$GHI
Greystone Housing Impact Investors LP

2018 Q2 Form 10-Q Financial Statement

#000156459018019484 Filed on August 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q4 2017 Q2
Revenue $15.79M $32.47M $16.23M
YoY Change -2.77% 104.21% -40.71%
Cost Of Revenue $6.350M $5.600M $6.400M
YoY Change -0.78% 64.71% 35.88%
Gross Profit $9.440M $26.87M $9.810M
YoY Change -3.77% 115.13% -56.71%
Gross Profit Margin 59.8% 82.75% 60.43%
Selling, General & Admin $4.330M $5.460M $4.500M
YoY Change -3.78% 2.44% -12.28%
% of Gross Profit 45.87% 20.32% 45.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $921.8K $1.090M $1.270M
YoY Change -27.44% -30.57% -23.0%
% of Gross Profit 9.77% 4.06% 12.95%
Operating Expenses $5.250M $6.560M $5.770M
YoY Change -9.01% -4.93% -16.98%
Operating Profit $3.338M $15.65M $4.109M
YoY Change -18.77% 178.26% -62.66%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $3.350M $19.56M $4.050M
YoY Change -17.28% 249.29% -74.14%
Income Tax $10.00K $3.920M -$60.00K
% Of Pretax Income 0.3% 20.04% -1.48%
Net Earnings $3.340M $15.65M $4.110M
YoY Change -18.73% 178.47% -62.66%
Net Earnings / Revenue 21.16% 48.2% 25.32%
Basic Earnings Per Share
Diluted Earnings Per Share $55.72K $261.4K $68.66K
COMMON SHARES
Basic Shares Outstanding 0.000
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2017 Q4 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.30M $69.60M $15.40M
YoY Change 70.78% 236.23% -64.19%
Cash & Equivalents $27.82M $69.60M $15.37M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $34.00M $76.10M $21.80M
YoY Change 55.96% 174.73% -55.33%
LONG-TERM ASSETS
Property, Plant & Equipment $75.50M $76.69M $99.50M
YoY Change -24.12% -32.86% -7.01%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $877.2M $39.61M $855.9M
YoY Change 2.49% 103.44% 19.87%
Other Assets $1.800M $2.400M $7.200M
YoY Change -75.0% -66.67% -69.62%
Total Long-Term Assets $989.5M $993.7M $1.003B
YoY Change -1.35% 8.43% 11.83%
TOTAL ASSETS
Total Short-Term Assets $34.00M $76.10M $21.80M
Total Long-Term Assets $989.5M $993.7M $1.003B
Total Assets $1.024B $1.070B $1.025B
YoY Change -0.13% 13.31% 8.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.800M $8.500M $7.200M
YoY Change 8.33% 16.44% 10.77%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.40M $16.90M $14.80M
YoY Change 4.05% 10.46% -27.09%
LONG-TERM LIABILITIES
Long-Term Debt $626.9M $643.9M $648.2M
YoY Change -3.29% 6.15% 28.08%
Other Long-Term Liabilities $100.0K $800.0K $1.300M
YoY Change -92.31% -38.46% -50.0%
Total Long-Term Liabilities $627.0M $644.7M $649.5M
YoY Change -3.46% 6.05% 27.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.40M $16.90M $14.80M
Total Long-Term Liabilities $627.0M $644.7M $649.5M
Total Liabilities $642.5M $661.6M $664.3M
YoY Change -3.28% 6.17% 25.55%
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 $381.0M $408.2M $360.5M
YoY Change
Total Liabilities & Shareholders Equity $1.024B $1.070B $1.025B
YoY Change -0.13% 13.31% 8.37%

