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

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8-K - EARNINGS PRESS RELEASE - COHEN & STEERS, INC.	cns-8kx63011.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 SECOND QUARTER

2011 RESULTS

Assets Under Management Reach Record $44.3 billion

NEW YORK, NY, July 20, 2011—Cohen & Steers, Inc. (NYSE: CNS) reported income attributable to common shareholders of $15.7 million, or $0.36 per share (diluted and basic), for the quarter ended June 30, 2011, compared with income attributable to common shareholders of $11.6 million, or $0.27 per share (diluted and basic), for the quarter ended June 30, 2010. Total revenue for the second quarter of 2011 was $61.5 million, an increase of 38.9% from $44.2 million for the second quarter of 2010.

The second quarter 2010 results included an after-tax gain of approximately $0.08 per share primarily due to recoveries on the sale of previously impaired securities. After adjusting for these items, earnings per share would have been $0.19 for the quarter ended June 30, 2010.

For the six months ended June 30, 2011, the company recorded income attributable to common shareholders of $28.7 million, or $0.65 per diluted share and $0.66 per basic share, compared with income attributable to common shareholders of $20.5 million, or $0.48 per share (diluted and basic), for the six months ended June 30, 2010. After adjusting for the $0.08 after-tax gain mentioned above, earnings per share would have been $0.39 for the six months ended June 30, 2010.

Assets Under Management

Assets under management were $44.3 billion as of June 30, 2011, an increase of 16.5% from $38.0 billion at March 31, 2011 and an increase of 68.9% from $26.2 billion at June 30, 2010. The increase from March 31, 2011 was due to net inflows of $5.1 billion, primarily into U.S. and global real estate strategies, and market appreciation of $1.2 billion. The increase from June 30, 2010 was due to net inflows of $9.5 billion, primarily into U.S. and global real estate strategies, and market appreciation of $8.6 billion. Average assets under management were $40.9 billion for

the quarter ended June 30, 2011, an increase of 13.4% from $36.1 billion for the quarter ended March 31, 2011 and an increase of 51.4% from $27.0 billion for the quarter ended June 30, 2010.

Assets under management for institutional accounts were $27.3 billion as of June 30, 2011, an increase of 24.4% from $21.9 billion at March 31, 2011 and an increase of 90.4% from $14.3 billion at June 30, 2010. The increase from March 31, 2011 was due to net inflows of $4.6 billion, primarily from subadvisory relationships, and market appreciation of $794 million. The increase from June 30, 2010 was due to net inflows of $7.6 billion, primarily from subadvisory relationships, and market appreciation of $5.3 billion. Average assets under management for institutional accounts were $24.3 billion for the quarter ended June 30, 2011, an increase of 17.5% from $20.7 billion for the quarter ended March 31, 2011 and an increase of 65.0% from $14.7 billion for the quarter ended June 30, 2010.

Assets under management for open-end mutual funds were $10.2 billion as of June 30, 2011, an increase of 8.8% from $9.4 billion at March 31, 2011 and an increase of 54.9% from $6.6 billion at June 30, 2010. The increase from March 31, 2011 was due to net inflows of $533 million and market appreciation of $290 million. The increase from June 30, 2010 was due to market appreciation of $2.2 billion and net inflows of $1.4 billion. Average assets under management for open-end mutual funds were $9.8 billion for the quarter ended June 30, 2011, an increase of 11.6% from $8.8 billion for the quarter ended March 31, 2011 and an increase of 47.2% from $6.7 billion for the quarter ended June 30, 2010.

Assets under management for closed-end mutual funds were $6.8 billion as of June 30, 2011, an increase of 1.5% from $6.7 billion at March 31, 2011 and an increase of 28.1% from $5.3 billion at June 30, 2010. The increase from March 31, 2011 was due to market appreciation of $76 million and inflows of $24 million through an increase in the use of the funds' credit facilities. The increase from June 30, 2010 was due to market appreciation of $1.1 billion and net inflows of $421 million, primarily due to the launch of Cohen & Steers Select Preferred and Income Fund, Inc. ("PSF") during the fourth quarter of 2010. Average assets under management for closed-end mutual funds were $6.8 billion for the quarter ended June 30, 2011, an increase of 3.1% from $6.6 billion for the quarter ended March 31, 2011 and an increase of 21.0% from $5.6 billion for the quarter ended June 30, 2010.

