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NEW YORK, Jan. 26 /PRNewswire-FirstCall/ -- Cohen & Steers, Inc. (NYSE: CNS) reported income from continuing operations attributable to common shareholders of $11.6 million, or $0.27 per share (diluted and basic), for the quarter ended December 31, 2009, compared with a loss from continuing operations attributable to common shareholders of $2.1 million, or $0.05 per share (diluted and basic) for the quarter ended December 31, 2008. Excluding the previously disclosed charges of $0.09 per share resulting primarily from the impairment of intangible assets and restructuring costs, earnings per share for the quarter ended December 31, 2008 would have been $0.04 per share. Total revenue for the fourth quarter of 2009 was $39.9 million, an increase of 38.0% from $28.9 million for the fourth quarter of 2008.
For the year ended December 31, 2009, the company recorded a loss from continuing operations attributable to common shareholders of $1.7 million, or $0.04 per share (diluted and basic), compared with income from continuing operations attributable to common shareholders of $25.1 million, or $0.60 per share (diluted and basic) for 2008. Excluding the previously disclosed charges of $0.69 per share resulting from the impairment of available-for-sale securities, earnings per share for the year ended December 31, 2009 would have been $0.65. Excluding the previously disclosed charges of approximately $0.32 per share due primarily to the impairments of intangible assets and available-for-sale securities, earnings per share for the year ended December 31, 2008 would have been $0.92. Total revenue was $123.6 million for the year ended December 31, 2009, a decrease of 33.5% from $185.8 million for 2008.
Assets Under Management
Assets under management were $24.8 billion as of December 31, 2009, an increase of 10.2% from $22.5 billion at September 30, 2009 and an increase of 64.1% from $15.1 billion at December 31, 2008. The increase from September 30, 2009 was due to market appreciation of $1.4 billion and net inflows of $894 million. The increase from December 31, 2008 was due to market appreciation of $5.7 billion and net inflows of $4.0 billion. Average assets under management were $23.0 billion for the quarter ended December 31, 2009, an increase of 18.1% from $19.5 billion for the quarter ended September 30, 2009 and an increase of 46.1% from $15.7 billion for the quarter ended December 31, 2008.
Open-end mutual funds had net inflows of $46 million during the quarter ended December 31, 2009, compared with net inflows of $386 million during the quarter ended September 30, 2009 and net outflows of $473 million during the quarter ended December 31, 2008. Average assets under management were $5.8 billion for the quarter ended December 31, 2009, an increase of 13.8% from $5.1 billion for the quarter ended September 30, 2009 and an increase of 30.8% from $4.5 billion for the quarter ended December 31, 2008. Open-end mutual funds had net inflows of $517 million during the year ended December 31, 2009, compared with net outflows of $1.2 billion during the year ended December 31, 2008. Average assets under management were $4.5 billion for the year ended December 31, 2009, a decrease of 36.1% from $7.1 billion for the year ended December 31, 2008.
Closed-end mutual funds had net inflows of $233 million during the year ended December 31, 2009, compared with net outflows of $2.1 billion attributable to the redemption of auction market preferred securities during the year ended December 31, 2008. Average assets under management were $4.4 billion for the year ended December 31, 2009, a decrease of 48.1% from $8.5 billion for the year ended December 31, 2008. On December 18, 2009, Cohen & Steers Advantage Income Realty Fund, Inc. and Cohen & Steers Premium Income Realty Fund, Inc. were merged into Cohen & Steers Quality Income Realty Fund, Inc.
Institutional separate accounts had net inflows of $848 million during the quarter ended December 31, 2009, compared with net inflows of $1.2 billion during the quarter ended September 30, 2009 and $210 million during the quarter ended December 31, 2008. Average assets under management for institutional separate accounts were $11.8 billion for the quarter ended December 31, 2009, an increase of 23.2% from $9.6 billion for the quarter ended September 30, 2009 and an increase of 88.0% from $6.3 billion for the quarter ended December 31, 2008. Institutional separate accounts had net inflows of $3.2 billion during the year ended December 31, 2009, compared with net outflows of $59 million during the year ended December 31, 2008. Average assets under management were $8.5 billion for the year ended December 31, 2009, a decrease of 8.6% from $9.3 billion for the year ended December 31, 2008.
