cns-20220126
0001284812false00012848122022-01-262022-01-26

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 8-K
_____________________

CURRENT REPORT
Pursuant to section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): January 26, 2022
_____________________
Cohen & Steers, Inc.
(Exact Name of Registrant as Specified in Charter)
_____________________
Delaware001-3223614-1904657
(State or other jurisdiction
of incorporation)		(Commission File Number)
(IRS Employer
Identification No.)
280 Park Avenue
New York, NY 10017
(Address of principal executive offices and Zip Code)
(212) 832-3232
(Registrant's telephone number, including area code)
_________________________________________
(Former name or former address, if changed since last report)
  ________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueCNSNew York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02. Results of Operations and Financial Condition
On January 26, 2022, Cohen & Steers, Inc. (the Company) reported, among other things, the Company's financial results for the quarter and year ended December 31, 2021. Copies of the press release announcing the availability of the Company’s financial results and the full earnings release are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively.
The information contained under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, is being furnished and, as a result, such information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.


Item 9.01. Financial Statements and Exhibits
(d) Exhibits. The exhibits listed on the exhibit index accompanying this Current Report on Form 8-K are furnished herewith.




EXHIBIT INDEX
Exhibit No.Description
99.1 
99.2 
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Cohen & Steers, Inc.
(Registrant)

Date: January 26, 2022  By:/s/ Matthew S. Stadler
Name: Matthew S. Stadler
Title: Executive Vice President and Chief Financial Officer




Cohen & Steers, Inc.
280 Park Avenue
New York, NY 10017-1216
Tel (212) 832-3232
                             

cnslogo1221b.jpg


Contact:
Matthew S. Stadler
Executive Vice President
Chief Financial Officer
Cohen & Steers, Inc.
Tel (212) 446-9168

COHEN & STEERS REPORTS RESULTS FOR FOURTH QUARTER AND FULL YEAR 2021
     
New York, NY, January 26, 2022—Cohen & Steers, Inc. (NYSE: CNS) today reported financial results for the three months and year ended December 31, 2021, including net income and earnings per share. The fourth quarter and full year 2021 earnings release and accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for Fourth Quarter and Full Year 2021 and on the company’s website at www.cohenandsteers.com under "Company—Investor Relations—Press Releases."

Conference Call

The company will host a conference call tomorrow, January 27, 2022, at 10:00 a.m. (ET) to discuss these results via webcast and telephone. Hosting the call will be chief executive officer, Robert Steers, president, Joseph Harvey, and chief financial officer, Matthew Stadler.

Investors and analysts can access the live conference call by dialing 800-909-8315 (U.S.) or +1-212-231-2911 (international); passcode: 22014947. 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 12:00 p.m. (ET) on January 27, 2022 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 22014947. 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—Overview." The webcast will be archived on the website for one month.

About Cohen & Steers

Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong and Tokyo.


                                cnslogo1221b.jpg

Contact:
Matthew S. Stadler
Executive Vice President
Chief Financial Officer
Cohen & Steers, Inc.
Tel (212) 446-9168


COHEN & STEERS REPORTS RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2021

•Diluted EPS of $1.30 for the fourth quarter; $1.24 as adjusted
•Diluted EPS of $4.31 for the full year; $4.03 as adjusted
•Operating margin of 50.4% for the fourth quarter; 51.7% as adjusted
•Operating margin of 44.6% for the full year; 46.0% as adjusted
•Ending AUM of $106.6 billion; average AUM of $101.6 billion for the fourth quarter
•Net inflows of $1.8 billion for the fourth quarter

NEW YORK, NY, January 26, 2022—Cohen & Steers, Inc. (NYSE: CNS) today reported its operating results for the fourth quarter and year ended December 31, 2021.
Financial Highlights
(in thousands, except percentages and per share data) Three Months EndedYear Ended
December 31, 2021September 30, 2021December 31, 2020December 31, 2021December 31, 2020
U.S. GAAP
Revenue$159,629 $154,187 $116,460$583,832 $427,536
Expenses
$79,123 $85,956 $128,374(1)$323,460 $332,479(1)
Operating income (loss)$80,506 $68,231 $(11,914)$260,372 $95,057
Non-operating income (loss)$6,837 $1,246 $6,989$21,572 $(1,670)
Net income (loss) attributable to common stockholders$64,482 $51,483 $(4,412)$211,396 $76,584
Diluted earnings (loss) per share$1.30 $1.05 $(0.09)$4.31 $1.57
Operating margin50.4 %44.3 %(10.2)%44.6 %22.2 %
As Adjusted (2)
Net income attributable to common stockholders$61,264 $52,137 $37,082 $197,947 $125,291 
Diluted earnings per share$1.24 $1.06 $0.76 $4.03 $2.57 
Operating margin51.7 %45.6 %42.4 %46.0 %39.6 %
_________________________

(1)Included expenses of $60.2 million and $60.6 million associated with the initial public offering of the Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund (PTA) for the fourth quarter and year ended December 31, 2020, respectively.
(2)Please refer to pages 18-19 for reconciliations of U.S. GAAP to as adjusted results.



