MetLife Investment Management Achieves 40% Growth in Total Agricultural Mortgage Loan Assets Under Management Over Five-year Period
March 16 2023 - 8:00AM
Business Wire
MetLife Investment Management (MIM), the institutional asset
management business of MetLife, Inc. (NYSE: MET), announced today
that it originated $4.0 billion in agricultural mortgage loans
across over 400 notes in 2022. MIM’s total agricultural mortgage
loan assets under management reached $21.6 billion,1 up 40% over
the five-year period ending December 31, 2022. MIM maintained its
position as the largest, non-governmental sponsored source of
agricultural mortgage capital for the sector.2
“In 2022, agricultural producers benefited from high commodity
prices that solidified their financial positions,” said Robert
Merck, global head of Real Estate and Agriculture at MetLife
Investment Management. “MIM is proud to have been able to continue
our support of these critical agriculture producers’ growth and
stability last year. We strongly value our lending relationships,
many of which have been forged over decades, and look forward to
continuing our role as a key capital source for agricultural
mortgage lending.”
“MIM’s team, with deep relationships and an extensive network in
local communities, worked to support our borrowers in their
acquisition and expansion of prime farm and ranch lands,
timberlands and food and agribusiness operations,” said Greg
Gallaway, head of MIM’s Agricultural Strategies group, “Our
continued strong origination volume reflects the team’s commitment
to deliver bespoke financial solutions to our borrowers. We remain
committed to providing capital to producers that support the needs
of a growing global population.”
Highlights of MIM’s 2022 agricultural lending transactions3
include:
Biagi & Associates, LLC
- $70 million fixed rate financing with a 15-year term
- Secured by 650,000 square foot temperature-controlled wine
storage warehouse located in American Canyon, Calif., in the heart
of Napa Valley
- Biagi Bros, Inc. (BBI), a related party, offers both inter- and
intra-state common carrier services with a fleet of more than 270
trucks making BBI an integral part of the national beverage supply
chain in the United States
Farmland Partners Inc. (FPI)
- $75 million variable revolving line of credit financing with a
five-year term
- Secured by 12,000 acres of farmland in Illinois
- FPI is a publicly traded, internally managed REIT that seeks to
acquire high-quality farmland throughout North America. The land is
leased to farmers, who collectively grow 26 different crop
types
- As of December 31, 2022, FPI owns/manages approximately 196,100
acres of farmland in 19 states
Toor Farming LLC
- $126 million ARM financing transaction with a 20-year term and
a $10 million revolving line of credit financing with a 10-year
term
- Secured by over 8,375 acres in the San Joaquin Valley
- Toor Farming grows a combination of permanent crops including
almonds, pistachios, walnuts and wine grapes
Grupo Heras
- $35 million fixed-rate financing with a 15-year term loan
- Secured by over 3,700 acres and two packing facilities in
Sonora, Mexico
- Third-generation family-owned business that started operations
in the 1960s
- Grows and processes zucchini, Brussels sprouts and table
grapes
- Dedicated to meet demands of supermarkets in the highest per
capita markets in the U.S., their products are now in Costco, Whole
Foods and Trader Joe’s
Gateway Arch Timber, LLC
- $100 million variable revolving line of credit financing with a
10-year term
- Secured by over 94,000 acres across nine states in the southern
U.S.
- Part of the loan will be used to finance future timberland
acquisitions
- Operates with the stewardship priorities and sustainability
principles of the Sustainable Forestry Initiative
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, 2022, had $579.8 billion in total assets
under management.4
About MetLife
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.
Forward-Looking Statements
The forward-looking statements in this news release, using words
such as “continue,” “look forward,” “remain” and “seek,” 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 does not undertake any
obligation to publicly correct or update any of these
statements.
End Notes
- As of December 31, 2022. 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).
- Based on publicly available data as of December 31, 2022, that
includes publicly disclosed financial reports from lenders, in
addition to American Bankers Association data.
- These transactions are meant to provide representative examples
in this strategy for 2022 and have not been selected to highlight
past specific profitable recommendations made by MIM.
- 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230316005280/en/
For Media:
Dave Franecki +1-973-264-7465 dave.franecki@metlife.com
Shree Dhond +1-646-722-6531 mim@dlpr.com
MetLife (NYSE:MET)
Historical Stock Chart
From Aug 2024 to Sep 2024
MetLife (NYSE:MET)
Historical Stock Chart
From Sep 2023 to Sep 2024