The AFL-CIO Building Investment Trust (“BIT”) reported gross and net returns of 1.50% and 1.27%, respectively for the fourth quarter of 2016. Gross and net returns for the one-year period ended December 31, 2016 were 7.77% and 6.81%, respectively.
Two multifamily development commitments were closed in the fourth quarter – MacArthur Commons, a 395-unit complex adjacent to a BART station in Oakland, California and Miller Cypress, a 260-unit complex one block from a planned CalTrain station in South San Francisco. Active construction is expected to start on each investment in the first quarter 2017.
*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.
†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. For more information regarding the investments, risks, and expenses of the BIT, copies of the latest Investment Memorandum and the applicable plan documents for the BIT, including the trust agreement and a form of participation agreement, may be obtained by contacting 855-530-0640 or BITTrustOfficer@pnc.com Please read the Investment Memorandum carefully before investing in the BIT.