PDF New York Life Real Estate Investors

New York Life Real Estate Investors

Commercial Mortgages & Structured Lending Direct Equity Investments Real Estate Securities Investments



NYL Investors LLC is a wholly owned subsidiary of New York Life Insurance Company.

Fixed Income Investors | Private Capital Investors | Real Estate Investors | Madison Capital Funding

New York Life Insurance Company

LEADING U.S. LIFE INSURER Fortune 500 company (#80)1 The nation's largest mutual life insurer1 170 year history

FINANCIAL STRENGTH Solid growth and operating profitability Strong balance sheet and capital position

TOTAL REVENUES*

2014 2013 2012 2011 2010 2009

$ BILLIONS $38.7 $36.0 $34.3 $34.4 $34.9 $34.0

INVESTMENT CAPABILITIES $509 billion of AUM2 as of September 30, 2015 26th largest global money manager3

CREDIT RATINGS4 Aaa (Moody's), AA+ (S&P), AAA (Fitch), A++ (AM Best)

SURPLUS AND ASSET VALUATION RESERVES**

2014

$ BILLIONS $21.9

2013

$21.1

2012

$19.6

1. Source: Fortune , June 2015. 2. Assets under management (AUM) includes assets of Investment Advisors affiliated with New York Life Insurance Company

and assets under administration (AUA) including Retail Annuities. AUM for Candriam and Ausbil is reported at the spot rate. 3. Source: Pension & Investments' Largest Money Managers survey, 2015. Ranked by total worldwide institutional assets. 4. Source: Moody's Credit Opinion, June 2015. S&P Rating Report, June 2015. Fitch Rating Report, March 2015. AM Best

Rating Report, July 2015. Ratings are based on the financial strength of New York Life and apply only to Guaranteed Products. These ratings are an opinion only, and are not a recommendation by the applicable Agency to take any action. The information contained on this page is for general informational purposes and is subject to change without notice. Past performance is not indicative of future results.

* Based on the Fortune 500 revenue calculation. Finance and Accounting 2014.

** Finance and Accounting 2014 and Company Financials as of December 2014.

2011 2010 2009

$17.9 $16.8 $15.0

2 Fixed Income Investors | Private Capital Investors | Real Estate Investors | Madison Capital Funding

NYL Investors - Organizational Overview

AUM: Employees: Locations:

$223 billion1 393 New York, Atlanta, Chicago, Dallas, San Francisco, London

1. As of 9/30/15. Fixed Income Investors, Real Estate Investors, and Private Capital Investors are all investment groups within NYL Investors. Assets under management represent the combined AUM of NYL Investors and Madison Capital Funding (MCF), a separate legal entity. NYL Investors AUM: book value ($193.1 B), market value ($19.9B), cost + unfunded commitments ($0.5B), notional ($1.6 B), AUA ($1.6 B) and MCF AUM: book value ($6.6B).

Madison Capital Funding reports internally to NYL Investors but is legally owned by New York Life Investment Management Holdings LLC (NYLIM Holdings), a holding company that owns various New York Life investment boutiques. Number of employees includes Madison Capital Funding employees.

3 Fixed Income Investors | Private Capital Investors | Real Estate Investors | Madison Capital Funding

Real Estate Investors Overview

Full service, multi-faceted real estate operation Headquartered in New York with five regional offices Over 100 years of real estate investing1 156 team members including dedicated legal team 19 years of average experience for investment professionals Active in over 129 MSAs nationwide

$45.3 billion of AUM2 Real Estate Lending - Senior and subordinate debt Real Estate Securities Investment - CMBS and REIT bonds Real Estate Equity - Direct and structured equity investments

$45.3B AUM as of 9/30/15

Equity $5.1

billion3

Securities $11.8 billion

Lending $28.4 billion

1. Real Estate Investors is an investment group within NYL Investors. Includes tenure of when Real Estate Investors was an operating division of New York Life Insurance Company and New York Life investment Management LLC and finally of NYL Investors.

2. Real Estate Investors AUM of $45.3 billion is gross and includes AUA ($1.6B) and property level debt, as of 9/30/15. Net AUM for Real Estate is $44.7B (Equity $4.5B), as of 9/30/15. 3. Gross Equity AUM of $5.1B as of 9/30/15 which includes property-level debt..

4 Fixed Income Investors | Private Capital Investors | Real Estate Investors | Madison Capital Funding

Real Estate Platforms

Independent but integrated platforms provide a strong value proposition

COMMERCIAL LENDING

$28.4B loan portfolio - over 1,000 assets

Loan Types: Fixed / Floating Rate, Stabilized / Transitional, Bridge, Construction to Permanent, Mezzanine

Loan Terms: 3 to 30 years; 50 - 80% LTV

Property Types ? Apartments, industrial, retail, and office ? 147 markets, 42 states

$5.0-6.5B of annual lending activity

Loans through separate accounts and co-lending agreements

Industrial Other 2% 12%

Office 33%

Apartment 28%

Retail 25%

REAL ESTATE SECURITIES

$11.8B portfolio of CMBS and REIT Bonds

$8.8B in CMBS ? Conduit bonds ? Single asset / single borrower (SA/SB)

$3.0B in REIT bonds ? Apartments, industrial, retail, and office ? 162 positions with 55 issuers

$2.0 - $2.5B in annual activity Investments through separate accounts

REIT Bonds 26%

Other CMBS 4%

SA/SB CMBS 20%

Conduit CMBS 51%

EQUITY

$5.1B in equity (gross) / 116 properties and 25.7M square feet

Direct investments via wholly owned, joint ventures, and structured investments

Strategies: Core / Core+, Value Add, and Opportunistic / Development

Investment Scope ? Apartments, industrial, retail, office ? 32 markets, 21 states

$600M to $1B of annual acquisitions

Investments through funds and separate accounts

Retail 3%

Apartment 23%

Office 41%

Other 1%

Industrial 32%

Real Estate Investors AUM of $45.3 billion is gross and includes AUA ($1.6B) and property level debt, as of 9/30/15. Net AUM for Real Estate is $44.7B (Equity $4.5B), as of 9/30/15.

5 Fixed Income Investors | Private Capital Investors | Real Estate Investors | Madison Capital Funding

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