Greystone Housing Impact Investors Reports Fourth Quarter 2024 and Annual 2024 Financial Results
Greystone Housing Impact Investors (NYSE: GHI) reported its Q4 and full-year 2024 financial results. For Q4 2024, the company achieved net income of $0.39 per BUC and Cash Available for Distribution (CAD) of $0.18 per BUC, with total assets reaching $1.58 billion. The full-year 2024 results showed net income of $0.76 per BUC and CAD of $0.95 per BUC.
The company declared a quarterly distribution of $0.37 per BUC, paid on January 31, 2025. During Q4, GHI advanced $36.8 million in MRB investments, $32.0 million in GIL investments, and $11.2 million to joint venture equity investments. The company also completed a securitization transaction of $75.4 million and received $11.5 million from an MRB sale.
Management acknowledged 2024's challenges in multifamily markets due to higher interest rates and operating expenses but expressed optimism about 2025 opportunities, particularly highlighting their new BlackRock construction lending joint venture.
Greystone Housing Impact Investors (NYSE: GHI) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024. Per il quarto trimestre 2024, l'azienda ha registrato un reddito netto di $0.39 per BUC e un Cash Available for Distribution (CAD) di $0.18 per BUC, con attivi totali che hanno raggiunto $1.58 miliardi. I risultati dell'intero anno 2024 hanno mostrato un reddito netto di $0.76 per BUC e un CAD di $0.95 per BUC.
L'azienda ha dichiarato una distribuzione trimestrale di $0.37 per BUC, pagata il 31 gennaio 2025. Durante il quarto trimestre, GHI ha avanzato $36.8 milioni in investimenti MRB, $32.0 milioni in investimenti GIL e $11.2 milioni in investimenti azionari in joint venture. L'azienda ha anche completato una transazione di cartolarizzazione di $75.4 milioni e ha ricevuto $11.5 milioni dalla vendita di un MRB.
La direzione ha riconosciuto le sfide del 2024 nei mercati multifamiliari a causa dell'aumento dei tassi di interesse e delle spese operative, ma ha espresso ottimismo riguardo alle opportunità del 2025, evidenziando in particolare la loro nuova joint venture di prestito per costruzione con BlackRock.
Greystone Housing Impact Investors (NYSE: GHI) informó sus resultados financieros del cuarto trimestre y del año completo 2024. Para el cuarto trimestre de 2024, la empresa logró un ingreso neto de $0.39 por BUC y un Cash Available for Distribution (CAD) de $0.18 por BUC, con activos totales que alcanzaron $1.58 mil millones. Los resultados del año completo 2024 mostraron un ingreso neto de $0.76 por BUC y un CAD de $0.95 por BUC.
La empresa declaró una distribución trimestral de $0.37 por BUC, pagada el 31 de enero de 2025. Durante el cuarto trimestre, GHI avanzó $36.8 millones en inversiones MRB, $32.0 millones en inversiones GIL y $11.2 millones en inversiones de capital en joint ventures. La empresa también completó una transacción de titulización de $75.4 millones y recibió $11.5 millones por la venta de un MRB.
La dirección reconoció los desafíos de 2024 en los mercados multifamiliares debido a las tasas de interés más altas y los gastos operativos, pero expresó optimismo sobre las oportunidades de 2025, destacando especialmente su nueva joint venture de préstamos de construcción con BlackRock.
Greystone Housing Impact Investors (NYSE: GHI)는 2024년 4분기 및 연간 재무 결과를 발표했습니다. 2024년 4분기 동안, 회사는 BUC당 $0.39의 순이익과 BUC당 $0.18의 분배 가능 현금(CAD)을 달성했으며, 총 자산은 $1.58억 달러에 도달했습니다. 2024년 전체 결과는 BUC당 $0.76의 순이익과 BUC당 $0.95의 CAD를 보여주었습니다.
회사는 BUC당 $0.37의 분기 배당금을 발표했으며, 이는 2025년 1월 31일에 지급될 예정입니다. 4분기 동안 GHI는 MRB 투자에 $36.8백만, GIL 투자에 $32.0백만, 그리고 합작 투자 자본 투자에 $11.2백만을 진행했습니다. 회사는 또한 $75.4백만의 증권화 거래를 완료하고 MRB 판매로부터 $11.5백만을 받았습니다.
