Public Relations
MetLife, Inc.
For Immediate Release News One MetLife Plaza
27-01 Queens Plaza North
Long Island City, NY 11101
MetLife(R) [MetLife LOGO]
Contacts: For Media: John Calagna
(212) 578-6252
For Investors: Tracey Dedrick
(212) 578-5140
METLIFE SELLS PETER COOPER VILLAGE AND STUYVESANT TOWN
APARTMENT COMPLEX
NEW YORK, October 17, 2006 - MetLife, Inc. (NYSE: MET) announced today the sale
of Peter Cooper Village and Stuyvesant Town to Tishman Speyer, in a joint
venture with BlackRock Realty, the real estate arm of BlackRock, Inc. (NYSE:
BLK), for $5.4 billion. The sale is expected to result in a gain of
approximately $3 billion, net of income taxes. It is anticipated that the sale
will close in the fourth quarter of 2006, subject to customary closing
conditions.
"Peter Cooper Village / Stuyvesant Town is an extraordinary asset and we are
very pleased with the market reaction we received to this sale," said Robert
Merck, head of real estate investments for MetLife. "This property has been a
prominent asset in MetLife's real estate portfolio for nearly six decades.
MetLife considered offers from many highly qualified bidders, including the
PCVST Tenant's Association and some of world's leading real estate owners and
operators. Tishman Speyer and BlackRock were illustrative of the outstanding
caliber and reputation of the bid group and we are confident that they will be
fine stewards of the property in the years to come."
The Peter Cooper Village and Stuyvesant Town properties together make up the
largest apartment complex in Manhattan, totaling over 11,000 units, spread over
80 contiguous acres. The properties are bounded on the west by First Avenue, to
the east by FDR Drive and the East River, to the north by 23rd Street and to the
south by 14th Street.
The properties are owned by the MetLife affiliate Metropolitan Tower Life
Insurance Company.
MetLife, Inc. is a leading provider of insurance and financial services with
operations throughout the U.S. and the Latin America, Europe and Asia Pacific
regions. Through its domestic and international subsidiaries and affiliates,
MetLife, Inc. reaches more than 70 million customers around the world and
MetLife is the largest life insurer in the U.S. (based on life insurance
in-
- more -
force). The MetLife companies offer life insurance, annuities, auto and home
insurance, retail banking and other financial services to individuals, as well
as group insurance, reinsurance and retirement and savings products and services
to corporations and other institutions. For more information, please visit
www.metlife.com.
This release contains statements which constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995,
including statements relating to trends in the operations and financial results
and the business and the products of the company and its subsidiaries, as well
as other statements including words such as "anticipate," "believe," "plan,"
"estimate," "expect," "intend" and other similar expressions. Forward-looking
statements are made based upon management's current expectations and beliefs
concerning future developments and their potential effects on the company. Such
forward-looking statements are not guarantees of future performance.
Actual results may differ materially from those included in the forward-looking
statements as a result of risks and uncertainties including, but not limited to,
the following: (i) changes in general economic conditions, including the
performance of financial markets and interest rates; (ii) heightened
competition, including with respect to pricing, entry of new competitors and the
development of new products by new and existing competitors; (iii) unanticipated
changes in industry trends; (iv) the company's primary reliance, as a holding
company, on dividends from its subsidiaries to meet debt payment obligations and
the applicable regulatory restrictions on the ability of the subsidiaries to pay
such dividends; (v) deterioration in the experience of the "closed block"
established in connection with the reorganization of Metropolitan Life Insurance
Company; (vi) catastrophe losses; (vii) adverse results or other consequences
from litigation, arbitration or regulatory investigations; (viii) regulatory,
accounting or tax changes that may affect the cost of, or demand for, the
company's products or services; (ix) downgrades in the company's and its
affiliates' claims paying ability, financial strength or credit ratings; (x)
changes in rating agency policies or practices; (xi) discrepancies between
actual claims experience and assumptions used in setting prices for the
company's products and establishing the liabilities for the company's
obligations for future policy benefits and claims; (xii) discrepancies between
actual experience and assumptions used in establishing liabilities related to
other contingencies or obligations; (xiii) the effects of business disruption or
economic contraction due to terrorism or other hostilities; (xiv) the company's
ability to identify and consummate on successful terms any future acquisitions,
and to successfully integrate acquired businesses with minimal disruption; and
(xv) other risks and uncertainties described from time to time in the company's
filings with the Securities and Exchange Commission, including its S-1 and S-3
registration statements. The company specifically disclaims any obligation to
update or revise any forward-looking statement, whether as a result of new
information, future developments or otherwise.
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