$GHI
Greystone Housing Impact Investors LP

2016 Q3 Form 10-Q Financial Statement

#000156459016027817 Filed on November 07, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $14.86M $14.08M
YoY Change 5.5% 27.54%
Cost Of Revenue $3.910M $4.750M
YoY Change -17.68% 84.11%
Gross Profit $10.95M $9.330M
YoY Change 17.36% 10.15%
Gross Profit Margin 73.69% 66.24%
Selling, General & Admin $4.630M $5.220M
YoY Change -11.3% 49.14%
% of Gross Profit 42.28% 55.95%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.354M $1.829M
YoY Change -25.99% 14.79%
% of Gross Profit 12.36% 19.6%
Operating Expenses $5.990M $7.050M
YoY Change -15.04% 36.36%
Operating Profit $4.624M $2.541M
YoY Change 81.98% -23.19%
Interest Expense $3.485M $4.754M
YoY Change -26.69% 84.56%
% of Operating Profit 75.38% 187.12%
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income $4.954M $2.286M
YoY Change 116.67% -30.81%
Income Tax $331.0K
% Of Pretax Income 6.68%
Net Earnings $4.624M $2.541M
YoY Change 81.98% -23.12%
Net Earnings / Revenue 31.11% 18.04%
Basic Earnings Per Share
Diluted Earnings Per Share $76.77K $42.16K
COMMON SHARES
Basic Shares Outstanding 0.000 shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.90M $33.10M
YoY Change -6.65% -48.68%
Cash & Equivalents $30.92M $33.11M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $37.80M $38.70M
YoY Change -2.33% -44.48%
LONG-TERM ASSETS
Property, Plant & Equipment $115.4M $140.0M
YoY Change -17.54% 17.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $702.4M $602.0M
YoY Change 16.68% 19.4%
Other Assets $7.900M $29.10M
YoY Change -72.85% 66.29%
Total Long-Term Assets $875.5M $799.7M
YoY Change 9.48% 20.02%
TOTAL ASSETS
Total Short-Term Assets $37.80M $38.70M
Total Long-Term Assets $875.5M $799.7M
Total Assets $913.3M $838.4M
YoY Change 8.93% 13.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.100M $6.500M
YoY Change -6.15% -12.16%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $245.8K
YoY Change -11.58%
Total Short-Term Liabilities $14.00M $14.40M
YoY Change -2.78% -4.0%
LONG-TERM LIABILITIES
Long-Term Debt $509.1M $522.5M
YoY Change -2.56% 24.55%
Other Long-Term Liabilities $2.500M $2.100M
YoY Change 19.05%
Total Long-Term Liabilities $511.6M $524.6M
YoY Change -2.48% 25.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.00M $14.40M
Total Long-Term Liabilities $511.6M $524.6M
Total Liabilities $525.6M $538.9M
YoY Change -2.48% 24.02%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $387.7M $299.4M
YoY Change
Total Liabilities & Shareholders Equity $913.3M $838.4M
YoY Change 8.93% 13.91%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $4.624M $2.541M
YoY Change 81.98% -23.12%
Depreciation, Depletion And Amortization $1.354M $1.829M
YoY Change -25.99% 14.79%
Cash From Operating Activities -$1.500M $3.210M
YoY Change -146.73% -28.19%
INVESTING ACTIVITIES
Capital Expenditures -$10.06M -$2.190M
YoY Change 359.36% -47.23%
Acquisitions
YoY Change
Other Investing Activities -$1.610M $1.170M
YoY Change -237.61% -101.56%
Cash From Investing Activities -$11.66M -$1.030M
YoY Change 1032.04% -98.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.060M 28.31M
YoY Change -96.26% -70.45%
NET CHANGE
Cash From Operating Activities -1.500M 3.210M
Cash From Investing Activities -11.66M -1.030M
Cash From Financing Activities 1.060M 28.31M
Net Change In Cash -12.10M 30.49M
YoY Change -139.69% 43.41%
FREE CASH FLOW
Cash From Operating Activities -$1.500M $3.210M
Capital Expenditures -$10.06M -$2.190M
Free Cash Flow $8.560M $5.400M
YoY Change 58.52% -37.35%

