Greystone Housing Impact Q1 Net Income $1.32M, CAD $3.05M; Shifts to Tax-Exempt Bonds
Greystone Housing Impact Investors reported Q1 net income of $1.32 million ($0.01 per unit) and Cash Available for Distribution of $3.05 million ($0.13 per unit) on assets of $1.49 billion and MRB/GIL investments of $1.03 billion. The board declared a $0.14 per unit distribution and is reallocating capital to tax-exempt mortgage revenue bonds.
1. Financial Results and Distribution Highlights
The Partnership reported Q1 net income of $1.32 million ($0.01 per unit) and Cash Available for Distribution of $3.05 million ($0.13 per unit) on total assets of $1.49 billion and MRB/GIL investments of $1.03 billion. In March, the board approved and paid a regular quarterly distribution of $0.14 per unit to holders of record as of March 31.
2. Strategic Capital Reallocation
Management is reducing capital allocated to joint venture market-rate multifamily equity investments and redirecting proceeds into tax-exempt mortgage revenue bonds. This shift aims to enhance earnings stability, increase tax-advantaged income over time and leverage Greystone’s core lending expertise.
3. Investment and Financing Activity
During Q1, the Partnership advanced $8.3 million on taxable MRB investments and contributed $12.6 million to market-rate joint ventures. It acquired four South Carolina multifamily properties via deed in lieu (aggregate principal $119.9 million) and secured an $84.0 million mortgage loan against them. Additionally, $90.0 million of GIL investments were redeemed, with $72.0 million used to repay related debt.
4. Portfolio Operations and Hedging Updates
All MRB and GIL investments remained current on principal and interest payments as of March 31. The Partnership executed interest-rate swaps that generated net receipts of approximately $246,000. Nine market-rate joint venture properties completed construction, with three still in planning phases.