Greystone Housing Impact Investors Reports Third Quarter 2024 Financial Results

Core Insights - Greystone Housing Impact Investors LP reported a net loss of $0.23 per Beneficial Unit Certificate (BUC) for the three months ended September 30, 2024, and a net income of $0.38 per BUC for the nine months ended September 30, 2024, with Cash Available for Distribution (CAD) of $0.27 and $0.77 per BUC respectively [2][3] Financial Highlights - For the three months ended September 30, 2024: - Net loss of $0.23 per BUC, basic and diluted - CAD of $0.27 per BUC - Total assets of $1.55 billion - Total Mortgage Revenue Bond (MRB) and Governmental Issuer Loan (GIL) investments of $1.24 billion - Unrealized losses of approximately $9.7 million due to declining market interest rates [2] - For the nine months ended September 30, 2024: - Net income of $0.38 per BUC, basic and diluted - CAD of $0.77 per BUC - Unrealized losses of approximately $4.9 million [3] Distribution Information - The Partnership declared a regular quarterly distribution of $0.37 per BUC, paid on October 31, 2024, to BUC holders of record as of September 30, 2024 [4] Management Remarks - The CEO noted steady performance from the investment portfolio during the third quarter, highlighting ongoing volatility in fixed income and multifamily capital markets, which presents both challenges and opportunities [5] Recent Investment and Financing Activity - Advanced funds on MRB and taxable MRB investments totaling $40.5 million - Advanced funds on GIL, taxable GIL, and property loan investments totaling $17.5 million - Advanced funds to joint venture equity investments totaling $10.4 million - Received redemption proceeds totaling $55.8 million, with $36.9 million used to pay down related debt financing [5] Investment Portfolio Updates - All MRB and GIL investments are current on contractual principal and interest payments, with no requests for forbearance as of September 30, 2024 - The Partnership executed its hedging strategy through interest rate swaps, receiving net payments of approximately $1.8 million and $5.2 million during the three and nine months ended September 30, 2024, respectively - Six joint venture equity investment properties completed construction, with four achieving 90% occupancy as of September 30, 2024 [6]