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METLIFE REACHES RECORD $22.4 BILLION IN AGRICULTURAL MORTGAGE LOAN ASSETS UNDER ITS MANAGEMENT
Source: MetLife news release

Whippany, NJ - MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), announced today that it reached $22.4 billion1 in total agricultural mortgage loan assets under management (AUM) as of December 31, 2020. The agricultural mortgage group succeeded in achieving 10% year-over-year growth despite a tumultuous global backdrop. This growth pushed total agricultural mortgage loan AUM to a record level for MIM, reinforcing its position as the largest, non-government sponsored source of agricultural mortgage capital for the sector.2

"During these exceptional and difficult times, I am proud of the way that we have supported our clients and communities as a long-term partner and a stable source of capital," said Robert Merck, global head of Real Estate and Agriculture at MetLife Investment Management.

"As the sector faced unprecedented challenges, we were reminded of the critical role that the agriculture sector plays in our day-to-day lives here in the U.S. and in markets all over the world. Our commitment to supporting our clients through these challenging times has never been more important in creating a sustainable and confident future," said Merck.

In 2020, MIM provided $4.7 billion in capital in the form of global agricultural mortgage loans across more than 700 transactions. The number of transactions completed in 2020 jumped by 35% compared to 2019.

Greg Gallaway, head of MIM's Agricultural Finance group, noted: "Against the odds, MIM had a strong year working with our borrowers. As the pandemic brought additional volatility to the agricultural markets, our strong relationships enabled us to continue supporting our clients with capital and helping them rise to meet the many challenges posed by the pandemic."

Highlights of MIM's agricultural lending transactions for 2020 include:

Acadian Timber

$90 million transaction consisting of five tranches - four totaling $80 million of senior secured fixed rate financing with terms ranging from five to 10 years, and a five-year $10 million revolving line of credit

Secured by over 1 million acres of timberland across Maine and New Brunswick

Collateral consists of a diverse set of commercial hardwood and softwood timber species with a combination of pulpwood and sawtimber varieties

Bridge H-21 Cold

$58 million senior secured variable rate financing transaction with a 10-year term

Funds will be used in the construction of a state-of-the-art cold storage facility with over 300,000 square feet located in Miami-Dade County, Florida

The facility includes 50-foot clear heights maximizing storage space as well as high tech systems which will offer broad temperature flexibility


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