Cashflow Statement

Concept 2018 Q2 2017 Q4 2017 Q2
OPERATING ACTIVITIES
Net Income $3.340M $15.65M $4.110M
YoY Change -18.73% 178.47% -62.66%
Depreciation, Depletion And Amortization $921.8K $1.090M $1.270M
YoY Change -27.44% -30.57% -23.0%
Cash From Operating Activities $5.050M $3.970M $3.330M
YoY Change 51.65% -27.29% -47.97%
INVESTING ACTIVITIES
Capital Expenditures -$280.0K -$150.0K -$70.00K
YoY Change 300.0% 50.0% -65.0%
Acquisitions
YoY Change
Other Investing Activities -$13.89M $34.09M $1.160M
YoY Change -1297.41% -130.59% -96.62%
Cash From Investing Activities -$14.18M $33.94M $1.100M
YoY Change -1389.09% -130.43% -96.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -18.12M -4.350M -11.96M
YoY Change 51.51% -104.54% -21.78%
NET CHANGE
Cash From Operating Activities 5.050M 3.970M 3.330M
Cash From Investing Activities -14.18M 33.94M 1.100M
Cash From Financing Activities -18.12M -4.350M -11.96M
Net Change In Cash -27.25M 33.56M -7.530M
YoY Change 261.89% -429.99% -129.89%
FREE CASH FLOW
Cash From Operating Activities $5.050M $3.970M $3.330M
Capital Expenditures -$280.0K -$150.0K -$70.00K
Free Cash Flow $5.330M $4.120M $3.400M
YoY Change 56.76% -25.9% -48.48%