"Our commitment to staying the course and preserving our infrastructure, our global investment teams and our marketing and client service groups, has allowed us to fully benefit from the improved market conditions," said Robert Steers, co-chairman and co-chief executive officer of Cohen & Steers. "Virtually all of our strategies have outperformed their benchmarks for the year and our institutional business continues to attract substantial relationships."
Results From Continuing Operations
Total revenue was $39.9 million for the three months ended December 31, 2009, an increase of 38.0% from $28.9 million for the three months ended December 31, 2008. Operating expenses were $28.7 million for the three months ended December 31, 2009, a decrease of 7.6% from $31.0 million for the three months ended December 31, 2008. Operating income was $11.2 million for the three months ended December 31, 2009, compared with an operating loss of $2.1 million for the three months ended December 31, 2008. Excluding impairment and restructuring costs of $5.6 million, operating income would have been $3.4 million for the three months ended December 31, 2008. Non-operating income was $4.1 million for the three months ended December 31, 2009, compared with a non-operating loss of $783,000 for the three months ended December 31, 2008. Excluding impairment charges on available-for-sale securities of $270,000, the non-operating loss would have been $513,000 for the three months ended December 31, 2008. Pretax income was $15.3 million for the three months ended December 31, 2009, compared with pretax loss of $2.9 million for the fourth quarter of 2008. Excluding the aforementioned charges of approximately $5.9 million, pretax income would have been $2.9 million for the three months ended December 31, 2008.
Total revenue was $123.6 million for the year ended December 31, 2009, a decrease of 33.5% from $185.8 million for the year ended December 31, 2008. Operating expenses were $106.0 million for the year ended December 31, 2009, a decrease of 20.0% from $132.5 million for the year ended December 31, 2008. Operating income was $17.6 million for the year ended December 31, 2009, a decrease of 67.0% from $53.3 million for the year ended December 31, 2008. Excluding impairment and restructuring costs of $5.6 million, operating income would have been $58.9 million for the year ended December 31, 2008. Non-operating loss was $13.4 million for the year ended December 31, 2009, an increase of 80.8% from $7.4 million non-operating loss for the year ended December 31, 2008. The 2009 and 2008 results included the aforementioned impairment charges of $32.2 million and $10.8 million, respectively. Excluding these items, non-operating income would have been $18.8 million and $3.3 million for the years ended December 31, 2009 and 2008, respectively. Pretax income was $4.2 million for the year ended December 31, 2009, a decrease of 90.9% from $45.9 million for the year ended December 31, 2008. Excluding the aforementioned items, pretax income would have been $36.4 million and $62.2 million for the years ended December 31, 2009 and 2008, respectively.
"This past quarter's results demonstrate the leveragability of our business," said Martin Cohen, co-chairman and co-chief executive officer of Cohen & Steers. "While our assets under management and operating margins are not back to pre-financial crisis levels, we are seeing measured improvement."
Balance Sheet Information
As of December 31, 2009, cash, cash equivalents, marketable securities available-for-sale and seed capital investments (excluding cash and marketable securities attributable to the consolidation of the company's investment in its long-short global real estate fund) were $210 million. As of December 31, 2009, stockholders' equity was $285 million and the company had no long-term or short-term debt.
Conference Call Information
Cohen & Steers will hold a conference call tomorrow, January 27, 2010 at 11:00 a.m. (ET) to discuss the company's fourth quarter and full year results. Investors and analysts can access the live conference call by dialing (800) 769-9015 (domestic) or (212) 231-2900/2905 (international); passcode: 21455819. 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 27, 2010 and can be accessed at (800) 633-8284 (domestic) or (402) 977-9140 (international); passcode: 21455819. Internet access to the Web cast, which includes audio (listen-only), will be available on the company's Web site at cohenandsteers.com under "Corporate Info." The Web cast will be archived on the Web site for two weeks.
