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 was $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 were $1.58 billion, with $1.25 billion in MRB and GIL investments at year-end.

• No material supply chain or labor disruptions reported in construction projects.

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

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).

• Q4 net income available to partners was $9.4 million; annual net income available to partners was $18.3 million.

• Interest expense for the year was $60 million, down from $69.1 million in 2023.

• Unrestricted cash and equivalents were $14.7 million, with $31 million available on secured credit lines as of December 31.

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.

• Outstanding future funding commitments for debt investments total $100 million, to be funded over 12 months.

• Anticipate additional liquidity from redemptions and sales in 2025, with $31 million generated in January.

• Focus remains on leveraging dedicated capital to serve affordable housing developers.