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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-41564

 

GREYSTONE HOUSING IMPACT INVESTORS LP

(Exact name of registrant as specified in its charter)

 

Delaware

 

47-0810385

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

14301 FNB Parkway, Suite 211, Omaha, Nebraska

 

68154

(Address of principal executive offices)

 

(Zip Code)

 

 

 

(402) 952-1235

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Beneficial Unit Certificates representing assignments of limited partnership interests in Greystone Housing Impact Investors LP

GHI

The New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ NO ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO

As of April 30, 2024, the registrant had 23,288,781 Beneficial Unit Certificates representing assignments of limited partnership interests outstanding.

 

 


 

INDEX

PART I – FINANCIAL INFORMATION

 

Item 1

 

Financial Statements (Unaudited)

 

5

 

 

Condensed Consolidated Balance Sheets

 

5

 

 

Condensed Consolidated Statements of Operations

 

6

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

 

7

 

 

Condensed Consolidated Statements of Partners’ Capital

 

8

 

 

Condensed Consolidated Statements of Cash Flows

 

9

 

 

Notes to Condensed Consolidated Financial Statements

 

10

Item 2

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

50

Item 3

 

Quantitative and Qualitative Disclosures About Market Risk

 

79

Item 4

 

Controls and Procedures

 

82

 

 

 

 

 

PART II – OTHER INFORMATION

Item 1A

 

Risk Factors

 

83

Item 6

 

Exhibits

 

83

SIGNATURES

 

84

 

 


 

Forward-Looking Statements

This Quarterly Report (including, but not limited to, the information contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”) contains forward-looking statements. All statements other than statements of historical facts contained in this report, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. When used, statements which are not historical in nature, including those containing words such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions, are intended to identify forward-looking statements. We have based forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. This report also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other industry data. This data involves several assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We have not independently verified the statistical and other industry data generated by independent parties contained in this report, and accordingly, we cannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of our future performance and the future performance of the industries in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described under the heading “Risk Factors” in Item 1A of Greystone Housing Impact Investors LP’s Annual Report on Form 10-K for the year ended December 31, 2023, and in this report.

These forward-looking statements are subject, but not limited to various risks and uncertainties, including those relating to:

defaults on the mortgage loans securing our mortgage revenue bonds (“MRBs”) and governmental issuer loans (“GILs”);
the competitive environment in which we operate;
risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties;
general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts (including the Russia-Ukraine war and the Israel-Hamas war) on business operations, employment, and financial conditions;
current financial conditions within the banking industry, including the effects of recent failures of financial institutions, liquidity levels, and responses by the Federal Reserve, Department of the Treasury, and the Federal Deposit Insurance Corporation to address these issues;
uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets;
adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom;
the general condition of the real estate markets in the regions in which we operate, which may be unfavorably impacted by increases in mortgage interest rates, slowing economic growth, persistent elevated inflation levels, and other factors;
changes in interest rates and credit spreads, as well as the success of any hedging strategies we may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on our investments and our cost of financing;
persistent inflationary trends, spurred by multiple factors including expansionary monetary and fiscal policy, higher commodity prices, a tight labor market, and low residential vacancy rates, which may result in further interest rate increases and lead to increased market volatility;
our ability to access debt and equity capital to finance our assets;
current maturities of our financing arrangements and our ability to renew or refinance such financing arrangements;
local, regional, national, and international economic and credit market conditions;
recapture of previously issued Low Income Housing Tax Credits (“LIHTCs”) in accordance with Section 42 of the Internal Revenue Code (“IRC”);
geographic concentration of properties related to our investments; and
changes in the U.S. corporate tax code and other government regulations affecting our business.

Other risks, uncertainties and factors could cause our actual results to differ materially from those projected in any forward-looking statements we make. We are not obligated to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.

 


 

All references to “we,” “us,” “our” and the “Partnership” in this report mean Greystone Housing Impact Investors LP, its wholly owned subsidiaries and our consolidated Variable Interest Entities ("VIE" or "VIEs"). See Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of this report for additional details.

