Greystone Housing To Harvest Gains From Equity Investments, Analyst Says

JMP Securities analyst Chris Muller reiterated a Market Outperform rating on the shares of Greystone Housing Impact Investors LP GHI, lowering the price target to $19 from $21.
The analyst expects Greystone Housing to harvest gains from its equity investments through 2024.
The credit quality in the MRB portfolio remains strong for Greystone Housing. Available liquidity in December 2022 included $51.1 million of cash on hand and $34.5 million of available credit capacity.
The analyst notes that management has primarily hedged for interest rate risk through interest rate swaps. As of December 2022, Greystone Housing had five interest rate swap agreements, with a combined notional amount of $194.6 million.
These apart, a portion of the company's distributions (25% in 2022) are not taxable for Federal income tax purposes.
The analyst notes that investors are expected to see a potential total return of ~26%, including a price appreciation of 15.8% and a cash distribution of 10.2% based on the last closing price of $16.40 on April 18.
Price Action: GHI shares are trading lower by 0.70% at $16.28 on the last check Wednesday.

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