1

U.S. GAAP
This section discusses the financial results of the company as presented in accordance with U.S. GAAP.
Revenue
Revenue for the fourth quarter of 2021 was $159.6 million, an increase of $5.4 million, or 3.5%, from $154.2 million for the third quarter of 2021. The change was primarily due to:
•An increase of $3.1 million in investment advisory and administration fees from open-end funds attributable to higher average assets under management; and
•An increase of $2.2 million in performance fees from certain institutional accounts.
Expenses
Expenses for the fourth quarter of 2021 were $79.1 million, a decrease of $6.8 million, or 7.9%, from $86.0 million for the third quarter of 2021. The change was primarily due to:
•Lower employee compensation and benefits of $9.7 million, primarily due to a decrease in incentive compensation to reflect the actual amount to be paid;
•An increase in distribution and service fees of $725,000, primarily due to higher average assets under management in U.S. open-end funds; and
•Higher general and administrative expenses of $2.2 million, primarily due to an increase in travel and entertainment expenses of $492,000, higher hosted and sponsored conferences of $419,000 and an increase in recruitment fees of $331,000.
Operating Margin
Operating margin was 50.4% for the fourth quarter of 2021, compared with 44.3% for the third quarter of 2021. Operating margin represents the ratio of operating income to revenue.
Non-operating Income (Loss)
(in thousands)Three Months Ended
December 31, 2021September 30, 2021
Seed InvestmentsOtherTotalSeed InvestmentsOtherTotal
Interest and dividend income—net$701 $4 $705 $696 $23 $719 
Gain (loss) from investments—net6,865 — 6,865 (418)— (418)
Foreign currency gains (losses)—net(125)(608)(733)41 904 945 
Total non-operating income (loss)$7,441 
(1)
$(604)$6,837 $319 
(1)
$927 $1,246 
_________________________

(1) Seed investments included net income of $5.4 million and net loss of $96,000 attributable to third-party interests in consolidated company-sponsored funds for the three months ended December 31, 2021 and September 30, 2021, respectively.




2

Income Taxes
The effective tax rate for the fourth quarter of 2021 was 21.3%, compared with 26.0% for the third quarter of 2021. The effective tax rate for the fourth quarter of 2021 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign income taxes as well as limitations on the deductibility of executive compensation. These were partially offset by the cumulative effect of a change in the company's effective tax rate for the year and certain discrete tax items, the most significant being the reversal of certain liabilities associated with unrecognized tax benefits. The effective tax rate for the third quarter of 2021 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign income taxes as well as limitations on the deductibility of executive compensation. These were partially offset by the cumulative effect of a change in the company’s estimated effective tax rate for the year.
As Adjusted
This section discusses as adjusted results. Please refer to pages 18-19 for reconciliations of U.S. GAAP to as adjusted results.
Revenue
Revenue, as adjusted, for the fourth quarter of 2021 was $159.7 million, compared with $154.3 million as adjusted, for the third quarter of 2021.
Revenue, as adjusted, excluded the consolidation of certain of the company's seed investments for both periods.
Expenses
Expenses, as adjusted, for the fourth quarter of 2021 were $77.1 million, compared with $83.9 million as adjusted, for the third quarter of 2021.
Expenses, as adjusted, excluded the following for both periods:
•The consolidation of certain of the company's seed investments; and
•Amounts related to the accelerated vesting of certain restricted stock units.
Operating Margin
Operating margin, as adjusted, for the fourth quarter of 2021 was 51.7%, compared with 45.6% as adjusted, for the third quarter of 2021.
Non-operating Income (Loss)
Non-operating loss, as adjusted, for the fourth quarter of 2021 was $542,000, compared with non-operating income, as adjusted, of $19,000 for the third quarter of 2021.
Non-operating income (loss), as adjusted, excluded the following for both periods:
•Results from the company's seed investments; and
•Net foreign currency exchange gains and losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.

3

Income Taxes
The effective tax rate, as adjusted, for the fourth quarter of 2021 was 25.4%, compared with 25.9% as adjusted, for the third quarter of 2021.
The effective tax rate, as adjusted, excluded the following for both periods:
•Tax effects associated with items noted above; and
•Discrete tax items.
Assets Under Management
(in millions)As of
By Investment VehicleDecember 31, 2021September 30, 2021% Change
    Institutional accounts$42,727 $39,347 8.6 %
    Open-end funds50,911 45,593 11.7 %
    Closed-end funds12,991 12,320 5.4 %
Total$106,629 $97,260 9.6 %
By Investment Strategy
    U.S. real estate$49,915 $43,045 16.0 %
    Preferred securities26,987 26,715 1.0 %
    Global/international real estate19,380 17,978 7.8 %
    Global listed infrastructure8,763 8,138 7.7 %
    Other1,584 1,384 14.5 %
Total$106,629 $97,260 9.6 %
Assets under management at December 31, 2021 were $106.6 billion, an increase of 9.6% from $97.3 billion at September 30, 2021. The increase was driven by net inflows of $1.8 billion and market appreciation of $9.1 billion, partially offset by distributions of $1.6 billion.
Institutional Accounts
Assets under management in institutional accounts at December 31, 2021 were $42.7 billion, an increase of 8.6% from $39.3 billion at September 30, 2021. The change was primarily due to the following:
•Advisory:
◦Net outflows of $456 million, including $384 million from global/international real estate; and
◦Market appreciation of $2.2 billion, including $1.1 billion from U.S. real estate and $849 million from global/international real estate.
•Japan subadvisory:
◦Net outflows of $242 million, including $261 million from U.S. real estate;
◦Market appreciation of $1.6 billion, including $1.3 billion from U.S. real estate; and
◦Distributions of $276 million, including $262 million from U.S. real estate.
•Subadvisory excluding Japan:
◦Net outflows of $56 million; and
◦Market appreciation of $588 million, including $356 million from global/international real estate and $147 million from U.S. real estate.
4

