Greystone Housing Impact Investors LP Announces Sale of Vantage at Conroe
28 Junho 2023 - 5:15PM
Greystone Housing Impact Investors LP (NYSE: GHI) (the
“Partnership”) announced today that on June 22, 2023, Vantage at
Conroe, a 288-unit market rate multifamily property located in
Conroe, TX, was sold at the direction of its managing member. The
Partnership’s investment in Vantage at Conroe was originated in
April 2019 and the Partnership contributed equity totaling $9.0
million during construction. As a result of the sale, the
Partnership’s equity investment in the property was redeemed. At
closing of the sale, the Partnership received net cash of
approximately $19.8 million, inclusive of the return of its
contributed equity. The Partnership estimates it will recognize the
following in the second quarter of 2023:
- Gain on sale of approximately $7.3 million, before settlement
of final proceeds and expenses,
- Investment income of approximately $2.1 million,
- Net income of approximately $0.37 per Beneficial Unit
Certificate (“BUC”), basic and diluted, based on the number of BUCs
outstanding on the date of sale, and
- Cash Available for Distribution of approximately $0.37 per BUC,
basic and diluted, based on the number of BUCs outstanding on the
date of sale.
“The successful sale of Vantage at Conroe demonstrates our
development partner’s ability to deliver significant gains in spite
of the current challenging real estate market conditions,” said
Kenneth C. Rogozinski, Chief Executive Officer of the Partnership.
“We continue to evaluate opportunities in this asset class for both
the reinvestment of our previously deployed capital and an
expansion of the strategy.”
Disclosure Regarding Non-GAAP Measures
This report refers to Cash Available for
Distribution (“CAD”), which is identified as a non-GAAP financial
measure. We believe CAD provides relevant information about the
Partnership’s operations and is necessary, along with net income,
for understanding its operating results. Net income is the GAAP
measure most comparable to CAD. There is no generally accepted
methodology for computing CAD, and our computation of CAD may not
be comparable to CAD reported by other companies. Although we
consider CAD to be a useful measure of our operating performance,
CAD is a non-GAAP measure and should not be considered as an
alternative to net income that is calculated in accordance with
GAAP, or any other measures of financial performance presented in
accordance with GAAP. For the amounts disclosed herein related to
this transaction, there are no reconciling items between net income
per BUC, basic and diluted, and CAD per BUC, basic and diluted.
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
Information contained in this press release
contains “forward-looking statements,” which are based on current
expectations, forecasts and assumptions that involve risks and
uncertainties that could cause actual outcomes and results to
differ materially. These risks and uncertainties include, but are
not limited to, risks involving current maturities of our financing
arrangements and our ability to renew or refinance such maturities,
fluctuations in short-term interest rates, collateral valuations,
mortgage revenue bond investment valuations and overall economic
and credit market conditions. For a further list and description of
such risks, see the reports and other filings made by the
Partnership with the Securities and Exchange Commission, including
but not limited to, its 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. The Partnership disclaims any intention
or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
INVESTOR CONTACT: |
Andy Grier |
Senior Vice President |
402-952-1235 |
|
MEDIA CONTACT: |
Karen Marotta |
Greystone |
212-896-9149 |
Karen.Marotta@greyco.com |
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