Exhibit

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, 2019


•	Diluted EPS of $0.75 ($0.74, as adjusted) for the fourth quarter; $2.79 ($2.57, as adjusted) for the full year


•	Operating margin of 42.3% (43.1%, as adjusted) for the fourth quarter; 39.0% (39.6%, as adjusted) for the full year


•	AUM of $72.2 billion; average AUM of $71.0 billion for the fourth quarter


•	Net inflows of $1.6 billion for the fourth quarter

NEW YORK, NY, January 22, 2020—Cohen & Steers, Inc. (NYSE: CNS) reported its operating results for the fourth quarter and year ended December 31, 2019.



Financial Highlights

(in thousands, except percentages and per share data)	Three Months Ended									Year Ended
	December 31, 2019			September 30, 2019			December 31, 2018			December 31, 2019			December 31, 2018
U.S. GAAP
Revenue	$	109,847		$	104,965		$	93,906		$	410,830		$	381,111
Expenses	$	63,385		$	64,832		$	59,597		$	250,696		$	234,073
Operating income (loss)	$	46,462		$	40,133		$	34,309		$	160,134		$	147,038
Non-operating income (loss)	$	1,352		$	6,617		$	(3,329	)	$	27,415		$	(3,259	)
Net income attributable to common stockholders	$	36,728		$	34,017		$	25,561		$	134,621		$	113,896
Diluted earnings per share	$	0.75		$	0.70		$	0.54		$	2.79		$	2.40
Operating margin	42.3		%	38.2		%	36.5		%	39.0		%	38.6		%

As Adjusted ⁽¹⁾
Net income attributable to common stockholders	$	35,997		$	31,257		$	26,703		$	124,360		$	113,849
Diluted earnings per share	$	0.74		$	0.65		$	0.56		$	2.57		$	2.40
Operating margin	43.1		%	38.8		%	36.8		%	39.6		%	39.1		%
_________________________ (1) The “As Adjusted” amounts represent non-GAAP financial measures. Refer to pages 19-20 for reconciliations to the most directly comparable U.S. GAAP financial measures.

U.S. GAAP

This section discusses the financial results of the Company as presented in accordance with U.S. GAAP. Prior year revenue from model-based portfolios was reclassified from other (previously reported as portfolio consulting and other) to investment advisory and administration fees.

Revenue

Revenue for the fourth quarter of 2019 was $109.8 million, an increase of $4.9 million, or 4.7% from $105.0 million for the third quarter of 2019. The change was primarily due to an increase in investment advisory and administration fees of $4.4 million attributable to higher average assets under management. Changes to investment advisory and administration fee revenue by investment vehicle were as follows:


•	Institutional account revenue increased $1.8 million to $29.3 million; and


•	Open-end fund revenue increased $2.6 million to $51.1 million.

Revenue for the year ended December 31, 2019 was $410.8 million, an increase of $29.7 million, or 7.8% from $381.1 million for the year ended December 31, 2018.

Expenses

Expenses for the fourth quarter of 2019 were $63.4 million, a decrease of $1.4 million, or 2.2% from $64.8 million for the third quarter of 2019. The change was primarily due to:


•	Lower employee compensation and benefits of $2.9 million, primarily due to an adjustment to reflect actual incentive compensation to be paid;


•	Higher distribution and service fees of $229,000, primarily due to higher average assets under management in U.S. open-end funds, partially offset by the impact of redemptions from a higher cost intermediary; and


•	Higher general and administrative expenses of $1.2 million, primarily due to higher travel and entertainment as well as costs associated with the Cohen & Steers Quality Income Realty Fund, Inc. rights offering.

Expenses for the year ended December 31, 2019 were $250.7 million, an increase of $16.6 million, or 7.1% from $234.1 million for the year ended December 31, 2018.

Operating Margin

Operating margin was 42.3% for the fourth quarter of 2019, compared with 38.2% for the third quarter of 2019.

Operating margin was 39.0% for the year ended December 31, 2019, compared with 38.6% for the year ended December 31, 2018.



Non-operating Income (Loss)
(in thousands)	Three Months Ended
	December 31, 2019									September 30, 2019
	Seed Investments			Other			Total			Seed Investments				Other		Total
Interest and dividend income—net	$	594		$	948		$	1,542		$	691			$	1,022	$	1,713
Gain (loss) from investments—net	1,463			—			1,463			4,472				—		4,472
Foreign currency gains (losses)—net	773			(2,426		)	(1,653		)	(945		)		1,377		432
Total non-operating income (loss)	$	2,830	⁽¹⁾	$	(1,478	)	$	1,352		$	4,218		⁽¹⁾	$	2,399	$	6,617
_________________________ (1) Amounts included income of $1.2 million and $2.4 million attributable to third-party interests for the three months ended December 31, 2019 and September 30, 2019, respectively.

Non-operating income for the fourth quarter of 2019 was $1.4 million, compared with $6.6 million for the third quarter of 2019. For the fourth quarter of 2019, the Company’s share of non-operating income from seed investments was $1.6 million, approximating a return of 2.6%. For the third quarter of 2019, the Company’s share of non-operating income from seed investments was $1.8 million, approximating a return of 2.7%.

