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/
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