On February 22, 2024, Greystone Housing Impact Investors LP (NYSE:
GHI) (the “Partnership”) announced financial results for the three
months and year ended December 31, 2023.
Financial Highlights
The Partnership reported the following results
as of and for the three months ended December 31, 2023:
- Net income of $0.24 per Beneficial Unit Certificate (“BUC”),
basic and diluted
- Cash Available for Distribution (“CAD”) of $0.27 per BUC
- Total assets of $1.51 billion
The Partnership reported the following results
for the year ended December 31, 2023:
- Net income of $2.07 per BUC, basic and diluted
- CAD of $1.93 per BUC
In December 2023, the Partnership announced that
the Board of Managers of Greystone AF Manager LLC declared a
quarterly distribution to the Partnership's BUC holders of $0.44
per BUC. The distribution consisted of a regular quarterly cash
distribution of $0.37 per BUC and a supplemental distribution
payable in the form of additional BUCs equal in value to $0.07 per
BUC. The supplemental distribution of additional BUCs was paid at a
ratio of 0.00415 BUCs for each issued and outstanding BUC as of the
record date. The distribution was paid on January 31, 2024, to BUC
holders of record as of the close of trading on December 29, 2023.
While the Board has not yet declared any distributions for
subsequent quarters, the Board currently intends to declare an
additional supplemental distribution of $0.07 per BUC payable in
the form of additional BUCs during the first quarter of 2024.
During 2023, the Board of Managers of Greystone
AF Manager LLC declared distributions totaling $1.69 per BUC,
consisting of cash distributions of $1.48 per BUC and distributions
in the form of additional BUCs of $0.21 per BUC.
Management Remarks
“Our positive results for 2023 demonstrate
continued strong returns from our investments. The sale of Suites
on Paseo puts us in a position to redeploy the Partnership’s
investment capital into our core multifamily and joint venture
equity investment strategies,” said Kenneth C. Rogozinski, the
Partnership’s Chief Executive Officer.
“The Partnership and the Board of Managers
continue to demonstrate our focus on generating attractive returns
on our investments that allow us to distribute value to our
unitholders,” Rogozinski added.
Recent Investment and Financing
Activity
The Partnership reported the following updates
for the fourth quarter of 2023:
- Advanced funds on Mortgage Revenue
Bond (“MRB”) and taxable MRB investments totaling $24.6
million.
- Advanced funds on Governmental
Issuer Loan (“GIL”) and property loan investments totaling $25.3
million.
- Advanced funds to joint venture
equity investments totaling $16.1 million, which includes funds
advanced to two new joint venture equity investments, Freestone
Greenville and Freestone Ladera.
- Sold the Suites on Paseo MF
Property for gross proceeds of $40.7 million and a reported gain on
sale of $10.4 million.
- Freddie Mac executed the forward
purchase of one GIL investment during the quarter. The
Partnership’s GIL and property loan investments totaling $53.4
million associated with construction financing of an affordable
multifamily project were settled in full at par plus accrued
interest.
- Completed a new secured financing
transaction (the “TEBS Residual Financing”) secured by its residual
interests in three Freddie Mac Tax Exempt Bond Securitization
financings (“TEBS Financings”) for gross proceeds of $61.5 million
with most of the funds used to pay down existing variable-rate
corporate debt with a higher interest rate and a shorter
maturity.
- Received TOB trust financing
proceeds totaling $34.0 million as leverage on various investment
fundings.
The Partnership reported the following updates
for the year ended December 31, 2023:
- The Partnership realized investment income and gains on sale of
joint venture equity investments totaling $25.0 million, resulting
in approximately $0.95 of net income and CAD per BUC after related
expenses and allocation of Tier 2 income to the Partnership’s
general partner.