About Cohen & Steers, Inc.
Cohen & Steers is a manager of income-oriented equity 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, 2008, which is accessible on the Securities and Exchange Commission's Web site at sec.gov and on the company's Web site at http://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 Income (Unaudited)
For the Periods Ended
(in thousands, except per share data)
Three Months Ended
------------------
December September December
31, 30, 31,
-------- --------- --------
2009 2009 2008
---- ---- ----
Revenue
Investment advisory and
administration fees $36,567 $30,929 $25,768
Distribution and service fees 2,224 2,019 2,278
Portfolio consulting and other 1,080 879 850
----- --- ---
Total revenue 39,871 33,827 28,896
------ ------ ------
Expenses
Employee compensation and benefits 14,915 15,956 12,150
Restructuring and impairment - - 5,586
Distribution and service fees 4,629 3,837 3,736
General and administrative 7,860 6,990 7,971
Depreciation and amortization 1,101 1,072 1,074
Amortization, deferred commissions 178 157 519
--- --- ---
Total expenses 28,683 28,012 31,036
------ ------ ------
Operating income (loss) 11,188 5,815 (2,140)
------ ----- ------
Non-operating income
Interest and dividend income -net 444 100 1,094
Gain (loss) from trading
securities -net 2,413 3,071 (221)
Gain (loss) from available-for-
sale securities - net 996 455 (1,891)
Other 227 586 235
--- --- ---
Total non-operating income (loss) 4,080 4,212 (783)
----- ----- ----
Income (loss) from continuing
operations before
provision for income taxes 15,268 10,027 (2,923)
Provision (benefit) for income
taxes 3,256 2,065 (844)
----- ----- ----
Income (loss) from continuing
operations 12,012 7,962 (2,079)
Loss from discontinued operations,
net of tax - - (4,880)
--- --- ------
Net income (loss) 12,012 7,962 (6,959)
Less: Net income attributable to
redeemable noncontrolling
interest (367) (417) -
---- ---- ---
Net income (loss) attributable to
common shareholders $11,645 $7,545 $(6,959)
======= ====== =======
Earnings per share - Basic:
Income (loss) from continuing
operations attributable to
common shareholders $0.27 $0.18 $(0.05)
----- ----- ------
Loss from discontinued operations,
net of tax,
attributable to common
shareholders $- $- $(0.12)
--- --- ------
Net income (loss) attributable to
common shareholders $0.27 $0.18 $(0.17)
----- ----- ------
Earnings per share - Diluted:
Income (loss) from continuing
operations attributable to
common shareholders $0.27 $0.18 $(0.05)
----- ----- ------
Loss from discontinued operations,
net of tax,
attributable to common
shareholders $- $- $(0.12)
--- --- ------
Net income (loss) attributable to
common shareholders $0.27 $0.18 $(0.17)
----- ----- ------
Weighted average shares
outstanding
Basic 42,400 42,396 41,813
====== ====== ======
Diluted 42,737 42,633 41,813
====== ====== ======
% Change From
-------------
September 30, December 31,
2009 2008
------------- ------------
Revenue
Investment advisory and
administration fees
Distribution and service fees
Portfolio consulting and other
Total revenue 17.9% 38.0%
Expenses
Employee compensation and benefits
Restructuring and impairment
Distribution and service fees
General and administrative
Depreciation and amortization
Amortization, deferred commissions
Total expenses 2.4% (7.6%)
Operating income (loss) 92.4% *
Non-operating income
Interest and dividend income - net
Gain (loss) from trading securities -
net
Gain (loss) from available-for-sale
securities - net
Other
Total non-operating income (loss) (3.1%) *
Income (loss) from continuing
operations before
provision for income taxes 52.3% *
Provision (benefit) for income taxes
Income (loss) from continuing
operations 50.9% *
Loss from discontinued operations,
net of tax - *
Net income (loss) 50.9% *
Less: Net income attributable to