Open-end Funds
Assets under management in open-end funds at December 31, 2021 were $50.9 billion, an increase of 11.7% from $45.6 billion at September 30, 2021. The change was primarily due to the following:
•Net inflows of $2.5 billion, including $1.6 billion into U.S. real estate and $514 million into preferred securities;
•Market appreciation of $3.9 billion, including $3.7 billion from U.S. real estate; and
•Distributions of $1.1 billion, including $737 million from U.S. real estate ($695 million of which was reinvested and included in net inflows) and $262 million from preferred securities ($199 million of which was reinvested and included in net inflows).
Closed-end Funds
Assets under management in closed-end funds at December 31, 2021 were $13.0 billion, an increase of 5.4% from $12.3 billion at September 30, 2021. The increase was due to net inflows of $20 million and market appreciation of $830 million, partially offset by distributions of $179 million.














5

Investment Performance as of December 31, 2021
investmentperformance1221a.gif
_________________________
(1)    Past performance is no guarantee of future results. Outperformance is determined by comparing the annualized investment performance of each investment strategy to the performance of specified reference benchmarks. Investment performance in excess of the performance of the benchmark is considered outperformance. The investment performance calculation of each investment strategy is based on all active accounts and investment models pursuing similar investment objectives. For accounts, actual investment performance is measured gross of fees and net of withholding taxes. For investment models, for which actual investment performance does not exist, the investment performance of a composite of accounts pursuing comparable investment objectives is used as a proxy for actual investment performance. The performance of the specified reference benchmark for each account and investment model is measured net of withholding taxes, where applicable. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.
(2)    © 2022 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar calculates its ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. Past performance is no guarantee of future results. Based on independent rating by Morningstar, Inc. of investment performance of each Cohen & Steers-sponsored open-end U.S.-registered mutual fund for all share classes for the overall period at December 31, 2021. Overall Morningstar rating is a weighted average based on the 3-year, 5-year and 10-year Morningstar rating. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.

Balance Sheet Information
As of December 31, 2021, cash, cash equivalents and seed investments were $248.2 million, compared with $241.0 million as of September 30, 2021. As of December 31, 2021, stockholders' equity was $255.2 million, compared with $264.5 million as of September 30, 2021, and the company continues to have no debt. During the fourth quarter of 2021, the company paid a special cash dividend of $60.3 million.




6

Conference Call Information
Cohen & Steers will host a conference call tomorrow, January 27, 2022, at 10:00 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 800-909-8315 (U.S.) or +1-212-231-2911 (international); passcode: 22014947. Participants should plan to register at least 10 minutes before the conference call begins. The accompanying presentation will be available on the company’s website at www.cohenandsteers.com under “Company—Investor Relations—Press Releases.”
A replay of the call will be available for two weeks starting at approximately 12:00 p.m. (ET) on January 27, 2022 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 22014947. 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—Overview.” The webcast will be archived on the website for one month.
About Cohen & Steers
Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong and Tokyo.
Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the company's current views with respect to, among other things, the company's operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these forward-looking statements. The company believes that these factors include, but are not limited to, the risks described in the Risk Factors section of the company's Annual Report on Form 10-K for the year ended December 31, 2020 (the 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.
# # # #
7

 Cohen & Steers, Inc. and Subsidiaries
 Condensed Consolidated Statements of Operations (Unaudited)
 (in thousands, except per share data)
 Three Months Ended % Change From
December 31, 2021September 30, 2021December 31, 2020September 30, 2021December 31, 2020
 Revenue:
 Investment advisory and administration fees$148,637 $143,638 $107,940 
 Distribution and service fees10,259 9,900 7,849 
 Other733 649 671 
 Total revenue159,629 154,187 116,460 3.5 %37.1 %
 Expenses:
 Employee compensation and benefits43,348 53,092 42,460 
 Distribution and service fees20,631 19,906 73,820 
 General and administrative14,213 11,981 10,966 
 Depreciation and amortization931 977 1,128 
 Total expenses79,123 85,956 128,374 (7.9 %)(38.4 %)
 Operating income (loss)80,506 68,231 (11,914)18.0 %*
 Non-operating income (loss):
 Interest and dividend income—net705 719 626 
 Gain (loss) from investments—net6,865 (418)7,315 
 Foreign currency gain (loss)—net(733)945 (952)
 Total non-operating income (loss)6,837 1,246 6,989 448.7 %(2.2 %)
 Income (loss) before provision for income taxes87,343 69,477 (4,925)25.7 %*
 Provision (benefit) for income taxes17,412 18,090 (5,854)
 Net income69,931 51,387 929 36.1 %*
 Net (income) loss attributable to redeemable
 noncontrolling interests		(5,449)96 (5,341)
 Net income (loss) attributable to common
 stockholders		$64,482 $51,483 $(4,412)25.2 %*
 Earnings (loss) per share attributable to
 common stockholders:
 Basic$1.33 $1.06 $(0.09)25.1 %*
 Diluted$1.30 $1.05 $(0.09)24.8 %*
 Dividends declared per share:
 Quarterly$0.45 $0.45 $0.39 — %15.4 %
 Special$1.25 $— $1.00 *25.0 %
 Weighted average shares outstanding:
 Basic48,442 48,386 47,867 
 Diluted49,429 49,262 48,857 
_________________________