Financial Highlights (Unaudited)



	Three Months Ended
	(in thousands, except per share data or as noted)
	June 30, 2011			March 31, 2011			June 30, 2010
Revenue	$	61,459		$	54,755		$	44,232
Expenses	$	38,564		$	35,842		$	30,900
Operating income	$	22,895		$	18,913		$	13,332
Operating margin	37.3		%	34.5		%	30.1		%
Total non-operating income	$	1,306		$	975		$	2,050
Net income attributable to common shareholders	$	15,679		$	12,975		$	11,603
Diluted earnings per share attributable to common shareholders	$	0.36		$	0.30		$	0.27
Assets under management, end of period (in millions)	$	44,314		$	38,030		$	26,242
Average assets under management for period (in millions)	$	40,933		$	36,087		$	27,031

Total revenue for the second quarter of 2011 was $61.5 million, an increase of 12.2% from $54.8 million for the first quarter of 2011, primarily due to higher average assets under management. Operating expenses for the second quarter of 2011 were $38.6 million, an increase of 7.6% from $35.8 million for the first quarter of 2011 primarily due to increases in employee compensation and benefits, distribution and service fees and general and administrative expenses. Operating income was $22.9 million for the three months ended June 30, 2011, compared with operating income of $18.9 million for the three months ended March 31, 2011. The company's operating margin increased to 37.3% for the second quarter of 2011 compared with 34.5% for the three months ended March 31, 2011. The company's operating margin expanded during the quarter due to an increase in revenue combined with decreases in the compensation and G&A to revenue ratios. Non-operating income was $1.3 million for the three months ended June 30, 2011, an increase of 33.9% from $975,000 for the three months ended March 31, 2011, primarily due to an increase in equity in earnings from the company's seed investments.

Balance Sheet Information

As of June 30, 2011, cash, cash equivalents and investments were $206 million. As of June 30, 2011, stockholders' equity was $256 million and the company had no long-term or short-term debt.

Conference Call Information

Cohen & Steers will host a conference call tomorrow, July 21, 2011 at 11:00 a.m. (ET) to discuss the company's second quarter results. Investors and analysts can access the live conference call by dialing (800) 769-9015 (U.S.) or (212) 231-2912 (international); passcode: 21532718. Participants should plan to register at least 10 minutes before the conference call begins.

A replay of the call will be available for two weeks starting at approximately 1:00 p.m. (ET) on July 21, 2011 and can be accessed at (800) 633-8284 (U.S.) or (402) 977-9140 (international); passcode: 21532718. Internet access to the webcast, which includes audio (listen-only), will be available on the company's Web site at www.cohenandsteers.com under "Corporate Info." The webcast will be archived on the Web site for two weeks.

About Cohen & Steers

Cohen & Steers is a manager of portfolios specializing in U.S. and international real estate securities, large cap value stocks, listed infrastructure and utilities, and preferred securities. The company also manages alternative investment strategies such as hedged real estate securities portfolios and private real estate multimanager strategies for qualified investors. Headquartered in New York City, with offices in London, Brussels, Hong Kong and Seattle, Cohen & Steers serves individual and institutional investors through a broad range of investment vehicles.

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 and Section 21E of the Securities Exchange Act of 1934, which reflect the company's current views with respect to, among other things, its 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 statements. The company believes that these factors include, but are not limited to, those described in the "Risk Factors" section of the company's Annual Report on Form 10-K for the year ended December 31, 2010, which is accessible on the Securities and Exchange Commission's Web site at www.sec.gov and on the company's Web site at www.cohenandsteers.com. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

# # # #



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

	Three Months Ended									% Change From
	June 30, 2011			March 31, 2011			June 30, 2010			March 31, 2011		June 30, 2010
Revenue
Investment advisory and administration fees	$	57,469		$	51,052		$	40,835
Distribution and service fees	2,586			2,415			2,236
Portfolio consulting and other	1,404			1,288			1,161
Total revenue	61,459			54,755			44,232			12.2	%	38.9	%
Expenses
Employee compensation and benefits	21,818			19,986			17,251
Distribution and service fees	6,150			5,754			4,831
General and administrative	8,886			8,573			7,473
Depreciation and amortization	1,295			1,186			1,113
Amortization, deferred commissions	415			343			232
Total expenses	38,564			35,842			30,900			7.6	%	24.8	%
Operating income	22,895			18,913			13,332			21.1	%	71.7	%
Non-operating income
Interest and dividend income - net	355			184			366
Loss from trading securities - net	(99		)	(378		)	(371		)
Gain from available-for-sale securities - net	232			358			3,281
Equity in earnings (losses) of affiliates	627			(14		)	(1,361		)
Other	191			825			135
Total non-operating income	1,306			975			2,050			33.9	%	(36.3	%)
Income before provision for income taxes	24,201			19,888			15,382			21.7	%	57.3	%
Provision for income taxes	8,442			6,986			3,781
Net income	15,759			12,902			11,601			22.1	%	35.8	%
Less: Net (income) loss attributable to redeemable noncontrolling interest	(80		)	73			2
Net income attributable to common shareholders	$	15,679		$	12,975		$	11,603		20.8	%	35.1	%