Facts In Submission

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us-gaap Use Of Estimates
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<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Estimates and assumptions</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.&#160;&#160;The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company&#8217;s Annual Report on Form 10-K for the year ended December&#160;31, 2015. These condensed consolidated financial statements and notes have been prepared consistently with the 2015 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the financial position on September 30, 2016, and the results of operations for the interim periods presented have been made. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year.</p></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="text-align:justify;Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain prior year amounts have been reclassified for consistency with the current period presentation. </p> <p style="text-align:justify;Background-color:#FFFFFF;margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In the first quarter of 2016, the Partnership began to classify its amortization of deferred financing costs as a separate line within the Partnership&#8217;s Condensed Consolidated Statements of Operations. Previously this amount had been classified within depreciation and amortization. Accordingly, for the three and nine months ended September 30, 2015, the Partnership has reclassified the amortization of deferred financing costs and has included them in conformity for the periods presented herein. This reclassification has no effect on the Partnership&#8217;s reported net income or partners&#8217; capital in the Partnership&#8217;s condensed consolidated financial statements for the periods presented. </p> <p style="text-align:justify;Background-color:#FFFFFF;margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In 2016, the Partnership began to classify its property loans, net of loan losses, as a separate line item within the Partnership&#8217;s Condensed Consolidated Balance Sheets. Previously this amount had been classified within Other assets. Accordingly, on September 30, 2016 and December 31, 2015, the Partnership has reclassified the property loans, net of loan losses, and has included them in conformity for the periods presented herein. This reclassification has no effect on the Partnership&#8217;s reported net income or partners&#8217; capital in the Partnership&#8217;s condensed consolidated financial statements for the periods presented. </p></div>
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0
CY2016Q3 us-gaap Loans Receivable Net
LoansReceivableNet
33961290
CY2016Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
1057388
CY2016Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
27519330
CY2015Q4 atax Loan Interest Receivable
LoanInterestReceivable
10185405
CY2015Q4 atax Interest Allowance
InterestAllowance
8718387
CY2015Q4 us-gaap Loans Receivable Net
LoansReceivableNet
24242727
CY2015Q3 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0
CY2015 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0
CY2016Q2 atax Valuation Allowance Reversed
ValuationAllowanceReversed
405000
CY2016Q3 atax Current Income Tax Expense On Dispositions
CurrentIncomeTaxExpenseOnDispositions
467000
atax Current Income Tax Expense On Dispositions
CurrentIncomeTaxExpenseOnDispositions
4567000
CY2016Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-136000
CY2016Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
369155
CY2015Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
487023
CY2016Q3 us-gaap Interest Rate Derivatives At Fair Value Net
InterestRateDerivativesAtFairValueNet
146248
CY2015Q4 us-gaap Interest Rate Derivatives At Fair Value Net
InterestRateDerivativesAtFairValueNet
344177
CY2016Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
4476385
CY2015Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
4824060
CY2016Q3 atax Bond Purchase Commitment Fair Market Value Asset
BondPurchaseCommitmentFairMarketValueAsset
12622709
CY2015Q4 atax Bond Purchase Commitment Fair Market Value Asset
BondPurchaseCommitmentFairMarketValueAsset
5634360
CY2016Q3 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
1381561
CY2015Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
1655013
CY2016Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
47500000
