Greystone Housing Impact Investors LP Announces Regular Quarterly Cash Distribution and Supplemental BUCs Distribution
September 13 2023 - 4:15PM
Greystone Housing Impact Investors LP (NYSE: GHI) (the
“Partnership”) announced that the Board of Managers of Greystone AF
Manager LLC (“Greystone Manager”) declared a distribution to the
Partnership’s Beneficial Unit Certificate (“BUC”) holders of $0.44
per BUC. The distribution consists of a regular quarterly cash
distribution of $0.37 per BUC plus a supplemental distribution
payable in the form of additional BUCs equal in value to $0.07 per
BUC. The supplemental distribution will be paid at a ratio of
0.00418 BUCs for each issued and outstanding BUC as of the record
date, which represents an amount per BUC based on the closing price
of the BUCs on the New York Stock Exchange on September 12, 2023 of
$16.73 per BUC. No fractional BUCs will be issued in connection
with the supplemental BUCs distribution, as all fractional BUCs
resulting from the distribution will receive cash for such fraction
based on the market value of the BUCs on the record date. The
Partnership expects to issue an aggregate of approximately 95,000
BUCs for the supplemental BUCs distribution.
The cash distribution and supplemental
distribution will be paid on October 31, 2023 to all BUC holders of
record as of the close of trading on September 29, 2023. The BUCs
will trade ex-distribution as of September 28, 2023.
While the Board has not yet declared any
distributions for subsequent quarters, the Board currently intends
to declare additional supplemental distributions of $0.07 per BUC
payable in the form of additional BUCs during the fourth quarter of
2023 and the first quarter of 2024. Both the current and expected
future supplemental distributions are a result of the Partnership’s
expectation of strong operating results for the full 2023 fiscal
year which are anticipated to permit the Partnership to make
distributions to BUC holders in excess of its regular cash
distributions. The payment of the supplemental distributions in the
form of BUCs allows the Partnership to retain additional capital to
fund future investment opportunities which the Partnership and the
Board believe will accrue to the benefit of BUC holders.
“The Board’s intention to pay current and future
supplemental distributions demonstrates its objective of
consistently distributing Partnership earnings to our BUC holders,”
said Kenneth C. Rogozinski, Chief Executive Officer of the
Partnership. “The payment of the current and future supplemental
distributions in the form of additional BUCs will allow BUC holders
to benefit from our deployment of the retained capital into
accretive investments in a cost-efficient manner.”
Greystone Manager is the general partner of
America First Capital Associates Limited Partnership Two, the
Partnership’s general partner. Distributions to the Partnership’s
BUC holders, including regular and any supplemental distributions,
are determined by Greystone Manager based on a disciplined
evaluation of the Partnership’s current and anticipated operating
results, financial condition and other factors it deems relevant.
Greystone Manager continually evaluates the factors that go into
BUC holder distribution decisions, consistent with the long-term
best interests of the BUC holders and the Partnership.
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, 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; exercising of redemption rights by the holders of the
Series A Preferred Units; 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.
MEDIA CONTACT: |
|
Karen
Marotta |
|
Greystone |
|
212-896-9149 |
|
Karen.Marotta@greyco.com |
|
|
INVESTOR CONTACT: |
|
Andy Grier |
|
Senior Vice President |
|
402-952-1235 |
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