In addition, the Partnership has issued
2,250,000 Series B Preferred Units to date in 2024. The Partnership
issued 1,750,000 Series B Preferred Units, with a stated value of
$17.5 million, to a financial institution in exchange for 1,750,000
previously outstanding Series A Preferred Units. The Partnership
also issued 500,000 Series B Preferred Units to a new institutional
investor for gross proceeds of $5.0 million. The Series B Preferred
Units are non-cumulative, non-convertible, and non-voting units of
limited partnership interests in the Partnership with an annual
distribution rate of 5.75%, which is an attractive cost of capital
for the Partnership. The earliest potential redemption date for the
newly issued Series B Preferred Units is early 2030, with certain
exceptions.
Investment Portfolio
Updates
The Partnership announced the following updates
regarding its investment portfolio:
- All affordable multifamily MRB and GIL investments are current
on contractual principal and interest payments and the Partnership
has received no requests for forbearance of contractual principal
and interest payments from borrowers as of December 31, 2023.
- The Partnership continues to execute its hedging strategy,
primarily through interest rate swaps, to reduce the impact of
recently volatile market interest rates. The Partnership received
net payments under its interest rate swap portfolio of
approximately $1.9 million and $6.0 million during the three months
and year ended December 31, 2023, respectively.
- Two joint venture equity investment properties have stabilized
operations and two additional properties have begun leasing
activities as of December 31, 2023. In addition, two properties
began leasing activities in February 2024. Seven of the
Partnership’s joint venture equity investments are currently under
construction or in development, with none having experienced
material supply chain disruptions for either construction materials
or labor to date.
Earnings Webcast & Conference
Call
The Partnership will host a conference call for
investors on Thursday, February 22, 2024 at 4:30 p.m. Eastern Time
to discuss the Partnership’s Fourth Quarter 2023 results.
For those interested in participating in the
question-and-answer session, participants may dial-in toll free at
(877) 407-8813. International participants may
dial-in at +1 (201) 689-8521. No pin or code
number is needed.
The call is also being webcast live in
listen-only mode. The webcast can be accessed via the Partnership's
website under “Events & Presentations” or via the following
link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=I7WQ3gSq
It is recommended that you join 15 minutes
before the conference call begins (although you may register,
dial-in or access the webcast at any time during the call).
A recorded replay of the webcast will be made
available on the Partnership’s Investor Relations website at
http://www.ghiinvestors.com.
About Greystone Housing Impact Investors
LP
Greystone Housing Impact Investors LP was formed
in 1998 under the Delaware Revised Uniform Limited Partnership Act
for the primary purpose of acquiring, holding, selling and
otherwise dealing with a portfolio of mortgage revenue bonds which
have been issued to provide construction and/or permanent financing
for affordable multifamily, seniors and student housing properties.
The Partnership is pursuing a business strategy of acquiring
additional mortgage revenue bonds and other investments on a
leveraged basis. The Partnership expects and believes the interest
earned on these mortgage revenue bonds is excludable from gross
income for federal income tax purposes. The Partnership seeks to
achieve its investment growth strategy by investing in additional
mortgage revenue bonds and other investments as permitted by its
Second Amended and Restated Limited Partnership Agreement, dated
December 5, 2022 (the “Partnership Agreement”), taking advantage of
attractive financing structures available in the securities market,
and entering into interest rate risk management instruments.
Greystone Housing Impact Investors LP press releases are available
at www.ghiinvestors.com.
Safe Harbor Statement
Certain statements in this press release are
intended to be covered by the safe harbor for “forward-looking
statements” provided by the Private Securities Litigation Reform
Act of 1995. These forward-looking statements generally can be
identified by use of statements that include, but are not limited
to, phrases such as “believe,” “expect,” “future,” “anticipate,”
“intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,”
“potential,” “continue,” or other similar words or phrases.
