Portfolio Commentary*†

As of September 30, 2017, the AFL-CIO Building Investment Trust ("BIT" had $4.91 billion in net assets, up from $4.79 billion at the end of the second quarter 2017. The BIT generated quarterly total gross and net returns of 1.20% and 0.97%, respectively. The gross return was comprised of a 0.89% income return and a 0.31% appreciation return. Total returns for the 12 month period ended September 30, 2017 were 5.18% and 4.23%, gross and net, respectively.

The BIT sold the National Archives industrial property and the Preserve at Cantera apartment complex in the third quarter. These mature assets were sold at prices generally in line with appraised values and each generated an approximate 12 percent internal rate of return to BIT over a long-term hold period.

*Opinions or statements herein by participants in the BIT or third parties are not representations, warranties, or opinions of PNC Bank, National Association, trustee for the BIT. The inclusion or listing of these third parties or participants in the BIT also should not be considered an endorsement by these third parties or participants.

**The Net Asset Value or "NAV" is the value of all investments owned, plus cash, receivables, and other assets minus the sum of BIT's debt on wholly-owned investments and BIT's proportionate share of debt on joint venture investments.

†Transactions listed here are not a complete list of transactions but contain a sampling of transactions in the portfolio. A complete list of transactions may be provided on request.  

Performance data shown represents past performance.  Past performance does not guarantee future results.  Gross returns are calculated net of fund level expenses, except for Trustee fees.  Net returns are calculated net of all fund expenses.  Returns are calculated quarterly on a time-weighted basis using beginning-of-period values and reflect the reinvestment of all income.  All returns, with the exception of those for the current quarter, are annualized.  Income is the dividends, interest, and rents net of operating expense from BIT investments and other sources (except realized and unrealized losses from investments).  Net appreciation is the realized and unrealized gains and losses from BIT real estate investments calculated based on fair values determined utilizing independent real estate appraisals.  Each year, the consolidated financial statements of the BIT are audited by an independent firm, and financial statements based upon such audit are delivered to each Participant.  The fair market value of each real estate investment as reflected in such audited financial statements is derived using the same information and methodology as discussed above.  Additional information is available in the Investment Memorandum of the BIT or otherwise available upon request.

Adobe Flash Player Required

Get Adobe Flash player

BIT News

Construction Continues Nationwide at AFL-CIO Building Investment Trust Projects In 2017 the AFL-CIO Investment Trust Corporation ("ITC") took part in groundbreakings and grand openings from coast to coast in celebration of properties within the portfolio of the AFL-CIO Building Investment Trust ("BIT").
AFL-CIO Building Investment Trust Announce Two New Developments in California The AFL-CIO Building Investment Trust ("BIT"),along with its joint venture partners, recently closed on two projects that are intended to generate hundreds of union construction jobs.
AFL-CIO Building Investment Trust Announces New Job Creating Development With Exciting New Video Wolf Point East is to be a 66-story, 750-foot tall mixed-use skyscraper that will generate nearly 300,000 hours of union construction work.