Facts In Submission

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atax Distributions Declared But Not Paid For Beneficial Unit Certificates And General Partner
DistributionsDeclaredButNotPaidForBeneficialUnitCertificatesAndGeneralPartner
7623425
atax Distributions Declared But Not Paid For Series A Preferred Units
DistributionsDeclaredButNotPaidForSeriesAPreferredUnits
708750
atax Distributions Declared But Not Paid For Series A Preferred Units
DistributionsDeclaredButNotPaidForSeriesAPreferredUnits
427500
us-gaap Contribution Of Property
ContributionOfProperty
2597784
us-gaap Contribution Of Property
ContributionOfProperty
3091023
CY2017Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
15371898
CY2017Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
6641289
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
24491
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
54320
us-gaap Use Of Estimates
UseOfEstimates
<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 generally accepted accounting principles in the United States of America (&#8220;GAAP&#8221;) 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. </p> <p style="text-align:justify;margin-top:2pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top: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 condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership&#8217;s Annual Report on Form 10-K for the year ended December&#160;31, 2017. These condensed consolidated financial statements and notes have been prepared consistently with the 2017 Form 10-K, with the exception of new accounting standards that were adopted and are discussed herein. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the financial position at June 30, 2018, 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. The condensed consolidated balance sheet at December 31, 2017, was derived from the audited annual financial statements, but does not contain all the footnote disclosures from the annual consolidated financial statements.</p></div>
CY2018Q2 atax Number Of Lessee Arrangements
NumberOfLesseeArrangements
6
CY2018Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2018Q2 atax Number Of Variable Interest Entities
NumberOfVariableInterestEntities
19
CY2017Q4 atax Number Of Variable Interest Entities
NumberOfVariableInterestEntities
23
CY2018Q2 atax Available For Sale Security And Property Loan Receivable Maximum Exposure
AvailableForSaleSecurityAndPropertyLoanReceivableMaximumExposure
160227380
CY2017Q4 atax Available For Sale Security And Property Loan Receivable Maximum Exposure
AvailableForSaleSecurityAndPropertyLoanReceivableMaximumExposure
201777735
CY2018Q2 srt Mortgage Loans On Real Estate Face Amount Of Mortgages
MortgageLoansOnRealEstateFaceAmountOfMortgages
19540000
CY2017Q2 srt Mortgage Loans On Real Estate Face Amount Of Mortgages
MortgageLoansOnRealEstateFaceAmountOfMortgages
59585000
CY2018Q2 atax Remaining Commitments To Equity Investment Maximum
RemainingCommitmentsToEquityInvestmentMaximum
21335067
CY2018Q2 atax Property Loan Receivable Gross
PropertyLoanReceivableGross
36324339
CY2018Q2 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
7393814
CY2018Q2 us-gaap Loans Receivable Net
LoansReceivableNet
28930525
CY2017Q4 atax Property Loan Receivable Gross
PropertyLoanReceivableGross
36907688
CY2017Q3 us-gaap Partners Capital Account Units Sold In Private Placement
PartnersCapitalAccountUnitsSoldInPrivatePlacement
2000000
CY2017Q4 us-gaap Partners Capital Account Units Sold In Private Placement
PartnersCapitalAccountUnitsSoldInPrivatePlacement
1750000
us-gaap Partners Capital Account Units Sold In Private Placement
PartnersCapitalAccountUnitsSoldInPrivatePlacement
9450000
CY2017 us-gaap Partners Capital Account Units Sold In Private Placement
PartnersCapitalAccountUnitsSoldInPrivatePlacement
9450000
CY2017Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
7393814
CY2017Q4 us-gaap Loans Receivable Net
LoansReceivableNet
29513874
CY2018Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
110000
CY2017Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
CY2018Q2 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
296157
CY2017Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
383133
CY2018Q2 us-gaap Interest Rate Derivatives At Fair Value Net
InterestRateDerivativesAtFairValueNet
1026976
CY2017Q4 us-gaap Interest Rate Derivatives At Fair Value Net
InterestRateDerivativesAtFairValueNet
597221
CY2018Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
2357952
CY2017Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
2422459
CY2018Q2 atax Bond Purchase Commitment Fair Market Value Asset
BondPurchaseCommitmentFairMarketValueAsset
994685
CY2017Q4 atax Bond Purchase Commitment Fair Market Value Asset
BondPurchaseCommitmentFairMarketValueAsset
3002540
CY2018Q2 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
1732476
CY2017Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
942949
CY2018Q2 atax Debt Financing Current Maturities
DebtFinancingCurrentMaturities
20670553
CY2018Q2 atax Debt Financing Maturities Repayment Of Principal In Year Two
DebtFinancingMaturitiesRepaymentOfPrincipalInYearTwo