Non-operating income for the year ended December 31, 2019 was $27.4 million, compared with non-operating loss of $3.3 million for the year ended December 31, 2018.

Income Taxes

The effective tax rate for the fourth quarter of 2019 was 21.2%, compared with 23.3% for the third quarter of 2019. The effective tax rate for the fourth quarter of 2019 differed from the U.S. federal statutory rate of 21% primarily due to state, local and foreign taxes, offset by the reversal of certain liabilities associated with unrecognized tax benefits and the release of a portion of the valuation allowance associated with unrealized gains on the Company's seed investments. The effective tax rate for the third quarter of 2019 differed from the U.S. federal statutory rate of 21% primarily due to state, local and foreign taxes, partially offset by the release of a portion of the valuation allowance associated with unrealized gains on the Company's seed investments.

The effective tax rate for the year ended December 31, 2019 was 23.2%, compared with 23.1% for the year ended December 31, 2018.

As Adjusted

The term “As Adjusted” is used to identify non-GAAP financial information in the discussion below. Refer to pages 19-20 for reconciliations to the most directly comparable U.S. GAAP financial measures.

Revenue

Revenue, as adjusted, for the fourth quarter of 2019 was $109.8 million, compared with $104.9 million for the third quarter of 2019. Revenue, as adjusted, for the year ended December 31, 2019 was $410.4 million, compared with $380.4 million for the year ended December 31, 2018.

Revenue, as adjusted, excluded the impact of consolidation of certain of the Company's seed investments for all periods.

Expenses

Expenses, as adjusted, for the fourth quarter of 2019 were $62.5 million, compared with $64.1 million for the third quarter of 2019. Expenses, as adjusted, for the year ended December 31, 2019 were $247.7 million, compared with $231.8 million for the year ended December 31, 2018.

Expenses, as adjusted, excluded the following:


•	The impact of consolidation of certain of the Company's seed investments for all periods;


•	Amounts related to the accelerated vesting of certain restricted stock units for both the third and fourth quarters of 2019 as well as for the year ended December 31, 2019; and


•	Costs associated with the Cohen & Steers Quality Income Reality Fund, Inc. rights offering for the fourth quarter and full year 2019 as well as expenses incurred associated with the evaluation of a potential business transaction that the Company did not pursue for the year ended December 31, 2018.

Operating Margin

Operating margin, as adjusted, for the fourth quarter of 2019 was 43.1%, compared with 38.8% for the third quarter of 2019. Operating margin, as adjusted, for the year ended December 31, 2019 was 39.6%, compared with 39.1% for the year ended December 31, 2018.

Non-operating Income

Non-operating income, as adjusted, for the fourth quarter of 2019 was $1.3 million, compared with $1.1 million for the third quarter of 2019. Non-operating income, as adjusted, for the year ended December 31, 2019 was $4.2 million, compared with $3.7 million for the year ended December 31, 2018.

Non-operating income, as adjusted, excluded the following for all 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.

Income Taxes

The effective tax rate, as adjusted, for the fourth quarter of 2019 was 26.1%, compared with 25.3% for the third quarter of 2019. The effective tax rate, as adjusted, for the year ended December 31, 2019 was 25.5%, compared with 25.3% for the year ended December 31, 2018.

The effective tax rate, as adjusted, excluded the following:


•	Tax effects associated with non-GAAP adjustments as well as discrete items for all periods;


•	Tax effects related to the Tax Cuts and Jobs Act for the year ended December 31, 2018; and


•	The reversal of certain liabilities associated with unrecognized tax benefits for the fourth quarter of 2019 as well as for the years ended December 31, 2019 and 2018.



Assets Under Management
(in millions)	As of
By Investment Vehicle	December 31, 2019		September 30, 2019		% Change
Institutional accounts	$	31,813	$	31,533	0.9	%
Open-end funds	30,725		29,598		3.8	%
Closed-end funds	9,644		9,707		(0.6	%)
Total	$	72,182	$	70,838	1.9	%

By Investment Strategy
U.S. real estate	$	31,024	$	30,964	0.2	%
Preferred securities	17,581		16,749		5.0	%
Global/international real estate	13,509		13,141		2.8	%
Global listed infrastructure	8,076		7,774		3.9	%
Other	1,992		2,210		(9.9	%)
Total	$	72,182	$	70,838	1.9	%

Assets under management at December 31, 2019 were $72.2 billion, an increase of 1.9% from $70.8 billion at September 30, 2019. The increase was driven by net inflows of $1.6 billion and market appreciation of $1.1 billion, partially offset by distributions of $1.4 billion.

Institutional Accounts

Assets under management in institutional accounts at December 31, 2019 were $31.8 billion, an increase of 0.9% from $31.5 billion at September 30, 2019. The change was primarily due to the following:


•	Advisory:


◦	Net inflows of $91 million, including $76 million into global/international real estate; and


◦	Market appreciation of $335 million, including $165 million from global/international real estate, $70 million from global listed infrastructure and $61 million from preferred securities.


•	Japan subadvisory:


◦	Net inflows of $341 million, including $366 million into U.S. real estate, partially offset by net outflows of $71 million from preferred securities; and


◦	Distributions of $308 million, including $292 million from U.S. real estate.


