Greystone Housing Impact Investors LP (NYSE:GHI) Q4 2022 Earnings Conference Call February 23, 2023 4:30 PM ET

Company Participants

Ken Rogozinski – Chief Executive Officer

Jesse Coury – Chief Financial Officer

Conference Call Participants

Jason Stewart – JonesTrading

Stephen Laws – Raymond James

Jade Rahmani – KBW

Chris Muller – JMP Securities

Ron Lane – ValueForum

Operator

I would like to welcome everyone to the Greystone Housing Impact Investors LP, NYSE ticker symbol GHI, Fourth Quarter of 2022 Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. After management presents its overview of Q4 2022, you will be invited to participate in a question-and-answer session. As a reminder, this conference call 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 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 you do, you will not necessarily be informed. Today's discussion will include non-GAAP measures that will be explained during this call. We want to make you aware that GHI is operating under this SEC Regulation FD 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 would now 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 fourth quarter 2022 investor call. Thank you for joining. I will start with an overview of the quarter on 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 fourth quarter of 2022, the partnership reported net income of $0.09 per unit and $0.15 of cash available for distribution per unit. For the calendar year 2022, we have reported net income of $2.62 per unit, which exceeds the 2021 fiscal year net income per unit of $1.53 by 71%. Similarly, our 2022 cash available for distribution of $2.37 per unit exceeds our reported $1.88 per unit for the 2021 fiscal year by 26%. We also reported a book value of $14.31 per unit on $1.57 billion of assets and a leverage ratio as defined by the partnership of 73%.