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Cohen & Steers Reports First Quarter 2012 Results

Assets Under Management Reach Record $44.9 billion


News provided by

Cohen & Steers, Inc.

Apr 18, 2012, 04:30 ET

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NEW YORK, April 18, 2012 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) reported income attributable to common shareholders of $18.1 million, or $0.41 per share (diluted and basic), for the quarter ended March 31, 2012, compared with income attributable to common shareholders of $13.0 million, or $0.30 per share (diluted and basic), for the quarter ended March 31, 2011. Total revenue for the first quarter of 2012 was $63.7 million, an increase of 16.4% from $54.8 million for the first quarter of 2011.

Assets Under Management

Assets under management were $44.9 billion as of March 31, 2012, an increase of 8.7% from $41.3 billion at December 31, 2011 and an increase of 18.0% from $38.0 billion at March 31, 2011. The increase from December 31, 2011 was due to market appreciation of $4.0 billion, partially offset by net outflows of $425 million. The increase from March 31, 2011 was due to net inflows of $5.2 billion, primarily into U.S. real estate strategies, and market appreciation of $1.7 billion. Average assets under management were $43.0 billion for the quarter ended March 31, 2012, an increase of 6.8% from $40.3 billion for the quarter ended December 31, 2011 and an increase of 19.2% from $36.1 billion for the quarter ended March 31, 2011.

Assets under management for institutional accounts were $26.6 billion as of March 31, 2012, an increase of 4.8% from $25.4 billion at December 31, 2011 and an increase of 21.3% from $21.9 billion at March 31, 2011. The increase from December 31, 2011 was due to market appreciation of $2.6 billion, partially offset by net outflows of $1.4 billion, primarily from global/international real estate strategies associated with subadvisory relationships. The increase from March 31, 2011 was due to net inflows of $3.5 billion, primarily into subadvisory relationships, and market appreciation of $1.2 billion. Average assets under management for institutional accounts were $25.9 billion for the quarter ended March 31, 2012, an increase of 3.8% from $24.9 billion for the quarter ended December 31, 2011 and an increase of 25.2% from $20.7 billion for the quarter ended March 31, 2011.

Assets under management for open-end mutual funds were $11.6 billion as of March 31, 2012, an increase of 20.5% from $9.6 billion at December 31, 2011 and an increase of 23.4% from $9.4 billion at March 31, 2011. The increase from December 31, 2011 was due to market appreciation of $1.0 billion and net inflows of $938 million. The increase from March 31, 2011 was due to net inflows of $1.7 billion and market appreciation of $480 million. Average assets under management for open-end mutual funds were $10.6 billion for the quarter ended March 31, 2012, an increase of 15.2% from $9.2 billion for the quarter ended December 31, 2011 and an increase of 20.0% from $8.8 billion for the quarter ended March 31, 2011.

Assets under management for closed-end mutual funds were $6.7 billion as of March 31, 2012, an increase of 6.5% from $6.3 billion at December 31, 2011 and a decrease of 0.2% from $6.7 billion at March 31, 2011. The increase from December 31, 2011 was due to market appreciation of $409 million. Average assets under management for closed-end mutual funds were $6.6 billion for the quarter ended March 31, 2012, an increase of 6.0% from $6.2 billion for the quarter ended December 31, 2011 and a decrease of 0.8% from $6.6 billion for the quarter ended March 31, 2011.

Financial Highlights (Unaudited)


Three Months Ended


(in thousands, except per share data or as noted)


March 31,

 2012


December 31,

 2011


March 31,

 2011

Revenue

$

63,730



$

59,416



$

54,755


Expenses

$

38,334



$

36,617



$

35,842


Operating income

$

25,396



$

22,799



$

18,913


Operating margin

39.8

%


38.4

%


34.5

%

Total non-operating income

$

3,017



$

2,409



$

975


Net income attributable to common shareholders

$

18,054



$

16,047



$

12,975


Diluted earnings per share attributable to common shareholders

$

0.41



$

0.36



$

0.30


Assets under management, end of period (in millions)

$

44,890



$

41,284



$

38,030


Average assets under management for period (in millions)