•	Subadvisory excluding Japan:


◦	Net outflows of $302 million, including $129 million from preferred securities and $100 million from global/international real estate; and


◦	Market appreciation of $130 million, including $78 million from global/international real estate and $48 million from global listed infrastructure.

Open-end Funds

Assets under management in open-end funds at December 31, 2019 were $30.7 billion, an increase of 3.8% from $29.6 billion at September 30, 2019. The change was primarily due to the following:


•	Net inflows of $1.6 billion, including $744 million into preferred securities and $683 million into U.S. real estate;


•	Market appreciation of $532 million, including $321 million from preferred securities and $104 million from U.S. real estate; and


•	Distributions of $947 million, including $662 million from U.S. real estate, $143 million from global/international real estate and $132 million from preferred securities.

Closed-end Funds

Assets under management in closed-end funds at December 31, 2019 were $9.6 billion, a decrease of 0.6% from $9.7 billion at September 30, 2019. The decrease was due to net outflows of $77 million related to decreases in certain funds' outstanding leverage and distributions of $133 million, partially offset by market appreciation of $147 million.

Investment Performance as of December 31, 2019

_________________________

(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)

© 2020 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 as of December 31, 2019. 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, 2019, cash, cash equivalents, U.S. Treasury securities and seed investments were $204 million. As of December 31, 2019, stockholders' equity was $214 million and the Company had no debt. During the fourth quarter of 2019, a quarterly dividend of $0.36 per share and a special dividend of $2.00 per share, totaling $112 million were paid.

Conference Call Information

Cohen & Steers will host a conference call tomorrow January 23, 2020 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 800-931-6421 (U.S.) or +1-212-231-2935 (international); passcode: 21951022. 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 23, 2020 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 21951022. 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 global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure and natural resource equities, as well as preferred securities and other income solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, 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,” “may,” “should,” “seeks,” “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, 2018 (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.

# # # #



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

	Three Months Ended									% Change From
	December 31, 2019			September 30, 2019			December 31, 2018 ⁽¹⁾			September 30, 2019		December 31, 2018
Revenue
Investment advisory and administration fees	$	101,157		$	96,763		$	86,418
Distribution and service fees	7,976			7,681			6,982
Other	714			521			506
Total revenue	109,847			104,965			93,906			4.7	%	17.0	%
Expenses
Employee compensation and benefits	34,993			37,877			34,504
Distribution and service fees	14,371			14,142			11,551
General and administrative	12,942			11,713			12,474
Depreciation and amortization	1,079			1,100			1,068
Total expenses	63,385			64,832			59,597			(2.2	%)	6.4	%
Operating income (loss)	46,462			40,133			34,309			15.8	%	35.4	%
Non-operating income (loss)
Interest and dividend income—net	1,542			1,713			2,992
Gain (loss) from investments—net	1,463			4,472			(9,572		)
Foreign currency gains (losses)—net	(1,653		)	432			3,251
Total non-operating income (loss)	1,352			6,617			(3,329		)	(79.6	%)	*
Income before provision for income taxes	47,814			46,750			30,980			2.3	%	54.3	%
Provision for income taxes	9,854			10,352			5,682
Net income	37,960			36,398			25,298			4.3	%	50.1	%
Less: Net (income) loss attributable to redeemable noncontrolling interests	(1,232		)	(2,381		)	263
Net income attributable to common stockholders	$	36,728		$	34,017		$	25,561		8.0	%	43.7	%

Earnings per share attributable to common stockholders
Basic	$	0.78		$	0.72		$	0.55		8.0	%	42.2	%
Diluted	$	0.75		$	0.70		$	0.54		7.3	%	40.3	%

Dividends declared per share
Quarterly	$	0.36		$	0.36		$	0.33		—	%	9.1	%
Special	$	2.00		$	—		$	2.50		*		(20.0	%)

Weighted average shares outstanding
Basic	47,324			47,316			46,842
Diluted	48,703			48,412			47,562
_________________________ * Not meaningful. (1) Revenue amounts related to model-based portfolios were reclassified from other (previously reported as portfolio consulting and other) to investment advisory and administration fees for the fourth quarter of 2018.



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

	Year Ended
	December 31, 2019			December 31, 2018 ⁽¹⁾			% Change
Revenue
Investment advisory and administration fees	$	378,578		$	349,870
Distribution and service fees	30,048			29,090
Other	2,204			2,151
Total revenue	410,830			381,111			7.8	%
Expenses
Employee compensation and benefits	143,431			131,292
Distribution and service fees	55,237			50,043
General and administrative	47,632			48,265
Depreciation and amortization	4,396			4,473
Total expenses	250,696			234,073			7.1	%
Operating income (loss)	160,134			147,038			8.9	%
Non-operating income (loss)
Interest and dividend income—net	6,716			10,426
Gain (loss) from investments—net	21,673			(14,264		)
Foreign currency gains (losses)—net	(974		)	579
Total non-operating income (loss)	27,415			(3,259		)	*
Income before provision for income taxes	187,549			143,779			30.4	%
Provision for income taxes	40,565			34,257
Net income	146,984			109,522			34.2	%
Less: Net (income) loss attributable to redeemable noncontrolling interests	(12,363		)	4,374
Net income attributable to common stockholders	$	134,621		$	113,896		18.2	%

Earnings per share attributable to common stockholders
Basic	$	2.85		$	2.43		17.0	%
Diluted	$	2.79		$	2.40		16.0	%

Dividends declared per share
Quarterly	$	1.44		$	1.32		9.1	%
Special	$	2.00		$	2.50		(20.0	%)

Weighted average shares outstanding
Basic	47,273			46,794
Diluted	48,297			47,381
_________________________ * Not meaningful. (1) Revenue amounts related to model-based portfolios were reclassified from other (previously reported as portfolio consulting and other) to investment advisory and administration fees for the year ended December 31, 2018.