* Not meaningful.

8

 Cohen & Steers, Inc. and Subsidiaries
 Condensed Consolidated Statements of Operations (Unaudited)
 (in thousands, except per share data)
Year Ended
December 31, 2021December 31, 2020 % Change
 Revenue:
 Investment advisory and administration fees$543,544 $395,037 
 Distribution and service fees37,630 30,134 
 Other2,658 2,365 
 Total revenue583,832 427,536 36.6 %
 Expenses:
 Employee compensation and benefits195,443 156,457 
 Distribution and service fees75,891 115,084 
 General and administrative48,034 56,286 
 Depreciation and amortization4,092 4,652 
 Total expenses323,460 332,479 (2.7 %)
 Operating income (loss)260,372 95,057 173.9 %
 Non-operating income (loss):
 Interest and dividend income—net2,877 3,362 
 Gain (loss) from investments—net18,784 (4,116)
 Foreign currency gain (loss)—net(89)(916)
 Total non-operating income (loss)21,572 (1,670)*
 Income before provision for income taxes281,944 93,387 201.9 %
 Provision for income taxes55,790 18,222 
 Net income226,154 75,165 200.9 %
 Net (income) loss attributable to redeemable noncontrolling interests(14,758)1,419 
 Net income attributable to common stockholders$211,396 $76,584 176.0 %
 Earnings per share attributable to common stockholders:
 Basic$4.38 $1.60 173.1 %
 Diluted$4.31 $1.57 173.7 %
 Dividends declared per share:
 Quarterly$1.80 $1.56 15.4 %
 Special$1.25 $1.00 25.0 %
 Weighted average shares outstanding:
 Basic48,316 47,800 
 Diluted49,090 48,676 
_________________________

* Not meaningful.

9

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Vehicle
(in millions)
Three Months Ended % Change From
December 31, 2021September 30, 2021December 31, 2020September 30, 2021December 31, 2020
Institutional Accounts
Assets under management, beginning of period$39,347 $40,156 $30,380 
    Inflows611 1,380 1,089 
    Outflows(1,365)(1,996)(1,097)
    Net inflows (outflows)(754)(616)(8)
    Market appreciation (depreciation)4,384 102 3,259 
    Distributions(276)(295)(376)
    Transfers26 — — 
    Total increase (decrease)3,380 (809)2,875 
Assets under management, end of period$42,727 $39,347 $33,255 8.6 %28.5 %
Percentage of total assets under management40.1 %40.5 %41.6 %
Average assets under management$40,929 $40,880 $32,071 0.1 %27.6 %
Open-end Funds
Assets under management, beginning of period$45,593 $43,532 $31,404 
    Inflows5,574 4,321 3,996 
    Outflows(3,049)(2,320)(2,303)
    Net inflows (outflows)2,525 2,001 1,693 
    Market appreciation (depreciation)3,929 336 2,411 
    Distributions(1,110)(276)(348)
    Transfers(26)— — 
    Total increase (decrease)5,318 2,061 3,756 
Assets under management, end of period$50,911 $45,593 $35,160 11.7 %44.8 %
Percentage of total assets under management47.7 %46.9 %44.0 %
Average assets under management$48,054 $45,666 $33,175 5.2 %44.9 %
Closed-end Funds
Assets under management, beginning of period$12,320 $12,537 $8,719 
    Inflows20 18 2,198 
    Outflows— (119)— 
    Net inflows (outflows)20 (101)2,198 
    Market appreciation (depreciation)830 31 711 
    Distributions(179)(147)(135)
    Total increase (decrease)671 (217)2,774 
Assets under management, end of period$12,991 $12,320 $11,493 5.4 %13.0 %
Percentage of total assets under management12.2 %12.7 %14.4 %
Average assets under management$12,647 $12,633 $10,169 0.1 %24.4 %
Total
Assets under management, beginning of period$97,260 $96,225 $70,503 
    Inflows6,205 5,719 7,283 
    Outflows(4,414)(4,435)(3,400)
    Net inflows (outflows)1,791 1,284 3,883 
    Market appreciation (depreciation)9,143 469 6,381 
    Distributions(1,565)(718)(859)
    Total increase (decrease)9,369 1,035 9,405 
Assets under management, end of period$106,629 $97,260 $79,908 9.6 %33.4 %
Average assets under management$101,630 $99,179 $75,415 2.5 %34.8 %

