Q4 2024 Greystone Housing Impact Investors LP Earnings Call Transcript

Feb 20, 2025 / 09:30 PM GMT

Release Date Price: $12.14 (-3.65%)

Transcript 10-K8-K

Key Points

Positve

Greystone Housing Impact Investors LP (GHI) reported GAAP net income of $10.1 million for Q4 2024, with cash available for distribution (CAD) of $4.2 million.
The company has successfully managed its interest rate risk through a hedging strategy, receiving net swap payments totaling $12.3 million over the past two fiscal years.
GHI's investment portfolio showed strong performance with no forbearance requests and all borrowers current on principal and interest payments.
The company has a robust pipeline with joint venture equity investments in multiple projects, including those nearing completion and beginning leasing.
GHI has maintained a stable occupancy rate of 91.2% for its stabilized mortgage revenue bond portfolio as of December 31, 2024.

Negative

The book value per unit decreased by $1 from September 30 to December 31, primarily due to a decrease in the fair value of the mortgage revenue bond portfolio.
The company experienced transactional expenses related to the termination of its M31 TES financing and the closing of a new securitization transaction, impacting Q4 results.
Interest rate sensitivity analysis indicates potential decreases in net interest income and CAD with a 200 basis point increase in rates.
The market for municipal bonds did not rally as expected in Q4 2024, with tax-exempt yields ending higher than anticipated.
GHI's unit price on the NYSE was trading at a 4% discount to its book value as of December 31, indicating potential market undervaluation.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

GHI.N - Greystone Housing Impact Investors LP
Q4 2024 Greystone Housing Impact Investors LP Earnings Call
Feb 20, 2025 / 09:30PM GMT

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Presentation
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Unidentified_1 [1]
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Welcome to the Greystone Housing Impact Investors 4th quarter 2024 earnings call.

I will now hand the call over to Jessie Corey, Chief Financial Officer. Please go ahead.

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Unidentified_2 [2]
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Thank you.

I would like to welcome everyone to the Graystone housing Impact Investors LP NYSE ticker symbol GHI 4th quarter of 2024 earnings conference call.

During the presentation, all participants will be in a listen-only mode.

After we present our overview of Q4 2024, you will be invited to

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