경영진은 금리가 상승하고 운영 비용이 증가함에 따라 2024년 다가구 시장의 도전 과제를 인식했지만, 2025년 기회에 대한 낙관적인 입장을 표명하며 특히 BlackRock과의 새로운 건설 대출 합작 투자에 대해 강조했습니다.
Greystone Housing Impact Investors (NYSE: GHI) a publié ses résultats financiers du quatrième trimestre et de l'année complète 2024. Pour le quatrième trimestre 2024, l'entreprise a réalisé un revenu net de $0.39 par BUC et un Cash Available for Distribution (CAD) de $0.18 par BUC, avec des actifs totaux atteignant $1.58 milliard. Les résultats de l'année complète 2024 ont montré un revenu net de $0.76 par BUC et un CAD de $0.95 par BUC.
L'entreprise a déclaré une distribution trimestrielle de $0.37 par BUC, payable le 31 janvier 2025. Au cours du quatrième trimestre, GHI a avancé $36.8 millions en investissements MRB, $32.0 millions en investissements GIL et $11.2 millions en investissements en capital dans des joint ventures. L'entreprise a également complété une opération de titrisation de $75.4 millions et a reçu $11.5 millions d'une vente de MRB.
La direction a reconnu les défis de 2024 sur les marchés multifamiliaux en raison de l'augmentation des taux d'intérêt et des frais d'exploitation, mais a exprimé son optimisme quant aux opportunités de 2025, mettant particulièrement en avant leur nouvelle joint venture de prêt pour la construction avec BlackRock.
Greystone Housing Impact Investors (NYSE: GHI) hat seine finanziellen Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht. Im vierten Quartal 2024 erzielte das Unternehmen einen Nettogewinn von $0.39 pro BUC und einen Cash Available for Distribution (CAD) von $0.18 pro BUC, wobei die Gesamtaktiva $1.58 Milliarden erreichten. Die Ergebnisse des Gesamtjahres 2024 zeigten einen Nettogewinn von $0.76 pro BUC und einen CAD von $0.95 pro BUC.
Das Unternehmen erklärte eine vierteljährliche Ausschüttung von $0.37 pro BUC, die am 31. Januar 2025 ausgezahlt wird. Im vierten Quartal hat GHI $36.8 Millionen in MRB-Investitionen, $32.0 Millionen in GIL-Investitionen und $11.2 Millionen in Joint-Venture-Eigenkapitalinvestitionen bereitgestellt. Das Unternehmen hat auch eine Verbriefungstransaktion über $75.4 Millionen abgeschlossen und $11.5 Millionen aus dem Verkauf eines MRB erhalten.
Die Geschäftsführung erkannte die Herausforderungen von 2024 im Mehrfamilienmarkt aufgrund höherer Zinssätze und Betriebskosten an, äußerte jedoch Optimismus hinsichtlich der Chancen im Jahr 2025 und hob insbesondere ihr neues Joint Venture für Baufinanzierungen mit BlackRock hervor.
- Quarterly distribution maintained at $0.37 per BUC
- Total assets of $1.58 billion
- Received net swap payments of $12.3 million ($0.53 per BUC) from Jan 2023 through Dec 2024
- All MRB and GIL investments current on payments with no forbearance requests
- Successfully completed $75.4 million securitization transaction
- Q4 CAD per BUC of $0.18 is lower than the $0.37 distribution
- Challenging market conditions affecting multifamily investments
- Interest rate volatility impacting securitization efficiency
- No gain expected from Vantage at Tomball sale
Insights
The Q4 and full-year 2024 results for Greystone Housing Impact Investors LP present a nuanced financial picture that requires careful analysis. The quarterly CAD of
The company's portfolio quality remains robust, with 100% of MRB and GIL investments current on payments and no forbearance requests. This is particularly noteworthy given the challenging multifamily market conditions. The successful execution of the
The new BlackRock construction lending joint venture represents a strategic pivot that could drive growth in 2025. This partnership provides dedicated capital for affordable housing development at a time when many developers face financing constraints, potentially allowing Greystone to capture market share in a less competitive environment.
Investment activity remains steady, with
The company's conservative approach to unrealized gains (adding back
OMAHA, Neb., Feb. 20, 2025 (GLOBE NEWSWIRE) -- On February 20, 2025, Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced financial results for the three months and year ended December 31, 2024.