10

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Vehicle
(in millions)
Year Ended
December 31, 2021December 31, 2020 % Change
Institutional Accounts
Assets under management, beginning of period$33,255 $31,813 
    Inflows6,152 7,192 
    Outflows(5,563)(4,418)
    Net inflows (outflows)589 2,774 
    Market appreciation (depreciation)10,041 53 
    Distributions(1,184)(1,385)
    Transfers26 — 
    Total increase (decrease)9,472 1,442 
Assets under management, end of period$42,727 $33,255 28.5 %
Percentage of total assets under management40.1 %41.6 %
Average assets under management$38,906 $29,883 30.2 %
Open-end Funds
Assets under management, beginning of period$35,160 $30,725 
    Inflows19,542 17,556 
    Outflows(10,765)(12,135)
    Net inflows (outflows)8,777 5,421 
    Market appreciation (depreciation)8,936 405 
    Distributions(1,936)(1,391)
    Transfers(26)— 
    Total increase (decrease)15,751 4,435 
Assets under management, end of period$50,911 $35,160 44.8 %
Percentage of total assets under management47.7 %44.0 %
Average assets under management$42,991 $30,152 42.6 %
Closed-end Funds
Assets under management, beginning of period$11,493 $9,644 
    Inflows206 2,652 
    Outflows(119)(89)
    Net inflows (outflows)87 2,563 
    Market appreciation (depreciation)2,033 (197)
    Distributions(622)(517)
    Total increase (decrease)1,498 1,849 
Assets under management, end of period$12,991 $11,493 13.0 %
Percentage of total assets under management12.2 %14.4 %
Average assets under management$12,317 $9,140 34.8 %
Total
Assets under management, beginning of period$79,908 $72,182 
    Inflows25,900 27,400 
    Outflows(16,447)(16,642)
    Net inflows (outflows)9,453 10,758 
    Market appreciation (depreciation)21,010 261 
    Distributions(3,742)(3,293)
    Total increase (decrease)26,721 7,726 
Assets under management, end of period$106,629 $79,908 33.4 %
Average assets under management$94,214 $69,175 36.2 %

11

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts
By Account Type
(in millions)
Three Months Ended % Change From
December 31, 2021September 30, 2021December 31, 2020September 30, 2021December 31, 2020
Advisory
Assets under management, beginning of period$22,818 $23,115 $16,093 
    Inflows362 1,080 645 
    Outflows(818)(1,391)(746)
    Net inflows (outflows)(456)(311)(101)
    Market appreciation (depreciation)2,211 14 1,636 
    Transfers26 — — 
    Total increase (decrease)1,781 (297)1,535 
Assets under management, end of period$24,599 $22,818 $17,628 7.8 %39.5 %
Percentage of institutional assets under management57.6 %58.0 %53.0 %
Average assets under management$23,650 $23,666 $17,167 (0.1 %)37.8 %
Japan Subadvisory
Assets under management, beginning of period$10,262 $10,503 $9,016 
    Inflows62 123 235 
    Outflows(304)(175)(152)
    Net inflows (outflows)(242)(52)83 
    Market appreciation (depreciation)1,585 106 997 
    Distributions(276)(295)(376)
    Total increase (decrease)1,067 (241)704 
Assets under management, end of period$11,329 $10,262 $9,720 10.4 %16.6 %
Percentage of institutional assets under management26.5 %26.1 %29.2 %
Average assets under management$10,687 $10,669 $9,337 0.2 %14.5 %
Subadvisory Excluding Japan
Assets under management, beginning of period$6,267 $6,538 $5,271 
    Inflows187 177 209 
    Outflows(243)(430)(199)
    Net inflows (outflows)(56)(253)10 
    Market appreciation (depreciation)588 (18)626 
    Total increase (decrease)532 (271)636 
Assets under management, end of period$6,799 $6,267 $5,907 8.5 %15.1 %
Percentage of institutional assets under management15.9 %15.9 %17.8 %
Average assets under management$6,592 $6,545 $5,567 0.7 %18.4 %
Total Institutional Accounts
Assets under management, beginning of period$39,347 $40,156 $30,380 
    Inflows611 1,380 1,089 
    Outflows(1,365)(1,996)(1,097)
    Net inflows (outflows)(754)(616)(8)
    Market appreciation (depreciation)4,384 102 3,259 
    Distributions(276)(295)(376)
    Transfers26 — — 
    Total increase (decrease)3,380 (809)2,875 
Assets under management, end of period$42,727 $39,347 $33,255 8.6 %28.5 %
Average assets under management$40,929 $40,880 $32,071 0.1 %27.6 %

