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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 nation’s 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 (Moody’s), 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: 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 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 proceeds
Co-Lending on Senior Debt • Arrange club loans
• Participate with a lead lender
Portfolio Financing • Financing available of $500 million+, higher with participants
• Average allocated loan amount in pool per asset should exceed $10 million; loan facility can be increased or reduced
via property additions or releases
• Fixed rate loans with a floating rate component allow for partial releases and prepayment flexibility
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments
• Fixed rate loans with a floating rate component allow for partial releases and prepayment flexibility
• Loans may be partially collateralized via mezzanine positions
Parameters • Loan to Value: Up to 75% for mortgages, higher for credit transactions
• Debt Coverage Ratio: Minimum of 1.30X or greater once stabilized
• High grade mezzanine debt may have less restrictive underwriting parameters
• Non-recourse to borrower except for standard carve outs
Typical Timing & Deposits • Transactions approved for commitment and rate lock in a quick and efficient manner
• Typical commitment to closing: 30 to 60 days
• Forward financing options available
• Typically 2% to 3% refundable deposit required to lock rate
• Non-refundable processing payment required for third party consultant reports
Consultant Reports • Appraisal
• Property condition
• Environmental
• Seismic, as applicable
8
There is no guarantee that investment objectives will be obtained.
Representative Transactions
11 Times SquareNew York, NY
Office
$324M First Mortgage Participation
7-yr Fixed Rate
500 BoylstonBoston, MA
Office
$324M First Mortgage Participation
7-yr Fixed Rate
Port Chester Shopping CenterPort Chester, NY
Retail
$120M First Mortgage
15-yr Fixed Rate
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments
Denver Financial CenterDenver, CO
Office
$36.7M First Mortgage Participation
3-yr Floating Rate
Ascent Victory ParkDallas, TXMultifamily
$68.7M Construction/Permanent First Mortgage
10-yr Fixed Rate
Securities CentreAtlanta, GA
Office
$70M First Mortgage
5-yr Floating Rate
9
Representative Transactions
QuintanaIrvine, CA
Office
$100.6M First Mortgage Bridge Loan
4-yr Floating Rate
AMLI Warner CenterLos Angeles, CA
Multifamily
$82.5M First Mortgage
10-yr Fixed Rate
Crescent Ninth StreetRaleigh-Durham, NC
Multifamily
$42.6M First Mortgage
7-yr Fixed Rate
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments
Butterfield Oaks ApartmentsAurora, ILMultifamily
$35M First Mortgage
7-yr Fixed Rate
Shoppes at EastChaseMontgomery, AL
Retail
$58M First Mortgage
10-yr Fixed Rate
Canal Overlook ApartmentsIndianapolis, IN
Multifamily
$15.3M First Mortgage
20-yr Fixed Rate
10
Structured LendingConstruction-Perm & Bridge Investment Guidelines
Rate • Total IRR tied to asset-specific underwriting, draw schedules and fees
Amortization • Interest-only through underwritten stabilization
Term • Ground up construction loans: typically 7-15 years
• Bridge Loans: typically 12 months to 5 years
Size • $40 - $200 Million
Loan to Value • LTC between 50% - 75%
Funding • Monthly construction draws, advances for leasing costs and post-stabilization earn outs per credit hurdles
Prepayment • For construction, locked out through underwritten stabilization; flexible for bridge
Other • Completion, supplemented by carry and interest guarantees if necessary; non-recourse for bridge
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments
Subordinated Lending Investment Guidelines
Rate • Incremental pricing based on attachment point and final LTV
Amortization • Function of leverage and available cash flow
Term • 3 - 7 years for floating rate deals
• 5 - 10 years for fixed rate loans
Size • $25 - $100 Million; minimum 10% of capital stack
Loan to Value • Up to 85% of LTV
Funding • After 100% of equity, can be pari-passu or prior to senior debt funding
Prepayment • Typically 12 months lockout / yield protection
11
There is no guarantee that investment objectives will be obtained.