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Vehicle
(in millions)
	Three Months Ended									% Change From
	December 31, 2019			September 30, 2019			December 31, 2018 ⁽¹⁾			September 30, 2019		December 31, 2018
Institutional Accounts
Assets under management, beginning of period	$	31,533		$	29,602		$	29,266
Inflows	1,031			1,158			936
Outflows	(901		)	(646		)	(1,125		)
Net inflows (outflows)	130			512			(189		)
Market appreciation (depreciation)	450			1,723			(1,566		)
Distributions	(308		)	(304		)	(363		)
Transfers	8			—			—
Total increase (decrease)	280			1,931			(2,118		)
Assets under management, end of period	$	31,813		$	31,533		$	27,148		0.9	%	17.2	%
Percentage of total assets under management	44.1		%	44.5		%	46.9		%
Average assets under management	$	31,347		$	30,515		$	27,955		2.7	%	12.1	%

Open-end Funds
Assets under management, beginning of period	$	29,598		$	27,563		$	25,020
Inflows	3,588			2,794			2,309
Outflows	(2,038		)	(2,178		)	(3,309		)
Net inflows (outflows)	1,550			616			(1,000		)
Market appreciation (depreciation)	532			1,632			(1,374		)
Distributions	(947		)	(213		)	(351		)
Transfers	(8		)	—			—
Total increase (decrease)	1,127			2,035			(2,725		)
Assets under management, end of period	$	30,725		$	29,598		$	22,295		3.8	%	37.8	%
Percentage of total assets under management	42.6		%	41.8		%	38.5		%
Average assets under management	$	30,050		$	28,548		$	23,984		5.3	%	25.3	%

Closed-end Funds
Assets under management, beginning of period	$	9,707		$	9,436		$	9,084
Inflows	3			2			—
Outflows	(80		)	—			—
Net inflows (outflows)	(77		)	2			—
Market appreciation (depreciation)	147			396			(546		)
Distributions	(133		)	(127		)	(128		)
Total increase (decrease)	(63		)	271			(674		)
Assets under management, end of period	$	9,644		$	9,707		$	8,410		(0.6	%)	14.7	%
Percentage of total assets under management	13.4		%	13.7		%	14.5		%
Average assets under management	$	9,616		$	9,580		$	8,815		0.4	%	9.1	%

Total
Assets under management, beginning of period	$	70,838		$	66,601		$	63,370
Inflows	4,622			3,954			3,245
Outflows	(3,019		)	(2,824		)	(4,434		)
Net inflows (outflows)	1,603			1,130			(1,189		)
Market appreciation (depreciation)	1,129			3,751			(3,486		)
Distributions	(1,388		)	(644		)	(842		)
Total increase (decrease)	1,344			4,237			(5,517		)
Assets under management, end of period	$	72,182		$	70,838		$	57,853		1.9	%	24.8	%
Average assets under management	$	71,013		$	68,643		$	60,754		3.5	%	16.9	%
_________________________ (1) Amounts have been recast to include model-based portfolios which were previously classified as assets under advisement.



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Vehicle
(in millions)
	Year Ended
	December 31, 2019			December 31, 2018 ⁽¹⁾			% Change
Institutional Accounts
Assets under management, beginning of period	$	27,148		$	30,896
Inflows	3,993			2,814
Outflows	(4,908		)	(3,558		)
Net inflows (outflows)	(915		)	(744		)
Market appreciation (depreciation)	6,873			(1,074		)
Distributions	(1,306		)	(1,962		)
Transfers	13			32
Total increase (decrease)	4,665			(3,748		)
Assets under management, end of period	$	31,813		$	27,148		17.2	%
Percentage of total assets under management	44.1		%	46.9		%
Average assets under management	$	30,301		$	28,893		4.9	%

Open-end Funds
Assets under management, beginning of period	$	22,295		$	25,188
Inflows	12,484			8,963
Outflows	(7,745		)	(9,411		)
Net inflows (outflows)	4,739			(448		)
Market appreciation (depreciation)	5,881			(1,302		)
Distributions	(2,177		)	(1,111		)
Transfers	(13		)	(32		)
Total increase (decrease)	8,430			(2,893		)
Assets under management, end of period	$	30,725		$	22,295		37.8	%
Percentage of total assets under management	42.6		%	38.5		%
Average assets under management	$	27,595		$	24,276		13.7	%

Closed-end Funds
Assets under management, beginning of period	$	8,410		$	9,406
Inflows	5			12
Outflows	(80		)	—
Net inflows (outflows)	(75		)	12
Market appreciation (depreciation)	1,823			(496		)
Distributions	(514		)	(512		)
Total increase (decrease)	1,234			(996		)
Assets under management, end of period	$	9,644		$	8,410		14.7	%
Percentage of total assets under management	13.4		%	14.5		%
Average assets under management	$	9,381		$	9,012		4.1	%

