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New York LifeReal Estate InvestorsCommercial Mortgages & Structured LendingDirect Equity InvestmentsReal Estate Securities Investmentsnylrealestate.comNYL 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 CompanyLEADING U.S. LIFE INSURERTOTAL REVENUES* BILLIONS Fortune 500 company (#80)1 The nation’s largest mutual life insurer12014 38.7 170 year history2013 36.02012 34.32011 34.42010 34.92009 34.0FINANCIAL STRENGTH Solid growth and operating profitability Strong balance sheet and capital positionINVESTMENT CAPABILITIES 509 billion of AUM2 as of September 30, 2015 26th largest global money manager3CREDITRATINGS 4 Aaa (Moody’s), AA (S&P), AAA (Fitch), A (AM Best)1. Source: Fortune , June 2015.2. Assets under management (AUM) includes assets of Investment Advisors affiliated with New York Life Insurance Companyand 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 BestRating Report, July 2015. Ratings are based on the financial strength of New York Life and apply only to GuaranteedProducts. 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. Pastperformance 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.SURPLUS AND ASSET VALUATION RESERVES** BILLIONS2014 21.92013 21.12012 19.62011 17.92010 16.82009 15.02Fixed Income Investors Private Capital Investors Real Estate Investors Madison Capital Funding
NYL Investors Organizational OverviewAUM: 223 billion1Employees:393Locations:New York, Atlanta, Chicago,Dallas, San Francisco, London1. 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 MadisonCapital 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.3Fixed Income Investors Private Capital Investors Real Estate Investors Madison Capital Funding
Real Estate Investors OverviewFull 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 45.3B AUM as of 9/30/15Equity 5.1billion3Securities 11.8billion 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 investmentsLending 28.4billion1. 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 LLCand 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.4Fixed Income Investors Private Capital Investors Real Estate Investors Madison Capital Funding
Real Estate PlatformsIndependent but integrated platforms provide a strong value propositionCOMMERCIAL LENDINGREAL ESTATE SECURITIES 28.4B loan portfolio - over 1,000assets 11.8B portfolio of CMBS and REITBonds 5.1B in equity (gross) / 116properties and 25.7M square feet Loan Types: Fixed / Floating Rate,Stabilized / Transitional, Bridge,Construction to Permanent, Mezzanine 8.8B in CMBS Direct investments via wholly owned, jointventures, and structured investments Loan Terms: 3 to 30 years; 50 - 80% LTV Property Types– Conduit bonds– Single asset / single borrower (SA/SB) 3.0B in REIT bonds– Apartments, industrial, retail, and office– Apartments, industrial, retail, and office– 147 markets, 42 statesOther 2% Investment Scope– 32 markets, 21 states Investments through separate accounts Loans through separate accounts andco-lending agreementsIndustrial12% Strategies: Core / Core , Value Add, andOpportunistic / Development– Apartments, industrial, retail, office– 162 positions with 55 issuers 2.0 - 2.5B in annual activity 5.0-6.5B of annual lending activityEQUITY 600M to 1B of annual acquisitions Investments through funds and fice 33%OtherCMBS4%Apartment28%Retail trial32%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 9/30/15.5Fixed Income Investors Private Capital Investors Real Estate Investors Madison Capital Funding
General Investment ParametersSenior Mortgage Lending Loan to Value: Up to 75% for senior mortgages, higher for credit transactionsDebt Coverage Ratio: Minimum of 1.30x or greater once stabilizedNon-recourse to borrower except for standard carve outsStructured Lending Fixed rate Construction-to-Permanent and Bridge to Permanent loans up to 75% LTCFloating rate bridge loans to 75% LTCSubordinated loans for stabilized properties up to 85% LTCFinancing available to vehicles that hold real estate debt (static pools or actively managed with lender approval)Institutional quality property, location and sponsorship requiredFixed, floating and combination rates availableEarn outs availableDirect Equity Investments Nationwide investments between 10- 100 million across