UPDATE 1-Cohen & Steers Q2 profit lags Street on higher expenses

* Q2 adj EPS $0.19 vs est $0.22

* Expenses up 19 pct

July 21 (Reuters) - Cohen & Steers Inc (CNS.N), which manages real estate funds in the United States, reported a quarterly profit below Wall Street expectations on higher expenses.

Second-quarter net income available to common shareholders was $11.6 million, or 27 cents a share, compared with a net loss of $6.4 million, or 15 cents a share, in the year-ago period. Excluding items, the company earned 19 cents a share.

Analysts were expecting the company to earn 22 cents a share, according to Thomson Reuters I/B/E/S.

Expenses increased 19 percent to $30.9 million.

Assets under management were $26.2 billion as of June 30, a decrease of 3.5 percent from $27.2 billion at March 31.

Shares of the company closed at $19.41 in regular session on Wednesday on the New York Stock Exchange. (Reporting by Sweta Singh in Bangalore; Editing by Maju Samuel)