$

43,008



$

40,286



$

36,087


Total revenue for the first quarter of 2012 was $63.7 million, an increase of 7.3% from $59.4 million for the fourth quarter of 2011, primarily due to higher average assets under management. Operating expenses for the first quarter of 2012 were $38.3 million, an increase of 4.7% from $36.6 million for the fourth quarter of 2011, primarily due to increases in employee compensation and benefits, distribution and service fees and general and administrative expenses. Operating income was $25.4 million for the three months ended March 31, 2012, compared with operating income of $22.8 million for the three months ended December 31, 2011. The company's operating margin increased to 39.8% for the first quarter of 2012 compared with 38.4% for the three months ended December 31, 2011 due to decreases in the compensation to revenue and G&A to revenue ratios. Non-operating income was $3.0 million for the three months ended March 31, 2012, compared with non-operating income of $2.4 million for the three months ended December 31, 2011, primarily due to increased gains from the company's seed investments.

Balance Sheet Information

As of March 31, 2012, cash, cash equivalents and investments were $174 million. As of March 31, 2012, stockholders' equity was $243 million and the company had no long-term or short-term debt.

Conference Call Information

Cohen & Steers will host a conference call tomorrow, April 19, 2012 at 11:00 a.m. (ET) to discuss the company's first quarter results. Investors and analysts can access the live conference call by dialing (800) 769-9015 (U.S.) or (212) 231-2912 (international); passcode: 21588381. 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 April 19, 2012 and can be accessed at (800) 633-8284 (U.S.) or (402) 977-9140 (international); passcode: 21588381. Internet access to the webcast, which includes audio (listen-only), will be available on the company's website at www.cohenandsteers.com under "Corporate Info."  The webcast will be archived on the website for two weeks.

About Cohen & Steers

Founded in 1986, Cohen & Steers is a leading global investment management firm focused on global real estate securities, global listed infrastructure, real assets, large cap value stocks, 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, Tokyo and Seattle, Cohen & Steers serves institutional and individual 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, 2011, 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 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


March 31,

 2012


December 31, 2011


March 31,

2011


December 31, 2011


March 31, 2011

Revenue










Investment advisory and administration fees

$

58,155



$

55,310



$

51,052






Distribution and service fees

2,501



2,260



2,415






Portfolio consulting and other

3,074



1,846



1,288






Total revenue

63,730



59,416



54,755



7.3

%


16.4

%

Expenses










Employee compensation and benefits

21,668



20,694



19,986






Distribution and service fees

6,237



5,758



5,754






General and administrative

8,537



8,380



8,573






Depreciation and amortization

1,396



1,296



1,186






Amortization, deferred commissions

496



489



343






Total expenses

38,334



36,617



35,842



4.7

%


7.0

%

Operating income

25,396



22,799



18,913



11.4

%


34.3

%

Non-operating income










Interest and dividend income - net

621



269



184






Gain (loss) from trading securities - net

1,721



495



(378)






Gain from available-for-sale securities - net

687



154



358






Equity in earnings (losses) of affiliates

772



1,614



(14)






Other

(784)



(123)



825






Total non-operating income

3,017



2,409



975



25.2

%


209.4

%

Income before provision for income taxes

28,413



25,208



19,888



12.7

%


42.9

%

Provision for income taxes

10,155



9,134



6,986






Net income

18,258



16,074



12,902



13.6

%


41.5

%

Less: Net (income) loss attributable to

redeemable noncontrolling interest

(204)



(27)



73






Net income attributable to common shareholders

$

18,054



$

16,047



$

12,975



12.5

%


39.1

%











Earnings per share attributable to common

shareholders










Basic

$

0.41



$

0.37



$

0.30



11.6

%


37.4

%

Diluted

$

0.41



$

0.36



$

0.30



11.9

%


37.2

%

Weighted average shares outstanding










Basic

43,601



43,249



43,051






Diluted

44,386



44,141



43,781






 

 

Cohen & Steers, Inc. and Subsidiaries









Assets Under Management (Unaudited)









By Investment Vehicle










For the Periods Ended










(in millions)











