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Greystone Housing Impact Investors (GHI)
NYSE:GHI
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Greystone Housing Impact Investors
(NYSE:GHI)
74Outperform
Positive Factors
Investment Opportunities
GHI is well-positioned to take advantage of an attractive investment and lending environment due to strong demand for affordable housing and its strong credit performance.
Joint Ventures
The company recently entered into a new joint venture with BlackRock to provide construction financing on new LIHTC projects.
Negative Factors
Financial Performance
GAAP earnings were negatively impacted by a $9.7M unrealized fair value loss related to the interest rate hedges.
Greystone Housing Impact Investors (GHI) vs. S&P 500 (SPY)
Market Cap
$282.69M
Dividend Yield12.13%
Average Volume (3M)45.78K
Price to Earnings (P/E)15.8
Beta (1Y)0.21
Revenue Growth-26.83%
EPS Growth-62.54%
CountryUS
Employees1
SectorFinancial
Sector Strength84
IndustryFinancial - Mortgages
Share Statistics
EPS (TTM)0.77
Shares Outstanding23,171,227
10 Day Avg. Volume36,454
30 Day Avg. Volume45,776
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)15.50
Price to Cash Flow (P/CF)16.20
P/FCF Ratio3.80
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$16.50Price Target Upside35.25% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
Greystone Housing Impact Investors Business Overview & Revenue Model
Company DescriptionGreystone Housing Impact Investors (GHI) is a real estate investment company focused on creating and managing housing solutions that drive social impact. The company operates primarily within the affordable housing sector, providing high-quality, sustainable housing options to underserved communities. GHI is committed to addressing the housing crisis by investing in projects that deliver both financial returns and positive community outcomes.
How the Company Makes MoneyGreystone Housing Impact Investors generates revenue through a combination of rental income from its portfolio of affordable housing properties and fees associated with the management and development of these projects. The company invests in various housing developments, earning income as these properties are leased to tenants. Additionally, GHI may partner with government agencies, non-profit organizations, and private investors to secure funding and subsidies, which enhance the viability and profitability of their housing projects. These partnerships and financial arrangements are critical to supporting the company's mission-driven approach while maintaining financial sustainability.
Greystone Housing Impact Investors Financial Statement Overview
Summary
Greystone Housing Impact Investors demonstrates impressive financial strength with robust revenue growth, solid profitability, and a strong balance sheet. The absence of debt enhances financial flexibility, but there is potential to further improve returns on equity to maximize shareholder value. Overall, the company's financial health is commendable, with strong cash flow generation supporting ongoing operations.Income Statement
Greystone Housing Impact Investors shows strong profitability with high gross and net profit margins in the latest year, indicating efficient cost management. Revenue has grown substantially, showcasing robust growth momentum.85
Very Positive
Balance Sheet
The company exhibits a strong balance sheet with no debt reported in the latest year, significantly improving its debt-to-equity ratio. The equity ratio remains strong, indicating financial stability. However, the return on equity, while positive, reveals room for improvement in generating shareholder returns.78
Positive
Cash Flow
Operating cash flow is healthy, and the company has maintained positive free cash flow, indicating strong cash generation. The free cash flow to net income ratio highlights effective cash management, despite fluctuations in investing cash flow.80
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 91.27B | 38.18M | 90.41M | 62.01M | 35.73M | Gross Profit |
| 91.27B | 134.25M | -4.65B | 55.29M | 28.57M | EBIT |
| 71.62B | 17.78M | 95.98M | 38.16M | 7.29M | EBITDA |
| 81.41B | 118.97M | 106.39M | 0.00 | 0.00 | Net Income Common Stockholders |
| 21.32M | 50.42M | 65.56M | 38.10M | 7.21M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 14.70B | 600.00K | 51.19M | 68.29M | 44.50M | Total Assets |
| 1.58T | 1.51B | 1.57B | 1.39B | 1.18B | Total Debt |
| 0.00 | 714.23M | 1.11B | 892.62M | 699.94M | Net Debt |
| -14.70B | 676.31M | 1.06B | 824.33M | 655.45M | Total Liabilities |
| 1.20B | 1.08B | 1.15B | 919.04M | 721.05M | Stockholders Equity |
| 383.43B | 431.19M | 418.12M | 466.11M | 453.26M |
| Cash Flow | Free Cash Flow | |||
| 17.99B | 24.14M | 19.32M | 33.78M | 15.42M | Operating Cash Flow |
| 17.99B | 24.94M | 21.13M | 33.94M | 15.84M | Investing Cash Flow |
| -105.20B | 53.56M | -278.60M | -187.47M | -38.14M | Financing Cash Flow |
| 70.78B | -123.40M | 198.18M | 182.47M | 102.11M |
Greystone Housing Impact Investors Technical Analysis
Negative
12.20
Price Trends
12.22
Negative
11.46
Negative
12.10
Negative
Market Momentum
0.05
Positive
46.52
Neutral
7.42
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GHI, the sentiment is Negative. The current price of 12.2 is below the 20-day moving average (MA) of 12.37, below the 50-day MA of 12.22, and above the 200-day MA of 12.10, indicating a bearish trend. The MACD of 0.05 indicates Positive momentum. The RSI at 46.52 is Neutral, neither overbought nor oversold. The STOCH value of 7.42 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GHI.