Total
Assets under management, beginning of period	$	57,853		$	65,490
Inflows	16,482			11,789
Outflows	(12,733		)	(12,969		)
Net inflows (outflows)	3,749			(1,180		)
Market appreciation (depreciation)	14,577			(2,872		)
Distributions	(3,997		)	(3,585		)
Total increase (decrease)	14,329			(7,637		)
Assets under management, end of period	$	72,182		$	57,853		24.8	%
Average assets under management	$	67,277		$	62,181		8.2	%
_________________________ (1) Amounts have been recast to include model-based portfolios which were previously classified as assets under advisement.



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts
By Account Type
(in millions)
	Three Months Ended									% Change From
	December 31, 2019			September 30, 2019			December 31, 2018 ⁽¹⁾			September 30, 2019		December 31, 2018
Advisory
Assets under management, beginning of period	$	15,243		$	14,099		$	12,427
Inflows	338			567			859
Outflows	(247		)	(126		)	(559		)
Net inflows (outflows)	91			441			300
Market appreciation (depreciation)	335			703			(662		)
Total increase (decrease)	426			1,144			(362		)
Assets under management, end of period	$	15,669		$	15,243		$	12,065		2.8	%	29.9	%
Percentage of institutional assets under management	49.3		%	48.3		%	44.4		%
Average assets under management	$	15,380		$	14,666		$	12,128		4.9	%	26.8	%

Japan Subadvisory
Assets under management, beginning of period	$	10,305		$	9,846		$	10,472
Inflows	554			289			6
Outflows	(213		)	(280		)	(310		)
Net inflows (outflows)	341			9			(304		)
Market appreciation (depreciation)	(15		)	754			(517		)
Distributions	(308		)	(304		)	(363		)
Total increase (decrease)	18			459			(1,184		)
Assets under management, end of period	$	10,323		$	10,305		$	9,288		0.2	%	11.1	%
Percentage of institutional assets under management	32.4		%	32.7		%	34.2		%
Average assets under management	$	10,142		$	10,009		$	9,739		1.3	%	4.1	%

Subadvisory Excluding Japan
Assets under management, beginning of period	$	5,985		$	5,657		$	6,367
Inflows	139			302			71
Outflows	(441		)	(240		)	(256		)
Net inflows (outflows)	(302		)	62			(185		)
Market appreciation (depreciation)	130			266			(387		)
Transfers	8			—			—
Total increase (decrease)	(164		)	328			(572		)
Assets under management, end of period	$	5,821		$	5,985		$	5,795		(2.7	%)	0.4	%
Percentage of institutional assets under management	18.3		%	19.0		%	21.3		%
Average assets under management	$	5,825		$	5,840		$	6,088		(0.3	%)	(4.3	%)

Total Institutional Accounts
Assets under management, beginning of period	$	31,533		$	29,602		$	29,266
Inflows	1,031			1,158			936
Outflows	(901		)	(646		)	(1,125		)
Net inflows (outflows)	130			512			(189		)
Market appreciation (depreciation)	450			1,723			(1,566		)
Distributions	(308		)	(304		)	(363		)
Transfers	8			—			—
Total increase (decrease)	280			1,931			(2,118		)
Assets under management, end of period	$	31,813		$	31,533		$	27,148		0.9	%	17.2	%
Average assets under management	$	31,347		$	30,515		$	27,955		2.7	%	12.1	%
_________________________ (1) Amounts have been recast to include model-based portfolios which were previously classified as assets under advisement.



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts
By Account Type
(in millions)
	Year Ended
	December 31, 2019			December 31, 2018 ⁽¹⁾			% Change
Advisory
Assets under management, beginning of period	$	12,065		$	11,341
Inflows	1,918			2,101
Outflows	(1,351		)	(925		)
Net inflows (outflows)	567			1,176
Market appreciation (depreciation)	3,032			(484		)
Transfers	5			32
Total increase (decrease)	3,604			724
Assets under management, end of period	$	15,669		$	12,065		29.9	%
Percentage of institutional assets under management	49.3		%	44.4		%
Average assets under management	$	14,752		$	11,804		25.0	%

Japan Subadvisory
Assets under management, beginning of period	$	9,288		$	12,672
Inflows	942			144
Outflows	(1,076		)	(1,250		)
Net inflows (outflows)	(134		)	(1,106		)
Market appreciation (depreciation)	2,475			(316		)
Distributions	(1,306		)	(1,962		)
Total increase (decrease)	1,035			(3,384		)
Assets under management, end of period	$	10,323		$	9,288		11.1	%
Percentage of institutional assets under management	32.4		%	34.2		%
Average assets under management	$	9,954		$	10,608		(6.2	%)

Subadvisory Excluding Japan
Assets under management, beginning of period	$	5,795		$	6,883
Inflows	1,133			569
Outflows	(2,481		)	(1,383		)
Net inflows (outflows)	(1,348		)	(814		)
Market appreciation (depreciation)	1,366			(274		)
Transfers	8			—
Total increase (decrease)	26			(1,088		)
Assets under management, end of period	$	5,821		$	5,795		0.4	%
Percentage of institutional assets under management	18.3		%	21.3		%
Average assets under management	$	5,595		$	6,481		(13.7	%)