all asset types, except hospitalityCore, core-plus , value-add, and development on a select basisAssets can be owned outright or in partnership with experienced operatorsPrimary markets nationwide and secondary markets on a select basisReal Estate Securities CMBS investments include conduits, floating rate pools, and single asset single borrower transactions, most of whichare investment grade. Typical investment size ranges from 20-100 millionPurchaser of CRE CDOsUnsecured REIT bond investments in both public and private placements, which provide liquidity to experiencedinstitutional real estate owners and real estate operating companies There is no guarantee that investment objectives will be obtained.Commercial Mortgages & Structured Lending Direct Equity Investments Real Estate Securities Investments6
Investment Activity20152014ActualActual 6.70Billion1 6.1 Billion Senior Mortgages 600 Million Structured Loans20152016PlanPlannedCommercialMortgages &Structured Lending 5.50 Billion 4.50 Billion Senior Mortgages 1.00 Billion Structured Loans 1.17 BillionDirect EquityInvestments 1.0 Billion 2.15 BillionCMBSInvestments 2.00 Billion 495 MillionREIT DebtInvestments 500 Million1. Activity includes participations for commercial mortgagesThere is no guarantee that investment objectives will be obtained.Commercial Mortgages & Structured Lending Direct Equity Investments Real Estate Securities Investments7
Senior Mortgage LendingInvestment GuidelinesRate Fixed and floating rates at competitive, market-based spreads over Treasuries or LIBORRate locked upon receipt of an executed application with appropriate depositsTerm Fixed Rate: 3 - 30 yearsFloating Rate: up to 7 yearsSize Typically 10 million to 300 million for single assets, higher for portfolio transactionsWill coordinate and structure co-investment arrangements for loans with higher proceedsCo-Lending on Senior Debt Arrange club loansParticipate with a lead lenderPortfolio Financing Financing available of 500 million , higher with participantsAverage allocated loan amount in pool per asset should exceed 10 million; loan facility can be increased or reducedvia property additions or releasesFixed rate loans with a floating rate component allow for partial releases and prepayment flexibilityLoans may be partially collateralized via mezzanine positionsParameters Loan to Value: Up to 75% for mortgages, higher for credit transactionsDebt Coverage Ratio: Minimum of 1.30X or greater once stabilizedHigh grade mezzanine debt may have less restrictive underwriting parametersNon-recourse to borrower except for standard carve outsTypical Timing & Deposits Transactions approved for commitment and rate lock in a quick and efficient mannerTypical commitment to closing: 30 to 60 daysForward financing options availableTypically 2% to 3% refundable deposit required to lock rateNon-refundable processing payment required for third party consultant reportsConsultant Reports AppraisalProperty conditionEnvironmentalSeismic, as applicableThere is no guarantee that investment objectives will be obtained.Commercial Mortgages & Structured Lending Direct Equity Investments Real Estate Securities Investments8
Representative Transactions11 Times SquareNew York, NYOffice 324M First Mortgage Participation7-yr Fixed Rate500 BoylstonBoston, MAOffice 324M First Mortgage Participation7-yr Fixed RatePort Chester Shopping CenterPort Chester, NYRetail 120M First Mortgage15-yr Fixed RateAscent Victory ParkDallas, TXMultifamily 68.7M Construction/Permanent First Mortgage10-yr Fixed RateDenver Financial CenterDenver, COOffice 36.7M First Mortgage Participation3-yr Floating RateSecurities CentreAtlanta, GAOffice 70M First Mortgage5-yr Floating RateCommercial Mortgages & Structured Lending Direct Equity Investments Real Estate Securities Investments9
Representative TransactionsQuintanaIrvine, CAOffice 100.6M First Mortgage Bridge Loan4-yr Floating RateAMLI Warner CenterLos Angeles, CAMultifamily 82.5M First Mortgage10-yr Fixed RateCrescent Ninth StreetRaleigh-Durham, NCMultifamily 42.6M First Mortgage7-yr Fixed RateShoppes at EastChaseMontgomery, ALRetail 58M First Mortgage10-yr Fixed RateButterfield Oaks ApartmentsAurora, ILMultifamily 35M First Mortgage7-yr Fixed RateCanal Overlook ApartmentsIndianapolis, INMultifamily 15.3M First Mortgage20-yr Fixed RateCommercial Mortgages & Structured Lending Direct Equity Investments Real Estate Securities Investments10