Financial Highlights
The Partnership reported the following results as of and for the three months ended December 31, 2024:
- Net income of
$0.39 per Beneficial Unit Certificate (“BUC”), basic and diluted - Cash Available for Distribution (“CAD”) of
$0.18 per BUC - Total assets of
$1.58 billion - Total Mortgage Revenue Bond (“MRB”) and Governmental Issuer Loan (“GIL”) investments of
$1.25 billion
The difference between reported net income per BUC and CAD per BUC is primarily due to the treatment of unrealized gains on the Partnership’s interest rate derivative positions. Unrealized gains of approximately
The Partnership reported the following results for the year ended December 31, 2024:
- Net income of
$0.76 per BUC, basic and diluted - CAD of
$0.95 per BUC
In December 2024, the Partnership announced that the Board of Managers of Greystone AF Manager LLC declared a regular quarterly distribution to the Partnership's BUC holders of
Management Remarks
“2024 was a challenging year from a number of different perspectives,” said Kenneth C. Rogozinski, the Partnership’s Chief Executive Officer. “The conditions in the multifamily markets, both higher interest rates and operating expenses, presented challenges to our joint venture equity investments. Interest rate volatility also impacted the efficiency of some of our securitization transactions. However, we are encouraged by the opportunities that we are starting to see in 2025. The dedicated pool of capital that we have from the new BlackRock construction lending joint venture is a powerful new tool for us to serve our affordable housing developer relationship base.”
Recent Investment and Financing Activity
The Partnership reported the following updates for the fourth quarter of 2024:
- Advanced funds on MRB and taxable MRB investments totaling
$36.8 million . - Advanced funds on GIL, taxable GIL and property loan investments totaling
$32.0 million . - Advanced funds to joint venture equity investments totaling
$11.2 million . - Received proceeds from the sale of an MRB totaling
$11.5 million . - Entered into the 2024 PFA Securitization Transaction representing fixed rate, matched term, non-recourse and non-mark to market debt financing totaling
$75.4 million .
In January 2025, the Partnership received proceeds from the sale of Vantage at Tomball located in Tomball, Texas, totaling
Investment Portfolio Updates
The Partnership announced the following updates regarding its investment portfolio:
- All MRB and GIL investments are current on contractual principal and interest payments and the Partnership has received no requests for forbearance of contractual principal and interest payments from borrowers as of December 31, 2024.
- The Partnership continues to execute its hedging strategy, primarily through interest rate swaps, to reduce the impact of changing market interest rates. The Partnership received net payments under its interest rate swap portfolio of approximately
$1.3 million and$6.5 million during the three months and year ended December 31, 2024, respectively. From January 1, 2023 through December 31, 2024, the Partnership received net swap payments totaling$12.3 million or approximately$0.53 per BUC. - Six joint venture equity investment properties have completed construction, with three properties having previously achieved
90% occupancy. Four of the Partnership’s joint venture equity investments are currently under construction or in development, with none having experienced material supply chain disruptions for either construction materials or labor to date.
Earnings Webcast & Conference Call
The Partnership will host a conference call for investors on Thursday, February 20, 2025 at 4:30 p.m. Eastern Time to discuss the Partnership’s Fourth Quarter and full-year 2024 results.
For those interested in participating in the question-and-answer session, participants may dial-in toll free at (877) 407-8813. International participants may dial-in at +1 (201) 689-8521. No pin or code number is needed.
The call is also being webcast live in listen-only mode. The webcast can be accessed via the Partnership's website under “Events & Presentations” or via the following link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=T0wdPGmd
It is recommended that you join 15 minutes before the conference call begins (although you may register, dial-in or access the webcast at any time during the call).
A recorded replay of the webcast will be made available on the Partnership’s Investor Relations website at http://www.ghiinvestors.com.
About Greystone Housing Impact Investors LP
Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022 (the “Partnership Agreement”), taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.
