Q3 2024 Greystone Housing Impact Investors LP Earnings Call Transcript
Key Points
- Greystone Housing Impact Investors LP (GHI) reported cash available for distribution (CAD) of $0.27 per unit, indicating positive cash flow despite a net loss.
- The company holds a substantial portfolio of $1.32 billion in affordable multifamily investments, which are performing well with no forbearance requests.
- GHI's interest rate swap portfolio is currently a net receiver, potentially adding $0.12 per unit in CAD if current rates hold.
- The company has a strong liquidity position with $37.3 million in unrestricted cash and $55.6 million available on secured lines of credit.
- GHI has entered a new construction lending joint venture with Blackrock Impact Opportunities, providing a dedicated pool of capital to capitalize on market opportunities.
- GHI reported a net loss of $0.23 per unit for the third quarter, significantly impacted by $9.7 million in non-cash, unrealized losses on interest rate derivatives.
- The company's leverage ratio is high at 74%, which could pose risks in a volatile interest rate environment.
- The fair value of GHI's interest rate derivatives declined sharply due to a 100 basis point decline in the three-year swap rate.
- The company's stock is trading at a 14% discount to its net book value, reflecting market concerns.
- There is uncertainty regarding fiscal policy changes with the upcoming change in administration, which could impact credit and new issuance.
Greetings and welcome to Greystone Housing Impact Investor LP third quarter, 2024 earnings conference call at this time. (Operator Instructions)
All participants are in a listen-only mode, a brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Mr. Jesse Coury, Chief Financial Officer. Thank you, Mr. Coury. You may begin.
Thank you.
I would like to welcome everyone to the Graystone Housing Impact Investors. LP Nyse ticker symbol GHI third quarter of 2024 earnings conference call.
During this conference call, comments made regarding GHI which are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause the actual future events or results to differ materially from these
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