Total Institutional Accounts
Assets under management, beginning of period	$	27,148		$	30,896
Inflows	3,993			2,814
Outflows	(4,908		)	(3,558		)
Net inflows (outflows)	(915		)	(744		)
Market appreciation (depreciation)	6,873			(1,074		)
Distributions	(1,306		)	(1,962		)
Transfers	13			32
Total increase (decrease)	4,665			(3,748		)
Assets under management, end of period	$	31,813		$	27,148		17.2	%
Average assets under management	$	30,301		$	28,893		4.9	%
_________________________ (1) Amounts have been recast to include model-based portfolios which were previously classified as assets under advisement.



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy
(in millions)
	Three Months Ended									% Change From
	December 31, 2019			September 30, 2019			December 31, 2018 ⁽¹⁾			September 30, 2019		December 31, 2018
U.S. Real Estate
Assets under management, beginning of period	$	30,964		$	28,841		$	27,183
Inflows	2,405			1,638			1,126
Outflows	(1,355		)	(1,519		)	(1,419		)
Net inflows (outflows)	1,050			119			(293		)
Market appreciation (depreciation)	11			2,436			(1,648		)
Distributions	(1,001		)	(413		)	(576		)
Transfers	—			(19		)	(39		)
Total increase (decrease)	60			2,123			(2,556		)
Assets under management, end of period	$	31,024		$	30,964		$	24,627		0.2	%	26.0	%
Percentage of total assets under management	43.0		%	43.7		%	42.6		%
Average assets under management	$	30,694		$	29,862		$	26,034		2.8	%	17.9	%

Preferred Securities
Assets under management, beginning of period	$	16,749		$	15,735		$	14,430
Inflows	1,320			1,371			1,303
Outflows	(767		)	(732		)	(1,980		)
Net inflows (outflows)	553			639			(677		)
Market appreciation (depreciation)	440			510			(571		)
Distributions	(161		)	(154		)	(137		)
Transfers	—			19			23
Total increase (decrease)	832			1,014			(1,362		)
Assets under management, end of period	$	17,581		$	16,749		$	13,068		5.0	%	34.5	%
Percentage of total assets under management	24.4		%	23.6		%	22.6		%
Average assets under management	$	17,112		$	16,268		$	13,963		5.2	%	22.6	%

Global/International Real Estate
Assets under management, beginning of period	$	13,141		$	12,196		$	11,823
Inflows	629			672			644
Outflows	(488		)	(349		)	(814		)
Net inflows (outflows)	141			323			(170		)
Market appreciation (depreciation)	385			638			(548		)
Distributions	(158		)	(16		)	(58		)
Total increase (decrease)	368			945			(776		)
Assets under management, end of period	$	13,509		$	13,141		$	11,047		2.8	%	22.3	%
Percentage of total assets under management	18.7		%	18.6		%	19.1		%
Average assets under management	$	13,330		$	12,633		$	11,168		5.5	%	19.4	%
_________________________ (1) Amounts have been recast to include model-based portfolios which were previously classified as assets under advisement.



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy - continued
(in millions)
	Three Months Ended									% Change From
	December 31, 2019			September 30, 2019			December 31, 2018 ⁽¹⁾			September 30, 2019		December 31, 2018
Global Listed Infrastructure
Assets under management, beginning of period	$	7,774		$	7,544		$	7,022
Inflows	219			212			136
Outflows	(285		)	(92		)	(161		)
Net inflows (outflows)	(66		)	120			(25		)
Market appreciation (depreciation)	194			159			(429		)
Distributions	(52		)	(49		)	(51		)
Transfers	226			—			—
Total increase (decrease)	302			230			(505		)
Assets under management, end of period	$	8,076		$	7,774		$	6,517		3.9	%	23.9	%
Percentage of total assets under management	11.2		%	11.0		%	11.3		%
Average assets under management	$	7,671		$	7,650		$	6,832		0.3	%	12.3	%

Other
Assets under management, beginning of period	$	2,210		$	2,285		$	2,912
Inflows	49			61			36
Outflows	(124		)	(132		)	(60		)
Net inflows (outflows)	(75		)	(71		)	(24		)
Market appreciation (depreciation)	99			8			(290		)
Distributions	(16		)	(12		)	(20		)
Transfers	(226		)	—			16
Total increase (decrease)	(218		)	(75		)	(318		)
Assets under management, end of period	$	1,992		$	2,210		$	2,594		(9.9	%)	(23.2	%)
Percentage of total assets under management	2.8		%	3.1		%	4.5		%
Average assets under management	$	2,206		$	2,230		$	2,757		(1.1	%)	(20.0	%)

Total
Assets under management, beginning of period	$	70,838		$	66,601		$	63,370
Inflows	4,622			3,954			3,245
Outflows	(3,019		)	(2,824		)	(4,434		)
Net inflows (outflows)	1,603			1,130			(1,189		)
Market appreciation (depreciation)	1,129			3,751			(3,486		)
Distributions	(1,388		)	(644		)	(842		)
Total increase (decrease)	1,344			4,237			(5,517		)
Assets under management, end of period	$	72,182		$	70,838		$	57,853		1.9	%	24.8	%
Average assets under management	$	71,013		$	68,643		$	60,754		3.5	%	16.9	%
_________________________ (1) Amounts have been recast to include model-based portfolios which were previously classified as assets under advisement.



