Core Insights - Greystone Housing Impact Investors LP announced the public listing of Vantage at Hutto, a 288-unit multifamily property in Hutto, TX, with an expected sale in Q1 2025 if the listing process aligns with past sales [1][2] - The Partnership invested a total of $11.8 million in equity during the construction and stabilization of the property, which was completed in December 2023 [1] - As of August 31, 2024, the property reported a physical occupancy rate of 89% [1] Company Overview - Greystone Housing Impact Investors LP was established in 1998 to manage a portfolio of mortgage revenue bonds aimed at financing affordable multifamily, seniors, and student housing [3] - The Partnership's strategy includes acquiring additional mortgage revenue bonds and leveraging investments to achieve growth, while also utilizing interest rate risk management instruments [3] - The interest earned on mortgage revenue bonds is expected to be excludable from gross income for federal tax purposes [3]

Company Overview - Greystone Housing Impact Investors LP was established in 1998 under the Delaware Revised Uniform Limited Partnership Act, focusing on acquiring, holding, selling, and managing a portfolio of mortgage revenue bonds for financing affordable multifamily, seniors, and student housing properties [4] - The Partnership aims to grow its investments by acquiring additional mortgage revenue bonds and leveraging attractive financing structures available in the securities market [4] Investor Information - On August 28, 2024, the Partnership announced that investor information on the 2023 Schedule K-3, which includes items of international tax relevance, is now available online for unitholders [1] - A limited number of unitholders, particularly foreign unitholders and those computing a foreign tax credit, may require the detailed information on Schedule K-3 for their tax reporting [2] Contact Information - Unitholders can receive an electronic copy of their Schedule K-3 via email by contacting Tax Package Support at a toll-free number [3] - The Senior Vice President of the company, Andrew Grier, can be reached at 402-952-1232 for further inquiries [6]

Core Viewpoint - Greystone Housing Impact Investors LP (GHI) has a unique business model focused on generating income through Mortgage Revenue Bonds (MRBs) and the development of multifamily buildings, with a current yield of 11.5% [1][11] Company Overview - GHI employs two core strategies: investing in MRBs, which are government-issued loans for affordable housing construction, and partnering with developers for multifamily building projects [1][11] - The partnership structure allows GHI to pass tax-exempt interest benefits from MRBs to shareholders [1] Financial Performance - In Q2 2024, GHI reported Cash Available for Distribution (CAD) of $0.27, down from a distribution of $0.37, indicating that CAD did not cover the distribution in the first half of the year [2][4] - Total revenues for GHI were $28.303 million, with total expenses of $14.343 million, resulting in a net income of $21.287 million [5] Property Sales and Development - GHI's property sales have been inconsistent, with no properties sold in the first half of 2024, which raises concerns about cash flow [2][4] - The company has a pipeline of properties, with four operating and several under construction, which may lead to increased sales in the future [7][9] Market Conditions - High interest rates have negatively impacted the real estate market, making it difficult for GHI to sell properties at favorable prices [4][8] - A potential decline in interest rates could improve GHI's earnings and cash flow from both MRBs and property sales [10][11] Investment Outlook - GHI is positioned to benefit from a shift towards risk-averse investing, particularly as the economy struggles, which may increase demand for its mortgage revenue bond portfolio [11] - The company aims to provide strong double-digit yields, leveraging its unique income-generating strategies [11]

