Portfolio Commentary*

As of December 31, 2019 the AFL-CIO Building Investment Trust ("BIT") had $5.3 billion in net assets. The BIT generated quarterly total gross and net returns of 1.36% and 1.13%, respectively. The gross return was comprised of a 1.01% income return and a 0.36% appreciation return. Total returns for the 12-month period ended December 31, 2019 were 4.05% and 3.14%, gross and net, respectively.


*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.  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 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
Development Update: 1Q18 Take a moment to look at two union-built, recently developed BIT investments.
Construction Update: Wolf Point East Watch a Video Highlighting Union Construction Trades at Work on the Site of Wolf Point East.