redeemable noncontrolling interest
Net income (loss) attributable to
common shareholders 54.3% *
Earnings per share - Basic:
Income (loss) from continuing
operations attributable to
common shareholders 54.3% *
Loss from discontinued operations,
net of tax,
attributable to common shareholders - *
Net income (loss) attributable to
common shareholders 54.3% *
Earnings per share - Diluted:
Income (loss) from continuing
operations attributable to
common shareholders 54.0% *
Loss from discontinued operations,
net of tax,
attributable to common shareholders - *
Net income (loss) attributable to
common shareholders 54.0% *
Weighted average shares outstanding
Basic
Diluted
* Not meaningful
Cohen & Steers, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
For the Periods Ended
(in thousands, except per share data)
Year Ended
----------
December 31, December 31, % Change
------------ ------------ --------
2009 2008
---- ----
Revenue
Investment advisory and
administration fees $112,566 $163,870
Distribution and service fees 7,545 17,055
Portfolio consulting and
other 3,442 4,905
----- -----
Total revenue 123,553 185,830 (33.5%)
------- -------
Expenses
Employee compensation and
benefits 57,962 62,549
Restructuring and impairment - 5,586
Distribution and service fees 14,668 24,119
General and administrative 28,350 32,242
Depreciation and amortization 4,221 3,885
Amortization, deferred
commissions 789 4,156
--- -----
Total expenses 105,990 132,537 (20.0%)
------- -------
Operating income 17,563 53,293 (67.0%)
------ ------
Non-operating income
Interest and dividend income
-net 1,870 5,910
Gain (loss) from trading
securities -net 14,055 (492)
Loss from available-for-
sale securities - net (30,245) (13,476)
Other 921 645
--- ---
Total non-operating loss (13,399) (7,413) 80.8%
------- ------
Income from continuing
operations before
provision for income taxes 4,164 45,880 (90.9%)
Provision for income taxes 4,490 20,822
----- ------
(Loss) income from continuing
operations (326) 25,058 *
Loss from discontinued
operations, net of tax (10) (6,997) (99.9%)
--- ------
Net (loss) income (336) 18,061 *
Less: Net income attributable
to redeemable noncontrolling
interest (1,374) -
------ ---
Net (loss) income
attributable to common
shareholders $(1,710) $18,061 *
======= =======
Earnings per share - Basic:
(Loss) income from continuing
operations attributable to
common shareholders $(0.04) $0.60 *
------ -----
Loss from discontinued
operations, net of tax,
attributable to common
shareholders $(0.00) $(0.17) (99.9%)
------ ------
Net (loss) income
attributable to common
shareholders $(0.04) $0.43 *
------ -----
Earnings per share -Diluted:
(Loss) income from continuing
operations attributable to
common shareholders $(0.04) $0.60 *
------ -----
Loss from discontinued
operations, net of tax,
attributable to common
shareholders $(0.00) $(0.17) (99.9%)
------ ------
Net (loss) income
attributable to common
shareholders $(0.04) $0.43 *
------ -----
Weighted average shares
outstanding
Basic 42,339 41,864
====== ======
Diluted 42,339 42,094
====== ======
* Not meaningful
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
For the Periods Ended
(in millions)
Three Months Ended
------------------
December 31, September 30, December 31,
------------ ------------- ------------
2009 2009 2008
---- --- ---
Open-End Mutual Funds
---------------------
Assets under management,
beginning of period $5,903 $4,238 $6,949
------ ------ ------
Inflows 610 747 495
Outflows (564) (361) (968)
---- ---- ----
Net inflows (outflows) 46 386 (473)
Market appreciation
(depreciation) 336 1,279 (2,196)
--- ----- ------
Total increase (decrease) 382 1,665 (2,669)
--- ----- ------
Assets under management, end
of period $6,285 $5,903 $4,280
====== ====== ======
Average assets under