Financial Data and Key Metrics Changes - For Q2 2024, the company reported net income of $5.2 million, or $0.19 per unit, and cash available for distribution (CAD) of $6.3 million, or $0.27 per unit [10] - The book value per unit decreased to $13.98, down $0.61 from the previous quarter, primarily due to a decline in the fair value of the mortgage revenue bond portfolio [10][11] - The company recognized a non-cash unrealized gain of $211,000 from interest rate swaps, with a compounded SOFR of 5.35% and a weighted average fixed rate of 3.49% on approximately $366 million in swap notional amounts [6][10] Business Line Data and Key Metrics Changes - The investment portfolio consists of $1.3 billion in affordable multifamily investments and $158 million in joint venture equity investments, with no forbearance requests for multifamily mortgage revenue bonds [7] - Physical occupancy for the stabilized mortgage revenue bond portfolio was 91.9% as of June 30, 2024 [8] - The company advanced $83.5 million for mortgage revenue bond investments and $19.5 million for governmental issuer loans during the quarter [15] Market Data and Key Metrics Changes - The muni investment grade index was down for the first half of 2024, while the high-yield muni index increased by 4.2% [21] - As of August 6, the closing unit price was $14.33, a 2.5% premium over the net book value per unit [12] - The 10-year MMD was at 2.54%, approximately 15 basis points lower than the previous quarter [22] Company Strategy and Development Direction - The company aims to capitalize on attractive investment opportunities while managing interest rate risks through a hedging strategy [46][51] - The focus remains on long-term holding of fixed-rate mortgage revenue bonds, with expectations that changes in fair value will not impact operating cash flows [11] - The company is pursuing additional issuances of preferred units and has reactivated its at-the-market offering to raise capital without price dilution [19] Management's Comments on Operating Environment and Future Outlook - Management noted that higher U.S. treasury yields and cost inflation have created challenges for affordable housing developers, who increasingly rely on governmental subsidies [22] - The company believes that initiating new projects now will position it favorably for future exits when supply may be limited [23] - Management expressed confidence in the investment pipeline and the ability to raise capital to fund attractive opportunities [51] Other Important Information - The company reported unrestricted cash and cash equivalents of $34 million and approximately $56 million available on secured lines of credit as of June 30 [13] - The outstanding future funding commitments for mortgage revenue bonds and related investments totaled $214 million, expected to be funded over approximately 24 months [16] Q&A Session Summary Question: Deployment rate and market attractiveness - Management indicated that the deployment rate was higher due to capital drawn from existing construction financing commitments and solid investment opportunities [26][27] Question: Cash level on the balance sheet - The company maintains lines of credit and cash reserves to be responsive to opportunities and cover potential cash needs [28][29] Question: Market issuance expectations - Management suggested that if the trend in rates continues, more muni issuers may enter the market, potentially increasing total issuance for the year [30] Question: Sale of mortgage revenue bonds - The sale was a unique situation due to the underlying project being sold, leading to a decision to sell the bonds rather than hold to maturity [33][34] Question: Extensions on governmental issuer loans - Extensions are common as project sponsors seek to optimize their loan amounts based on favorable rates locked in previously [36] Question: Post-June 30 book value estimates - Management noted that while they do not have exact numbers, there has been a reversal in rates that could lead to appreciation in the value of mortgage revenue bonds [38][39] Question: Preferred redemption funding - The redemption was funded through the general line of credit, with plans to assess future funding strategies based on liquidity [42][43] Question: Capital raising strategy - Management is open to raising capital to pursue attractive investment opportunities but will not raise capital solely for the sake of it [51]

OMAHA, Neb., Aug. 07, 2024 (GLOBE NEWSWIRE) -- On August 7, 2024, Greystone Housing Impact Investors LP (NYSE: GHI) (the "Partnership") announced financial results for the three months ended June 30, 2024. Financial Highlights The Partnership reported the following results as of and for the three months ended June 30, 2024: Net income of $0.19 per Beneficial Unit Certificate ("BUC"), basic and diluted Cash Available for Distribution ("CAD") of $0.27 per BUC Total assets of $1.53 billion Total Mortgage Reven ...

Core Insights - Greystone Housing Impact Investors LP reported financial results for the second quarter of 2024, showing steady performance despite market volatility [2][3] Financial Highlights - Net income for the three months ended June 30, 2024, was $0.19 per Beneficial Unit Certificate (BUC), with Cash Available for Distribution (CAD) at $0.27 per BUC [2] - Total assets reached $1.53 billion, with total Mortgage Revenue Bond (MRB) and Governmental Issuer Loan (GIL) investments amounting to $1.22 billion [2] - For the six months ended June 30, 2024, net income was $0.61 per BUC and CAD was $0.50 per BUC [2] Management Remarks - The CEO highlighted the steady performance of the investment portfolio and emphasized the focus on capitalizing on significant investment opportunities in the current market environment [3] Recent Investment and Financing Activity - The Partnership advanced funds totaling $83.5 million on MRB and taxable MRB investments and $19.5 million on GIL and property loan investments during the second quarter [4] - Additional BUCs were issued under the "at-the-market" program for gross proceeds of $1.5 million [4] Investment Portfolio Updates - All affordable multifamily MRB and GIL investments are current on contractual principal and interest payments, with no requests for forbearance as of June 30, 2024 [5] - The Partnership executed a hedging strategy through interest rate swaps, receiving net payments of approximately $1.7 million and $3.3 million during the three and six months ended June 30, 2024, respectively [5] Earnings Webcast & Conference Call - A conference call was scheduled for August 7, 2024, to discuss the second quarter results, with details provided for participation [7][8] About the Company - Greystone Housing Impact Investors LP focuses on acquiring, holding, and managing a portfolio of mortgage revenue bonds for affordable housing financing, pursuing a leveraged investment strategy [10]

