Core Viewpoint - The market anticipates a year-over-year decline in earnings for Greystone Housing Impact Investors (GHI) due to lower revenues, with a focus on how actual results compare to estimates [1][2]. Earnings Expectations - GHI is expected to report quarterly earnings of $0.21 per share, reflecting a year-over-year decrease of 46.2% [3]. - Revenues are projected to be $23.64 million, down 10.7% from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised 1.59% higher in the last 30 days, indicating a reassessment by analysts [4]. - A positive Earnings ESP of +21.95% suggests analysts have recently become more optimistic about GHI's earnings prospects [9]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict deviations from consensus estimates, with a strong predictive power for positive readings [7][8]. - GHI's current Zacks Rank is 4, which complicates the prediction of an earnings beat despite the positive Earnings ESP [10]. Historical Performance - In the last reported quarter, GHI was expected to post earnings of $0.34 per share but only achieved $0.19, resulting in a surprise of -44.12% [11]. - Over the past four quarters, GHI has beaten consensus EPS estimates two times [12]. Industry Context - Oportun Financial Corporation (OPRT), another player in the Zacks Financial - Miscellaneous Services industry, is expected to post earnings of $0.03 per share, indicating a year-over-year increase of 106.5% [16]. - Oportun's revenue is projected to be $248.77 million, down 7.2% from the previous year [16]. - The consensus EPS estimate for Oportun has been revised down by 4.4% in the last 30 days, with a negative Earnings ESP of -300.00% [17].

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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 ...