12

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts
By Account Type
(in millions)
Year Ended
December 31, 2021December 31, 2020 % Change
Advisory
Assets under management, beginning of period$17,628 $15,669 
    Inflows4,891 4,324 
    Outflows(2,945)(2,771)
    Net inflows (outflows)1,946 1,553 
    Market appreciation (depreciation)4,999 406 
    Transfers26 — 
    Total increase (decrease)6,971 1,959 
Assets under management, end of period$24,599 $17,628 39.5 %
Percentage of institutional assets under management57.6 %53.0 %
Average assets under management$22,092 $15,650 41.2 %
Japan Subadvisory
Assets under management, beginning of period$9,720 $10,323 
    Inflows305 1,601 
    Outflows(1,075)(626)
    Net inflows (outflows)(770)975 
    Market appreciation (depreciation)3,563 (193)
    Distributions(1,184)(1,385)
    Total increase (decrease)1,609 (603)
Assets under management, end of period$11,329 $9,720 16.6 %
Percentage of institutional assets under management26.5 %29.2 %
Average assets under management$10,335 $9,014 14.7 %
Subadvisory Excluding Japan
Assets under management, beginning of period$5,907 $5,821 
    Inflows956 1,267 
    Outflows(1,543)(1,021)
    Net inflows (outflows)(587)246 
    Market appreciation (depreciation)1,479 (160)
    Total increase (decrease)892 86 
Assets under management, end of period$6,799 $5,907 15.1 %
Percentage of institutional assets under management15.9 %17.8 %
Average assets under management$6,479 $5,219 24.1 %
Total Institutional Accounts
Assets under management, beginning of period$33,255 $31,813 
    Inflows6,152 7,192 
    Outflows(5,563)(4,418)
    Net inflows (outflows)589 2,774 
    Market appreciation (depreciation)10,041 53 
    Distributions(1,184)(1,385)
    Transfers26 — 
    Total increase (decrease)9,472 1,442 
Assets under management, end of period$42,727 $33,255 28.5 %
Average assets under management$38,906 $29,883 30.2 %


13

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy
(in millions)
Three Months Ended % Change From
December 31, 2021September 30, 2021December 31, 2020September 30, 2021December 31, 2020
U.S. Real Estate
Assets under management, beginning of period$43,045 $41,865 $29,610 
    Inflows3,083 2,737 2,204 
    Outflows(1,799)(1,586)(1,292)
    Net inflows (outflows)1,284 1,151 912 
    Market appreciation (depreciation)6,672 489 2,886 
    Distributions(1,052)(420)(573)
    Transfers(34)(40)(8)
    Total increase (decrease)6,870 1,180 3,217 
Assets under management, end of period$49,915 $43,045 $32,827 16.0 %52.1 %
Percentage of total assets under management46.8 %44.3 %41.1 %
Average assets under management$46,229 $44,085 $31,203 4.9 %48.2 %
Preferred Securities
Assets under management, beginning of period$26,715 $25,498 $19,010 
    Inflows2,086 2,056 4,281 
    Outflows(1,521)(855)(992)
    Net inflows (outflows)565 1,201 3,289 
    Market appreciation (depreciation)10 202 1,070 
    Distributions(337)(226)(192)
    Transfers34 40 8 
    Total increase (decrease)272 1,217 4,175 
Assets under management, end of period$26,987 $26,715 $23,185 1.0 %16.4 %
Percentage of total assets under management25.3 %27.5 %29.0 %
Average assets under management$26,812 $26,123 $21,096 2.6 %27.1 %
Global/International Real Estate
Assets under management, beginning of period$17,978 $18,220 $13,863 
    Inflows562 511 416 
    Outflows(858)(518)(677)
    Net inflows (outflows)(296)(7)(261)
    Market appreciation (depreciation)1,775 (215)1,648 
    Distributions(77)(20)(36)
    Total increase (decrease)1,402 (242)1,351 
Assets under management, end of period$19,380 $17,978 $15,214 7.8 %27.4 %
Percentage of total assets under management18.2 %18.5 %19.0 %
Average assets under management$18,642 $18,760 $14,612 (0.6 %)27.6 %

14

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy - continued
(in millions)
Three Months Ended % Change From
December 31, 2021September 30, 2021December 31, 2020September 30, 2021December 31, 2020
Global Listed Infrastructure
Assets under management, beginning of period$8,138 $8,246 $6,299 
    Inflows238 354 316 
    Outflows(154)(396)(399)
    Net inflows (outflows)84 (42)(83)
    Market appreciation (depreciation)607 (21)562 
    Distributions(66)(45)(49)
    Total increase (decrease)625 (108)430 
Assets under management, end of period$8,763 $8,138 $6,729 7.7 %30.2 %
Percentage of total assets under management8.2 %8.4 %8.4 %
Average assets under management$8,479 $8,203 $6,665 3.4 %27.2 %
Other
Assets under management, beginning of period$1,384 $2,396 $1,721 
    Inflows236 61 66 
    Outflows(82)(1,080)(40)
    Net inflows (outflows)154 (1,019)26 
    Market appreciation (depreciation)79 14 215 
    Distributions(33)(7)(9)
    Total increase (decrease)200 (1,012)232 
Assets under management, end of period$1,584 $1,384 $1,953 14.5 %(18.9 %)
Percentage of total assets under management1.5 %1.4 %2.4 %
Average assets under management$1,468 $2,008 $1,839 (26.9 %)(20.2 %)
Total
Assets under management, beginning of period$97,260 $96,225 $70,503 
    Inflows6,205 5,719 7,283 
    Outflows(4,414)(4,435)(3,400)
    Net inflows (outflows)1,791 1,284 3,883 
    Market appreciation (depreciation)9,143 469 6,381 
    Distributions(1,565)(718)(859)
    Total increase (decrease)9,369 1,035 9,405 
Assets under management, end of period$106,629 $97,260 $79,908 9.6 %33.4 %
Average assets under management$101,630 $99,179 $75,415 2.5 %34.8 %