management for period $5,827 $5,122 $4,455
====== ====== ======
Closed-End Mutual Funds
-----------------------
Assets under management,
beginning of period $5,192 $4,213 $8,570
------ ------ ------
Inflows - 180 -
Outflows - - (2,098)
--- --- ------
Net inflows (outflows) - 180 (2,098)
Market appreciation
(depreciation) 354 799 (2,194)
--- --- ------
Total increase (decrease) 354 979 (4,292)
--- --- ------
Assets under management, end
of period $5,546 $5,192 $4,278
====== ====== ======
Average assets under
management for period $5,364 $4,759 $5,006
====== ====== ======
Institutional Separate
Accounts
----------------------
Assets under management,
beginning of period $11,398 $7,869 $9,105
------- ------ ------
Inflows 1,406 1,634 609
Outflows (558) (449) (399)
---- ---- ----
Net inflows 848 1,185 210
Market appreciation
(depreciation) 708 2,344 (2,771)
--- ----- ------
Total increase (decrease) 1,556 3,529 (2,561)
----- ----- ------
Assets under management, end
of period $12,954 $11,398 $6,544
======= ======= ======
Average assets under
management for period $11,805 $9,583 $6,280
======= ====== ======
Total
-----
Assets under management,
beginning of period $22,493 $16,320 $24,624
------- ------- -------
Inflows 2,016 2,561 1,104
Outflows (1,122) (810) (3,465)
------ ---- ------
Net inflows (outflows) 894 1,751 (2,361)
Market appreciation
(depreciation) 1,398 4,422 (7,161)
----- ----- ------
Total increase (decrease) 2,292 6,173 (9,522)
----- ----- ------
Assets under management, end
of period $24,785 $22,493 $15,102
======= ======= =======
Average assets under
management for period $22,996 $19,464 $15,741
======= ======= =======
% Change From
-------------
September 30, December 31,
2009 2008
------------- ------------
Open-End Mutual Funds
---------------------
Assets under management, beginning of
period
Inflows
Outflows
Net inflows (outflows)
Market appreciation (depreciation)
Total increase (decrease)
Assets under management, end of period 6.5% 46.8%
Average assets under management for
period 13.8% 30.8%
Closed-End Mutual Funds
-----------------------
Assets under management, beginning of
period
Inflows
Outflows
Net inflows (outflows)
Market appreciation (depreciation)
Total increase (decrease)
Assets under management, end of period 6.8% 29.6%
Average assets under management for
period 12.7% 7.2%
Institutional Separate Accounts
-------------------------------
Assets under management, beginning of
period
Inflows
Outflows
Net inflows
Market appreciation (depreciation)
Total increase (decrease)
Assets under management, end of period 13.7% 98.0%
Average assets under management for
period 23.2% 88.0%
Total
-----
Assets under management, beginning of
period
Inflows
Outflows
Net inflows (outflows)
Market appreciation (depreciation)
Total increase (decrease)
Assets under management, end of period 10.2% 64.1%
Average assets under management for
period 18.1% 46.1%
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
For the Periods Ended
(in millions)
Year Ended
----------
December December
31, 31, % Change
-------- -------- --------
2009 2008
---- ----
Open-End Mutual Funds
---------------------
Assets under management, beginning of
period $4,280 $8,900
------ ------
Inflows 2,112 2,665
Outflows (1,595) (3,860)
------ ------
Net inflows (outflows) 517 (1,195)
Market appreciation (depreciation) 1,488 (3,425)
----- ------
Total increase (decrease) 2,005 (4,620)
----- ------
Assets under management, end of period $6,285 $4,280 46.8%
====== ======
Average assets under management for
period $4,527 $7,089 (36.1%)
====== ======
Closed-End Mutual Funds
-----------------------
Assets under management, beginning of
period $4,278 $10,274
------ -------
Inflows 628 -
Outflows (395) (2,098)
---- ------
Net inflows (outflows) 233 (2,098)
Market appreciation (depreciation) 1,035 (3,898)