Core Viewpoint - Greystone Housing Impact Investors LP announced a cash distribution of $0.37 per Beneficial Unit Certificate (BUC) to its holders, with the distribution date set for July 31, 2024, and the ex-distribution date on June 28, 2024 [8]. Company Overview - Greystone Housing Impact Investors LP was established in 1998 under Delaware law, focusing on acquiring and managing a portfolio of mortgage revenue bonds aimed at financing affordable housing projects [2]. - The Partnership's strategy includes acquiring additional mortgage revenue bonds and leveraging investments, with expectations that interest earned on these bonds will be exempt from federal income tax [2]. Distribution Details - The cash distribution of $0.37 per BUC was declared by the Board of Managers of Greystone AF Manager LLC, the general partner of the Partnership [8][9]. - Distributions are determined based on a thorough evaluation of the Partnership's operating results and financial condition, ensuring alignment with the long-term interests of BUC holders [9]. Market Context - The Partnership's operations are influenced by various economic factors, including market volatility, access to capital, and conditions in the real estate market [3].

Greystone Housing Impact Investors (GHI) came out with quarterly earnings of $0.42 per share, beating the Zacks Consensus Estimate of $0.24 per share. This compares to earnings of $0.60 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 75%. A quarter ago, it was expected that this provider of tax exempt financing for student housing, senior housing and multifamily housing would post earnings of $0.80 per share when it actually p ...

Financial Performance - Total revenues for the three months ended March 31, 2024, were $22,370,654, down 10.26% from $24,937,970 in the same period of 2023[16]. - Net income available to partners decreased to $9,881,140 for Q1 2024, a decline of 38.06% compared to $16,044,572 in Q1 2023[16]. - The company reported a comprehensive loss of $1,423,315 for Q1 2024, compared to a comprehensive income of $37,301,311 in Q1 2023[18]. - Net income for the three months ended March 31, 2024, was $10,648,381, a decrease of 36% compared to $16,791,222 in the same period of 2023[25]. - The Partnership reported a net loss of $5,435,562 from derivative transactions in the Affordable Multifamily MRB Investments segment for the three months ended March 31, 2024[189]. Asset and Liability Changes - Total assets decreased from $1,513,400,702 as of December 31, 2023, to $1,453,419,497 as of March 31, 2024, a decline of approximately 3.95%[14]. - The total liabilities decreased from $1,081,662,446 as of December 31, 2023, to $1,026,200,290 as of March 31, 2024, a decrease of approximately 5.13%[14]. - Cash and cash equivalents increased from $37,918,237 as of December 31, 2023, to $56,255,270 as of March 31, 2024, an increase of 48.38%[14]. - The total estimated fair value of mortgage revenue bonds held in trust is $922,468,164, with a cumulative unrealized loss of $1,633,606[51]. - As of March 31, 2024, total accounts payable, accrued expenses, and other liabilities amounted to $20,862,915, a decrease of approximately 9.1% from $22,958,088 on December 31, 2023[112]. Investment Activities - The Partnership's investment in mortgage revenue bonds (MRBs) provides financing for income-producing multifamily rental, seniors housing, and skilled nursing properties, with fixed interest rates and regular payments[50]. - The Partnership's total funding commitments related to properties awarded private activity bond cap and LIHTC allocations from January 1, 2022, to March 31, 2024, amounted to $423,660,054[203]. - The Partnership executed an $8.2 million equity commitment in February 2023 to fund the construction of Valage Senior Living Carson Valley[88]. - The Partnership's investments in unconsolidated entities include properties with a total of 2,880 units across various locations in Texas and Colorado[84]. - The Partnership acquired an MRB and taxable MRB in April 2024 for $33,727,000 to finance the acquisition and rehabilitation of an affordable multifamily property[192]. Credit Losses and Provisions - The provision for credit losses increased to $(806,000) in Q1 2024 from $(545,000) in Q1 2023, indicating a rise in expected credit losses[16]. - The Partnership recorded a recovery of provision for credit losses of approximately $806,000 for the three months ended March 31, 2024, compared to $545,000 for the same period in 2023, reflecting a decrease in the allowance for credit losses by the same amount[104]. - As of March 31, 2024, the total allowance for credit losses was $3,291,000, down from $4,097,000 at the beginning of the period, indicating a reduction of approximately 19.7%[103]. - The Partnership's risk assessment indicates that all GILs, taxable GILs, and property loans are currently performing, except for two property loans on nonaccrual status[108]. - The cumulative-effect adjustment upon adoption of the new credit loss standard resulted in a significant allowance for credit losses, impacting the Partners' Capital[103]. Debt Financing and Interest Rates - As of March 31, 2024, the total outstanding debt of the Partnership is approximately $304.2 million with a weighted average interest rate of 4.42%[122]. - The total debt financings from TOB Trust Securitizations is approximately $601.3 million, with a period-end rate of 5.69%[122]. - The variable interest rates for several financings range from 4.01% to 5.59%, depending on the specific financing structure[122]. - The Partnership has entered into an interest rate cap agreement to mitigate exposure to interest rate fluctuations on the variable-rate M31 TEBS financing[130]. - The Partnership's variable rate debt financing arrangements include maximum interest rate provisions to prevent debt service from exceeding cash flows from securitized assets[132]. Equity and Preferred Units - The Partnership has issued 8,750,000 redeemable preferred units as of March 31, 2024, with a total redemption value of $87,500,000[154]. - The Series A Preferred Units have a fixed distribution rate of 3.0%, while Series B Preferred Units have a rate of 5.75%[153]. - The Partnership redeemed $10.0 million of Series A Preferred Units in April 2024[155]. - Approximately 292,000 restricted units and other awards are available for future issuance under the 2015 Equity Incentive Plan as of March 31, 2024[157]. - The Partnership has a total of $97,057,835 in equity investments, with remaining commitments of $54,334,681[150]. Operational Insights - The Partnership's operations are managed by 16 employees, indicating a relatively modest environmental impact[206]. - Greystone has implemented DEI initiatives, with three out of 16 employees being women and one identifying as ethnically diverse[210]. - The Partnership is committed to supporting affordable multifamily housing, with properties required to maintain a minimum percentage of units for very low-income and low-income tenants[207]. - The Partnership's preferred return on invested capital in unconsolidated entities is reported as "Investment income" on the condensed consolidated statements of operations[81]. - The Partnership's financial strategy includes managing the impact of market interest rates on the valuation of its mortgage revenue bonds[52].