Similarly, statements that describe objectives, plans, or goals
also are forward-looking statements. Such forward-looking
statements involve inherent risks and uncertainties, many of which
are difficult to predict and are generally beyond the control of
the Partnership. The Partnership cautions readers that a number of
important factors could cause actual results to differ materially
from those expressed in, implied, or projected by such
forward-looking statements. Risks and uncertainties include, but
are not limited to: defaults on the mortgage loans securing our
mortgage revenue bonds and governmental issuer loans; the
competitive environment in which the Partnership operates; 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 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 the Partnership may
undertake in relation to such changes, and the effect such changes
may have on the relative spreads between the yield on investments
and 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; the Partnership’s ability
to access debt and equity capital to finance its assets; current
maturities of the Partnership’s financing arrangements and the
Partnership’s 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 in accordance with Section 42 of the
Internal Revenue Code; geographic concentration of properties
related to investments held by the Partnership; changes in the U.S.
corporate tax code and other government regulations affecting the
Partnership’s business; and the other risks detailed in the
Partnership’s SEC filings (including but not limited to, the
Partnership’s Annual Report on Form 10-K, Quarterly Reports on Form
10-Q, and Current Reports on Form 8-K). Readers are urged to
consider these factors carefully in evaluating the forward-looking
statements.
If any of these risks or uncertainties
materializes or if any of the assumptions underlying such
forward-looking statements proves to be incorrect, the developments
and future events concerning the Partnership set forth in this
press release may differ materially from those expressed or implied
by these forward-looking statements. You are cautioned not to place
undue reliance on these statements, which speak only as of the date
of this document. We anticipate that subsequent events and
developments will cause our expectations and beliefs to change. The
Partnership assumes no obligation to update such forward-looking
statements to reflect events or circumstances after the date of
this document or to reflect the occurrence of unanticipated events,
unless obligated to do so under the federal securities laws.
GREYSTONE HOUSING IMPACT INVESTORS LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) |
|
|
For the Three Months Ended December 31, |
|
|
For the Years Ended December 31, |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income |
$ |
20,010,343 |
|
|
$ |
16,550,321 |
|
|
$ |
82,266,198 |
|
|
$ |
61,342,533 |
|
|
Property revenues |
|
1,034,638 |
|
|
|
2,069,764 |
|
|
|
4,567,506 |
|
|
|
7,855,506 |
|
|
Other interest income |
|
4,078,934 |
|
|
|
3,409,750 |
|
|
|
17,756,044 |
|
|
|
11,875,538 |
|
|
Other income |
|
60,702 |
|
|
|
- |
|
|
|
310,916 |
|
|
|
- |
|
|
Total revenues |
|
25,184,617 |
|
|
|
22,029,835 |
|
|
|
104,900,664 |
|
|
|
81,073,577 |
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate operating (exclusive of items shown below) |
|
573,255 |
|
|
|
1,174,488 |
|
|
|
2,663,868 |
|
|
|
4,738,160 |
|
|
Provision for credit losses |
|
(466,000 |
) |
|
|
- |
|
|
|
(2,347,000 |
) |
|
|
- |
|
|
Depreciation and amortization |
|
313,626 |
|
|
|
660,903 |
|
|
|
1,537,448 |
|
|
|
2,717,415 |
|
|
Interest expense |
|
16,849,384 |
|
|
|
14,119,180 |
|
|
|
69,066,763 |
|
|
|
43,559,873 |
|
|
Net result from derivative transactions |
|
7,168,413 |
|
|
|
(2,404,808 |
) |
|
|
(7,371,584 |
) |
|
|
(13,095,422 |
) |
|
General and administrative |
|
4,889,014 |
|
|
|
5,452,083 |
|
|
|
20,399,489 |
|
|
|
17,447,864 |
|
|
Total expenses |
|
29,327,692 |
|
|
|
19,001,846 |
|
|
|
83,948,984 |
|
|
|
55,367,890 |
|
|
Other Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of real estate assets |
|
10,363,363 |
|
|
|
- |
|
|
|
10,363,363 |
|
|
|
- |
|
|
Gain on sale of investments in unconsolidated entities |
|
- |
|
|
|
141,253 |
|
|
|
22,725,398 |
|
|
|
39,805,285 |
|
|
Earnings (losses) from investments in unconsolidated entities |