Safe Harbor Statement
Certain statements in this press release are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as “believe,” “expect,” “future,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “potential,” “continue,” or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: defaults on the mortgage loans securing our mortgage revenue bonds and governmental issuer loans; the competitive environment in which the Partnership operates; risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties; general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts (including the Russia-Ukraine war and the Israel-Hamas war) on business operations, employment, and financial conditions; uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom; the general condition of the real estate markets in the regions in which the Partnership operates, which may be unfavorably impacted by pressures in the commercial real estate sector, incrementally higher unemployment rates, persistent elevated inflation levels, and other factors; changes in interest rates and credit spreads, as well as the success of any hedging strategies the Partnership may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on investments and cost of financing; the aggregate effect of elevated inflation levels over the past several years, spurred by multiple factors including expansionary monetary and fiscal policy, higher commodity prices, a tight labor market, and low residential vacancy rates, which may result in continued elevated interest rate levels and increased market volatility; the Partnership’s ability to access debt and equity capital to finance its assets; current maturities of the Partnership’s financing arrangements and the Partnership’s ability to renew or refinance such financing arrangements; local, regional, national and international economic and credit market conditions; recapture of previously issued Low Income Housing Tax Credits in accordance with Section 42 of the Internal Revenue Code; geographic concentration of properties related to investments held by the Partnership; changes in the U.S. corporate tax code and other government regulations affecting the Partnership’s business; and the other risks detailed in the Partnership’s SEC filings (including but not limited to, the Partnership’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K). Readers are urged to consider these factors carefully in evaluating the forward-looking statements.
If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the developments and future events concerning the Partnership set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. The Partnership assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.
| GREYSTONE HOUSING IMPACT INVESTORS LP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||||||||
| For the Three Months Ended December 31, | For the Years Ended December 31, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Revenues: | |||||||||||||||||
| Investment income | $ | 20,056,000 | $ | 20,010,343 | $ | 80,976,706 | $ | 82,266,198 | |||||||||
| Other interest income | 2,199,643 | 1,034,638 | 9,509,307 | 17,756,044 | |||||||||||||
| Property revenues | - | - | 4,567,506 | ||||||||||||||
| Other income | 330,381 | 60,702 | 785,386 | 310,916 | |||||||||||||
| Total revenues | 22,586,024 | 25,184,617 | 91,271,399 | 104,900,664 | |||||||||||||
| Expenses: | |||||||||||||||||
| Real estate operating (exclusive of items shown below) | - | 573,255 | - | 2,663,868 | |||||||||||||
| Provision for credit losses (Note 10) | (24,000 | ) | (466,000 | ) | (1,036,308 | ) | (2,347,000 | ) | |||||||||
| Depreciation and amortization | 5,967 | 313,626 | 23,867 | 1,537,448 | |||||||||||||
| Interest expense | 15,840,620 | 16,849,384 | 60,032,007 | 69,066,763 | |||||||||||||
| Net result from derivative transactions (Note 15) | (8,239,844 | ) | 7,168,413 | (8,495,426 | ) | (7,371,584 | ) | ||||||||||
| General and administrative | 4,787,849 | 4,889,014 | 19,652,622 | 20,399,489 | |||||||||||||
| Total expenses | 12,370,592 | 29,327,692 | 70,176,762 | 83,948,984 | |||||||||||||
| Other income: | |||||||||||||||||
| Gain on sale of real estate assets | - | 10,363,363 | 63,739 | 10,363,363 | |||||||||||||
| Gain on sale of mortgage revenue bond | 1,207,673 | - | 2,220,254 | - | |||||||||||||