Direct Equity Investments & Real Estate SecuritiesDirect Equity Investments
Size • Minimum $10 million per transaction - typical investment $25-$100 million
• Larger projects on a select basis
Property Types • Office (multi-tenant buildings)
• Multi-Family
• Industrial (warehouse & distribution)
• Grocery anchored and community retail centers
• Ground Leases
Strategies • Core and Core-Plus
• Value add
• Development on a select basis
Locations • Primary markets nationwide and secondary markets on a select basis
Ownership Type • 100% Interest, prefer all cash, will assume existing debt if necessary
• Diversified portfolios
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments
• Diversified portfolios
• Joint ventures and recapitalizations
Real Estate Securities
CMBS • 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, AAA
CMBX 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 market
conditions are highly variable.
Unsecured REIT Bonds • Real Estate Investors is responsible for the investment and management functions of the New York Life’s public REIT unsecured bond
portfolio.
• Through the use of our dedicated real estate work force, the investment decision making process relies on the bottom-up approach
by analyzing real estate market conditions in addition to intensively reviewing of the individual company's portfolios. The primary
focus 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 these
core holdings, we opportunistically invest in mispriced credits that offer attractive income returns and capital gains potential.
12
There is no guarantee that investment objectives will be obtained.
Representative Equity Transactions
Boston Industrial PortfolioBoston, MA
Industrial/Warehouse
495,000 Sf
All-Cash Acquisition
18201 Von KarmanOrange County, California
Office
229,000 Sf
All-Cash Acquisition
11th& Hoyt ApartmentsPortland, OR
Multi-Family
102 Units
Development
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments
Water RidgeCharlotte, NC
Office
845,000 Sf
All-Cash Acquisition
Corporate PointeLos Angeles, CA
Office
443,000 Sf
All-Cash Acquisition
GatewayPortland, OR
Industrial/Warehouse
400,000 Sf
Development
13
Contact Information
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments 14
Home Office Northeastern Regional Office
Contact Information
Location & Contact51 Madison Avenue
Suite 910
New York, NY 10010
212-576-6483
Region IncludesCT, ME, MA, NH, RI, VT, NJ,
NY, PA, DE, MD, DC and
Northern VA
Eric BecherSenior Director
212-576-7673
Mr. Becher oversees commercial mortgage
production for the Northeast Region. He joined the
firm in 2007. Prior to that, he held positions at
Advance Realty Group, Colliers International and
PriceWaterhouse Coopers, LLP. Mr. Becher has a
BS degree in Real Estate from Pennsylvania State
University and a MS in Real Estate from New York
University.
Mark TalgoSenior Managing Director
Mr. Talgo is Senior Managing Director in
charge of New York Life Real Estate Investors.
Prior to his current position, Mr. Talgo was
co-head of commercial mortgage production
and managed the Structured Investments
area within Real Estate Investors. Mr. Talgo
joined the firm in 1985. He is a member of
Commercial Real Estate Finance Council, The
Real Estate Board of New York, Urban Land
Institute and Pension Real Estate Association.
Mr. Talgo has a BA from Lake Forest College
and an MS in Real Estate from New York
University.
Tim McGinnisManaging Director
Co-Head of Commercial Mortgage [email protected]
212-576-6770
Mr. McGinnis is Managing Director and co-
head of commercial mortgage production. He
oversees the National Account / Co-Lending
platforms, Closing, and Credit areas. Mr.
McGinnis joined the firm in 1988. Mr.
McGinnis has a BBA in Accounting & Finance
from St. Bonaventure University, an MBA in
Finance from Pace University. He holds a CFA
(Chartered Financial Analyst) designation.
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments
Mark YoungSenior Director
212-576-6871
David LiSenior Director
212-576-7757
Keith DuaneDirector
212-576-3874
Jon FreireichSenior Associate
212-576-7093
William ReillySenior Associate/Regional Appraiser
212-576-3437
University.
