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  • New York Life Real Estate Investors

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

    Commercial Mortgages & Structured LendingDirect Equity InvestmentsReal Estate Securities Investments nylrealestate.com

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

  • New York Life Insurance Company

    LEADING U.S. LIFE INSURER

    Fortune 500 company (#80)1

    The nations largest mutual life insurer1

    170 year history

    FINANCIAL STRENGTH

    Solid growth and operating profitability

    Strong balance sheet and capital position

    INVESTMENT CAPABILITIES

    TOTAL REVENUES*

    2013

    2012

    2011

    2010

    2009

    $36.0

    $34.3

    $34.4

    $34.9

    $34.0

    $ BILLIONS

    2014 $38.7

    Fixed Income Investors | Private Capital Investors | Real Estate Investors | Madison Capital Funding2

    $509 billion of AUM2 as of September 30, 2015

    26th largest global money manager3

    CREDIT RATINGS4

    Aaa (Moodys), AA+ (S&P), AAA (Fitch), A++ (AM Best)

    SURPLUS AND ASSET VALUATION RESERVES**

    2014

    2013

    2012

    2011

    2010

    2009

    $21.9

    $21.1

    $19.6

    $17.9

    $16.8

    $15.0

    $ BILLIONS

    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: Moodys 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 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.

  • NYL Investors Organizational Overview

    AUM: $223 billion1

    Employees: 393

    Locations: New York, Atlanta, Chicago, Dallas, San Francisco, London

    Fixed Income Investors | Private Capital Investors | Real Estate Investors | Madison Capital Funding3

    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 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.

  • Real Estate Investors Overview

    $45.3B AUM as of 9/30/15

    Equity$5.1 billion3

    Securities$11.8 billion

    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

    Fixed Income Investors | Private Capital Investors | Real Estate Investors | Madison Capital Funding4

    Lending$28.4 billion

    $45.3 billion of AUM

    Real Estate Lending

    Senior and subordinate debt

    Real Estate Securities Investment

    CMBS and REIT bonds

    Real Estate Equity

    Direct and structured equity investments

    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..

  • Real Estate PlatformsIndependent but integrated platforms provide a strong value proposition

    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

    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

    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

    Fixed Income Investors | Private Capital Investors | Real Estate Investors | Madison Capital Funding5

    $600M to $1B of annual acquisitions

    Investments through funds and separate accounts

    $5.0-6.5B of annual lending activity

    Loans through separate accounts and co-lending agreements

    Investments through separate accounts

    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.

    Apartment

    23%

    Industrial

    32%Other

    1%

    Office

    41%

    Retail

    3%

    Office 33%

    Retail 25%

    Apartment

    28%

    Industrial

    12%

    Other 2%

    Conduit

    CMBS51%

    SA/SB

    CMBS20%

    Other

    CMBS4%

    REIT

    Bonds26%

  • Senior Mortgage Lending Loan to Value: Up to 75% for senior mortgages, higher for credit transactions Debt Coverage Ratio: Minimum of 1.30x or greater once stabilized Non-recourse to borrower except for standard carve outs

    Structured Lending Fixed rate Construction-to-Permanent and Bridge to Permanent loans up to 75% LTC Floating rate bridge loans to 75% LTC Subordinated loans for stabilized properties up to 85% LTC Financing available to vehicles that hold real estate debt (static pools or actively managed with lender approval) Institutional quality property, location and sponsorship required Fixed, floating and combination rates available Earn outs available

    General Investment Parameters

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

    Direct Equity Investments Nationwide investments between $10-$100 million across all asset types, except hospitality Core, core-plus , value-add, and development on a select basis Assets can be owned outright or in partnership with experienced operators Primary markets nationwide and secondary markets on a select basis

    Real Estate Securities CMBS investments include conduits, floating rate pools, and single asset single borrower transactions, most of which are investment grade. Typical investment size ranges from $20-100 million

    Purchaser of CRE CDOs Unsecured REIT bond investments in both public and private placements, which provide liquidity to experienced

    institutional real estate owners and real estate operating companies

    6

    There is no guarantee that investment objectives will be obtained.

  • Investment Activity2014 Actual 2015 Plan2015 Actual 2016 Planned

    Commercial Mortgages &

    Structured Lending

    Direct Equity Investments

    $6.70 Billion1

    $1.17 Billion

    $5.50 Billion

    $1.0 Billion

    $6.1 Billion Senior Mortgages

    $600 Million Structured Loans

    $4.50 Billion Senior Mortgages

    $1.00 Billion Structured Loans

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

    CMBSInvestments

    REIT Debt Investments

    $2.15 Billion

    $495 Million

    $2.00 Billion

    $500 Million

    7

    There is no guarantee that investment objectives will be obtained.

    1. Activity includes participations for commercial mortgages

  • Senior Mortgage LendingInvestment Guidelines

    Rate Fixed and floating rates at competitive, market-based spreads over Treasuries or LIBOR Rate locked upon receipt of an executed application with appropriate deposits

    Term Fixed Rate: 3 - 30 years Floating Rate: up to 7 years

    Size Typically $10 million to $300 million for single assets, higher for portfolio transactions Will coordinate and structure co-investment arrangements for loans with higher proce

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