On November 8, 2023, Greystone Housing Impact Investors LP (NYSE:
GHI) (the “Partnership”) announced financial results for the three
and nine months ended September 30, 2023.
Financial Highlights
The Partnership reported the following results
as of and for the three months ended September 30, 2023:
- Net income of $0.39 per Beneficial Unit Certificate (“BUC”),
basic and diluted
- Cash Available for Distribution (“CAD”) of $0.25 per BUC
- Total assets of $1.55 billion
- Total Mortgage Revenue Bond (“MRB”) and Governmental Issuer
Loan (“GIL”) investments of $1.1 billion
The Partnership reported the following results
for the nine months ended September 30, 2023:
- Net income of $1.84 per BUC, basic and diluted
- CAD of $1.67 per BUC
In September 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 0.00418 BUCs for each issued and outstanding BUC as of the
record date. The distribution was paid on October 31, 2023, to BUC
holders of record as of the close of trading on September 29, 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.
Recent Investment and Financing
Activity
The Partnership reported the following updates
for the third quarter of 2023:
- Advanced funds on MRB and taxable MRB investments totaling
$11.7 million.
- Advanced funds on GIL and property loan investments totaling
$34.5 million.
- Advanced funds to joint venture equity investments totaling
$10.2 million, which includes funds advanced to The Jessam at Hays
Farm, the Partnership’s first investment with a new multifamily
developer partner.
- Freddie Mac executed forward purchases of three GIL investments
during the quarter. The Partnership’s GIL and property loan
investments totaling $109.4 million associated with construction
financing were settled in full at par plus accrued interest.
- Received TOB trust financing proceeds totaling $41.5 million as
leverage on various investment fundings.
The Partnership reported the following updates
for the nine months ended September 30, 2023:
·The Partnership realized investment income and
gains on sale of joint venture equity investments totaling $25.0
million, resulting in approximately $0.96 of net income and CAD per
BUC after related expenses and allocation of Tier 2 income to the
Partnership’s general partner.
In November 2023, the Partnership 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”). The transaction
involved the sale of the TEBS Financings residual interests to a
governmental entity, which then issued and sold $61.5 million of
senior Affordable Housing Multifamily Certificates to unaffiliated
investors. The Partnership retained $20.5 million of residual
Affordable Housing Multifamily Certificates as part of the
transaction. The Partnership received net proceeds of approximately
$60.4 million after payment of transaction-related costs. The $61.5
million of senior Affordable Housing Multifamily Certificates
represent secured financing of the Partnership for financial
reporting purposes. The senior Affordable Housing Multifamily
Certificate holders are entitled to interest at a fixed rate of
7.125% per annum as well as certain principal payments from the
assets within the TEBS Residual Financing. The TEBS Residual
Financing has a maximum term ending in July 2034. The Partnership
used $57.9 million of the net proceeds to pay down existing
variable-rate corporate debt with a higher interest rate and a
shorter maturity.
Management Remarks
“Our third quarter and year-to-date results
continue to demonstrate strong returns from the execution of our
core strategies,” said Kenneth C. Rogozinski, the Partnership’s
Chief Executive Officer.
“The closing of the TEBS Residual Financing
provides many benefits to the Partnership. This new debt financing
provides non-recourse, non-mark-to-market financing that generates
effective interest cost savings of approximately 3.9% per annum
compared to our prior variable-rate corporate debt which was
secured by the same collateral. We have also successfully extended
the term of the financing by approximately nine years,” Rogozinski
added.
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 September 30, 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 swap payments of approximately $1.7 million and $3.8 million
during the three and nine months ended September 30, 2023,
respectively.
- Two joint venture equity investment properties were at least
90% occupied as of September 30, 2023 and two other properties have
begun leasing activities. 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.
- The Partnership owns the Suites on Paseo MF Property near San
Diego State University. The property continues to meet all direct
obligations with cash flows from operations and was 100% occupied
as of September 30, 2023, which includes a master lease with San
Diego State University for 140 beds for the 2023-2024 academic
year.
Earnings Webcast & Conference Call
The Partnership will host a conference call for
investors on Wednesday, November 8, 2023 at 4:30 p.m. Eastern Time
to discuss the Partnership’s Third 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=0RYFYMPS
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; 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.