| Gain on sale of investments in unconsolidated entities | 60,858 | - | 117,844 | 22,725,398 | |||||||||||||
| Earnings (losses) from investments in unconsolidated entities | (1,315,042 | ) | (17,879 | ) | (2,140,694 | ) | (17,879 | ) | |||||||||
| Income before income taxes | 10,168,921 | 6,202,409 | 21,355,780 | 54,022,562 | |||||||||||||
| Income tax expense (benefit) | 36,398 | (1,515 | ) | 32,447 | 10,866 | ||||||||||||
| Net income | 10,132,523 | 6,203,924 | 21,323,333 | 54,011,696 | |||||||||||||
| Redeemable Preferred Unit distributions and accretion | (741,477 | ) | (622,590 | ) | (2,991,671 | ) | (2,868,578 | ) | |||||||||
| Net income available to Partners | $ | 9,391,046 | $ | 5,581,334 | $ | 18,331,662 | $ | 51,143,118 | |||||||||
| Net income available to Partners allocated to: | |||||||||||||||||
| General Partner | $ | 390,766 | $ | 75,252 | $ | 479,602 | $ | 3,589,447 | |||||||||
| Limited Partners - BUCs | 8,937,983 | 5,472,230 | 17,587,205 | 47,209,260 | |||||||||||||
| Limited Partners - Restricted units | 62,297 | 33,852 | 264,855 | 344,411 | |||||||||||||
| $ | 9,391,046 | $ | 5,581,334 | $ | 18,331,662 | $ | 51,143,118 | ||||||||||
| BUC holders' interest in net income per BUC, basic and diluted | $ | 0.39 | $ | 0.24 | ** | $ | 0.76 | * | $ | 2.06 | ** | ||||||
| Weighted average number of BUCs outstanding, basic | 23,115,162 | 22,947,795 | ** | 23,071,141 | * | 22,929,966 | ** | ||||||||||
| Weighted average number of BUCs outstanding, diluted | 23,115,162 | 22,947,795 | ** | 23,071,141 | * | 22,929,966 | ** | ||||||||||
| * | The amounts indicated above have been adjusted to reflect the distribution completed on April 30, 2024 in the form of additional BUCs at a ratio of 0.00417 BUCs for each BUC outstanding as of March 28, 2024 on a retroactive basis. | ||||||||||||||||
| ** | On July 31, 2023, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.00448 BUCs for each BUC outstanding as of June 30, 2023 (the “Second Quarter 2023 BUCs Distribution”). On October 31, 2023, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.00418 BUCs for each BUC outstanding as of September 29, 2023 (the “Third Quarter 2023 BUCs Distribution”). On January 31, 2024, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.00415 BUCs for each BUC outstanding as of December 29, 2023 (the “Fourth Quarter 2023 BUCs Distribution”, collectively with the Second Quarter 2023 BUCs Distribution and the Third Quarter BUCs Distribution the “2023 BUCs Distributions”). The amounts indicated above have been adjusted to reflect the 2023 BUCs Distributions on a retroactive basis. | ||||||||||||||||
Disclosure Regarding Non-GAAP Measures - Cash Available for Distribution
The Partnership believes that CAD provides relevant information about the Partnership’s operations and is necessary, along with net income, for understanding its operating results. To calculate CAD, the Partnership begins with net income as computed in accordance with GAAP and adjusts for non-cash expenses or income consisting of depreciation expense, amortization expense related to deferred financing costs, amortization of premiums and discounts, fair value adjustments to derivative instruments, provisions for credit and loan losses, impairments on MRBs, GILs, real estate assets and property loans, deferred income tax expense (benefit), and restricted unit compensation expense. The Partnership also adjusts net income for the Partnership’s share of (earnings) losses of investments in unconsolidated entities as such amounts are primarily depreciation expenses and development costs that are expected to be recovered upon an exit event. The Partnership also deducts Tier 2 income (see Note 23 to the Partnership’s consolidated financial statements) distributable to the General Partner as defined in the Partnership Agreement and distributions and accretion for the Preferred Units. Net income is the GAAP measure most comparable to CAD. There is no generally accepted methodology for computing CAD, and the Partnership’s computation of CAD may not be comparable to CAD reported by other companies. Although the Partnership considers CAD to be a useful measure of the Partnership’s operating performance, CAD is a non-GAAP measure that should not be considered as an alternative to net income calculated in accordance with GAAP, or any other measures of financial performance presented in accordance with GAAP.
