Greystone Housing Impact Investors LP (GHI) Q4 2024 earnings summary

Executive summary

• Reported Q4 2024 GAAP net income of $10.1 million ($0.39 per unit/BUC) and annual net income of $21.3 million ($0.76 per unit/BUC); Q4 CAD was $4.2 million ($0.18 per unit/BUC), annual CAD $21.9 million ($0.95 per unit/BUC).

• Portfolio performance remained strong with no forbearance requests and 91.2% occupancy in stabilized mortgage revenue bond properties as of December 31, 2024.

• Total assets stood at $1.58 billion, with $1.25 billion in MRB and GIL investments at year-end.

• Board declared a regular quarterly distribution of $0.37 per unit/BUC, paid January 31, 2025.

• Continued active funding of mortgage revenue bonds, governmental issuer loans, and JV equity investments, with several projects advancing or nearing completion.

Financial highlights

• Q4 2024 revenues were $22.6 million; annual revenues reached $91.3 million.

• Q4 net income benefited from $7 million in non-cash unrealized gains on interest rate derivatives ($0.30 per unit/BUC).

• Transactional expenses of $613,000 ($0.03 per unit) related to financing activities impacted Q4 results.

• Interest expense for the year was $60.0 million, down from $69.1 million in 2023.

• Book value per unit as of December 31 was $13.15, down $1 from September 30, mainly due to lower fair value of mortgage revenue bonds.

Outlook and guidance

• Management anticipates new opportunities in 2025, supported by a new BlackRock construction lending JV.

• Expect continued stable net cash flows due to hedging strategy on variable-rate debt.

• Anticipate $100 million in funding commitments for mortgage revenue bonds and related investments over the next 12 months.

• Multiple liquidity events in January 2025 added $31 million in net liquidity.

• Redemptions of governmental issuer loans and property loans expected to be backloaded in 2025, with capital redeployed into new commitments.