 


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

GREYSTONE HOUSING IMPACT INVESTORS LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 

 

March 31, 2024

 

 

December 31, 2023

 

Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

56,255,270

 

 

$

37,918,237

 

Restricted cash

 

 

14,672,102

 

 

 

9,815,909

 

Interest receivable, net

 

 

7,846,857

 

 

 

8,265,901

 

Mortgage revenue bonds held in trust, at fair value (Note 4)

 

 

922,468,164

 

 

 

883,030,786

 

Mortgage revenue bonds, at fair value (Note 4)

 

 

20,277,433

 

 

 

47,644,509

 

Governmental issuer loans

 

 

 

 

 

 

Governmental issuer loans held in trust (Note 5)

 

 

205,557,300

 

 

 

222,947,300

 

Allowance for credit losses (Note 10)

 

 

(1,166,000

)

 

 

(1,294,000

)

Governmental issuer loans, net

 

 

204,391,300

 

 

 

221,653,300

 

Property loans

 

 

 

 

 

 

Property loans (Note 6)

 

 

53,306,414

 

 

 

122,556,204

 

Allowance for credit losses (Note 10)

 

 

(1,628,000

)

 

 

(2,048,000

)

Property loans, net

 

 

51,678,414

 

 

 

120,508,204

 

Investments in unconsolidated entities (Note 7)

 

 

145,130,907

 

 

 

136,653,246

 

Real estate assets, net (Note 8)

 

 

4,716,140

 

 

 

4,716,140

 

Other assets (Note 9)

 

 

25,982,910

 

 

 

43,194,470

 

Total Assets

 

$

1,453,419,497

 

 

$

1,513,400,702

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities (Note 11)

 

$

20,862,915

 

 

$

22,958,088

 

Distribution payable

 

 

8,672,287

 

 

 

8,584,292

 

Secured lines of credit (Note 12)

 

 

16,500,000

 

 

 

33,400,000

 

Debt financing, net (Note 13)

 

 

978,475,088

 

 

 

1,015,030,066

 

Mortgages payable, net (Note 14)

 

 

1,690,000

 

 

 

1,690,000

 

Total Liabilities

 

 

1,026,200,290

 

 

 

1,081,662,446

 

 

 

 

 

 

 

 

Commitments and Contingencies (Note 16)

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable Preferred Units, $87.5 million redemption value, 8.8 million
   issued and outstanding, net (Note 17)

 

 

87,389,526

 

 

 

82,431,548

 

 

 

 

 

 

 

 

Partnersʼ Capital:

 

 

 

 

 

 

General Partner (Note 1)

 

 

438,671

 

 

 

543,977

 

Beneficial Unit Certificates ("BUCs," Note 1)

 

 

339,391,010

 

 

 

348,762,731

 

Total Partnersʼ Capital

 

 

339,829,681

 

 

 

349,306,708

 

Total Liabilities and Partnersʼ Capital

 

$

1,453,419,497

 

 

$

1,513,400,702

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

5


 

GREYSTONE HOUSING IMPACT INVESTORS LP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

For the Three Months Ended March 31,

 

 

2024

 

 

2023

 

 

Revenues:

 

 

 

 

 

 

 

Investment income

 

$

19,272,345

 

 

$

19,302,685

 

 

Other interest income

 

 

3,003,838

 

 

 

4,409,665

 

 

Property revenues

 

 

-

 

 

 

1,225,620

 

 

Other income

 

 

94,471

 

 

 

-

 

 

Total revenues

 

 

22,370,654

 

 

 

24,937,970

 

 

Expenses:

 

 

 

 

 

 

 

Real estate operating (exclusive of items shown below)

 

 

-

 

 

 

602,253

 

 

Provision for credit losses (Note 10)

 

 

(806,000

)

 

 

(545,000

)

 

Depreciation and amortization

 

 

5,967

 

 

 

404,981

 

 

Interest expense

 

 

13,803,935

 

 

 

16,688,362

 

 

Net result from derivative transactions (Note 15)

 

 

(6,267,664

)

 

 

1,283,136

 

 

General and administrative

 

 

4,930,388

 

 

 

5,072,587

 

 

Total expenses

 

 

11,666,626

 

 

 

23,506,319

 

 

Other Income:

 

 

 

 

 

 

 

Gain on sale of investments in unconsolidated entities

 

 

50,000

 

 

 

15,366,929

 

 

Earnings (losses) from investments in unconsolidated entities

 

 

(106,845

)

 

 

-

 

 

Income before income taxes

 

 

10,647,183

 

 

 

16,798,580

 

 

Income tax expense (benefit)

 

 

(1,198

)

 

 

7,358

 

 

Net income

 

 

10,648,381

 

 

 

16,791,222

 

 

Redeemable Preferred Unit distributions and accretion

 

