Greystone Housing Impact Investors LP (GHI) Q1 2025 earnings summary

Executive summary

• Q1 2025 net income was $3.3 million ($0.11 per BUC), with CAD of $7.1 million ($0.31 per BUC), and all mortgage revenue bond borrowers current as of March 31, 2025.

• Declared and paid a $0.37 per BUC quarterly distribution on April 30, 2025.

• Issued $20 million in Series B Preferred Units at a 5.75% annual rate in March 2025, providing non-dilutive capital.

• Two Vantage joint venture properties (Tomball and Helotes) sold in 2025, with proceeds reinvested in new bonds.

• Total assets were $1.54 billion, with ongoing construction, leasing, and new project evaluations in 11 joint venture equity properties.

Financial highlights

• Total revenues rose 11.6% year-over-year to $24.9 million, driven by higher investment income and preferred returns from joint ventures.

• Net income for Q1 2025 was $3.3 million, down from $10.6 million in Q1 2024, mainly due to $3.9 million in unrealized losses on interest rate derivatives.

• CAD was $7.1 million ($0.31 per BUC), up from $5.2 million ($0.23 per BUC) in Q1 2024.

• Book value per unit as of March 31, 2025, was $12.59, with a closing unit price of $11.63 on May 6, 2025.

• Unrestricted cash and equivalents rose to $51.4 million, up from $14.7 million at year-end, driven by asset sales and preferred unit issuance.

Outlook and guidance

• Management expects to meet all near-term and long-term funding commitments through cash on hand, operating cash flows, asset sales, and potential new debt or equity issuance.

• Ongoing redeployment of proceeds from maturing construction investments into new commitments, with $139 million in outstanding investment commitments as of March 31, 2025.

• Interest rate sensitivity analysis shows the portfolio is largely hedged against rate fluctuations, with limited impact on net interest income and CAD.

• Expects to recognize $1.8 million investment income and $163,000 gain on sale from Vantage at Helotes in Q2 2025.