The mission of the AFL-CIO Building Investment Trust ("BIT"), a bank collective trust for which PNC Bank serves as trustee, is to provide competitive risk-adjusted returns for qualified union pension plans through investments in institutional quality commercial real estate. The BIT also provides collateral benefits such as union job creation and economic development. As of June 30, 2019, the BIT had a gross asset value of $7.3 billion, and a net asset value of $5.4 billion.**

The BIT invests exclusively in US markets and has developed and implemented one of the most comprehensive written union labor policies in the industry.  In its 30-year history, the BIT has invested over $7.3 billion for the development and acquisition of more than 200 office, retail, multifamily, hotel, warehouse, and mixed-use properties across the country. These investments have generated approximately 80 million hours in union construction work and created thousands of union jobs in the service, maintenance and operations of facilities owned by the BIT.  
 
As a fund carrying the AFL-CIO name, the BIT strives to meet the highest expectations both as a prudent steward of pension capital and as a fund dedicated to creating American jobs and building American communities. 
 
  
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*During First Quarter 2019, the BIT’s trustee identified a miscalculation in an investment valuation which resulted in an overstatement of the Net Asset Value of the BIT for Fourth Quarter 2018 by $8.10 per unit and a corresponding overstatement of the three month return of 0.11% through December 31, 2018. Since the adjustment to correct for the miscalculation falls below the materiality threshold established by the BIT’s independent auditors, correcting adjustments were made in First Quarter 2019. These adjustments made whole the Fund and all Participants, including those who transacted during Fourth Quarter 2018. The returns for First Quarter 2019 also reflect the correction due to the overstatement in Fourth Quarter of 2018. 

Performance data shown represents past performance. Past Performance does not guarantee future results. Returns presented are calculated gross and net, i.e., before and after deduction of the Trustee Fee. Both gross and net returns are calculated net of fund level expenses, as such expenses are reflected in net unrealized gain (loss). Returns are calculated quarterly on a time-weighted basis using beginning-of-period values and reflects the reinvestment of all income. All returns, with the exception of those for the current quarter, are annualized. Additional information is available in the Investment Memorandum of the BIT or otherwise available upon request. 

**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.

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BIT News

Worker Appreciation Luncheon Held at The National Apartments in Old City Over 100 union tradespeople were honored at a worker appreciation luncheon hosted by the AFL-CIO Building Investment Trust ("BIT"), the Philadelphia Council AFL-CIO, and the Philadelphia Building & Construction Trades Council.
Construction Moves Above Ground in the Windy City Celebrate the 30th Anniversary of the BIT by viewing the BIT's latest joint venture project along the Chicago River, Wolf Point East
Recent Transactions Take a moment to look at some recent transactions of the BIT. As with all investments by the BIT, new acquisitions have to adhere to the BIT's union labor policies, which can help stimulate union job creation and economic growth in communities across America.