Structured LendingConstruction-Perm & Bridge Investment GuidelinesRate Total IRR tied to asset-specific underwriting, draw schedules and feesAmortization Interest-only through underwritten stabilizationTerm Ground up construction loans: typically 7-15 yearsBridge Loans: typically 12 months to 5 yearsSize 40 - 200 MillionLoan to Value LTC between 50% - 75%Funding Monthly construction draws, advances for leasing costs and post-stabilization earn outs per credit hurdlesPrepayment For construction, locked out through underwritten stabilization; flexible for bridgeOther Completion, supplemented by carry and interest guarantees if necessary; non-recourse for bridgeSubordinated Lending Investment GuidelinesRate Incremental pricing based on attachment point and final LTVAmortization Function of leverage and available cash flowTerm 3 - 7 years for floating rate deals5 - 10 years for fixed rate loansSize 25 - 100 Million; minimum 10% of capital stackLoan to Value Up to 85% of LTVFunding After 100% of equity, can be pari-passu or prior to senior debt fundingPrepayment Typically 12 months lockout / yield protectionThere is no guarantee that investment objectives will be obtained.Commercial Mortgages & Structured Lending Direct Equity Investments Real Estate Securities Investments11
Direct Equity Investments & Real Estate SecuritiesDirect Equity InvestmentsSize Minimum 10 million per transaction - typical investment 25- 100 millionLarger projects on a select basisProperty Types Office (multi-tenant buildings)Multi-FamilyIndustrial (warehouse & distribution)Grocery anchored and community retail centersGround LeasesStrategies Core and Core-PlusValue addDevelopment on a select basisLocations Primary markets nationwide and secondary markets on a select basisOwnership Type 100% Interest, prefer all cash, will assume existing debt if necessaryDiversified portfoliosJoint ventures and recapitalizationsReal Estate SecuritiesCMBS Unsecured REIT Bonds Real Estate Investors manages CMBS portfolios primarily focused on the investment grade sector.Predominantly conduits, floating rate pools, single asset and single borrower transactions; selectively in lower-risk CRE CDOs, AAACMBX and re-REMIC transactions.Will work with borrowers and bankers to structure private placement CMBS and CRE CDOs.Will consider pre-purchase of securities, particularly for large loan transactions, new security types and during periods when marketconditions are highly variable.Real Estate Investors is responsible for the investment and management functions of the New York Life’s public REIT unsecured bondportfolio.Through the use of our dedicated real estate work force, the investment decision making process relies on the bottom-up approachby analyzing real estate market conditions in addition to intensively reviewing of the individual company's portfolios. The primaryfocus has been on the four core property types: industrial, retail, multi-family and office.The public REIT debt portfolio targets high quality investment grade names that offer attractive income returns. In addition to thesecore holdings, we opportunistically invest in mispriced credits that offer attractive income returns and capital gains potential.There is no guarantee that investment objectives will be obtained.Commercial Mortgages & Structured Lending Direct Equity Investments Real Estate Securities Investments12
Representative Equity Transactions18201 Von KarmanOrange County, CaliforniaOffice229,000 SfAll-Cash Acquisition11th & Hoyt ApartmentsPortland, ORMulti-Family102 UnitsDevelopmentBoston Industrial PortfolioBoston, MAIndustrial/Warehouse495,000 SfAll-Cash AcquisitionWater RidgeCharlotte, NCOffice845,000 SfAll-Cash AcquisitionGatewayPortland, ORIndustrial/Warehouse400,000 SfDevelopmentCorporate PointeLos Angeles, CAOffice443,000 SfAll-Cash AcquisitionCommercial Mortgages & Structured Lending Direct Equity Investments Real Estate Securities Investments13
Contact InformationCommercial Mortgages & Structured Lending Direct Equity Investments Real Estate Securities Investments14
