Greystone Housing Impact Investors LP (NYSE:GHI) Q1 2023 Results Conference Call May 4, 2023 4:30 PM ET

Company Participants

Ken Rogozinski - CEO

Jesse Coury - CFO

Conference Call Participants

Matthew Erdner - JonesTrading

Chris Muller - JMP Securities

Jade Rahmani - KBW

Operator

I would like to welcome everyone to the Greystone Housing Impact Investors LP, NYSE ticker symbol GHI, First Quarter of 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

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 pursuing 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 on 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 the full advantage of the question-and-answer session.

Thank you for your participation and interest in Greystone Housing Impact Investor LP. I would like to turn the call over to Ken Rogozinski, Chief Executive Officer.

Ken Rogozinski

Good afternoon, everyone. Welcome to Greystone Housing Impact Investors LP's First Quarter 2023 Investor Call. Thank you for joining. I will start with an overview of the quarter in our portfolio. Jesse Coury, 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 first quarter of 2023, the partnership reported net income of $0.60 per unit and $0.81 of cash available for distribution or CAD per unit. Our reported net income of $0.60 per unit includes a $3.4 million noncash expense that reflects the quarter-over-quarter mark-to-market associated with our interest rate swap portfolio. That translates to $0.15 per unit in noncash expense, which largely accounts for the difference between our net income per unit and CAD per unit metrics. We are currently a net receiver on all of our interest rate swaps as we receive 1-month CME term SOFR, which is now 5.04% after yesterday's Federal Reserve action and pay a weighted average fixed rate of 2.59% based on our approximately $220 million in swap notional amounts as of March 31.