Greystone Housing Impact Investors LP's Strong Annual Results Unveiled
Greystone Housing Impact Investors LP Highlights Financial Performance
OMAHA, Neb. – Recently, Greystone Housing Impact Investors LP (NYSE: GHI) disclosed its financial outcomes for the final quarter and the entire year of 2024. The Partnership showcased impressive resilience, adapting to multifamily market challenges while setting sights on emerging growth opportunities.
Quarterly Financial Highlights
For the three months concluding on December 31, 2024, the Partnership's financial performance included:
- Net income was reported at $0.39 per Beneficial Unit Certificate (BUC), on both basic and diluted bases.
- Cash Available for Distribution (CAD) reached $0.18 per BUC.
- Total assets amounted to an impressive $1.58 billion.
- Investments in Mortgage Revenue Bonds (MRB) and Governmental Issuer Loans (GIL) totaled approximately $1.25 billion.
Notably, the gap between net income per BUC and CAD per BUC primarily stemmed from unrealized gains related to the Partnership's interest rate derivatives, amounting to around $7.0 million.
Annual Financial Results Overview
For the year ending December 31, 2024, the Partnership reported:
- Net income of $0.76 per BUC, both basic and diluted.
- CAD recorded at $0.95 per BUC.
A quarterly distribution of $0.37 per BUC was paid on January 31, 2025, to all holders of record from the end of December 2024.
Management's Perspective on the Year
“The year 2024 was filled with challenges, particularly due to escalating interest rates and rising operational expenses impacting our joint ventures,” stated Kenneth C. Rogozinski, the Partnership’s Chief Executive Officer. “Despite these obstacles, we see promising opportunities for growth in 2025, especially with our strategic partnership with BlackRock for construction lending, which enhances our capacity to support affordable housing ventures.”
Recent Investments and Financing Developments
In the fourth quarter, the Partnership made noteworthy financing advancements:
- Funded MRB and taxable MRB investments aggregating $36.8 million.
- Contributed $32.0 million across GIL, taxable GIL, and property loan investments.
- Invested $11.2 million into joint venture equity investments.
- Generated $11.5 million from the sale of an MRB.
- Executed a significant securitization transaction totaling $75.4 million.
Investment Portfolio Performance
The Partnership provided updates on its investment portfolio, revealing all MRB and GIL investments are fulfilling their contractual principal and interest payments without requests for forbearance.
Furthermore, the ongoing execution of its hedging strategy, primarily using interest rate swaps, has garnered net swap payments of about $12.3 million from January 2023 to December 2024. Six joint venture equity properties have completed construction, with four more actively in the development phase.
Investor Engagement Opportunities
The Partnership will host a conference call for investors, providing an avenue for insights into the financial results of Q4 and the full year 2024.
For access, participants can connect via phone or the webcast, with more details provided in the investor relations section.
About Greystone Housing Impact Investors LP
Founded in 1998, Greystone Housing Impact Investors LP operates with a vision of supporting affordable housing through a portfolio of mortgage revenue bonds. The Partnership engages strategic investments while leveraging various financing structures available in securities markets.
Contact Information
MEDIA CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com
INVESTOR CONTACT:
Andy Grier
Investor Relations
402-952-1235
Frequently Asked Questions
What were the key financial highlights for Greystone in 2024?
In 2024, Greystone reported a net income of $0.76 per BUC and CAD of $0.95 per BUC.
How did Greystone manage challenges in the multifamily market?
The company remains resilient by adapting its investment strategies and operations to address issues like rising interest rates.
What investments did Greystone pursue in the fourth quarter?
Greystone advanced significant funds in MRB, GIL investments, and joint venture equity investments totaling millions.
Who can be contacted for investor relations?
Andy Grier in Investor Relations can be contacted for information at 402-952-1235.
What is the purpose of Greystone Housing Impact Investors?
The Partnership focuses on supporting affordable multifamily housing through strategic investments in mortgage revenue bonds.
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