168839558
CY2018Q2 atax Debt Financing Maturities Repayments Of Principal In Year Three
DebtFinancingMaturitiesRepaymentsOfPrincipalInYearThree
113138107
CY2018Q2 atax Debt Financing Maturities Repayments Of Principal In Year Four
DebtFinancingMaturitiesRepaymentsOfPrincipalInYearFour
2361722
CY2018Q2 atax Debt Financing Maturities Repayments Of Principal In Year Five
DebtFinancingMaturitiesRepaymentsOfPrincipalInYearFive
61286487
CY2018Q2 atax Debt Financing Maturities Repayments Of Principal After Year Five
DebtFinancingMaturitiesRepaymentsOfPrincipalAfterYearFive
179374563
CY2018Q2 atax Debt Financing Carrying Value
DebtFinancingCarryingValue
545670990
CY2018Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
3498661
CY2018Q2 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.0455
CY2017Q4 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.0421
CY2018Q2 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
1026976
CY2017Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
597221
CY2018Q2 atax Purchase Commitment Maximum Amount Committed For Next Twelve Months
PurchaseCommitmentMaximumAmountCommittedForNextTwelveMonths
16400000
us-gaap Concentration Risk Credit Risk Financial Instrument Maximum Exposure
ConcentrationRiskCreditRiskFinancialInstrumentMaximumExposure
545700000
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
1386900
CY2016Q3 us-gaap Partners Capital Account Units Sold In Private Placement
PartnersCapitalAccountUnitsSoldInPrivatePlacement
1000000
CY2016Q4 us-gaap Partners Capital Account Units Sold In Private Placement
PartnersCapitalAccountUnitsSoldInPrivatePlacement
700000
CY2017Q1 us-gaap Partners Capital Account Units Sold In Private Placement
PartnersCapitalAccountUnitsSoldInPrivatePlacement
1613100
CY2016Q1 us-gaap Partners Capital Account Private Placement Of Units
PartnersCapitalAccountPrivatePlacementOfUnits
10000000
CY2016Q2 us-gaap Partners Capital Account Private Placement Of Units
PartnersCapitalAccountPrivatePlacementOfUnits
13869000
CY2016Q3 us-gaap Partners Capital Account Private Placement Of Units
PartnersCapitalAccountPrivatePlacementOfUnits
10000000
CY2016Q4 us-gaap Partners Capital Account Private Placement Of Units
PartnersCapitalAccountPrivatePlacementOfUnits
7000000
CY2017Q1 us-gaap Partners Capital Account Private Placement Of Units
PartnersCapitalAccountPrivatePlacementOfUnits
16131000
CY2017Q3 us-gaap Partners Capital Account Private Placement Of Units
PartnersCapitalAccountPrivatePlacementOfUnits
20000000
CY2017Q4 us-gaap Partners Capital Account Private Placement Of Units
PartnersCapitalAccountPrivatePlacementOfUnits
17500000
us-gaap Partners Capital Account Private Placement Of Units
PartnersCapitalAccountPrivatePlacementOfUnits
94500000
CY2017 us-gaap Partners Capital Account Private Placement Of Units
PartnersCapitalAccountPrivatePlacementOfUnits
94500000
CY2016Q1 atax Percentage Of Non Cumulative Cash Dividend
PercentageOfNonCumulativeCashDividend
0.0300
CY2016Q2 atax Percentage Of Non Cumulative Cash Dividend
PercentageOfNonCumulativeCashDividend
0.0300
CY2016Q3 atax Percentage Of Non Cumulative Cash Dividend
PercentageOfNonCumulativeCashDividend
0.0300
CY2016Q4 atax Percentage Of Non Cumulative Cash Dividend
PercentageOfNonCumulativeCashDividend
0.0300
CY2017Q1 atax Percentage Of Non Cumulative Cash Dividend
PercentageOfNonCumulativeCashDividend
0.0300
CY2017Q3 atax Percentage Of Non Cumulative Cash Dividend
PercentageOfNonCumulativeCashDividend
0.0300
CY2017Q4 atax Percentage Of Non Cumulative Cash Dividend
PercentageOfNonCumulativeCashDividend
0.0300
CY2016Q1 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.00
CY2017Q4 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.00
CY2016Q1 atax Temporary Equity Redemption Date
TemporaryEquityRedemptionDate
2022-03
CY2016Q2 atax Temporary Equity Redemption Date
TemporaryEquityRedemptionDate
2022-05
CY2016Q3 atax Temporary Equity Redemption Date
TemporaryEquityRedemptionDate
2022-09
CY2016Q2 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.00
CY2016Q3 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.00
CY2016Q4 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.00
CY2017Q1 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.00
CY2017Q3 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.00
CY2016Q4 atax Temporary Equity Redemption Date
TemporaryEquityRedemptionDate
2022-12
CY2017Q1 atax Temporary Equity Redemption Date
TemporaryEquityRedemptionDate
2023-03
CY2017Q3 atax Temporary Equity Redemption Date
TemporaryEquityRedemptionDate
2023-08
CY2017Q4 atax Temporary Equity Redemption Date
TemporaryEquityRedemptionDate
2023-10
atax Rate For Administration Fees
RateForAdministrationFees
0.0045
CY2018Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
820950642
CY2017Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
843675611
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4
CY2018Q2 us-gaap Depreciation
Depreciation
919456
CY2017Q2 us-gaap Depreciation
Depreciation
1265335
us-gaap Depreciation
Depreciation
1823409
us-gaap Depreciation
Depreciation
2620566

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