|
(17,879 |
) |
|
|
- |
|
|
|
(17,879 |
) |
|
|
- |
|
|
Income before income taxes |
|
6,202,409 |
|
|
|
3,169,242 |
|
|
|
54,022,562 |
|
|
|
65,510,972 |
|
|
Income tax expense (benefit) |
|
(1,515 |
) |
|
|
(5,632 |
) |
|
|
10,866 |
|
|
|
(51,194 |
) |
|
Net income |
|
6,203,924 |
|
|
|
3,174,874 |
|
|
|
54,011,696 |
|
|
|
65,562,166 |
|
|
Redeemable Preferred Unit distributions and accretion |
|
(622,590 |
) |
|
|
(715,891 |
) |
|
|
(2,868,578 |
) |
|
|
(2,866,625 |
) |
|
Net income available to Partners |
$ |
5,581,334 |
|
|
$ |
2,458,983 |
|
|
$ |
51,143,118 |
|
|
$ |
62,695,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to Partners allocated to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Partner |
$ |
75,252 |
|
|
$ |
359,793 |
|
|
$ |
3,589,447 |
|
|
$ |
3,471,267 |
|
|
Limited Partners - BUCs |
|
5,472,230 |
|
|
|
2,062,866 |
|
|
|
47,209,260 |
|
|
|
58,945,102 |
|
|
Limited Partners - Restricted units |
|
33,852 |
|
|
|
36,324 |
|
|
|
344,411 |
|
|
|
279,172 |
|
|
|
$ |
5,581,334 |
|
|
$ |
2,458,983 |
|
|
$ |
51,143,118 |
|
|
$ |
62,695,541 |
|
|
BUC holders' interest in net income per BUC, basic and diluted |
$ |
0.24 |
|
* |
$ |
0.09 |
|
** |
$ |
2.07 |
|
* |
$ |
2.59 |
|
** |
Weighted average number of BUCs outstanding, basic |
|
22,852,500 |
|
* |
|
22,790,860 |
|
** |
|
22,834,745 |
|
* |
|
22,775,321 |
|
** |
Weighted average number of BUCs outstanding, diluted |
|
22,852,500 |
|
* |
|
22,790,860 |
|
** |
|
22,834,745 |
|
* |
|
22,775,321 |
|
** |
|
* 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 and the Third Quarter BUCs Distribution the “2023 BUCs
Distributions”). The amounts indicated in the Consolidated
Statements of Operations have been adjusted to reflect the 2023
BUCs Distributions on a retroactive basis.
** On October 31, 2022, the Partnership
completed a distribution in the form of additional BUCs at a ratio
of 0.01044 BUCs for each BUC outstanding as of September 30, 2022
(the “Third Quarter 2022 BUCs Distribution”). On January 31, 2023,
the Partnership completed a distribution in the form of additional
BUCs at a ratio of 0.0105 BUCs for each BUC outstanding as of
December 30, 2022 (the “Fourth Quarter 2022 BUCs Distribution”,
collectively with the Third Quarter 2022 BUCs Distribution, the
“2022 BUCs Distributions”). The amounts indicated in the
Consolidated Statements of Operations have been adjusted to reflect
the 2022 BUCs Distributions and the 2023 BUCs Distributions on a
retroactive basis.
Disclosure Regarding Non-GAAP Measures -
Cash Available for Distribution
This document refers to Cash Available for
Distribution (“CAD”), which is identified as a non-GAAP financial
measure. The Partnership believes CAD provides relevant information
about the Partnership’s operations and is necessary, along with net
income, for understanding its operating results. To calculate CAD,
the Partnership begins with net income as computed in accordance
with GAAP and adjusts for non-cash expenses or income consisting of
depreciation expense, amortization expense related to deferred
financing costs, amortization of premiums and discounts, fair value
adjustments to derivative instruments, provisions for credit and
loan losses, impairments on MRBs, GILs, real estate assets and
property loans, deferred income tax expense (benefit) and
restricted unit compensation expense. The Partnership also adjusts
net income for the Partnership’s share of (earnings) losses of
investments in unconsolidated entities as such amounts are
primarily depreciation expenses and development costs that are
expected to be recovered upon an exit event. The Partnership also
deducts Tier 2 income distributable to the General Partner as
defined in the Partnership Agreement and distributions and
accretion for the Preferred Units. Net income is the GAAP measure
most comparable to CAD. There is no generally accepted methodology
for computing CAD, and the Partnership’s computation of CAD may not
be comparable to CAD reported by other companies. Although the
Partnership considers CAD to be a useful measure of the
Partnership’s operating performance, CAD is a non-GAAP measure that
should not be considered as an alternative to net income calculated
in accordance with GAAP, or any other measures of financial
performance presented in accordance with GAAP.
