(As of 12/31/2022)
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 gains and 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 (as defined in the Investment Memorandum of the BIT). 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.
1. The total rentable square footage within the BIT’s office, industrial, and retail
investments.
2. The Gross Asset Value or “GAV” is the NAV plus the sum of BIT’s debt on
wholly-owned investments and BIT’s proportionate share of debt on joint venture
investments.
3. The Net Asset Value or “NAV” is the value of all investments owned, plus cash,
receivables, and other assets minus liabilities.
4. The number of real estate investments.
5. The number of all BIT institutional investors.
6. The percentage of total square footage leased within the BIT’s office, industrial, and retail investments.
Excludes investments that are under development or redevelopment.
7. In April 2020, PNC Bank, as trustee, implemented a redemption queue as permitted in the trust agreement. Prior to 2022, PNC Bank requested, and received, approval from the Office of the Comptroller of the Currency (OCC) to extend the one-year redemption period for an additional year, for the redemption requests submitted in 2Q2020, 3Q2020, 4Q2020, 1Q2021 and 2Q2021. In May 2022, PNC Bank submitted to the OCC two separate requests for extending the withdrawal period allowable for acting upon certain withdrawal requests. On September 28, 2022, PNC received approval from the OCC to extend the one-year redemption period for an additional year for redemptions submitted in 3Q2021, 4Q2021, and 1Q2022. The OCC did not grant the second set of extensions requested of the withdrawal period for redemptions submitted in 2Q2020, 3Q2020, 4Q2020, 1Q2021 and 2Q2021. At this time, there are no additional extension requests pending with the OCC. As of December 31, 2022, the queue was $1,660 million. As of the date hereof, the queue (inclusive of redemption requests submitted in first quarter 2023 as of February 6, 2023) is approximately $1.9 billion. The relatively large redemption queue will continue to require substantial efforts to generate liquidity from asset sales and other sources to pay these redemptions going forward.
PNC Realty Investors, Inc.
Investment Advisor
800 17th Street NW
2nd Floor
Washington, D.C. 20006
410 237 5309
AFL-CIO ITC Financial, LLC.
Marketing
815 Connecticut Avenue NW
Suite 320
Washington, DC 20006
202 898 9190
AFL-CIO ITC Financial, LLC (“Broker/Dealer”) is compensated by PNC Bank, National Association (“Trustee”), with respect to marketing the AFL-CIO Building Investment Trust (the “Trust”) and has a conflict of interest with respect to marketing an investment in the Trust. Broker/Dealer is not a current client or investor in a private fund or bank collective trust managed by Trustee.