Rich WalshManaging Director
Co-Head of Commercial Mortgage [email protected]
212-576-5241
Mr. Walsh is Managing Director and co-head
of commercial mortgage production. He
oversees the Loan Administration, Special
Servicing and Portfolio Analytics areas. Mr.
Walsh joined the firm in 1989. Prior to that,
he held positions at Mellon Real Estate
Investment Management and Goldman
Sachs. Mr. Walsh has a BS in Economics and
an MS in Real Estate from New York
University and is a member of The Real
Estate Board of New York.
Brian FurlongManaging Director
212-576-6041
Mr. Furlong oversees investments in CMBS
and privately placed structured debt. Mr.
Furlong joined New York Life Real Estate
Investors in 2006. Prior to that, he held
positions at Eurohypo AG, Moody’s Investors
Service, KPMG and Landauer Associates, and
he is a past president of the Commercial Real
Estate Financial Counsel. Mr. Furlong has a
BA from the State University of New York,
Albany and an MS in Real Estate Appraisal
and Investment Analysis from the University
of Wisconsin, Madison.
15
Contact Information
John HowardSenior Director
312-977-2615
Mr. Howard oversees commercial mortgage
production for the Midwest Region. He joined the
firm in 1984. Prior to his current position, he
originated and underwrote commercial mortgage
loans within the Southeast region. Mr. Howard has
a BS in Finance from Boston College and an MBA in
Finance from Georgia State University.
Location & Contact303 West Madison Street
Suite 2050
Chicago, IL 60606
312-977-2610
Region IncludesIL, IN, IA, MI, MN, NE, ND, OH,
SD, WI, and MO (except
Western Missouri which is
covered by the Southwest
Regional Office)
Robert BoydSenior Director
770-395-2322
Mr. Boyd oversees commercial mortgage
production for the Southeast Region. He
joined the firm in 1998. Prior to joining New
York Life, he was a senior investment analyst
with MetLife Real Estate Investments in
Atlanta and Boston. Mr. Boyd has a BA in
finance from Auburn University and an MBA
from Emory University’s Goizueta Business
School.
Location & Contact1100 Abernathy Road, N.E.
Suite 1225
Atlanta, GA 30328
770-395-1122
Region IncludesAL, FL, GA, KY, MS, NC, SC, TN,
VA (except Northeastern
Virginia, which is covered by
the Northeast Regional
Office), and WV
Southeastern Regional Office Midwestern Regional Office
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments
Randall HallSenior Director
770-395-2323
Timothy MillerAssociate
770-395-2326
Keith RosserSenior Associate/Regional Appraiser
770-395-2324
Susan B. SaryLoan Origination Officer
312-977-2613
James NeidingerSenior Director
312-977-2616
Anthony ChanRegional Appraiser
312-977-2614
16
Ryan LaneAssociate
770-395-2325
Ryan DoyleLoan Origination Officer
770-395-2327
Contact Information
Kirk KnissSenior Director
415-362-2636
Mr. Kniss oversees commercial mortgage
production for the Western Region. He joined the
firm in 1996. Prior to that, Mr. Kniss held positions
at Prudential Mortgage Capital Company and Wells
Fargo Bank. Mr. Kniss has an MBA from the Haas
School of Business, University of California,
Berkeley.
Location & ContactOne Front Street
Suite 550
San Francisco, CA 94111
415-362-2633
Region IncludesAK, AZ, CA, HI, ID, MT, NV, OR,
UT, WA
Leslie CassinghamSenior Director
972-867-6421
Mrs. Cassingham oversees commercial
mortgage production for the Southwest
Region. She joined the firm in 1998. Prior to
that, Mrs. Cassingham held positions at
Lincoln Financial Group and Principal Real
Estate Investors. Mrs. Cassingham has a BBA
in Real Estate and Urban Land Economics
from the University of Wisconsin, Madison
and has completed courses at the Appraisal
Institute and the Institute of Real Estate
Management.