GREYSTONE HOUSING IMPACT INVESTORS
LPCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(UNAUDITED) |
|
|
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income |
|
$ |
20,537,399 |
|
|
$ |
16,563,509 |
|
|
$ |
62,255,855 |
|
|
$ |
44,792,212 |
|
|
Property revenues |
|
|
1,198,892 |
|
|
|
1,914,200 |
|
|
|
3,532,868 |
|
|
|
5,785,742 |
|
|
Other interest income |
|
|
4,621,098 |
|
|
|
4,126,695 |
|
|
|
13,677,110 |
|
|
|
8,465,788 |
|
|
Other income |
|
|
116,747 |
|
|
|
- |
|
|
|
250,214 |
|
|
|
- |
|
|
Total revenues |
|
|
26,474,136 |
|
|
|
22,604,404 |
|
|
|
79,716,047 |
|
|
|
59,043,742 |
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate operating (exclusive of items shown below) |
|
|
873,668 |
|
|
|
1,520,589 |
|
|
|
2,090,613 |
|
|
|
3,563,672 |
|
|
Provision for credit losses (Note 13) |
|
|
(562,000 |
) |
|
|
- |
|
|
|
(1,881,000 |
) |
|
|
- |
|
|
Depreciation and amortization |
|
|
413,433 |
|
|
|
688,488 |
|
|
|
1,223,822 |
|
|
|
2,056,512 |
|
|
Interest expense |
|
|
10,717,401 |
|
|
|
8,035,982 |
|
|
|
37,677,382 |
|
|
|
18,750,079 |
|
|
General and administrative |
|
|
5,328,469 |
|
|
|
4,505,056 |
|
|
|
15,510,475 |
|
|
|
11,995,781 |
|
|
Total expenses |
|
|
16,770,971 |
|
|
|
14,750,115 |
|
|
|
54,621,292 |
|
|
|
36,366,044 |
|
|
Other Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of investments in unconsolidated entities |
|
|
32,385 |
|
|
|
10,580,781 |
|
|
|
22,725,398 |
|
|
|
39,664,032 |
|
|
Income before income taxes |
|
|
9,735,550 |
|
|
|
18,435,070 |
|
|
|
47,820,153 |
|
|
|
62,341,730 |
|
|
Income tax expense (benefit) |
|
|
6,172 |
|
|
|
(81,523 |
) |
|
|
12,381 |
|
|
|
(45,562 |
) |
|
Net income |
|
|
9,729,378 |
|
|
|
18,516,593 |
|
|
|
47,807,772 |
|
|
|
62,387,292 |
|
|
Redeemable Preferred Unit distributions and accretion |
|
|
(700,156 |
) |
|
|
(716,490 |
) |
|
|
(2,245,988 |
) |
|
|
(2,150,734 |
) |
|
Net income available to
Partners |
|
$ |
9,029,222 |
|
|
$ |
17,800,103 |
|
|
$ |
45,561,784 |
|
|
$ |
60,236,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to Partners
allocated to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
General Partner |
|
$ |
25,049 |
|
|
$ |
142,394 |
|
|
$ |
3,514,195 |
|
|
$ |
3,111,474 |
|
|
Limited Partners - BUCs |
|
|
8,922,236 |
|
|
|
17,552,792 |
|
|
|
41,737,030 |
|
|
|
56,882,236 |
|
|
Limited Partners - Restricted units |
|
|
81,937 |
|
|
|
104,917 |
|
|
|
310,559 |
|
|
|
242,848 |
|
|
|
|
$ |
9,029,222 |
|
|
$ |
17,800,103 |
|
|
$ |
45,561,784 |
|
|
$ |
60,236,558 |
|
|
BUC holders' interest in net
income per BUC, basic and diluted |
|
$ |
0.39 |
|
* |
$ |
0.77 |
|
** |
$ |
1.84 |
|
* |
$ |
2.51 |
|
** |
Weighted average number of BUCs
outstanding, basic |
|
|
22,734,412 |
|
* |
|
22,676,491 |
|
** |
|
22,734,479 |
|
* |
|
22,676,038 |
|
** |
Weighted average number of BUCs
outstanding, diluted |
|
|
22,734,412 |
|
* |
|
22,676,491 |
|
** |
|
22,734,479 |
|
* |
|
22,676,038 |
|
** |
* 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”). The amounts
indicated in the Condensed Consolidated Statements of Operations
have been adjusted to reflect the Second Quarter 2023 BUCs
Distribution and the Third Quarter 2023 BUCs Distribution on a
retroactive basis.