Earnings per share attributable to common shareholders
Basic	$	0.36		$	0.30		$	0.27		20.4	%	33.6	%
Diluted	$	0.36		$	0.30		$	0.27		20.7	%	33.0	%
Weighted average shares outstanding
Basic	43,220			43,051			42,730
Diluted	43,840			43,781			43,143



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

	Six Months Ended						% Change
	June 30, 2011			June 30, 2010			June 30, 2010
Revenue
Investment advisory and administration fees	$	108,521		$	78,927
Distribution and service fees	5,001			4,400
Portfolio consulting and other	2,692			2,249
Total revenue	116,214			85,576			35.8	%
Expenses
Employee compensation and benefits	41,804			33,375
Distribution and service fees	11,904			9,141
General and administrative	17,459			14,610
Depreciation and amortization	2,481			2,267
Amortization, deferred commissions	758			422
Total expenses	74,406			59,815			24.4	%
Operating income	41,808			25,761			62.3	%
Non-operating income
Interest and dividend income - net	539			561
Loss from trading securities - net	(477		)	(182		)
Gain from available-for-sale securities - net	590			3,479
Equity in earnings (losses) of affiliates	613			(820		)
Other	1,016			47
Total non-operating income	2,281			3,085			(26.1	%)
Income before provision for income taxes	44,089			28,846			52.8	%
Provision for income taxes	15,428			8,355
Net income	28,661			20,491			39.9	%
Less: Net income attributable to redeemable noncontrolling interest	(7		)	(8		)
Net income attributable to common shareholders	$	28,654		$	20,483		39.9	%

Earnings per share attributable to common shareholders
Basic	$	0.66		$	0.48		38.4	%
Diluted	$	0.65		$	0.48		37.4	%
Weighted average shares outstanding
Basic	43,136			42,665
Diluted	43,811			43,040



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Vehicle
(in millions)
	Three Months Ended									% Change From
	June 30, 2011			March 31, 2011			June 30, 2010			March 31, 2011		June 30, 2010
Institutional Accounts
Assets under management, beginning of period	$	21,931		$	19,625		$	14,503
Inflows	4,997			1,529			1,471
Outflows	(430		)	(321		)	(417		)
Net inflows	4,567			1,208			1,054
Market appreciation (depreciation)	794			1,098			(1,225		)
Total increase (decrease)	5,361			2,306			(171		)
Assets under management, end of period	$	27,292		$	21,931		$	14,332		24.4	%	90.4	%
Average assets under management for period	$	24,293		$	20,671		$	14,726		17.5	%	65.0	%

Open-End Mutual Funds
Assets under management, beginning of period	$	9,390		$	8,484		$	6,958
Inflows	1,175			1,147			684
Outflows	(642		)	(640		)	(509		)
Net inflows	533			507			175
Market appreciation (depreciation)	290			399			(538		)
Total increase (decrease)	823			906			(363		)
Assets under management, end of period	$	10,213		$	9,390		$	6,595		8.8	%	54.9	%
Average assets under management for period	$	9,822		$	8,803		$	6,672		11.6	%	47.2	%

Closed-End Mutual Funds
Assets under management, beginning of period	$	6,709		$	6,353		$	5,736
Inflows	24			129			—
Outflows	—			—			(7		)
Net inflows (outflows)	24			129			(7		)
Market appreciation (depreciation)	76			227			(414		)
Total increase (decrease)	100			356			(421		)
Assets under management, end of period	$	6,809		$	6,709		$	5,315		1.5	%	28.1	%
Average assets under management for period	$	6,818		$	6,613		$	5,633		3.1	%	21.0	%

Total
Assets under management, beginning of period	$	38,030		$	34,462		$	27,197
Inflows	6,196			2,805			2,155
Outflows	(1,072		)	(961		)	(933		)
Net inflows	5,124			1,844			1,222
Market appreciation (depreciation)	1,160			1,724			(2,177		)
Total increase (decrease)	6,284			3,568			(955		)
Assets under management, end of period	$	44,314		$	38,030		$	26,242		16.5	%	68.9	%
Average assets under management for period	$	40,933		$	36,087		$	27,031		13.4	%	51.4	%