15

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy
(in millions)
Year Ended
December 31, 2021December 31, 2020 % Change
U.S. Real Estate
Assets under management, beginning of period$32,827 $31,024 
    Inflows11,538 11,114 
    Outflows(6,499)(6,478)
    Net inflows (outflows)5,039 4,636 
    Market appreciation (depreciation)14,417 (574)
    Distributions(2,294)(2,282)
    Transfers(74)23 
    Total increase (decrease)17,088 1,803 
Assets under management, end of period$49,915 $32,827 52.1 %
Percentage of total assets under management46.8 %41.1 %
Average assets under management$41,315 $28,972 42.6 %
Preferred Securities
Assets under management, beginning of period$23,185 $17,581 
    Inflows8,802 10,979 
    Outflows(5,053)(5,828)
    Net inflows (outflows)3,749 5,151 
    Market appreciation (depreciation)964 1,172 
    Distributions(985)(696)
    Transfers74 (23)
    Total increase (decrease)3,802 5,604 
Assets under management, end of period$26,987 $23,185 16.4 %
Percentage of total assets under management25.3 %29.0 %
Average assets under management$25,262 $18,278 38.2 %
Global/International Real Estate
Assets under management, beginning of period$15,214 $13,509 
    Inflows3,263 4,122 
    Outflows(2,833)(2,436)
    Net inflows (outflows)430 1,686 
    Market appreciation (depreciation)3,933 102 
    Distributions(197)(83)
    Total increase (decrease)4,166 1,705 
Assets under management, end of period$19,380 $15,214 27.4 %
Percentage of total assets under management18.2 %19.0 %
Average assets under management$17,688 $13,193 34.1 %



16

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy - continued
(in millions)
Year Ended
December 31, 2021December 31, 2020 % Change
Global Listed Infrastructure
Assets under management, beginning of period$6,729 $8,076 
    Inflows1,751 997 
    Outflows(765)(1,722)
    Net inflows (outflows)986 (725)
    Market appreciation (depreciation)1,256 (423)
    Distributions(208)(199)
    Total increase (decrease)2,034 (1,347)
Assets under management, end of period$8,763 $6,729 30.2 %
Percentage of total assets under management8.2 %8.4 %
Average assets under management$7,970 $6,972 14.3 %
Other
Assets under management, beginning of period$1,953 $1,992 
    Inflows546 188 
    Outflows(1,297)(178)
    Net inflows (outflows)(751)10 
    Market appreciation (depreciation)440 (16)
    Distributions(58)(33)
    Total increase (decrease)(369)(39)
Assets under management, end of period$1,584 $1,953 (18.9 %)
Percentage of total assets under management1.5 %2.4 %
Average assets under management$1,979 $1,760 12.4 %
Total
Assets under management, beginning of period$79,908 $72,182 
    Inflows25,900 27,400 
    Outflows(16,447)(16,642)
    Net inflows (outflows)9,453 10,758 
    Market appreciation (depreciation)21,010 261 
    Distributions(3,742)(3,293)
    Total increase (decrease)26,721 7,726 
Assets under management, end of period$106,629 $79,908 33.4 %
Average assets under management$94,214 $69,175 36.2 %



17

Reconciliations of U.S. GAAP to As Adjusted Financial Results
Management believes that use of the following as adjusted (non-GAAP) financial results provides greater transparency into the company's operating performance. In addition, these as adjusted financial results are used to prepare the company's internal management reports, which are used in evaluating its business.
While management believes that these as adjusted financial results are useful in evaluating operating performance, this information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with U.S. GAAP.
Reconciliation of U.S. GAAP to As Adjusted Financial Results
Net Income (Loss) Attributable to Common Stockholders and Diluted Earnings per Share
(in thousands, except per share data) Three Months EndedYear Ended
December 31, 2021September 30, 2021December 31, 2020December 31, 2021December 31, 2020
Net income (loss) attributable to common stockholders, U.S. GAAP$64,482 $51,483 $(4,412)$211,396 $76,584 
Seed investments (1)
(1,438)(168)(2,574)(5,870)1,443 
Accelerated vesting of restricted stock units
1,557 1,888 387 7,197 774 
Initial public offering costs (2)
— — 60,249 — 60,559 
Rights offering costs (3)
— — — — 11,859 
Other non-recurring expenses (4)
— — 500 — 500 
Foreign currency exchange (gains) losses—net (5)
62 (908)1,683 (475)871 
Tax adjustments (6)
(3,399)(158)(18,751)(14,301)(27,299)
Net income attributable to common stockholders, as adjusted$61,264 $52,137 $37,082 $197,947 $125,291 
Diluted weighted average shares outstanding49,429 49,262 48,857 49,090 48,676 
Diluted earnings (loss) per share, U.S. GAAP$1.30 $1.05 $(0.09)$4.31 $1.57 
Seed investments
(0.03)— *(0.05)(0.12)0.03 
Accelerated vesting of restricted stock units
0.04 0.04 0.01 0.15 0.02 
Initial public offering costs— — 1.23 — 1.24 
Rights offering costs
— — — — 0.24 
Other non-recurring expenses— — 0.01 — 0.01 
Foreign currency exchange (gains) losses—net
— *(0.02)0.03 (0.01)0.02 
Tax adjustments
(0.07)(0.01)(0.38)(0.30)(0.56)
Diluted earnings per share, as adjusted $1.24 $1.06 $0.76 $4.03 $2.57 
_________________________
* Amounts round to less than $0.01 per share.
(1)Represents amounts related to the deconsolidation of seed investments in company-sponsored funds as well as non-operating (income) loss from seed investments that were not consolidated.
(2)Represents costs associated with the initial public offering of the Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund (PTA). Costs are summarized in the following table:
Employee compensation and benefits
$— $— $1,317 $— $1,317 
Distribution and service fees
— — 57,818 — 57,818 
General and administrative— — 1,114 — 1,424 
Initial public offering costs
$— $— $60,249 $— $60,559 