Financial Performance - Net income for Q1 2024 was $10.65 million, translating to $0.42 per Beneficial Unit Certificate (BUC), a decrease from $16.79 million or $0.59 per BUC in Q1 2023[3][13] - Total revenues for Q1 2024 were $22.37 million, down from $24.94 million in Q1 2023, primarily due to a decrease in other interest income[13] - Net income for Q1 2024 was $10,648,381, a decrease of 36% from $16,791,222 in Q1 2023[15] - Net income per BUC, basic, decreased to $0.42 in Q1 2024 from $0.59 in Q1 2023, representing a decline of 29%[15] - Total CAD for Q1 2024 was $5,228,844, down 71% from $18,215,895 in Q1 2023[15] - Total CAD per BUC, basic, fell to $0.23 in Q1 2024, down 71% from $0.79 in Q1 2023[15] - Cash distributions declared per BUC increased slightly to $0.368 in Q1 2024 from $0.364 in Q1 2023[15] - The Partnership declared a BUCs distribution of $0.07 per BUC for Q1 2024, payable in additional BUCs[15] Assets and Investments - Total assets of the Partnership stood at $1.45 billion as of March 31, 2024[3] - The Partnership advanced funds totaling $27.3 million on Mortgage Revenue Bond (MRB) and taxable MRB investments during Q1 2024[7] - The Partnership received redemption proceeds totaling $117.8 million, with $98.3 million used to pay down related debt financing[7] - The Partnership issued Series B Preferred Units with a stated value of $17.5 million and additional BUCs for gross proceeds of $1.1 million[7] - All affordable multifamily MRB and GIL investments are current on contractual principal and interest payments as of March 31, 2024[7] Operational Highlights - Two joint venture equity investment properties stabilized operations, while three additional properties began leasing activities as of March 31, 2024[7] - The Partnership executed its hedging strategy, receiving net payments of approximately $1.7 million under its interest rate swap portfolio during Q1 2024[7] Credit and Derivatives - Unrealized losses on derivatives for Q1 2024 were $(4,604,215), compared to unrealized gains of $3,435,967 in Q1 2023[15] - The provision for credit losses for Q1 2024 was $(806,000), compared to $(545,000) in Q1 2023[15] - The Partnership recognized a recovery of prior credit loss for the Live 929 Apartments Series 2022A MRB, contributing to current CAD adjustments[15] Shareholder Information - The weighted average number of BUCs outstanding increased to 23,000,754 in Q1 2024 from 22,924,081 in Q1 2023[15]