CY2015Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
47500000
CY2016Q3 atax Debt Financing
DebtFinancing
457282760
CY2015Q4 atax Debt Financing
DebtFinancing
451496716
CY2016Q3 atax Debt Financing Maturities Repayment Of Principal In Year Two
DebtFinancingMaturitiesRepaymentOfPrincipalInYearTwo
117931839
CY2016Q3 atax Debt Financing Maturities Repayments Of Principal In Year Three
DebtFinancingMaturitiesRepaymentsOfPrincipalInYearThree
2870673
CY2016Q3 atax Debt Financing Maturities Repayments Of Principal In Year Four
DebtFinancingMaturitiesRepaymentsOfPrincipalInYearFour
93372073
CY2016Q3 atax Debt Financing Maturities Repayments Of Principal In Year Five
DebtFinancingMaturitiesRepaymentsOfPrincipalInYearFive
120076929
CY2016Q3 atax Debt Financing Maturities Repayment Of Principal In Year Six
DebtFinancingMaturitiesRepaymentOfPrincipalInYearSix
1289111
CY2016Q3 atax Debt Financing Maturities Repayments Of Principal Thereafter
DebtFinancingMaturitiesRepaymentsOfPrincipalThereafter
126935421
CY2016Q3 atax Debt Financing Carrying Value
DebtFinancingCarryingValue
462476046
CY2016Q3 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.0382
CY2015Q4 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.0358
CY2016Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
8218720
CY2016Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
8465211
CY2016Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
311980
CY2016Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
6624051
CY2016Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
52196680
atax Rate For Administration Fees
RateForAdministrationFees
0.0045
CY2016Q3 us-gaap Fees And Commissions Other
FeesAndCommissionsOther
687000
us-gaap Fees And Commissions Other
FeesAndCommissionsOther
1200000
CY2015Q3 us-gaap Fees And Commissions Other
FeesAndCommissionsOther
259000
us-gaap Fees And Commissions Other
FeesAndCommissionsOther
1000000
CY2016Q2 atax One Time Mortgage Negotiated Placement Fees
OneTimeMortgageNegotiatedPlacementFees
125000
CY2016Q3 us-gaap Management Fees Revenue
ManagementFeesRevenue
246000
us-gaap Management Fees Revenue
ManagementFeesRevenue
856000
CY2015Q3 us-gaap Management Fees Revenue
ManagementFeesRevenue
309000
us-gaap Management Fees Revenue
ManagementFeesRevenue
952000
CY2016Q3 atax Placement Advisory Fees
PlacementAdvisoryFees
343000
atax Placement Advisory Fees
PlacementAdvisoryFees
537000
CY2015Q3 atax Placement Advisory Fees
PlacementAdvisoryFees
129000
atax Placement Advisory Fees
PlacementAdvisoryFees
507000
atax Number Of Derivatives
NumberOfDerivatives
11
us-gaap Operating Income Loss
OperatingIncomeLoss
13286399
CY2016Q3 us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
264000
us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
1400000
CY2015Q3 us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
1300000
us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
2000000
CY2016Q3 atax Tolerable Range Of Difference In Valuation
TolerableRangeOfDifferenceInValuation
0.075
CY2016Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
703973227
CY2015Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
668651258
us-gaap Concentration Risk Credit Risk Financial Instrument Maximum Exposure
ConcentrationRiskCreditRiskFinancialInstrumentMaximumExposure
430100000
CY2016Q1 us-gaap Partners Capital Account Units Sold In Private Placement
PartnersCapitalAccountUnitsSoldInPrivatePlacement
1000000
CY2016Q2 us-gaap Partners Capital Account Units Sold In Private Placement
PartnersCapitalAccountUnitsSoldInPrivatePlacement
1400000
us-gaap Partners Capital Account Units Sold In Private Placement
PartnersCapitalAccountUnitsSoldInPrivatePlacement
1000000
atax Percentage Of Non Cumulative Cash Dividend
PercentageOfNonCumulativeCashDividend
0.0300
CY2016Q2 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.00
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4
CY2016Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
15000000
CY2016Q1 atax Number Of Available For Sale Securities Held In Trust
NumberOfAvailableForSaleSecuritiesHeldInTrust
3
CY2016Q3 us-gaap Depreciation
Depreciation
1353602
CY2015Q3 us-gaap Depreciation
Depreciation
1360720
us-gaap Depreciation
Depreciation
4649724
us-gaap Depreciation
Depreciation
4204599
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
4623542
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
2540649
us-gaap Operating Income Loss
OperatingIncomeLoss
18161172

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