$	27,748		$	27,422		(5.8	%)	(4.7	%)

Global/International Real Estate
Assets under management, beginning of period	$	9,654		$	10,189		$	10,161
Inflows	170			401			620
Outflows	(378		)	(453		)	(651		)
Net outflows	(208		)	(52		)	(31		)
Market depreciation	(67		)	(483		)	(453		)
Total decrease	(275		)	(535		)	(484		)
Assets under management, end of period	$	9,379		$	9,654		$	9,677		(2.8	%)	(3.1	%)
Percentage of total assets under management	18.9		%	19.3		%	19.5		%
Average assets under management for period	$	9,633		$	10,097		$	10,200		(4.6	%)	(5.6	%)

Preferred Securities
Assets under management, beginning of period	$	6,742		$	6,732		$	5,672
Inflows	476			660			597
Outflows	(309		)	(505		)	(445		)
Net inflows	167			155			152
Market depreciation	(32		)	(145		)	(58		)
Total increase	135			10			94
Assets under management, end of period	$	6,877		$	6,742		$	5,766		2.0	%	19.3	%
Percentage of total assets under management	13.8		%	13.4		%	11.6		%
Average assets under management for period	$	6,843		$	6,869		$	5,675		(0.4	%)	20.6	%

Global Listed Infrastructure
Assets under management, beginning of period	$	5,422		$	5,701		$	5,616
Inflows	418			86			326
Outflows	(116		)	(200		)	(144		)
Net inflows (outflows)	302			(114		)	182
Market depreciation	(512		)	(165		)	(187		)
Total decrease	(210		)	(279		)	(5		)
Assets under management, end of period	$	5,212		$	5,422		$	5,611		(3.9	%)	(7.1	%)
Percentage of total assets under management	10.5		%	10.8		%	11.3		%
Average assets under management for period	$	5,464		$	5,766		$	5,703		(5.2	%)	(4.2	%)



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy - continued
For the Periods
(in millions)
	Three Months Ended									% Change From
	September 30, 2015			June 30, 2015			September 30, 2014			June 30, 2015		September 30, 2014
Other
Assets under management, beginning of period	$	2,726		$	2,755		$	3,432
Inflows	115			73			157
Outflows	(98		)	(78		)	(1,107		)
Net inflows (outflows)	17			(5		)	(950		)
Market depreciation	(279		)	(24		)	(67		)
Total decrease	(262		)	(29		)	(1,017		)
Assets under management, end of period	$	2,464		$	2,726		$	2,415		(9.6	%)	2.0	%
Percentage of total assets under management	4.9		%	5.4		%	4.8		%
Average assets under management for period	$	2,597		$	2,808		$	2,634		(7.5	%)	(1.4	%)

Total
Assets under management, beginning of period	$	50,148		$	54,666		$	52,285
Inflows	1,797			1,788			2,435
Outflows	(2,036		)	(2,529		)	(3,401		)
Net outflows	(239		)	(741		)	(966		)
Market depreciation	(165		)	(3,777		)	(1,624		)
Total decrease	(404		)	(4,518		)	(2,590		)
Assets under management, end of period	$	49,744		$	50,148		$	49,695		(0.8	%)	0.1	%
Average assets under management for period	$	50,667		$	53,288		$	51,634		(4.9	%)	(1.9	%)



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy
For the Periods
(in millions)
	Nine Months Ended
	September 30, 2015			September 30, 2014			% Change
U.S. Real Estate
Assets under management, beginning of period	$	28,357		$	23,116
Inflows	1,999			2,225
Outflows	(3,693		)	(2,466		)
Net outflows	(1,694		)	(241		)
Market (depreciation) appreciation	(851		)	3,129
Transfers *	—			222
Total (decrease) increase	(2,545		)	3,110
Assets under management, end of period	$	25,812		$	26,226		(1.6	%)
Percentage of total assets under management	51.9		%	52.8		%
Average assets under management for period	$	27,822		$	26,108		6.6	%

Global/International Real Estate
Assets under management, beginning of period	$	10,184		$	9,498
Inflows	835			1,338
Outflows	(1,575		)	(1,832		)
Net outflows	(740		)	(494		)
Market (depreciation) appreciation	(65		)	673
Total (decrease) increase	(805		)	179
Assets under management, end of period	$	9,379		$	9,677		(3.1	%)
Percentage of total assets under management	18.9		%	19.5		%
Average assets under management for period	$	10,050		$	9,931		1.2	%

Preferred Securities
Assets under management, beginning of period	$	6,342		$	4,722
Inflows	1,820			1,475
Outflows	(1,283		)	(773		)
Net inflows	537			702
Market (depreciation) appreciation	(2		)	342
Total increase	535			1,044
Assets under management, end of period	$	6,877		$	5,766		19.3	%
Percentage of total assets under management	13.8		%	11.6		%
Average assets under management for period	$	6,771		$	5,348		26.6	%

Global Listed Infrastructure
Assets under management, beginning of period	$	5,697		$	4,714
Inflows	712			797
Outflows	(473		)	(416		)
Net inflows	239			381
Market (depreciation) appreciation	(724		)	516
Total (decrease) increase	(485		)	897
Assets under management, end of period	$	5,212		$	5,611		(7.1	%)
Percentage of total assets under management	10.5		%	11.3		%
Average assets under management for period	$	5,638		$	5,352		5.3	%



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy - continued
For the Periods
(in millions)
	Nine Months Ended
	September 30, 2015			September 30, 2014			% Change
Other
Assets under management, beginning of period	$	2,557		$	3,857
Inflows	478			394
Outflows	(251		)	(1,830		)
Net inflows (outflows)	227			(1,436		)
Market (depreciation) appreciation	(320		)	216
Transfers *	—			(222		)
Total decrease	(93		)	(1,442		)
Assets under management, end of period	$	2,464		$	2,415		2.0	%
Percentage of total assets under management	4.9		%	4.8		%
Average assets under management for period	$	2,695		$	3,296		(18.2	%)

Total
Assets under management, beginning of period	$	53,137		$	45,907
Inflows	5,844			6,229
Outflows	(7,275		)	(7,317		)
Net outflows	(1,431		)	(1,088		)
Market (depreciation) appreciation	(1,962		)	4,876
Total (decrease) increase	(3,393		)	3,788
Assets under management, end of period	$	49,744		$	49,695		0.1	%
Average assets under management for period	$	52,976		$	50,035		5.9	%

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

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COHEN & STEERS, INC. Reports