----- ------
Total increase (decrease) 1,268 (5,996)
----- ------
Assets under management, end of period $5,546 $4,278 29.6%
====== ======
Average assets under management for
period $4,425 $8,534 (48.1%)
====== ======
Institutional Separate Accounts
-------------------------------
Assets under management, beginning of
period $6,544 $10,612
------ -------
Inflows 4,516 2,016
Outflows (1,306) (2,075)
------ ------
Net inflows (outflows) 3,210 (59)
Market appreciation (depreciation) 3,200 (4,009)
----- ------
Total increase (decrease) 6,410 (4,068)
----- ------
Assets under management, end of period $12,954 $6,544 98.0%
======= ======
Average assets under management for
period $8,491 $9,290 (8.6%)
====== ======
Total
-----
Assets under management, beginning of
period $15,102 $29,786
------- -------
Inflows 7,256 4,681
Outflows (3,296) (8,033)
------ ------
Net inflows (outflows) 3,960 (3,352)
Market appreciation (depreciation) 5,723 (11,332)
----- -------
Total increase (decrease) 9,683 (14,684)
----- -------
Assets under management, end of period $24,785 $15,102 64.1%
======= =======
Average assets under management for
period $17,443 $24,913 (30.0%)
======= =======
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management (Unaudited)
By Investment Category
(in millions)
As of December As of September As of December
31, 2009 30, 2009 31, 2008
-------------- --------------- --------------
Open-End Mutual Funds
---------------------
U.S. Real Estate $3,750 $3,512 $2,415
International Real
Estate 2,046 1,960 1,487
Large Cap Value 197 163 146
Preferreds 13 15 11
Listed Infrastructure
and Utilities 100 86 68
Other 179 167 153
Assets under
management, end of
period $6,285 $5,903 $4,280
====== ====== ======
Closed-End Mutual
Funds
-----------------
U.S. Real Estate $1,818 $1,730 $1,377
International Real
Estate 175 134 72
Large Cap Value 264 241 190
Preferreds 1,186 1,253 1,056
Listed Infrastructure
and Utilities 1,396 1,275 999
Other 707 559 584
Assets under
management, end of
period $5,546 $5,192 $4,278
====== ====== ======
Institutional
Separate Accounts
------------------
U.S. Real Estate $5,016 $4,571 $3,046
International Real
Estate 4,822 4,143 2,160
Large Cap Value 1,929 1,831 595
Preferreds 846 724 508
Listed Infrastructure
and Utilities 119 38 11
Other 222 91 224
Assets under
management, end of
period $12,954 $11,398 $6,544
======= ======= ======
Total
-----
U.S. Real Estate $10,584 $9,813 $6,838
International Real
Estate 7,043 6,237 3,719
Large Cap Value 2,390 2,235 931
Preferreds 2,045 1,992 1,575
Listed Infrastructure
and Utilities 1,615 1,399 1,078
Other 1,108 817 961
Assets under
management, end of
period $24,785 $22,493 $15,102
======= ======= =======
Cohen & Steers, Inc. and Subsidiaries
Other Fee Earning Assets (Unaudited)
(in millions)
As of December As of September As of December
31, 2009 30, 2009 31, 2008
-------------- --------------- --------------
Unified Managed Accounts
------------------------
Other fee earning
assets, end of period $447 $414 $179
==== ==== ====
Exchange Traded Funds
---------------------
Other fee earning
assets, end of period $1,886 $1,676 $1,511
====== ====== ======
Unit Investment Trusts
----------------------
Other fee earning
assets, end of period $1,309 $1,298 $1,005
====== ====== ======
Total
-----
Other fee earning
assets, end of period $3,642 $3,388 $2,695
====== ====== ======
Note: Other fee earning assets are defined as assets for which the
company provides investment advice but for which the
company has no discretion to execute trades, and therefore are not
included in the company's reported assets under management.
DATASOURCE: Cohen & Steers, Inc.
CONTACT: Matthew S. Stadler, Executive Vice President, Chief Financial
Officer, Cohen & Steers, Inc., +1-212-446-9168
Web Site: http://www.cohenandsteers.com/