Greystone Housing Impact Investors LP Announces Sale Of Suites On Paseo For ~$40.7M
Portfolio Pulse from Benzinga Newsdesk
Greystone Housing Impact Investors LP (NYSE:GHI) sold Suites on Paseo, a student housing property, to an affiliate of San Diego State University for approximately $40.7 million. The sale is expected to result in a gross gain of about $9.9 million in Q4 2023's net income, with a taxable gain of $5.9 million to be allocated to investors. The sale will not materially impact the Partnership's Cash Available for Distribution as it represents a recovery of prior depreciation expense.
December 11, 2023 | 9:17 pm
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Greystone Housing Impact Investors LP sold Suites on Paseo for $40.7M, expecting a $9.9M gain in Q4 2023 net income and a $5.9M taxable gain for investors. The sale will not materially affect CAD.
The sale of the property is a positive financial event for GHI, as it results in a significant gross gain. However, since the gain is a recovery of prior depreciation expense, it does not materially impact CAD, which may temper investor reaction. The confidence in the analysis is high due to the clear financial figures provided and the direct involvement of GHI in the transaction.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100