Contact InformationHome OfficeNortheastern Regional OfficeMark TalgoTim McGinnisEric BecherLocation & ContactSenior Managing Directormark talgo@nylinvestors.comManaging DirectorCo-Head of Commercial Mortgage Prod.timothy mcginnis@nylinvestors.com212-576-6770Senior Directoreric becher@nylinvestors.com212-576-767351 Madison AvenueSuite 910New York, NY 10010212-576-6483Mr. Talgo is Senior Managing Director incharge of New York Life Real Estate Investors.Prior to his current position, Mr. Talgo wasco-head of commercial mortgage productionand managed the Structured Investmentsarea within Real Estate Investors. Mr. Talgojoined the firm in 1985. He is a member ofCommercial Real Estate Finance Council, TheReal Estate Board of New York, Urban LandInstitute and Pension Real Estate Association.Mr. Talgo has a BA from Lake Forest Collegeand an MS in Real Estate from New YorkUniversity.Mr. McGinnis is Managing Director and cohead of commercial mortgage production. Heoversees the National Account / Co-Lendingplatforms, Closing, and Credit areas. Mr.McGinnis joined the firm in 1988. Mr.McGinnis has a BBA in Accounting & Financefrom St. Bonaventure University, an MBA inFinance from Pace University. He holds a CFA(Chartered Financial Analyst) designation.Mr. Becher oversees commercial mortgageproduction for the Northeast Region. He joined thefirm in 2007. Prior to that, he held positions atAdvance Realty Group, Colliers International andPriceWaterhouse Coopers, LLP. Mr. Becher has aBS degree in Real Estate from Pennsylvania StateUniversity and a MS in Real Estate from New YorkUniversity.Region IncludesCT, ME, MA, NH, RI, VT, NJ,NY, PA, DE, MD, DC andNorthern VARich WalshBrian FurlongMark YoungDavid LiManaging DirectorCo-Head of Commercial Mortgage Prod.richard walsh@nylinvestors.com212-576-5241Managing Directorbrian furlong@nylinvestors.com212-576-6041Senior Directormark young@nylinvestors.com212-576-6871Senior Directordavid li@nylinvestors.com212-576-7757Keith DuaneWilliam ReillyDirectorkeith duane@nylinvestors.com212-576-3874Senior Associate/Regional Appraiserwilliam reilly@nylinvestors.com212-576-3437Mr. Walsh is Managing Director and co-headof commercial mortgage production. Heoversees the Loan Administration, SpecialServicing and Portfolio Analytics areas. Mr.Walsh joined the firm in 1989. Prior to that,he held positions at Mellon Real EstateInvestment Management and GoldmanSachs. Mr. Walsh has a BS in Economics andan MS in Real Estate from New YorkUniversity and is a member of The RealEstate Board of New York.Mr. Furlong oversees investments in CMBSand privately placed structured debt. Mr.Furlong joined New York Life Real EstateInvestors in 2006. Prior to that, he heldpositions at Eurohypo AG, Moody’s InvestorsService, KPMG and Landauer Associates, andhe is a past president of the Commercial RealEstate Financial Counsel. Mr. Furlong has aBA from the State University of New York,Albany and an MS in Real Estate Appraisaland Investment Analysis from the Universityof Wisconsin, Madison.Jon FreireichSenior AssociateJon freireich@nylinvestors.com212-576-7093Commercial Mortgages & Structured Lending Direct Equity Investments Real Estate Securities Investments15
Contact InformationSoutheastern Regional OfficeMidwestern Regional OfficeRobert BoydLocation & ContactJohn HowardLocation & ContactSenior Directorrobert boyd iv@nylinvestors.com770-395-23221100 Abernathy Road, N.E.Suite 1225Atlanta, GA 30328770-395-1122Senior Directorjohn howard@nylinvestors.com312-977-2615303 West Madison StreetSuite 2050Chicago, IL 60606312-977-2610Mr. Boyd oversees commercial mortgageproduction for the Southeast Region. Hejoined the firm in 1998. Prior to joining NewYork Life, he was a senior investment analystwith MetLife Real Estate Investments inAtlanta and Boston. Mr. Boyd has a BA infinance from Auburn University and an MBAfrom Emory University’s Goizueta BusinessSchool.AL, FL, GA, KY, MS, NC, SC, TN,VA (except NortheasternVirginia, which is covered bythe Northeast RegionalOffice), and WVMr. Howard oversees commercial mortgageproduction for the Midwest Region. He joined thefirm in 1984. Prior to his current position, heoriginated and underwrote commercial mortgageloans within the Southeast region. Mr. Howard hasa BS in Finance from Boston College and an MBA inFinance from Georgia State University.Randall HallRyan DoyleJames NeidingerSusan B. SarySenior