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A Perspective on Current Real Estate Investment Strategies

A Perspective on Current Real Estate Investment Strategies. January 19, 2010. State of the Union. CMBS Delinquencies Bank Failures FDIC and No RTC Debt Capital Constraints Commercial vs. Residential Leasing Demand is Weak or Negative NOI is Decreasing

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A Perspective on Current Real Estate Investment Strategies

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  1. A Perspective on Current Real Estate Investment Strategies January 19, 2010

  2. State of the Union • CMBS Delinquencies • Bank Failures • FDIC and No RTC • Debt Capital Constraints • Commercial vs. Residential • Leasing Demand is Weak or Negative • NOI is Decreasing • Overall Economy is Weak (bottomed out?) CONFIDENTIAL

  3. Current Investment Strategies in the News • Equity • Purchase Loan(s) • Purchase Foreclosures or Distressed Assets • Purchase Portfolios of Distressed Assets • Purchase Entities • Mezz - Equity • Mortgages • Lower LTV’s • Debt Yields • Mezz – Debt • A/B Loans or Allow Mezz behind the first mortgage • No Development or Construction Loans CONFIDENTIAL

  4. Insurance Sector – Real Estate Investing Historically • Historical Equity Investing – Whole vs. JV • Historical Mortgage Investing – Permanent vs. Construction • Other Investments – CMBS, RE Funds, Mezz CONFIDENTIAL

  5. How NOT To Invest Your Dollars… Lotus Riverside, Shanghai CONFIDENTIAL

  6. MetLife Investment Strategy - Mortgages • Mortgages • Property Types: office, retail, apartments, industrial, full-service hotels • Loan Type: fixed (5 – 30 years) and floating (3 – 5 years) • Preferred Loan Size: $20M to $200M (per property) • Rates: U.S. Treasuries / LIBOR 30, 60 or 90 day • Terms: 20 to 30 years / up to 90 days rate lock at application • Co-Lending: pari-passu or senior / sub CONFIDENTIAL

  7. MetLife Investment Strategy - Equity • Equity • Property Types: office, retail, apartments, industrial, full-service hotels • Investment Criteria • Primarily Core and Core Plus • Primary domestic and international markets • Direct as well as through institutional joint ventures CONFIDENTIAL

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