AFL-CIO Building Investment Trust
The AFL-CIO Building Investment Trust (BIT) began operations July 1, 1988, as an open-end, commingled group trust. Originally investing in real estate-related debt, the BIT's investment strategy has evolved as its assets have grown: first to a balanced debt and equity fund and today as a fund investing primarily in equity real estate assets. One of the BIT's principal objectives in making real estate investments is to generate competitive income and long-term capital appreciation while protecting investor's capital and providing retirement security for union members. The BIT also created and operates with one of the most comprehensive union labor policies in the U.S. real estate industry, helping to create union jobs throughout the country.
As an investment program endorsed by the AFL-CIO, the BIT indirectly provides wide-ranging benefits to union members and their communities:
- Returns. As of December 31, 2016, the BIT has established a solid track record of competitive risk adjusted returns, with an annualized gross return since inception of 7.77%.
- Jobs. Subject to the satisfaction of its investment objectives and underwriting criteria, BIT investments support union jobs within construction and related industries. Under its industry leading union labor policies, BIT investments have created approximately 72 million hours of union construction work, plus thousands of union jobs in the maintenance and operation of BIT properties.
- Community Development. The BIT invests in assets located in American cities, often strengthening the communities where union families live and work. The BIT has invested over $7 billion to finance 40.2 million square feet of commercial real estate and just under 16,000 apartment units over the past 28 years.
The BIT is managed and sponsored by PNC Bank, National Association (PNC Bank), as Trustee, with its headquarters located in Pittsburgh, Pennsylvania. PNC Realty Investors (PRI), with an office located in Washington, DC, provides investment advisory and management services to PNC Bank in connection with the BIT. PRI is indirectly owned by The PNC Financial Services Group, Inc. (PNC). The AFL-CIO Investment Trust Corporation (ITC) located in Washington, DC, provides investor and labor relations services.