METLIFE INVESTMENT MANAGEMENT EXCEEDS $20 BILLION IN AGRICULTURAL MORTGAGE LOAN ASSETS UNDER MANAGEMENT IN 2019
Whippany, NJ, April 16, 2020
MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), announced today that it reached $20.4 billion in total agricultural mortgage loan assets under management (AUM) as of December 31, 2019. In the five years since 2014, total agricultural mortgage loan AUM have grown by 59 percent, bolstering the firm’s status as the largest non-government sponsored, agricultural mortgage lender in the United States1.
“Our agricultural finance group successfully navigated 2019 with another year of strong production despite trade uncertainty and unprecedented planting delays across the corn belt,” according to Robert Merck, senior managing director and global head of real estate and agriculture at MetLife Investment Management. “We continued to leverage our strong local market relationships with top producers to deliver attractive financing solutions for our borrowers in an effort to achieve high relative value for our investors.”
MIM originated $4.3 billion in global agricultural mortgage loans across more than 500 transactions in 2019, contributing to an 4% year over year increase in the number of agricultural mortgage loans managed.
Merck added: “Strong relationship lending has been key to our success, with many borrower relationships spanning multiple decades and multiple generations. We look forward to continuing this tradition of creating customized financing solutions, just as we have for over 100 years.”
Highlights of MIM’s agricultural lending transactions for 2019 include:
- $100 million adjustable rate mortgage with a 20 year term
- Secured by approximately 9,500 acres of prime California cropland
- Vertically integrated grower, packer and shipper of fresh produce and tree nuts grown in the Central Valley of California
Nuveen Global Farmland Fund
- $250 million shelf financing for 15 year term
- Provides capital for the acquisition and improvement of farmland across the United States
- Initial collateral comprised of prime permanent plantings including vineyards and tree nuts in California
Lyme Great Lakes Holdings, LLC
- $210 million senior secured fixed-rate financing for 15 years
- Secured by approximately 677,000 acres in Michigan and Wisconsin
- Collateral boasts an array of high value commercial hardwood timber species
Cool Port Oakland
- $81 million senior secured variable-rate financing for five years
- Secured by a 276,000 square foot cold storage distribution facility in Northern California
- Collateral represents the newest and most advanced hub for temperature-controlled perishable food cargo transitioning through the Port of Oakland
- $55 million senior secured fixed-rate financing for 10 years
- Secured by 307 hectares of rural land in Mexico
- Collateral includes high tech greenhouses producing tomatoes and peppers
About MetLife Investment Management
MetLife Investment Management, the institutional asset management business of MetLife, Inc. (NYSE: MET), is a global public fixed income, private capital and real estate investment manager providing tailored investment solutions to institutional investors worldwide. MetLife Investment Management provides public and private pension plans, insurance companies, endowments, funds and other institutional clients with a range of bespoke investment and financing solutions that seek to meet a range of long-term investment objectives and risk-adjusted returns over time. MetLife Investment Management has over 150 years of investment experience and as of December 31, 2019, had $600.0 billion in total assets under management.2 For more information, visit https://investments.metlife.com.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 markets and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
The forward-looking statements in this news release, such as “continue,” are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it has no obligation to correct or update any of these statements.
The following information is relevant to an understanding of our assets under management ("AUM"). Our definitions may differ from those used by other companies.
Total agricultural mortgage loan AUM represents the value of all agricultural mortgage loans managed by MIM, at estimated fair value, presented on the basis of net asset value (net of encumbering debt).
Total AUM is comprised of all MetLife general account and separate account assets and unaffiliated/third party assets, at estimated fair value, managed by MIM.
1 Based on publicly available data as of December 31, 2019.
2 At estimated fair value. Includes MetLife general account and separate account and unaffiliated/third party assets.