Greystone Housing Impact Investors Risk Analysis
Greystone Housing Impact Investors disclosed 66 risk factors in its most recent earnings report. Greystone Housing Impact Investors reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Greystone Housing Impact Investors Peers Comparison
Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $282.69M | 15.77 | 5.12% | 12.13% | -26.83% | -62.54% | |
69 Neutral | $6.48B | 17.45 | 5.55% | 10.00% | -0.97% | 3.75% | |
69 Neutral | $8.55B | 10.04 | 9.58% | 15.42% | 384.69% | 963700.00% | |
68 Neutral | $11.35B | 12.11 | 8.40% | 13.50% | 13.33% | ― | |
68 Neutral | $1.25B | 10.55 | 8.24% | 11.09% | -16.66% | -23.98% | |
63 Neutral | $14.39B | 9.81 | 8.95% | 4.37% | 16.38% | -11.64% | |
51 Neutral | $514.35M | 12.19 | 7.97% | 20.30% | 137.36% | ― |
* Financial Sector Average
Performance Comparison
GHI
Greystone Housing Impact Investors
11.43
-2.56
-18.30%
AGNC
AGNC Investment
8.98
0.64
7.67%
NLY
Annaly Capital
18.83
2.03
12.08%
IVR
Invesco Mortgage
7.28
-0.42
-5.45%
PMT
PennyMac Mortgage
13.67
0.85
6.63%
STWD
Starwood Property
18.22
0.40
2.24%
Greystone Housing Impact Investors Earnings Call Summary
Earnings Call Date: Feb 20, 2025 | % Change Since: -0.25% | Next Earnings Date: May 1, 2025
Earnings Call Sentiment Neutral
The earnings call reflects a balanced sentiment with strong operational performance and strategic advances in liquidity and investment pipeline. However, challenges such as decreased book value, increased insurance costs, and market uncertainties pose significant concerns.Highlights
Strong Occupancy Rates
Physical occupancy on the underlying properties was at 91.2% for the stabilized mortgage revenue bond portfolio as of December 31, 2024.
Successful Lease Activities
Good leasing activity was observed in properties where construction is complete, with no material supply chain or labor disruptions on the Vantage projects under construction.
Impact of Interest Rate Derivatives
The fourth quarter GAAP net income was significantly impacted by $7 million of noncash unrealized gains on interest rate derivatives, supporting the hedging strategy.
Liquidity Improvements
Liquidity events in January 2025 added approximately $31 million to available liquidity, positioning the company well to fund current financing commitments.
Pipeline Developments
Excitement about the new construction lending joint venture with BlackRock Impact Opportunities, indicating strong future potential.
Lowlights
Decrease in Book Value
Book value per unit as of December 31 was $13.15, a decrease of $1 from September 30, primarily due to a decrease in the fair value of the mortgage revenue bond portfolio.
Impact of Increased Insurance Costs
The sale of Vantage at Tomball was impacted by a significant increase in insurance premiums in Harris County, reducing expected gains.
Interest Rate and Market Challenges
Uncertainty regarding potential tax changes and their impact on the muni bond market, coupled with increased tax-exempt rates impacting fair value estimates.
Company Guidance
During the Greystone Housing Impact Investors' fourth quarter 2024 earnings call, several performance metrics and financial results were discussed. The company reported a GAAP net income of $10.1 million or $0.39 per unit, with a cash available for distribution (CAD) of $4.2 million or $0.18 per unit. The portfolio's physical occupancy was at 91.2% as of December 31, 2024. The book value per unit was $13.15, a decrease attributed to a drop in the fair value of the mortgage revenue bond portfolio. The company advanced $36.8 million for mortgage revenue bond investments and $32 million for governmental issuer loans in the fourth quarter. Their debt investment portfolio was valued at $1.35 billion, comprising 85% of total assets, and they held unrestricted cash of $14.7 million with $31 million available on secured lines of credit. The company also noted a net reduction in credit loss allowances by $1 million for the year. Additionally, the board is cautiously assessing distributions, considering the impact of CAD fluctuations and market conditions on their strategy.Greystone Housing Impact Investors Corporate Events
Business Operations and StrategyFinancial Disclosures
Greystone Housing Impact Investors Reports Q4 2024 Financials
Neutral
Mar 5, 2025
On March 5, 2025, Greystone Housing Impact Investors LP released supplemental financial information for the fourth quarter of 2024, reporting total revenues of $22.6 million and a net income of $0.39 per Beneficial Unit Certificate (BUC). The company advanced significant funds across various investments and completed a notable securitization transaction. Despite challenges in the multifamily markets due to higher interest rates and operating expenses, Greystone sees new opportunities in 2025, particularly with the support of a new joint venture with BlackRock, as traditional affordable housing lenders become more restrictive.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.