Greystone Housing Impact Investors LP
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations
| For the Three Months Ended March 31, | ||||
|---|---|---|---|---|
| 2024 · 2023 | ||||
| Revenues: | ||||
| Investment income | $19,272,345 | $19,302,685 | ||
| Other interest income | 3,003,838 | 4,409,665 | ||
| Property revenues | - | 1,225,620 | ||
| Other income | 94,471 | - | ||
| Total revenues | 22,370,654 | 24,937,970 | ||
| Expenses: | ||||
| Real estate operating (exclusive of items shown below) | - | 602,253 | ||
| Provision for credit losses (Note 10) | (806,000) | (545,000) | ||
| Depreciation and amortization | 5,967 | 404,981 | ||
| Interest expense | 13,803,935 | 16,688,362 | ||
| Net result from derivative transactions (Note 15) | (6,267,664) | 1,283,136 | ||
| General and administrative | 4,930,388 | 5,072,587 | ||
| Total expenses | 11,666,626 | 23,506,319 | ||
| Other Income: | ||||
| Gain on sale of investments in unconsolidated entities | 50,000 | 15,366,929 | ||
| Earnings (losses) from investments in unconsolidated entities | (106,845) | - | ||
| Income before income taxes | 10,647,183 | 16,798,580 | ||
| Income tax expense (benefit) | (1,198) | 7,358 | ||
| Net income | 10,648,381 | 16,791,222 | ||
| Redeemable Preferred Unit distributions and accretion | (767,241) | (746,650) | ||
| Net income available to Partners | $9,881,140 | $16,044,572 | ||
| Net income available to Partners allocated to: | ||||
| General Partner | $98,311 | $2,479,058 | ||
| Limited Partners - BUCs | 9,725,097 | 13,490,834 | ||
| Limited Partners - Restricted units | 57,732 | 74,680 | ||
| $9,881,140 | $16,044,572 | |||
| BUC holders' interest in net income per BUC, basic and diluted | $0.42 | * | $0.59 | ** |
| Weighted average number of BUCs outstanding, basic | 23,000,754 | * | 22,924,081 | ** |
| Weighted average number of BUCs outstanding, diluted | 23,000,754 | * | 22,924,081 | ** |
- On April 30, 2024, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.00417 BUCs for each BUC outstanding as of March 28, 2024 (the “First Quarter 2024 BUCs Distribution”). The amounts indicated in the Condensed Consolidated Statements of Operations have been adjusted to reflect the First Quarter 2024 BUCs Distribution on a retroactive basis.
** 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”). On January 31, 2024, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.00415 BUCs for each BUC outstanding as of December 29, 2023 (the "Fourth Quarter 2023 BUCs Distribution", collectively with the Second Quarter 2023 BUCs Distribution, the Third Quarter 2023 BUCs Distribution, and the First Quarter 2024 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.
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