Three Months Ended


% Change From


March 31,

2012


December 31,

2011


March 31,

2011


December 31, 2011


March 31, 2011

Institutional Accounts










Assets under management, beginning of period

$

25,380



$

24,026



$

19,625






   Inflows

1,070



498



1,529






   Outflows

(2,433)



(1,598)



(321)






   Net (outflows) inflows

(1,363)



(1,100)



1,208






   Market appreciation

2,591



2,454



1,098






   Total increase

1,228



1,354



2,306






Assets under management, end of period

$

26,608



$

25,380



$

21,931



4.8

%


21.3

%

Average assets under management for period

$

25,884



$

24,932



$

20,671



3.8

%


25.2

%











Open-End Mutual Funds










Assets under management, beginning of period

$

9,619



$

8,612



$

8,484






   Inflows

1,682



908



1,147






   Outflows

(744)



(817)



(640)






   Net inflows

938



91



507






   Market appreciation

1,031



916



399






   Total increase

1,969



1,007



906






Assets under management, end of period

$

11,588



$

9,619



$

9,390



20.5

%


23.4

%

Average assets under management for period

$

10,567



$

9,170



$

8,803



15.2

%


20.0

%











Closed-End Mutual Funds










Assets under management, beginning of period

$

6,285



$

5,979



$

6,353






   Inflows

—



—



129






   Outflows

—



(59)



—






   Net (outflows) inflows

—



(59)



129






   Market appreciation

409



365



227






   Total increase

409



306



356






Assets under management, end of period

$

6,694



$

6,285



$

6,709



6.5

%


(0.2)

%

Average assets under management for period

$

6,557



$

6,184



$

6,613



6.0

%


(0.8)

%











Total










Assets under management, beginning of period

$

41,284



$

38,617



$

34,462






   Inflows

2,752



1,406



2,805






   Outflows

(3,177)



(2,474)



(961)






   Net (outflows) inflows

(425)



(1,068)



1,844






   Market appreciation

4,031



3,735



1,724






   Total increase

3,606



2,667



3,568






Assets under management, end of period

$

44,890



$

41,284



$

38,030



8.7

%


18.0

%

Average assets under management for period

$

43,008



$

40,286



$

36,087



6.8

%


19.2

%

 

 

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


March 31,

2012


December 31, 2011


March 31,

2011


December 31, 2011


March 31, 2011

Subadvisory










Assets under management, beginning of period

$

19,073



$

18,266



$

13,334






   Inflows

365



349



1,323






   Outflows

(1,735)



(1,429)



(206)






   Net (outflows) inflows

(1,370)



(1,080)



1,117






   Market appreciation

1,902



1,887



773






   Total increase

532



807



1,890






Assets under management, end of period

$

19,605



$

19,073



$

15,224



2.8

%


28.8

%

Average assets under management for period

$

19,476



$

18,795



$

14,128



3.6

%


37.9

%











Advisory










Assets under management, beginning of period

$

6,307



$

5,760



$

6,291






   Inflows

705



149



206






   Outflows

(698)



(169)



(115)






   Net inflows (outflows)

7



(20)



91






   Market appreciation

689



567



325






   Total increase

696



547



416






Assets under management, end of period

$

7,003



$

6,307



$

6,707



11.0

%


4.4

%

Average assets under management for period

$

6,408



$

6,137



$

6,543



4.4

%


(2.1)

%











Total Institutional Accounts










Assets under management, beginning of period

$

25,380



$

24,026



$

19,625






   Inflows

1,070



498



1,529






   Outflows

(2,433)



(1,598)



(321)






   Net (outflows) inflows

(1,363)



(1,100)



1,208






   Market appreciation

2,591



2,454



1,098






   Total increase

1,228



1,354



2,306






Assets under management, end of period

$

26,608



$

25,380



$

21,931



4.8

%


21.3

%

Average assets under management for period

$

25,884



$

24,932



$

20,671



3.8

%


25.2

%

 

 

 

Cohen & Steers, Inc. and Subsidiaries









Assets Under Management (Unaudited)









By Investment Strategy










For the Periods Ended










(in millions)











