Greystone Housing Impact Investors LP

Greetings and welcome to Greystone Housing Impact Investor LP 3rd Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star 0 on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Jesse Curry, Chief Financial Officer. Thank you, Mr. Curry. You may begin.

Thank you. I would like to welcome everyone to the Greystone Housing Impact Investors LP, NYSE ticker symbol GHI, third quarter of 2024 earnings conference call. During this conference call, comments made regarding GHI, which are not historical facts, are 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 provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words like may, should, expect, plan, intend, focus, and other similar terms. You are cautioned that these forward-looking statements speak only as of today's date. Changes in economic, business, competitive, regulatory, and other factors could cause our actual results to differ materially from those expressed or implied by the projections or forward-looking statements made today. For more detailed information about these factors and other risks that may impact our business, please review the periodic reports and other documents filed from time to time by us with the Securities and Exchange Commission. Internal projections and beliefs upon which we base our expectations may change, but if they do, you will not necessarily be informed. Today's discussion will include non-GAAP measures and will be explained during this call. We want to make you aware that GHI is operating under the SEC Regulation FD and encourage you to take full advantage of the question and answer session. Thank you for your participation and interest in Greystone Housing Impact Investors LP. I'll now turn the call over to our Chief Executive Officer, Ken Rogozinski.

Good afternoon, everyone. Welcome to Greystone Housing Impact Investors LP's third quarter 2024 investor call. Thank you for joining. I will start with an overview of the quarter and our portfolio. Jesse Corey, our Chief Financial Officer, will then present the partnership's financial results. I will wrap up with an overview of the market and our investment pipeline. Following that, we look forward to taking your questions. For the third quarter of 2024, the partnership reported a net loss of $0.23 per unit and $0.27 of cash available for distribution or CAD per unit. In past quarters, we have noted that net income includes non-cash unrealized gains and losses that reflect the mark-to-market associated with our interest rate swap portfolio for the quarter. During the third quarter, we recognized a non-cash unrealized loss of $9.7 million from that source, or approximately 42 cents per buck. We are currently a net receiver on all of our interest rate swaps as we receive compounded SOFR which is now 4.90%, and pay-awaited average fixed rate of 3.52% on our approximately 393 million in swap notional amounts as of September 30th, 2024. Assuming that the compounded SOFR level stays constant over the next six months, that 138 basis point spread would result in us receiving approximately 2.8 million in cash payments from our swap counterparties which would not be reflected in our net income, but would be reflected as an additional 12 cents per unit in CAD. We also reported a book value of $14.15 per unit on 1.55 billion of assets and a leverage ratio as defined by the partnership of 47%, excuse me, 74%. On September 16th, we announced a regular quarterly cash distribution of 37 cents per unit, which was paid on October 31st, 2024. In terms of the partnerships investment portfolio, we currently hold 1.32 billion of affordable multifamily investments in the form of mortgage revenue bonds, governmental issuer loans and property loans, and 169 million in joint venture equity investments. As far as the performance of the investment portfolio is concerned, we have had no forbearance requests for multifamily mortgage revenue bonds, and all such borrowers are current on their principal and interest payments. Physical occupancy on the underlying properties was 91.5% for the stabilized mortgage revenue bond portfolio as of September 30th, 2024. Our Vantage joint venture equity investments consist of interest in seven properties, Six where construction is complete with the remaining property in the planning stage. For the six properties where construction is complete, we continue to see good leasing activity. We continue to see no material supply chain or labor disruptions on the Vantage projects under construction. As we have experienced in the past, the Vantage Group, as the managing member of each project-owning entity, will position a property for sale upon stabilization. As previously announced, the Vantage at Tomball and Vantage at Hutto properties have been listed for sale. We have four joint venture equity investments with the Freestone Development Group, one floor project in Colorado, and three projects in Texas. One project has nearly completed construction and has begun leasing units. Two projects have commenced construction, and one project has commenced site work. Our joint venture equity investment in Velage Senior Living, Carson Valley, a 102-bed seniors housing property located in Minden, Nevada, is nearing completion, and the project currently has lease deposits for 65 of the property's 102 units. Our joint venture equity investment in the Jessamette Hayes Farm, a new construction 318-unit market rate multifamily property located in Huntsville, Alabama, as commence construction as well. With that, I will turn things over to Jesse Corey, our CFO, to discuss the financial data for the third quarter of 2024. Thank you, Ken.