Greystone Housing swings to Q3 profit on lower expenses, derivative gains
GHI•Greystone Housing reported Q3 net income of $3.2 million, or $0.09 per BUC, as revenue rose slightly year over year. The company said it continues shifting from market-rate multifamily properties to tax-exempt mortgage revenue bonds.
1. Quarterly results
Greystone Housing reported third-quarter revenue of $21.95 million and net income of $3.2 million, or $0.09 per BUC.
2. Portfolio changes
The company continued reducing its exposure to market-rate multifamily properties and redeploying capital into tax-exempt mortgage revenue bonds. The sale of Vantage at Loveland generated $23.6 million in gross proceeds, and additional properties are being marketed for sale.
3. Outlook and hedging
Greystone said near-term results will be affected by the pace of market-rate multifamily sales and that it continues to assess potential effects on future earnings and distributions. Interest-rate swaps generated $280,000 in net receipts during the quarter.