Directorrandall hall@nylinvestors.com770-395-2323Loan Origination Officerryan c doyle@nylinvestors.com770-395-2327Senior Directorjames neidinger@nylinvestors.com312-977-2616Loan Origination Officersusan sary@nylinvestors.com312-977-2613Ryan LaneKeith RosserAnthony ChanAssociateryan a lane@nylinvestors.com770-395-2325Senior Associate/Regional Appraiserkeith rosser@nylinvestors.com770-395-2324Regional Appraiseranthony chan@nylinvestors.com312-977-2614Region IncludesRegion IncludesIL, IN, IA, MI, MN, NE, ND, OH,SD, WI, and MO (exceptWestern Missouri which iscovered by the SouthwestRegional Office)Timothy MillerAssociatetimothy miller@nylinvestors.com770-395-2326Commercial Mortgages & Structured Lending Direct Equity Investments Real Estate Securities Investments16
Contact InformationSouthwestern Regional OfficeWestern Regional OfficeLeslie CassinghamLocation & ContactKirk KnissLocation & ContactSenior Directorleslie cassingham@nylinvestors.com972-867-64214975 Preston Park BoulevardSuite 750Plano, TX 75093972-867-6450Senior Directorkirk kniss@nylinvestors.com415-362-2636One Front StreetSuite 550San Francisco, CA 94111415-362-2633Mrs. Cassingham oversees commercialmortgage production for the SouthwestRegion. She joined the firm in 1998. Prior tothat, Mrs. Cassingham held positions atLincoln Financial Group and Principal RealEstate Investors. Mrs. Cassingham has a BBAin Real Estate and Urban Land Economicsfrom the University of Wisconsin, Madisonand has completed courses at the AppraisalInstitute and the Institute of Real EstateManagement.Region IncludesAR, CO, KS, LA, NM, OK, TX,WY, and MO (except EasternMissouri which is covered bythe Midwest Regional Office)Mr. Kniss oversees commercial mortgageproduction for the Western Region. He joined thefirm in 1996. Prior to that, Mr. Kniss held positionsat Prudential Mortgage Capital Company and WellsFargo Bank. Mr. Kniss has an MBA from the HaasSchool of Business, University of California,Berkeley.Region IncludesAK, AZ, CA, HI, ID, MT, NV, OR,UT, WATimothy MonroeScott PortnoyStephen KirkAdam BairdSenior Directortimothy monroe@nylinvestors.com972-867-6432Directorscott portnoy@nylinvestors.com972-867-6444Senior Directorstephen kirk@nylinvestors.com415-362-2634Loan Origination Officeradam baird@nylinvestors.com415-362-2647Matthew RidleyDarrel G. CopelandVanessa HogleTom HoSenior Associatematthew ridley@nylinvestors.com972-867-6422Senior Associate/Regional Appraiserdarrel ssa hogle@nylinvestors.com415-362-2648Senior Associate/Regional Appraisertom ho@nylinvestors.com415-362-2637Kevin HendersonAssociatekevin henderson@nylinvestors.com415-362-2635Commercial Mortgages & Structured Lending Direct Equity Investments Real Estate Securities Investments17
Contact InformationStructured LendingDirect Equity InvestmentsJohn LippmannLocation & ContactChris McEldowneyThomas O’HanlonSenior Directorjohn lippmann@nylinvestors.com212-576-694151 Madison AvenueSuite 906New York, NY 10010Managing DirectorTransactionschris mceldowney@nylinvestors.com415-402-4101Managing DirectorTransactions, Western Divisionthomas o’hanlon@nylinvestors.com415-402-4117Mr. Lippmann is responsible for the production ofhighly structured real estate loans, includingconstruction, bridge and mezzanine financings, aswell as special servicing. He joined the firm in2010. Prior to that, he held positions at FTIConsulting, Eurohypo AG, and JPMorgan. Mr.Lippmann has a BA degree from the School ofPublic Affairs at American University and an MBAin Finance from New York University, where he isalso currently an Adjunct Assistant Professor atthe Schack Institute of Real Estate.Leon IveryMr. McEldowney is Managing Director, leadingthe Real Estate Equity team. He joined the firm in2003. Prior to joining Real Estate Investors, heheld positions at Stonegate Partners, Lend LeaseReal Estate Investments and its predecessorcompanies ERE Yarmouth and Equitable RealEstate, and JMB Property Management. Mr.McEldowney has a BS in Real Estate/Finance fromthe University of Arizona, and an MBA from theHarvard Business School. He is a member of thePension Real Estate Association.Kevin SmithSteve OsborneBrian MurphySenior DirectorTransactions, Eastern Divisionsteven osborne@nylinvestors.com415-402-4103Senior DirectorTransactions, Central Divisionbrian