Three Months Ended


% Change From


March 31,

2012


December 31, 2011


March 31,

2011


December 31, 2011


March 31, 2011

U.S. Real Estate










Assets under management, beginning of period

$

18,505



$

16,099



$

10,506






   Inflows

1,690



749



1,352






   Outflows

(488)



(513)



(504)






   Net inflows

1,202



236



848






   Market appreciation

1,864



2,170



679






   Total increase

3,066



2,406



1,527






Assets under management, end of period

$

21,571



$

18,505



$

12,033



16.6

%


79.3

%

Average assets under management for period

$

19,853



$

17,339



$

11,240



14.5

%


76.6

%











Global/International Real Estate










Assets under management, beginning of period

$

13,409



$

13,734



$

15,438






   Inflows

701



343



1,072






   Outflows

(2,266)



(1,624)



(454)






   Net (outflows) inflows

(1,565)



(1,281)



618






   Market appreciation

1,395



956



676






   Total (decrease) increase

(170)



(325)



1,294






Assets under management, end of period

$

13,239



$

13,409



$

16,732



(1.3)

%


(20.9)

%

Average assets under management for period

$

13,367



$

13,822



$

15,900



(3.3)

%


(15.9)

%











Large Cap Value Stocks










Assets under management, beginning of period

$

3,876



$

3,470



$

3,673






   Inflows

10



145



113






   Outflows

(355)



(116)



(82)






   Net (outflows) inflows

(345)



29



31






   Market appreciation

452



377



194






   Total increase

107



406



225






Assets under management, end of period

$

3,983



$

3,876



$

3,898



2.8

%


2.2

%

Average assets under management for period

$

3,920



$

3,718



$

3,806



5.4

%


3.0

%











Global Infrastructure










Assets under management, beginning of period

$

3,010



$

2,919



$

2,870






   Inflows

22



17



174






   Outflows

(17)



(73)



(17)






   Net inflows (outflows)

5



(56)



157






   Market appreciation

145



147



98






   Total increase

150



91



255






Assets under management, end of period

$

3,160



$

3,010



$

3,125



5.0

%


1.1

%

Average assets under management for period

$

3,121



$

2,970



$

2,983



5.1

%


4.6

%



















Preferred Securities
















Assets under management, beginning of period

$

1,964



$

1,803



$

1,292






   Inflows

293



152



216






   Outflows

(51)



(52)



(13)






   Net inflows

242



100



203






   Market appreciation

138



61



53






   Total increase

380



161



256






Assets under management, end of period

$

2,344



$

1,964



$

1,548



19.3

%


51.4

%

Average assets under management for period

$

2,174



$

1,894



$

1,463



14.8

%


48.6

%











Other










Assets under management, beginning of period

$

520



$

592



$

683






   Inflows

36



—



10






   Outflows

—



(96)



(23)






   Net inflows (outflows)

36



(96)



(13)






   Market appreciation

37



24



24






   Total increase (decrease)

73



(72)



11






Assets under management, end of period

$

593



$

520



$

694



14.0

%


(14.6)

%

Average assets under management for period

$

573



$

543



$

695



5.5

%


(17.6)

%











Total










Assets under management, beginning of period

$

41,284



$

38,617



$

34,462






   Inflows

2,752



1,406



2,937






   Outflows

(3,177)



(2,474)



(1,093)






   Net (outflows) inflows

(425)



(1,068)



1,844






   Market appreciation

4,031



3,735



1,724






   Total increase

3,606



2,667



3,568






Assets under management, end of period

$

44,890



$

41,284



$

38,030



8.7

%


18.0

%

Average assets under management for period

$

43,008



$

40,286



$

36,087



6.8

%


19.2

%

Cohen & Steers, Inc. and Subsidiaries






Assets Under Advisement (Unaudited)






(in millions)







As of


March 31,

2012


December 31,

2011


March 31,

2011







Model-Based Strategies

$

5,245



$

2,009



$

554








Exchange Traded Funds

$

2,835



$

2,380



$

2,558








Unit Investment Trusts

$

1,217



$

1,233



$

1,421








Total

$

9,297



$

5,622



$

4,533














Note: Assets under advisement are defined as assets for which the company does not provide active management.

SOURCE Cohen & Steers, Inc.

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