Q1 2024 Greystone Housing Impact Investors LP Earnings Call Transcript
Key Points
- Reported a net income of $0.42 per unit and cash available for distribution (FAD) of $0.23 per unit, indicating solid financial performance.
- Benefited from a $4.6 million non-cash gain related to interest rate swaps, enhancing the quarter's earnings.
- Maintained strong occupancy rates at 92.1% for stabilized mortgage revenue bond portfolio, reflecting robust property management.
- Experienced no material supply chain or labor disruptions in ongoing construction projects, ensuring steady progress.
- Successfully listed the Vantage of Combo property for sale, demonstrating proactive asset management and potential for capital gains.
- The book value per unit decreased by $0.58 from the previous quarter, indicating a potential decline in asset values.
- Exposed to interest rate volatility which could impact net income due to the nature of interest rate swaps.
- Reported a decrease in total assets from $1.29 billion to $1.22 billion, suggesting a reduction in the asset base.
- Faced challenges in new transactions due to higher interest rates affecting developers' financing structures.
- The partnership's leverage ratio stood at 71%, which could pose risks if there are significant declines in asset values.
Greetings, and welcome to the Greystone HOUSING impact investor's conference call. At this time, I would like to turn the call over to your moderator today, Mr. Jesse Correa, CFO, for opening remarks. Thank you, sir. You may begin.
Thank you. I would like to welcome everyone to the Greystone housing impact investors LP, NYSE ticker symbol GHI. first quarter of 2024 earnings conference call. During the presentation, all participate participants will be in a listen only mode. After management presents an overview of Q1 2024. You will be invited to participate in a question and answer session.
As a reminder, this conference call is being recorded. During this conference call, comments made regarding GHI, which are not historical facts. Our forward-looking statements and are subject to risks and uncertainties that could cause the actual future events or results to differ materially from these statements. Such forward-looking statements are made pursuant to the Safe Harbor
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