Greystone Housing Q2 revenue falls, posts net loss
GHI•Q2 revenue and loss
Greystone Housing said second-quarter revenue fell year over year and the partnership posted a net loss.
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | $21.19 mln | ||
| Q2 Loss Per Share | $0.11 |
Hedging and payment status
Greystone said it continued to use interest rate swaps to reduce the impact of changing market interest rates, with net receipts of $214,000 in the second quarter.
All mortgage revenue bond and governmental issuer loan investments were current on payments at quarter end.
Outlook and analyst coverage
The company said near-term results will depend on the pace of multifamily investment sales and capital redeployment, and that it will continue assessing the impacts on short-term and long-term earnings and future distributions.
The one available analyst rating on the shares is "buy." 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 22.6% above its August 10 closing price of $5.71. The stock recently traded at 23 times the next 12-month earnings versus a P/E of 9 three months ago.
Portfolio shift and asset sales
The U.S. affordable housing bond investor said results reflect an ongoing reduction in capital allocated to market-rate multifamily joint ventures and redeployment into tax-exempt mortgage revenue bonds.