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy
(in millions)
	Year Ended
	December 31, 2019			December 31, 2018 ⁽¹⁾			% Change
U.S. Real Estate
Assets under management, beginning of period	$	24,627		$	29,241
Inflows	7,298			4,488
Outflows	(5,363		)	(5,158		)
Net inflows (outflows)	1,935			(670		)
Market appreciation (depreciation)	7,346			(1,151		)
Distributions	(2,886		)	(2,561		)
Transfers	2			(232		)
Total increase (decrease)	6,397			(4,614		)
Assets under management, end of period	$	31,024		$	24,627		26.0	%
Percentage of total assets under management	43.0		%	42.6		%
Average assets under management	$	29,117		$	26,605		9.4	%

Preferred Securities
Assets under management, beginning of period	$	13,068		$	14,435
Inflows	5,726			4,503
Outflows	(3,041		)	(4,723		)
Net inflows (outflows)	2,685			(220		)
Market appreciation (depreciation)	2,406			(803		)
Distributions	(597		)	(560		)
Transfers	19			216
Total increase (decrease)	4,513			(1,367		)
Assets under management, end of period	$	17,581		$	13,068		34.5	%
Percentage of total assets under management	24.4		%	22.6		%
Average assets under management	$	15,702		$	14,237		10.3	%

Global/International Real Estate
Assets under management, beginning of period	$	11,047		$	11,194
Inflows	2,541			1,975
Outflows	(2,714		)	(1,669		)
Net inflows (outflows)	(173		)	306
Market appreciation (depreciation)	2,887			(254		)
Distributions	(252		)	(199		)
Total increase (decrease)	2,462			(147		)
Assets under management, end of period	$	13,509		$	11,047		22.3	%
Percentage of total assets under management	18.7		%	19.1		%
Average assets under management	$	12,718		$	11,341		12.1	%
_________________________ (1) Amounts have been recast to include model-based portfolios which were previously classified as assets under advisement.



Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy - continued
(in millions)
	Year Ended
	December 31, 2019			December 31, 2018 ⁽¹⁾			% Change
Global Listed Infrastructure
Assets under management, beginning of period	$	6,517		$	6,982
Inflows	713			601
Outflows	(699		)	(448		)
Net inflows (outflows)	14			153
Market appreciation (depreciation)	1,520			(419		)
Distributions	(201		)	(199		)
Transfers	226			—
Total increase (decrease)	1,559			(465		)
Assets under management, end of period	$	8,076		$	6,517		23.9	%
Percentage of total assets under management	11.2		%	11.3		%
Average assets under management	$	7,455		$	6,924		7.7	%

Other
Assets under management, beginning of period	$	2,594		$	3,638
Inflows	204			222
Outflows	(916		)	(971		)
Net inflows (outflows)	(712		)	(749		)
Market appreciation (depreciation)	418			(245		)
Distributions	(61		)	(66		)
Transfers	(247		)	16
Total increase (decrease)	(602		)	(1,044		)
Assets under management, end of period	$	1,992		$	2,594		(23.2	%)
Percentage of total assets under management	2.8		%	4.5		%
Average assets under management	$	2,285		$	3,075		(25.7	%)

Total
Assets under management, beginning of period	$	57,853		$	65,490
Inflows	16,482			11,789
Outflows	(12,733		)	(12,969		)
Net inflows (outflows)	3,749			(1,180		)
Market appreciation (depreciation)	14,577			(2,872		)
Distributions	(3,997		)	(3,585		)
Total increase (decrease)	14,329			(7,637		)
Assets under management, end of period	$	72,182		$	57,853		24.8	%
Average assets under management	$	67,277		$	62,182		8.2	%
_________________________ (1) Amounts have been recast to include model-based portfolios which were previously classified as assets under advisement.

Non-GAAP Reconciliations

Management believes that use of the following non-GAAP financial measures enhances the evaluation of the Company's results, as they provide greater transparency into the Company's operating performance. In addition, these non-GAAP financial measures are used to prepare the Company's internal management reports and are used by management in evaluating the Company's business.

While management believes that this non-GAAP financial information is useful in evaluating the Company's results and 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 Net Income Attributable to Common Stockholders and U.S. GAAP Earnings per Share to Net Income Attributable to Common Stockholders, As Adjusted, and Earnings per Share, As Adjusted

For the Periods

(in thousands, except per share data)	Three Months Ended										Year Ended
	December 31, 2019			September 30, 2019				December 31, 2018			December 31, 2019			December 31, 2018
Net income attributable to common stockholders, U.S. GAAP	$	36,728		$	34,017			$	25,561		$	134,621		$	113,896
Seed investments ⁽¹⁾	(1,393		)	(1,630		)		5,580			(11,858		)	5,552
Accelerated vesting of restricted stock units	358			387				—			1,344			—
General and administrative ⁽²⁾	346			—				—			346			871
Foreign currency exchange (gains) losses—net⁽³⁾	2,822			(1,310		)		(1,100		)	1,909			(2,270		)
Tax adjustments ⁽⁴⁾	(2,864		)	(207		)		(3,338		)	(2,002		)	(4,200		)
Net income attributable to common stockholders, as adjusted	$	35,997		$	31,257			$	26,703		$	124,360		$	113,849