(3)Represents costs associated with the Cohen & Steers Quality Income Realty Fund, Inc. (RQI) rights offering, which were recorded in general and administrative expense in the first quarter of 2020.
(4)Represents non-recurring expenses, which were recorded in distribution and service fees in the fourth quarter of 2020.
(5)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.
(6)Tax adjustments are summarized in the following table:
Exclusion of tax effects associated with items noted above
$(952)$(815)$(14,316)$(2,262)$(17,119)
Exclusion of discrete tax items
(2,447)657 (4,435)(12,039)(10,180)
Total tax adjustments
$(3,399)$(158)$(18,751)$(14,301)$(27,299)
18

Reconciliation of U.S. GAAP to As Adjusted Financial Results
Revenue, Expenses, Operating Income (Loss) and Operating Margin
(in thousands, except percentages) Three Months EndedYear Ended
December 31, 2021September 30, 2021December 31, 2020December 31, 2021December 31, 2020
Revenue, U.S. GAAP$159,629 $154,187 $116,460 $583,832 $427,536 
Seed investments (1)
108 104 95 411 281 
Revenue, as adjusted$159,737 $154,291 $116,555 $584,243 $427,817 
Expenses, U.S. GAAP$79,123 $85,956 $128,374 $323,460 $332,479 
Seed investments (1)
(446)(143)(69)(819)(424)
Accelerated vesting of restricted stock units
(1,557)(1,888)(387)(7,197)(774)
Initial public offering costs (2)
— — (60,249)— (60,559)
Rights offering costs (3)
— — — — (11,859)
Other non-recurring expenses (4)
— — (500)— (500)
Expenses, as adjusted$77,120 $83,925 $67,169 $315,444 $258,363 
Operating income (loss), U.S. GAAP$80,506 $68,231 $(11,914)$260,372 $95,057 
Seed investments (1)
554 247 164 1,230 705 
Accelerated vesting of restricted stock units
1,557 1,888 387 7,197 774 
Initial public offering costs (2)
— — 60,249 — 60,559 
Rights offering costs (3)
— — — — 11,859 
Other non-recurring expenses (4)
— — 500 — 500 
Operating income, as adjusted$82,617 $70,366 $49,386 $268,799 $169,454 
Operating margin, U.S. GAAP50.4 %44.3 %(10.2)%44.6 %22.2 %
Operating margin, as adjusted 51.7 %45.6 %42.4 %46.0 %39.6 %
__________________________

(1)Represents amounts related to the deconsolidation of seed investments in company-sponsored funds.
(2)Represents costs associated with the initial public offering of PTA. Costs are summarized in the following table:
Employee compensation and benefits
$— $— $1,317 $— $1,317 
Distribution and service fees
— — 57,818 — 57,818 
General and administrative— — 1,114 — 1,424 
Initial public offering costs
$— $— $60,249 $— $60,559 
(3)Represents costs associated with the RQI rights offering, which were recorded in general and administrative expense in the first quarter of 2020.
(4)Represents non-recurring expenses, which were recorded in distribution and service fees in the fourth quarter of 2020.

Reconciliation of U.S. GAAP to As Adjusted Financial Results
Non-operating Income (Loss)
(in thousands) Three Months EndedYear Ended
December 31, 2021September 30, 2021December 31, 2020December 31, 2021December 31, 2020
Non-operating income (loss), U.S. GAAP$6,837 $1,246 $6,989 $21,572 $(1,670)
Seed investments (1)
(7,441)(319)(8,079)(21,858)2,157 
Foreign currency exchange (gain) loss—net (2)
62 (908)1,683 (475)871 
Non-operating income (loss), as adjusted$(542)$19 $593 $(761)$1,358 
_________________________

(1)Represents amounts related to the deconsolidation of seed investments in company-sponsored funds as well as non-operating (income) loss from seed investments that were not consolidated.
(2)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.

19