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Vehicle
(in millions)
	Six Months Ended						% Change
	June 30, 2011			June 30, 2010			June 30, 2010
Institutional Accounts
Assets under management, beginning of period	$	19,625		$	12,954
Inflows	6,526			2,865
Outflows	(751		)	(937		)
Net inflows	5,775			1,928
Market appreciation (depreciation)	1,892			(550		)
Total increase	7,667			1,378
Assets under management, end of period	$	27,292		$	14,332		90.4	%
Average assets under management for period	$	22,482		$	13,935		61.3	%

Open-End Mutual Funds
Assets under management, beginning of period	$	8,484		$	6,285
Inflows	2,322			1,394
Outflows	(1,282		)	(962		)
Net inflows	1,040			432
Market appreciation (depreciation)	689			(122		)
Total increase	1,729			310
Assets under management, end of period	$	10,213		$	6,595		54.9	%
Average assets under management for period	$	9,313		$	6,451		44.4	%

Closed-End Mutual Funds
Assets under management, beginning of period	$	6,353		$	5,546
Inflows	153			—
Outflows	—			(7		)
Net inflows (outflows)	153			(7		)
Market appreciation (depreciation)	303			(224		)
Total increase (decrease)	456			(231		)
Assets under management, end of period	$	6,809		$	5,315		28.1	%
Average assets under management for period	$	6,715		$	5,585		20.2	%

Total
Assets under management, beginning of period	$	34,462		$	24,785
Inflows	9,001			4,259
Outflows	(2,033		)	(1,906		)
Net inflows	6,968			2,353
Market appreciation (depreciation)	2,884			(896		)
Total increase	9,852			1,457
Assets under management, end of period	$	44,314		$	26,242		68.9	%
Average assets under management for period	$	38,510		$	25,971		48.3	%



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts (Unaudited)
By Investment Relationship
For the Periods Ended
(in millions)
	Three Months Ended									% Change From
	June 30, 2011			March 31, 2011			June 30, 2010			March 31, 2011		June 30, 2010
Subadvisory
Assets under management, beginning of period	$	15,128		$	13,222		$	9,089
Inflows	4,628			1,323			1,353
Outflows	(277		)	(186		)	(293		)
Net inflows	4,351			1,137			1,060
Market appreciation (depreciation)	557			769			(789		)
Total increase	4,908			1,906			271
Assets under management, end of period	$	20,036		$	15,128		$	9,360		32.4	%	114.1	%
Average assets under management for period	$	17,315		$	14,174		$	9,566		22.2	%	81.0	%

Advisory
Assets under management, beginning of period	$	6,657		$	6,251		$	5,194
Inflows	337			196			109
Outflows	(150		)	(119		)	(118		)
Net inflows (outflows)	187			77			(9		)
Market appreciation (depreciation)	236			329			(430		)
Total increase (decrease)	423			406			(439		)
Assets under management, end of period	$	7,080		$	6,657		$	4,755		6.4	%	48.9	%
Average assets under management for period	$	6,819		$	6,348		$	4,942		7.4	%	38.0	%

Alternatives
Assets under management, beginning of period	$	146		$	152		$	220
Inflows	32			10			9
Outflows	(3		)	(16		)	(6		)
Net inflows (outflows)	29			(6		)	3
Market appreciation (depreciation)	1			—			(6		)
Total increase (decrease)	30			(6		)	(3		)
Assets under management, end of period	$	176		$	146		$	217		20.5	%	(18.9	%)
Average assets under management for period	$	159		$	149		$	218		6.7	%	(27.1	%)

Total Institutional Accounts
Assets under management, beginning of period	$	21,931		$	19,625		$	14,503
Inflows	4,997			1,529			1,471
Outflows	(430		)	(321		)	(417		)
Net inflows	4,567			1,208			1,054
Market appreciation (depreciation)	794			1,098			(1,225		)
Total increase (decrease)	5,361			2,306			(171		)
Assets under management, end of period	$	27,292		$	21,931		$	14,332		24.4	%	90.4	%
Average assets under management for period	$	24,293		$	20,671		$	14,726		17.5	%	65.0	%