The following table shows the calculation of CAD (and a reconciliation of the Partnership’s net income, as determined in accordance with GAAP, to CAD) for the three months and years ended December 31, 2024 and 2023 (all per BUC amounts are presented giving effect to the BUCs Distributions described in Note 23 of the consolidated financial statements on a retroactive basis for all periods presented):
| For the Three Months Ended December 31, | For the Years Ended December 31, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Net income | $ | 10,132,523 | $ | 6,203,924 | $ | 21,323,333 | $ | 54,011,696 | |||||||||
| Unrealized (gains) losses on derivatives, net | (6,978,561 | ) | 9,994,292 | (2,097,900 | ) | 3,173,398 | |||||||||||
| Depreciation and amortization expense | 5,967 | 313,626 | 23,867 | 1,537,448 | |||||||||||||
| Provision for credit losses (1) | (24,000 | ) | (466,000 | ) | (867,000 | ) | (2,347,000 | ) | |||||||||
| Reversal of gain on sale of real estate assets (2) | - | (10,363,363 | ) | - | (10,363,363 | ) | |||||||||||
| Amortization of deferred financing costs | 466,105 | 710,271 | 1,653,805 | 2,461,713 | |||||||||||||
| Restricted unit compensation expense | 436,052 | 473,127 | 1,891,633 | 2,013,736 | |||||||||||||
| Deferred income taxes | 1,164 | 2,796 | 2,435 | (362 | ) | ||||||||||||
| Redeemable Preferred Unit distributions and accretion | (741,477 | ) | (622,590 | ) | (2,991,671 | ) | (2,868,578 | ) | |||||||||
| Tier 2 income allocable to the General Partner (3) | (309,858 | ) | (19,439 | ) | (309,858 | ) | (3,248,148 | ) | |||||||||
| Recovery of prior credit loss (4) | (17,156 | ) | (17,156 | ) | (69,000 | ) | (68,812 | ) | |||||||||
| Bond premium, discount and acquisition fee amortization, net of cash received | (90,310 | ) | (42,900 | ) | 1,247,066 | (182,284 | ) | ||||||||||
| (Earnings) losses from investments in unconsolidated entities | 1,315,042 | 17,879 | 2,140,694 | 17,879 | |||||||||||||
| Total CAD | $ | 4,195,491 | $ | 6,184,467 | $ | 21,947,404 | $ | 44,137,323 | |||||||||
| Weighted average number of BUCs outstanding, basic | 23,115,162 | 22,947,795 | 23,071,141 | 22,929,966 | |||||||||||||
| Net income per BUC, basic | $ | 0.39 | $ | 0.24 | $ | 0.76 | $ | 2.06 | |||||||||
| Total CAD per BUC, basic | $ | 0.18 | $ | 0.27 | $ | 0.95 | $ | 1.92 | |||||||||
| Cash Distributions declared, per BUC | $ | 0.37 | $ | 0.367 | $ | 1.478 | $ | 1.46 | |||||||||
| BUCs Distributions declared, per BUC (5) | $ | - | $ | 0.07 | $ | 0.07 | $ | 0.21 | |||||||||
| (1) | The adjustments reflect the change in allowances for credit losses which requires the Partnership to update estimates of expected credit losses for its investment portfolio at each reporting date. In connection with the final settlement of the bankruptcy estate of the Provision Center 2014-1 MRB in July 2024, the Partnership recovered approximately | ||||||||||||||||
| (2) | The gain on sale of real estate assets from the sale of the Suites on Paseo MF Property represented a recovery of prior depreciation expense that was not reflected in the Partnership’s previously reported CAD, so the gain on sale was deducted from net income in determining CAD for 2023. | ||||||||||||||||
| (3) | As described in Note 23 to the Partnership’s consolidated financial statements, Net Interest Income representing contingent interest and Net Residual Proceeds representing contingent interest (Tier 2 income) will be distributed | ||||||||||||||||
| For the year ended December 31, 2024, Tier 2 income allocable to the General Partner consisted of approximately | |||||||||||||||||
| For the year ended December 31, 2023, Tier 2 income allocable to the General Partner consisted of approximately | |||||||||||||||||
| (4) | The Partnership determined there was a recovery of previously recognized impairment recorded for the Live 929 Apartments Series 2022A MRB prior to January 1, 2023. The Partnership is accreting the recovery of prior credit loss for this MRB into investment income over the term of the MRB consistent with applicable guidance. The accretion of recovery of value is presented as a reduction to current CAD as the original provision for credit loss was an addback for CAD calculation purposes in the period recognized. | ||||||||||||||||
| (5) | The Partnership declared a distribution payable in the form of additional BUCs equal to | ||||||||||||||||
| The Partnership declared three separate distributions during 2023 each payable in the form of additional BUCs equal to | |||||||||||||||||
MEDIA CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com
INVESTOR CONTACT:
Andy Grier
Investors Relations
402-952-1235
FAQ
What was GHI's net income per BUC for Q4 2024?
How much did GHI distribute to shareholders in Q4 2024?
What was GHI's total asset value as of December 31, 2024?
How much did GHI advance in MRB and GIL investments during Q4 2024?
What was GHI's Cash Available for Distribution (CAD) per BUC for full-year 2024?