The following table shows the calculation of CAD
(and a reconciliation of the Partnership’s net income, as
determined in accordance with GAAP, to CAD) for the three months
and years ended December 31, 2023 and 2022 (all per BUC amounts are
presented giving effect to the 2022 BUCs Distributions and 2023
BUCs Distributions on a retroactive basis for all periods
presented):
|
For the Three Months Ended December 31, |
|
|
For the Years Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
Net income |
$ |
6,203,924 |
|
|
$ |
3,174,874 |
|
|
$ |
54,011,696 |
|
|
$ |
65,562,166 |
|
|
Unrealized (gains) losses on derivatives, net |
|
9,994,292 |
|
|
|
(660,456 |
) |
|
|
3,173,398 |
|
|
|
(7,239,736 |
) |
|
Depreciation and amortization expense |
|
313,626 |
|
|
|
660,903 |
|
|
|
1,537,448 |
|
|
|
2,717,415 |
|
|
Provision for credit losses (1) |
|
(466,000 |
) |
|
|
- |
|
|
|
(2,347,000 |
) |
|
|
- |
|
|
Realized impairment of securities (2) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,712,230 |
) |
|
Realized provision for loan loss (3) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(593,000 |
) |
|
Reversal of gain on sale of real estate assets (4) |
|
(10,363,363 |
) |
|
|
- |
|
|
|
(10,363,363 |
) |
|
|
- |
|
|
Amortization of deferred financing costs |
|
710,271 |
|
|
|
610,606 |
|
|
|
2,461,713 |
|
|
|
2,537,186 |
|
|
Restricted unit compensation expense |
|
473,127 |
|
|
|
612,059 |
|
|
|
2,013,736 |
|
|
|
1,531,622 |
|
|
Deferred income taxes |
|
2,796 |
|
|
|
4,194 |
|
|
|
(362 |
) |
|
|
(45,056 |
) |
|
Redeemable Preferred Unit distributions and accretion |
|
(622,590 |
) |
|
|
(715,891 |
) |
|
|
(2,868,578 |
) |
|
|
(2,866,625 |
) |
|
Tier 2 Income allocable to the General Partner (5) |
|
(19,439 |
) |
|
|
(336,617 |
) |
|
|
(3,248,148 |
) |
|
|
(3,242,365 |
) |
|
Recovery of prior credit loss (6) |
|
(17,156 |
) |
|
|
(17,156 |
) |
|
|
(68,812 |
) |
|
|
(57,124 |
) |
|
Bond premium, discount and acquisition fee amortization, net
of cash received |
|
(42,900 |
) |
|
|
(50,912 |
) |
|
|
(182,284 |
) |
|
|
768,715 |
|
|
(Earnings) losses from investments in unconsolidated entities |
|
17,879 |
|
|
|
- |
|
|
|
17,879 |
|
|
|
- |
|
|
Total CAD |
$ |
6,184,467 |
|
|
$ |
3,281,604 |
|
|
$ |
44,137,323 |
|
|
$ |
53,360,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of BUCs outstanding, basic |
|
22,852,500 |
|
|
|
22,790,860 |
|
|
|
22,834,745 |
|
|
|
22,775,321 |
|
|
Net income per BUC, basic |
$ |
0.24 |
|
|
$ |
0.09 |
|
|
$ |
2.07 |
|
|
$ |
2.59 |
|
|
Total CAD per BUC, basic |
$ |
0.27 |
|
|
$ |
0.14 |
|
|
$ |
1.93 |
|
|
$ |
2.34 |
|
|
Cash Distributions declared, per BUC |
$ |
0.368 |
|
|
$ |
0.459 |
|
|
$ |
1.466 |
|
|
$ |
1.687 |
|
|
BUCs Distributions declared, per BUC (7) |
$ |
0.07 |
|
|
$ |
0.20 |
|
|
$ |
0.21 |
|
|
$ |
0.40 |
|
|
|
(1) The adjustment for the year ended December
31, 2023 reflects the change in allowances for credit losses under
the CECL standard that was effective for the Partnership as of
January 1, 2023 which requires the Partnership to update estimates
of expected credit losses for our investments portfolio at each
reporting date. The accounting for credit losses for the year ended
December 31, 2022 was subject to previous accounting guidance that
was generally applied incurred loss model rather than expected
credit losses. There were no credit losses incurred using prior
accounting guidance for the year ended December 31, 2022.