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts (Unaudited)
By Investment Relationship
For the Periods Ended
(in millions)
	Six Months Ended						% Change
	June 30, 2011			June 30, 2010			June 30, 2010
Subadvisory
Assets under management, beginning of period	$	13,222		$	8,024
Inflows	5,951			2,386
Outflows	(463		)	(694		)
Net inflows	5,488			1,692
Market appreciation (depreciation)	1,326			(356		)
Total increase	6,814			1,336
Assets under management, end of period	$	20,036		$	9,360		114.1	%
Average assets under management for period	$	15,745		$	8,861		77.7	%

Advisory
Assets under management, beginning of period	$	6,251		$	4,894
Inflows	533			287
Outflows	(269		)	(237		)
Net inflows	264			50
Market appreciation (depreciation)	565			(189		)
Total increase (decrease)	829			(139		)
Assets under management, end of period	$	7,080		$	4,755		48.9	%
Average assets under management for period	$	6,573		$	4,889		34.4	%

Alternatives
Assets under management, beginning of period	$	152		$	36
Inflows	42			192
Outflows	(19		)	(6		)
Net inflows	23			186
Market appreciation (depreciation)	1			(5		)
Total increase	24			181
Assets under management, end of period	$	176		$	217		(18.9	%)
Average assets under management for period	$	164		$	185		(11.4	%)

Total Institutional Accounts
Assets under management, beginning of period	$	19,625		$	12,954
Inflows	6,526			2,865
Outflows	(751		)	(937		)
Net inflows	5,775			1,928
Market appreciation (depreciation)	1,892			(550		)
Total increase	7,667			1,378
Assets under management, end of period	$	27,292		$	14,332		90.4	%
Average assets under management for period	$	22,482		$	13,935		61.3	%



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy
For the Periods Ended
(in millions)
	Three Months Ended									% Change From
	June 30, 2011			March 31, 2011			June 30, 2010			March 31, 2011		June 30, 2010
Global / International Real Estate
Assets under management, beginning of period	$	16,878		$	15,590		$	11,342
Inflows	1,165			1,082			1,409
Outflows	(532		)	(477		)	(456		)
Net inflows	633			605			953
Market appreciation (depreciation)	608			683			(1,053		)
Total increase (decrease)	1,241			1,288			(100		)
Assets under management, end of period	$	18,119		$	16,878		$	11,242		7.4	%	61.2	%
Average assets under management for period	$	17,359		$	16,009		$	11,602		8.4	%	49.6	%

U.S. Real Estate
Assets under management, beginning of period	$	12,033		$	10,506		$	8,852
Inflows	4,364			1,352			433
Outflows	(317		)	(504		)	(432		)
Net inflows	4,047			848			1
Market appreciation (depreciation)	465			679			(423		)
Total increase (decrease)	4,512			1,527			(422		)
Assets under management, end of period	$	16,545		$	12,033		$	8,430		37.5	%	96.3	%
Average assets under management for period	$	14,214		$	11,336		$	8,641		25.4	%	64.5	%

Large Cap Value Stocks
Assets under management, beginning of period	$	3,898		$	3,673		$	3,097
Inflows	308			113			286
Outflows	(153		)	(82		)	(27		)
Net inflows	155			31			259
Market appreciation (depreciation)	20			194			(402		)
Total increase (decrease)	175			225			(143		)
Assets under management, end of period	$	4,073		$	3,898		$	2,954		4.5	%	37.9	%
Average assets under management for period	$	3,977		$	3,786		$	3,026		5.0	%	31.4	%

Global Infrastructure
Assets under management, beginning of period	$	3,125		$	2,870		$	2,596
Inflows	86			174			15
Outflows	(8		)	(17		)	(14		)
Net inflows	78			157			1
Market appreciation (depreciation)	57			98			(220		)
Total increase (decrease)	135			255			(219		)
Assets under management, end of period	$	3,260		$	3,125		$	2,377		4.3	%	37.1	%
Average assets under management for period	$	3,188		$	2,998		$	2,487		6.3	%	28.2	%



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy - continued
For the Periods Ended
(in millions)
	Three Months Ended									% Change From
	June 30, 2011			March 31, 2011			June 30, 2010			March 31, 2011		June 30, 2010
Preferred Securities
Assets under management, beginning of period	$	1,548		$	1,292		$	794
Inflows	273			216			12
Outflows	(62		)	(13		)	(4		)
Net inflows	211			203			8
Market appreciation (depreciation)	16			53			(29		)
Total increase (decrease)	227			256			(21		)
Assets under management, end of period	$	1,775		$	1,548		$	773		14.7	%	129.6	%
Average assets under management for period	$	1,657		$	1,420		$	784		16.7	%	111.4	%

