Greystone Housing Impact Investors LP(GHI) - 2022 Q1 - Quarterly Report

Financial Performance - Total revenues for Q1 2022 were $19,206,371, an increase of 33.5% compared to $14,387,488 in Q1 2021[17] - Net income for Q1 2022 was $26,264,018, up from $6,992,854 in Q1 2021, representing a 276.5% increase[17] - Investment income rose to $14,403,403 in Q1 2022, compared to $12,388,241 in Q1 2021, reflecting a growth of 16.3%[17] - Comprehensive loss for Q1 2022 was $(22,306,719), compared to a loss of $(9,426,913) in Q1 2021[20] - Net income for the three months ended March 31, 2022, was $26,264,018, a significant increase from $6,992,854 in the same period of 2021, representing a growth of approximately 276%[27] - Net cash provided by operating activities increased to $9,307,289, compared to $7,457,354 in the prior year, reflecting a growth of about 25%[27] Assets and Liabilities - Total assets increased to $1,395,902,288 as of March 31, 2022, from $1,385,909,483 at the end of 2021, marking a growth of 0.8%[14] - Debt financing net increased to $882,453,664 in Q1 2022, up from $820,078,714 at the end of 2021, an increase of 7.6%[14] - Cash and cash equivalents increased to $118,330,462 as of March 31, 2022, from $68,285,501 at the end of 2021, a growth of 73.5%[14] - The total outstanding property loan balance as of March 31, 2022, was $112,239,342, with a loan loss allowance of $7,888,815, resulting in a net loan balance of $104,350,527[82] - Total outstanding property loans amounted to $76,850,616, with a loan loss allowance of $8,749,348, resulting in a net balance of $68,101,268[84] Investments - The Partnership's investments in Governmental Issuer Loans (GILs) showed a maximum exposure to loss of approximately $201.6 million as of March 31, 2022, compared to $184.8 million at the end of 2021[59] - The Partnership's GIL investments totaled $201,649,588 as of March 31, 2022, with various properties and interest rates, including Scharbauer Flats Apartments at $40,000,000[73] - The Partnership's investment income from unconsolidated entities for the three months ended March 31, 2022, was $657,937, compared to $862,454 for the same period in 2021, indicating a decrease of approximately 23.6%[81] - The total gross proceeds from the sale of investments in unconsolidated entities for the three months ended March 31, 2022, amounted to $29,337,686, showcasing active divestment strategies[80] Debt Financing - The Partnership's total debt financings as of March 31, 2022, reached $882,453,664, with various fixed and variable interest rates across different financing types[105] - The fixed interest rate for the M24 TEBS financing is 3.05%, while the variable rate for the M31 TEBS financing is 1.82%[105] - The Partnership is required to maintain a minimum liquidity of $5 million and a minimum consolidated tangible net worth of $100 million under the Secured Credit Agreement[102] - The effective net interest rate on the Secured Notes is 4.58% after considering a total return swap transaction[105] Revenue Segments - Affordable Multifamily MRB Investments accounted for 74% of total revenues in Q1 2022, generating $14,133,406, up from $10,794,788 in Q1 2021[176] - The Partnership's Market-Rate Joint Venture Investments generated $2,916,586 in revenues, representing 15% of total revenues in Q1 2022[176] - The Seniors and Skilled Nursing MRB Investments segment generated total revenues of $229 million for the three months ended March 31, 2022, with a segment net income of $229 million[198] - The MF Properties segment reported total revenues of $1,927 million, a 13.7% increase from $1,695 million in the same period in 2021[207] Occupancy and Property Management - Live 929 Apartments achieved a 98% occupancy rate as of March 31, 2022, higher than pre-COVID-19 levels[193] - The Suites on Paseo MF Property had a physical occupancy of 93% as of March 31, 2022, which is higher than occupancy levels prior to the onset of COVID-19[211] - As of March 31, 2022, properties under construction have not experienced any material supply chain disruptions or construction cost overruns[195] Interest Rates and Financial Instruments - The range of effective yields for mortgage revenue bonds was 1.6% - 20.2% as of March 31, 2022, compared to 0.9% - 19.1% as of December 31, 2021[150] - The weighted average effective yield for mortgage revenue bonds increased to 4.3% as of March 31, 2022, from 3.1% as of December 31, 2021[150] - The Partnership's interest rate swaps are categorized as Level 2 assets or liabilities, while interest rate caps and total return swaps are categorized as Level 3 assets[151][152][153] Commitments and Guarantees - The Partnership has remaining commitments of $32.2 million related to Legacy Commons at Signal Hills and $21.2 million related to Hilltop at Signal Hills[94] - The Partnership has guaranteed certain obligations of limited partnerships, with a maximum exposure of $2,661,066 for Ohio Properties and $1,854,212 for Greens of Pine Glen, LP[133] - The Partnership's maximum exposure under guaranty agreements for bridge loans is $34,222,000 for Vantage at Stone Creek and $34,536,000 for Vantage at Coventry, with a 50% guarantee on these amounts[132]