Diluted weighted average shares outstanding	48,703			48,412				47,562			48,297			47,381
Diluted earnings per share, U.S. GAAP	$	0.75		$	0.70			$	0.54		$	2.79		$	2.40
Seed investments ⁽¹⁾	(0.03		)	(0.03		)		0.11			(0.25		)	0.12
Accelerated vesting of restricted stock units	0.01			0.01				—			0.02			—
General and administrative ⁽²⁾	0.01			—				—			0.01			0.02
Foreign currency exchange (gains) losses—net⁽³⁾	0.06			(0.03		)		(0.02		)	0.04			(0.05		)
Tax adjustments	(0.06		)	—			*	(0.07		)	(0.04		)	(0.09		)
Diluted earnings per share, as adjusted	$	0.74		$	0.65			$	0.56		$	2.57		$	2.40
_________________________ * 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 Cohen & Steers Quality Income Realty Fund, Inc. rights offering in the fourth quarter of 2019 and expenses associated with the evaluation of a potential business transaction that the Company did not pursue in the first quarter of 2018. (3) Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries. (4) Tax adjustments are summarized in the following table:
(in thousands)	Three Months Ended										Year Ended
	December 31, 2019			September 30, 2019				December 31, 2018			December 31, 2019			December 31, 2018
Transition tax liability in connection with the Tax Cuts and Jobs Act	$	—		$	—			$	—		$	—		$	(123	)
Reversal of certain liabilities associated with unrecognized tax benefits	(1,832		)	—				(2,758		)	(1,832		)	(2,758		)
Delivery of restricted stock units	—			(7		)		—			(203		)	(947		)
Tax effect of non-GAAP adjustments	(1,027		)	(200		)		9			38			217
Other tax-related items	(5		)	—				(589		)	(5		)	(589		)
Total tax adjustments	$	(2,864	)	$	(207	)		$	(3,338	)	$	(2,002	)	$	(4,200	)



Reconciliation of U.S. GAAP Operating Income and U.S. GAAP Operating Margin to Operating Income, As Adjusted, and Operating Margin, As Adjusted

For the Periods

(in thousands, except percentages)	Three Months Ended									Year Ended
	December 31, 2019			September 30, 2019			December 31, 2018			December 31, 2019			December 31, 2018
Revenue, U.S. GAAP	$	109,847		$	104,965		$	93,906		$	410,830		$	381,111
Seed investments ⁽¹⁾	(19		)	(99		)	(269		)	(438		)	(694		)
Revenue, as adjusted	$	109,828		$	104,866		$	93,637		$	410,392		$	380,417

Expenses, U.S. GAAP	$	63,385		$	64,832		$	59,597		$	250,696		$	234,073
Seed investments ⁽¹⁾	(224		)	(306		)	(437		)	(1,323		)	(1,408		)
Accelerated vesting of restricted stock units	(358		)	(387		)	—			(1,344		)	—
General and administrative⁽²⁾	(346		)	—			—			(346		)	(871		)
Expenses, as adjusted	$	62,457		$	64,139		$	59,160		$	247,683		$	231,794

Operating income, U.S. GAAP	$	46,462		$	40,133		$	34,309		$	160,134		$	147,038
Seed investments ⁽¹⁾	205			207			168			885			714
Accelerated vesting of restricted stock units	358			387			—			1,344			—
General and administrative⁽²⁾	346			—			—			346			871
Operating income, as adjusted	$	47,371		$	40,727		$	34,477		$	162,709		$	148,623

Operating margin, U.S. GAAP	42.3		%	38.2		%	36.5		%	39.0		%	38.6		%
Operating margin, as adjusted	43.1		%	38.8		%	36.8		%	39.6		%	39.1		%
_________________________ (1) Represents amounts related to the deconsolidation of seed investments in Company-sponsored funds. (2) Represents costs associated with the Cohen & Steers Quality Income Realty Fund, Inc. rights offering in the fourth quarter of 2019 and expenses associated with the evaluation of a potential business transaction that the Company did not pursue in the first quarter of 2018.



Reconciliation of U.S. GAAP Non-operating Income (Loss) to Non-operating Income (Loss), As Adjusted

For the Periods

(in thousands)	Three Months Ended									Year Ended
	December 31, 2019			September 30, 2019			December 31, 2018			December 31, 2019			December 31, 2018
Non-operating income (loss), U.S. GAAP	$	1,352		$	6,617		$	(3,329	)	$	27,415		$	(3,259	)
Seed investments ⁽¹⁾	(2,830		)	(4,218		)	5,675			(25,106		)	9,212
Foreign currency exchange (gains) losses—net⁽²⁾	2,822			(1,310		)	(1,100		)	1,909			(2,270		)
Non-operating income (loss), as adjusted	$	1,344		$	1,089		$	1,246		$	4,218		$	3,683
_________________________ (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.