 

(767,241

)

 

 

(746,650

)

 

Net income available to Partners

 

$

9,881,140

 

 

$

16,044,572

 

 

 

 

 

 

 

 

 

 

Net income available to Partners allocated to:

 

 

 

 

 

 

 

General Partner

 

$

98,311

 

 

$

2,479,058

 

 

Limited Partners - BUCs

 

 

9,725,097

 

 

 

13,490,834

 

 

Limited Partners - Restricted units

 

 

57,732

 

 

 

74,680

 

 

 

 

$

9,881,140

 

 

$

16,044,572

 

 

BUC holders' interest in net income per BUC, basic and diluted

 

$

0.42

 

*

$

0.59

 

**

Weighted average number of BUCs outstanding, basic

 

 

23,000,754

 

*

 

22,924,081

 

**

Weighted average number of BUCs outstanding, diluted

 

 

23,000,754

 

*

 

22,924,081

 

**

* On April 30, 2024, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.00417 BUCs for each BUC outstanding as of March 28, 2024 (the “First Quarter 2024 BUCs Distribution”). The amounts indicated in the Condensed Consolidated Statements of Operations have been adjusted to reflect the First Quarter 2024 BUCs Distribution on a retroactive basis.

** On July 31, 2023, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.00448 BUCs for each BUC outstanding as of June 30, 2023 (the “Second Quarter 2023 BUCs Distribution”). On October 31, 2023, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.00418 BUCs for each BUC outstanding as of September 29, 2023 (the “Third Quarter 2023 BUCs Distribution”). On January 31, 2024, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.00415 BUCs for each BUC outstanding as of December 29, 2023 (the "Fourth Quarter 2023 BUCs Distribution", collectively with the Second Quarter 2023 BUCs Distribution, the Third Quarter 2023 BUCs Distribution, and the First Quarter 2024 BUCs Distribution, the “BUCs Distributions”). The amounts indicated in the Condensed Consolidated Statements of Operations have been adjusted to reflect the BUCs Distributions on a retroactive basis.

The accompanying notes are an integral part of the condensed consolidated financial statements.

6


 

GREYSTONE HOUSING IMPACT INVESTORS LP

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

 

 

For the Three Months Ended March 31,

 

 

2024

 

 

2023

 

 

Net income

 

$

10,648,381

 

 

$

16,791,222

 

 

Unrealized gains (losses) on securities

 

 

(12,008,737

)

 

 

20,397,542

 

 

Unrealized gains (losses) on bond purchase commitments

 

 

(62,959

)

 

 

112,547

 

 

Comprehensive income (loss)

 

$

(1,423,315

)

 

$

37,301,311

 

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

 

 

7


 

GREYSTONE HOUSING IMPACT INVESTORS LP

CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

(UNAUDITED)

 

 

 

General Partner

 

 

# of BUCs -
Restricted and
Unrestricted*

 

 

BUCs
- Restricted and
Unrestricted

 

 

Total

 

 

Accumulated Other
Comprehensive
Income (Loss)

 

Balance as of December 31, 2023

 

$

543,977

 

 

 

23,088,268

 

 

$

348,762,731

 

 

$

349,306,708

 

 

$

59,604,899

 

Distributions paid or accrued ($0.368 per BUC):*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regular distribution

 

 

(86,223

)

 

 

-

 

 

 

(8,536,064

)

 

 

(8,622,287

)

 

 

-

 

Distribution of Tier 3 income (Note 22)

 

 

-

 

 

 

-

 

 

 

(50,000

)

 

 

(50,000

)

 

 

-

 

Cash paid in lieu of fractional BUCs

 

 

-

 

 

 

-

 

 

 

(1,772

)

 

 

(1,772

)

 

 

-

 

Net income allocable to Partners

 

 

98,311

 

 

 

-

 

 

 

9,782,829

 

 

 

9,881,140

 

 

 

-

 

Sale of BUCs, net of issuance costs

 

 

-

 

 

 

64,765

 

 

 

1,055,267

 

 

 

1,055,267

 

 

 

-

 

Restricted units awarded

 

 

-

 

 

 

109,581

 

 

 

-

 

 

 

-

 

 

 

-

 

Rounding of BUCs related to BUCs Distributions

 

 

-

 

 

 

(105

)

 

 

-

 

 

 

-

 

 

 

-

 

Restricted unit compensation expense

 

 

3,323

 

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