Overview

• US affordable housing investor's Q1 revenue fell yr/yr, net income declined

• Company continues shift toward tax-exempt mortgage revenue bond investments

• Q1 distribution maintained at $0.14 per BUC

Outlook

• Company says near-term results will be impacted by pace of asset sales and reinvestment

• Greystone Housing Impact Investors to continue reallocating capital into tax-exempt mortgage revenue bond investments

• Company and board to continue assessing impacts on future earnings and distributions

Result Drivers

• CAPITAL REALLOCATION - Co said results reflect ongoing shift from market-rate multifamily joint ventures to tax-exempt mortgage revenue bond investments

• ASSET SALES AND REDEPLOYMENT - Near-term results impacted by timing of market-rate property sales and ability to reinvest proceeds

• HEDGING STRATEGY - Interest rate swaps used to manage exposure to changing market rates, with net receipts reported in Q1

Company press release: ID:nGNX5YT3tJ

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for Greystone Housing Impact Investors LP is $7.00, about 37.5% above its May 11 closing price of $5.09

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 14 three months ago

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