(2) This amount represents previous impairments
recognized as adjustments to CAD in prior periods related to the
Provision Center 2014-1 MRB. The property securing the MRB was sold
in July 2022 with cash proceeds contributed to the bankruptcy
estate. The borrower and the bankruptcy court are finalizing
liquidation of the estate and the settlement of all remaining,
receivables, payable and expenses such that the Partnership’s share
of the proceeds can be distributed. Substantially all the assets of
the borrower were liquidated in the third quarter of 2022 such that
the Partnership’s loss was effectively realized.
(3) This amount represents previous impairments
recognized as adjustments to CAD in prior periods related to the
Cross Creek property loans. Such adjustments were reversed in the
third quarter of 2022 upon the settlement of the outstanding
balances.
(4) The gain on sale of real estate assets from
the sale of the Suites on Paseo MF Property represented a recovery
of prior depreciation expense that was not reflected in the
Partnership’s previously reported CAD, so the gain on sale was
deducted from net income in determining CAD for 2023.
(5) As described in Note 3 to the Partnership’s
consolidated financial statements, Net Interest Income representing
contingent interest and Net Residual Proceeds representing
contingent interest (Tier 2 income) will be distributed 75% to the
limited partners and BUC holders, as a class, and 25% to the
General Partner. This adjustment represents 25% of Tier 2 income
due to the General Partner.
For the year ended December 31, 2023, Tier 2
income allocable to the General Partner consisted of approximately
$3.8 million related to the gains on sale of Vantage at Stone Creek
and Vantage at Coventry in January 2023 and approximately $813,000
related to the gain on sale of Vantage at Conroe in June 2023,
offset by a $1.4 million Tier 2 loss allocable to the General
Partner related to the Provision Center 2014-1 MRB realized in
January 2023 upon receipt of the majority of expected bankruptcy
liquidation proceeds.
For the year ended December 31, 2022, Tier 2
income allocable to the General Partner consisted of approximately
$3.2 million related to the gain on sale of Vantage at Murfreesboro
in March 2022.
(6) The Partnership determined there was a
recovery of previously recognized impairment recorded for the Live
929 Apartments Series 2022A MRB prior to the adoption of the CECL
standard effective January 1, 2023. The Partnership is accreting
the recovery of prior credit loss for this MRB into investment
income over the term of the MRB consistent with applicable
guidance. The accretion of recovery of value is presented as a
reduction to current CAD as the original provision for credit loss
was an addback for CAD calculation purposes in the period
recognized.
(7) The Partnership declared three separate
distributions during 2023 payable in the form of additional BUCs
equal to $0.07 per BUC for outstanding BUCs as of the record dates
of June 30, September 29, and December 29, 2023.
The Partnership declared two separate
distributions during 2022 payable in the form of additional BUCs
equal to $0.20 per BUC for outstanding BUCs as of the record dates
of September 30 and December 30, 2022.
MEDIA CONTACT: Karen
Marotta Greystone
212-896-9149
Karen.Marotta@greyco.com
INVESTOR CONTACT: Andy
Grier Investors Relations
402-952-1235
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