Location & Contact4975 Preston Park Boulevard
Suite 750
Plano, TX 75093
972-867-6450
Region IncludesAR, CO, KS, LA, NM, OK, TX,
WY, and MO (except Eastern
Missouri which is covered by
the Midwest Regional Office)
Southwestern Regional Office Western Regional Office
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments
Timothy MonroeSenior Director
972-867-6432
Scott PortnoyDirector
972-867-6444
Matthew RidleySenior Associate
972-867-6422
Darrel G. CopelandSenior Associate/Regional Appraiser
972-867-6433
Stephen KirkSenior Director
415-362-2634
Adam BairdLoan Origination Officer
415-362-2647
Tom HoSenior Associate/Regional Appraiser
415-362-2637
Kevin HendersonAssociate
415-362-2635
Vanessa HogleAssociate
415-362-2648
17
Contact Information
Chris McEldowneyManaging Director
Transactions
415-402-4101
Mr. McEldowney is Managing Director, leading
the Real Estate Equity team. He joined the firm in
2003. Prior to joining Real Estate Investors, he
held positions at Stonegate Partners, Lend Lease
Real Estate Investments and its predecessor
companies ERE Yarmouth and Equitable Real
Estate, and JMB Property Management. Mr.
McEldowney has a BS in Real Estate/Finance from
the University of Arizona, and an MBA from the
Harvard Business School. He is a member of the
Pension Real Estate Association.
Thomas O’HanlonManaging Director
Transactions, Western Division
thomas_o’[email protected]
415-402-4117
Kevin SmithManaging Director
Transactions, Eastern Division
212-576-7047
John LippmannSenior Director
212-576-6941
Mr. Lippmann is responsible for the production of
highly structured real estate loans, including
construction, bridge and mezzanine financings, as
well as special servicing. He joined the firm in
2010. Prior to that, he held positions at FTI
Consulting, Eurohypo AG, and JPMorgan. Mr.
Lippmann has a BA degree from the School of
Public Affairs at American University and an MBA
in Finance from New York University, where he is
also currently an Adjunct Assistant Professor at
the Schack Institute of Real Estate.
Location & Contact51 Madison Avenue
Suite 906
New York, NY 10010
Ross BerrySenior Director
Transactions, Western Division
Structured Lending Direct Equity Investments
Leon IverySenior Associate
Structured Lending
212-576-7482
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments
Pension Real Estate Association.
Adam HaydenSenior Director
CMBS
212-576-7511
Stewart RubinSenior Director
CMBS
212-576-3741
Adam JacobsSenior Associate
Public REIT Debt
212-576-5468
Aron DavidowitzSenior Director
Private REIT Debt
212-576-5449
415-402-4103
Christopher HuntSenior Director
Transactions, Western Division
415-402-4103
Brian MurphySenior Director
Transactions, Central Division
312-977-2612
Scott InghamDirector
Transactions, Eastern Division
212-576-5732
Steve OsborneSenior Director
Transactions, Eastern Division
415-402-4103Real Estate Securities Investments
Dan DavittSenior Director
Asset Management
212-576-8324
18
David CummingManaging Director
Asset Management
312-627-0627
This 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 of
New 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 note
that property transactions are a matter of public record.
Firm Overview
New York Life Investments and NYL Investors are registered U.S.-based investment management firms that provide financial services to individual and
institutional investors. NYL Investors was formed in October, 2013, and is an affiliate of New York Life Investments. Effective January 1, 2014, as a result of
a 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 divisions
of 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:
Important Disclosures
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments
New York Life Ratings
Third-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 ratings
are 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 affiliates
nor 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 these
entities is an opinion only and not a recommendation to take any action. This information is being provided for informational purposes on New York Life
Insurance Company only and is not meant to be an indication of financial strength or a performance guarantee of the strategies or investments discussed in
these materials. The financial strength of New York Life Insurance Company applies only to its insurance products and not to investment products which are
subject to market risk and fluctuation in value.
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 Allocation
composite; and
•Effective June 30, 2012 the Real Estate Investors division was added to the Firm after certain discretionary private real estate funds were transitioned to
New York Life Investments from McMorgan & Company LLC which was an affiliate of New York Life Investments prior to the transition.
19