murphy@nylinvestors.com312-977-2612Senior AssociateStructured Lendingleon ivery@nylinvestors.com212-576-7482Real Estate Securities InvestmentsManaging DirectorTransactions, Eastern Divisionkevin smith@nylinvestors.com212-576-7047Ross BerrySenior DirectorTransactions, Western Divisionross berry@nylinvestors.com415-402-4103Adam HaydenStewart RubinChristopher HuntDavid CummingSenior DirectorCMBSadam hayden@nylinvestors.com212-576-7511Senior DirectorCMBSstewart rubin@nylinvestors.com212-576-3741Senior DirectorTransactions, Western Divisionchristopher hunt@nylinvestors.com415-402-4103Managing DirectorAsset Managementdavid cumming@nylinvestors.com312-627-0627Aron DavidowitzAdam JacobsScott InghamDan DavittSenior DirectorPrivate REIT Debtaron davidowitz@nylinvestors.com212-576-5449Senior AssociatePublic REIT Debtadam tions, Eastern Divisionscott ingham@nylinvestors.com212-576-5732Senior DirectorAsset Managementdaniel davitt@nylinvestors.com212-576-8324Commercial Mortgages & Structured Lending Direct Equity Investments Real Estate Securities Investments18
Important DisclosuresThis is not an offer to sell, nor a solicitation to buy, securities. There is no guarantee that investment objectives will be obtained.Past performance is no guarantee of future results, which will vary.The Representative Transactions shown are examples of some of the investments made during 2014 and 2013 and are included to show the capabilities ofNew York Life Real Estate Investors. Please contact us if you would like to receive a complete list of properties purchased for the same period. Please notethat property transactions are a matter of public record.Firm OverviewNew York Life Investments and NYL Investors are registered U.S.-based investment management firms that provide financial services to individual andinstitutional investors. NYL Investors was formed in October, 2013, and is an affiliate of New York Life Investments. Effective January 1, 2014, as a result ofa corporate restructuring, the Fixed Income Investors and Real Estate Investors divisions of New York Life Investments became divisions of NYL Investors.To address this transition, effective January 1, 2014 the New York Life Investments GIPS Firm was redefined to include the following investment divisionsof New York Life Investments or NYL Investors as applicable: Fixed Income Investors, Real Estate Investors, Retail Markets and Strategic Asset Allocation &Solutions. The GIPS firm was renamed as New York Life Investments.Historic changes to the firm definition include the following: Effective August 1, 2013 the Strategic Asset Allocation & Solutions group was also added to the Firm upon creation of the Global Tactical Asset Allocationcomposite; and Effective June 30, 2012 the Real Estate Investors division was added to the Firm after certain discretionary private real estate funds were transitioned toNew York Life Investments from McMorgan & Company LLC which was an affiliate of New York Life Investments prior to the transition.New York Life RatingsThird-Party Rating Reports: as of 6/2014. Ratings are based on the financial strength of New York Life and apply only to Guaranteed Products. These ratingsare an opinion only, and are not a recommendation by the applicable Agency to take any action. Neither S&P, Moody's, A.M. Best or Fitch nor their affiliatesnor any third-party information provider of the information attributed to such entities make any representation or warranty as to the appropriateness,accuracy, completeness or applicability of such information nor are they responsible for the results obtained there from. The information provided by theseentities is an opinion only and not a recommendation to take any action. This information is being provided for informational purposes on New York LifeInsurance Company only and is not meant to be an indication of financial strength or a performance guarantee of the strategies or investments discussed inthese materials. The financial strength of New York Life Insurance Company applies only to its insurance products and not to investment products which aresubject to market risk and fluctuation in value.Commercial Mortgages & Structured Lending Direct Equity Investments Real Estate Securities Investments19
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 inc