** 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”). On July 31, 2023,
the Partnership completed the Second Quarter 2023 BUCs
Distribution. On October 31, 2023, the Partnership completed the
Third Quarter 2023 BUCs Distribution (collectively, with the Fourth
Quarter 2022 BUCs Distribution, and the Second Quarter 2023 BUCs
Distribution, the “BUCs Distributions”). The amounts indicated in
the Condensed Consolidated Statements of Operations have been
adjusted to reflect the 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 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 and nine
months ended September 30, 2023 and 2022 (all per BUC amounts are
presented giving effect to the BUCs Distributions on a retroactive
basis for all periods presented):
|
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
Net income |
|
$ |
9,729,378 |
|
|
$ |
18,516,593 |
|
|
$ |
47,807,772 |
|
|
$ |
62,387,292 |
|
|
Change in fair value of
derivative instruments |
|
|
(4,236,597 |
) |
|
|
(2,871,716 |
) |
|
|
(6,820,894 |
) |
|
|
(6,579,280 |
) |
|
Depreciation and amortization
expense |
|
|
413,433 |
|
|
|
688,488 |
|
|
|
1,223,822 |
|
|
|
2,056,512 |
|
|
Provision for credit losses
(1) |
|
|
(562,000 |
) |
|
|
- |
|
|
|
(1,881,000 |
) |
|
|
- |
|
|
Reversal of impairment on
securities (2) |
|
|
- |
|
|
|
(5,712,230 |
) |
|
|
- |
|
|
|
(5,712,230 |
) |
|
Reversal of provision for loan
loss (3) |
|
|
- |
|
|
|
(593,000 |
) |
|
|
- |
|
|
|
(593,000 |
) |
|
Amortization of deferred
financing costs |
|
|
352,692 |
|
|
|
982,388 |
|
|
|
1,751,442 |
|
|
|
1,926,580 |
|
|
Restricted unit compensation
expense |
|
|
603,473 |
|
|
|
580,156 |
|
|
|
1,540,609 |
|
|
|
919,563 |
|
|
Deferred income taxes |
|
|
(1,103 |
) |
|
|
(42,543 |
) |
|
|
(3,158 |
) |
|
|
(49,250 |
) |
|
Redeemable Preferred Unit
distributions and accretion |
|
|
(700,156 |
) |
|
|
(716,490 |
) |
|
|
(2,245,988 |
) |
|
|
(2,150,734 |
) |
|
Tier 2 Income allocable to the General Partner (4) |
|
|
64,919 |
|
|
|
(70,200 |
) |
|
|
(3,228,709 |
) |
|
|
(2,905,748 |
) |
|
Recovery of prior credit loss
(5) |
|
|
(17,344 |
) |
|
|
(17,345 |
) |
|
|
(51,656 |
) |
|
|
(39,968 |
) |
|
Bond premium, discount and
origination fee amortization, net of cash
received |
|
|
(45,157 |
) |
|
|
957,343 |
|
|
|
(139,384 |
) |
|
|
819,627 |
|
|
Total CAD |
|
$ |
5,601,538 |
|
|
$ |
11,701,444 |
|
|
$ |
37,952,856 |
|
|
$ |
50,079,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of BUCs
outstanding, basic |
|
|
22,734,412 |
|
|
|
22,676,491 |
|
|
|
22,734,479 |
|
|
|
22,676,038 |
|
|
Net income per BUC, basic |
|
$ |
0.39 |
|
|
$ |
0.77 |
|
|
$ |
1.84 |
|
|
$ |
2.51 |
|
|
Total CAD per BUC, basic |
|
$ |
0.25 |
|
|
$ |
0.52 |
|
|
$ |
1.67 |
|
|
$ |
2.21 |
|
|
Cash Distributions declared, per
BUC |
|
$ |
0.368 |
|
|
$ |
0.359 |
|
|
$ |
1.102 |
|
|
$ |
1.233 |
|
|
BUCs Distributions declared, per
BUC (6) |
|
$ |
0.07 |
|
|
$ |
0.20 |
|
|
$ |
0.14 |
|
|
$ |
0.20 |
|
|
(1) The adjustment for the three and nine
months ended September 30, 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 three and nine months ended September 30,
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 three and nine months ended September 30,
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) As described in Note 3 to the
Partnership’s condensed 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 three and nine months ended September
30, 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 three and nine months ended September
30, 2022, Tier 2 income allocable to the General Partner consisted
of approximately $2.6 million related to the gain on sale of
Vantage at Murfreesboro in March 2022, and approximately $260,000
related to the gain on sale of Vantage at Westover Hills in June
2022.
(5) 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.
(6) The Partnership declared the Second
Quarter 2023 BUCs Distribution and the Third Quarter 2023 BUCs
Distribution, each payable in the form of additional BUCs equal to
$0.07 per BUC for outstanding BUCs as of the record dates of June
30 and September 29, 2023, respectively. The Partnership declared
the Third Quarter 2022 BUCs Distribution, payable in the form of
additional BUCs equal to $0.20 per BUC for outstanding BUCs as of
the record date of September 30, 2022.
MEDIA CONTACT:Karen
MarottaGreystone212-896-9149Karen.Marotta@greyco.com
INVESTOR CONTACT:Andy
GrierInvestors
Relations402-952-1235
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