The following is a summary of the Greystone Housing Impact Investors LP (GHI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Greystone Housing Impact Investors LP reported a net income of $0.42 per unit for Q1 2024 and cash available for distribution (CAD) per unit of $0.23.
The company posted a GAAP net income of $10.6 million and CAD of $5.2 million.
They hold $1.22 billion in affordable multifamily investments and $145 million in joint venture equity investments.
The book value per unit as of March 31 was $14.59, down primarily due to a decline in the fair value of the Mortgage Revenue Bond (MRB) portfolio, although declines in fair value are not expected to impact operating cash flows, net income, or CAD.
Greystone reported a notable increase in cash during the quarter largely due to $120 million of debt investments that were redeemed.
Business Progress:
Four out of seven properties in the joint venture equity investments have completed construction, while the remaining three are either under construction or in the planning stage.
Leasing activity remains robust with no significant supply chain or labor disruptions reported.
The company listed for sale one of its properties, Vantage for Tomball, which is part of the Vantage Group JV equity investments.
Four joint projects with the Freestone Development Group are underway, including three in Texas and one in Colorado. Construction has begun on Village Senior Living Carson Valley and Jessam and Hays Farms, also part of JV equity investments.
The final multi-family property investment, The Suites on Paseo student housing project, was sold in December 2023.
The company plans to accelerate its investment in affordable multifamily and JV equity strategies based on market conditions and investment opportunities.
Greystone Housing Impact Investors LP intends to deploy its increased cash into these investments over the next one or two quarters and is considering the addition of new partnerships this year.
More details: Greystone Housing Impact Investors IR
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