Other
Assets under management, beginning of period	$	548		$	531		$	516
Market (depreciation) appreciation	(6		)	17			(50		)
Total (decrease) increase	(6		)	17			(50		)
Assets under management, end of period	$	542		$	548		$	466		(1.1	%)	16.3	%
Average assets under management for period	$	538		$	538		$	491		0.0	%	9.6	%

Total
Assets under management, beginning of period	$	38,030		$	34,462		$	27,197
Inflows	6,196			2,937			2,155
Outflows	(1,072		)	(1,093		)	(933		)
Net inflows	5,124			1,844			1,222
Market appreciation (depreciation)	1,160			1,724			(2,177		)
Total increase (decrease)	6,284			3,568			(955		)
Assets under management, end of period	$	44,314		$	38,030		$	26,242		16.5	%	68.9	%
Average assets under management for period	$	40,933		$	36,087		$	27,031		13.4	%	51.4	%



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy
For the Periods Ended
(in millions)
	Six Months Ended						% Change
	June 30, 2011			June 30, 2010			June 30, 2010
Global / International Real Estate
Assets under management, beginning of period	$	15,590		$	10,401
Inflows	2,247			2,613
Outflows	(1,009		)	(1,070		)
Net inflows	1,238			1,543
Market appreciation (depreciation)	1,291			(702		)
Total increase	2,529			841
Assets under management, end of period	$	18,119		$	11,242		61.2	%
Average assets under management for period	$	16,549		$	11,070		49.5	%

U.S. Real Estate
Assets under management, beginning of period	$	10,506		$	8,012
Inflows	5,716			852
Outflows	(821		)	(760		)
Net inflows	4,895			92
Market appreciation	1,144			326
Total increase	6,039			418
Assets under management, end of period	$	16,545		$	8,430		96.3	%
Average assets under management for period	$	12,951		$	8,371		54.7	%

Large Cap Value Stocks
Assets under management, beginning of period	$	3,673		$	2,550
Inflows	421			745
Outflows	(235		)	(50		)
Net inflows	186			695
Market appreciation (depreciation)	214			(291		)
Total increase	400			404
Assets under management, end of period	$	4,073		$	2,954		37.9	%
Average assets under management for period	$	3,873		$	2,784		39.1	%

Global Infrastructure
Assets under management, beginning of period	$	2,870		$	2,577
Inflows	260			37
Outflows	(25		)	(19		)
Net inflows	235			18
Market appreciation (depreciation)	155			(218		)
Total increase (decrease)	390			(200		)
Assets under management, end of period	$	3,260		$	2,377		37.1	%
Average assets under management for period	$	3,065		$	2,477		23.7	%



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Strategy - continued
For the Periods Ended
(in millions)
	Six Months Ended						% Change
	June 30, 2011			June 30, 2010			June 30, 2010
Preferred Securities
Assets under management, beginning of period	$	1,292		$	745
Inflows	489			12
Outflows	(75		)	(7		)
Net inflows	414			5
Market appreciation	69			23
Total increase	483			28
Assets under management, end of period	$	1,775		$	773		129.6	%
Average assets under management for period	$	1,534		$	759		102.1	%

Other
Assets under management, beginning of period	$	531		$	500
Market appreciation (depreciation)	11			(34		)
Total increase (decrease)	11			(34		)
Assets under management, end of period	$	542		$	466		16.3	%
Average assets under management for period	$	538		$	510		5.5	%

Total
Assets under management, beginning of period	$	34,462		$	24,785
Inflows	9,133			4,259
Outflows	(2,165		)	(1,906		)
Net inflows	6,968			2,353
Market appreciation (depreciation)	2,884			(896		)
Total increase	9,852			1,457
Assets under management, end of period	$	44,314		$	26,242		68.9	%
Average assets under management for period	$	38,510		$	25,971		48.3	%



Cohen & Steers, Inc. and Subsidiaries
Other Fee Earning Assets (Unaudited)
(in millions)
	As of
	June 30, 2011		March 31, 2011		June 30, 2010

Unified Managed Accounts, end of period	$	571	$	554	$	468

Exchange Traded Funds, end of period	$	2,748	$	2,558	$	2,012

Unit Investment Trusts, end of period	$	1,418	$	1,421	$	1,256

Total, end of period	$	4,737	$	4,533	$	3,736


Note: Other fee earning assets are defined as assets for which the company provides non-discretionary investment advice, and therefore are not included in the company's reported assets under management.

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COHEN & STEERS, INC. Reports