ATAX - Earnings call transcript Q1 2021 | Greystone Housing Impact Investors LP

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Operator

I would like to welcome every to America First Multifamily Investors, L.P.'s NASDAQ ticker symbol ATAX First Quarter 2021 Earnings Conference Call.

During the presentation, all participants will be in a listen-only mode. After management presents its overview of Q1 2021, you will be invited to participate in a question-and-answer session.

As a reminder, this conference call is being recorded. On behalf of ATAX and its management team, thank you and welcome to ATAX's First Quarter 2021 Earnings Conference Call.

the comments forward-looking ATAX to from statements uncertainties could call, historical are risks these conference of that are events facts and cause statements. this may defer which regarding not and results During to future materially actual are subject the Such statements of pursuant litigation reform Safe Harbor to forward-looking securities the act made provision are private of XXXX.

plan, terms. identified by like should, expect, words the may, similar other of be intend, use may and statements Forward-looking focus, could,

speak statements other only of are impact statements cautioned defer forward-looking You those or business, cause and these Changes materially date. regulatory of could expressed forward-looking economic, made to implied factors, as today. in actual pandemic that today's the results by ATAX's from or the the competitive, COVID-XX including projections

factors like participation by risks documents will want will about of interest your is and and and with Rogozinski, may Thank Chief measures change, you periodic For take Today's encourage turn call. not that and I Officer you to call Regulation to We ATAX's review its expectations now do explained time Executive ATAX the for include information ATAX. during aware to that non-GAAP in other of Exchange necessarily operate discussion but reports make Internal which business, SEC and the the advantage the full over and may under if more be to ATAX detailed to FD session. you you would and they Ken time question-and-answer ATAX. other informed. beliefs please be upon will the projections ATAX Securities bases Commission. from these filed impact

Ken Rogozinski

L.P.'s of Chief present good XXXX First Multifamily business Michelle, our first financial overview in call. the I markets. an you will Financial afternoon America Thank our Jesse Officer to then Coury, Partnership's everyone. Welcome and results. joining. for quarter the And you give investor Thank Investors, will

taking your we forward look questions. that, Following to

per partnership $X.X all the and $X.XX ATAX $X.XX BUC, reported or value defined providers. assets of XXXX, Unit lenders Certificate with Partnership of $X.XX of quarter in standing first a BUC, Beneficial distribution of a of of ratio net as on the For BUC, leverage income leverage book for available per is our billion current XX%. good and by of and The cash and

averaged investment on interest In revenue and our through of at forbearance the has bonds terms are XXXX. Physical no all MRBs of multifamily service for occupancy the Partnership's multifamily collections portfolio have as we March The multifamily approximately portfolio, of mortgage April request for rate XX% MRBs on and current January averaged received from collateral XXXX. for XXXX principal properties XX% payments. XX,

or XXX% consists is and Our is construction projects, current construction XX Vantage of planning complete, others, seven portfolio where construction one at completion four underway. still XX% where

properties is achieved with of continue where XX% For seven having having we XX% the good one construction physical XXX% complete, two over and the another to see occupancy occupancy. seven leasing physical over activity, achieved

on label no still Vantage project construction. see continue We supply to under or disruptions material chain the

position Vantage entity for the member the past, group going have of the we As as each a stabilization. in upon project will seen managing sale project

Nebraska semester have XXXX and intentions campus announced of San flow Our for learning. University the fall with covering of to Diego person obligations service. their case two reading consistently are all the State properties Both the perform including have in of project Both to and Nebraska on student be XXXX. in from housing primarily their expenses cash continued at XXXX debt of apple University

two managers are Our actively semester. units releasing for property the fall

also University a the We that classes in on forbearance of file the investment. on chapter maximize amortization will of of Therapy announced result are State, our XX and through the bond they Johns fall. expect value XXXX. housing a San person has previously provision other this the to into receive center MRVs Nebraska issues non-multifamily of University add broader the returning vaccination. the bankruptcy two COVID-XX the for and working borrower require the our resumption student They entered Proton fourth XX And live bondholders Like agreement students continue and in Hopkins MRV to to pandemic. MRB Our to principal a quarter of Diego with as trustee XXXX. COVID-XX The end the with of we borrower rights campus of the protect

markets. the to Turning

municipal strong of inflows The XXXX bond fund since bonds. a continued first quarter of been mutual has for March year. their the performance have Municipal market in bag mixed last

of XXXX, at in there billion. at MMD where X.XX% year yield XX year MMD Lipper where and low two all-time X according on funding income currently high-grade LIBOR Treasury have data. weeks flows the have all swap been currently is we low index Municipal fund bond far Year-to-date seen of new is points Data's been are the we environment, basis lows. higher the XX XX mid-August relatively Market heels XX-year the bond, And X.XX%, XX rates exceeded levels. Since six at inflows wider all-time originate weeks X.XX%. and total positive in of have absolute have to than we some approximately reached investments. level to the at interest of have levels and So the to Those billion US this Refinitiv still muni XX continue in fixed roughly could an widened XX-year mindful index rate with at X.XX% scale start their be a XXXX flows. year

and on is available matched continued funding readily where shorter-duration focus have less investments hedging more costly. is our We

investment mentioned longer transactions. rehab light four during in on we our during closed first I In on February’s XXXX, the financing the April, we debt financing previously a In call, January project terms early shorter activity quarter, an of construction term of term tech Mississippi. closing acquisition

was both In recognized that April partnership net In sale and resulted of conjunction is new in XXXX, $X.XX of redemption market BUC segments. Range investment in Germantown in located March lending with sold. for XXXX, This our diversification first Memphis, The at opportunities of Colorado CAD Vantage see per Colorado. income our the locations. to interest Vantage continue equity the membership the a from the We Tennessee with market on project investment close and Vantage Front Vantage one our in in we Loveland, continues property. the of portfolio located

sponsors data the the continue for currently of to CFO our on to be things with strategically turn our traditional We Jesse investment that, may With quarter will Coury, of new over XXXX. not to capital I'll first strongest sources where opportunities, work work financial to discuss available.

Jesse Coury

Ken. you, Thank

diluted $X.XX first million. reported or quarter and distribution Net the XXXX, available for for for Certificate BUC of of cash of For Beneficial revenues of total short $X.XX BUC. ATAX approximately or income CAD basic and per $XX.X Unit

reported total which comprised of assets, are construction such over lending main our our ATAX bonds revenue is type being of $X.X assets terms mortgage a first programs. investment, billion investment three GIL of the and collection portfolio, and classes, in In MRB

XX MRB's, million issuer related The of total mortgage XX% representing short $XXX revenue second MRBs South principal, MF GILs bonds each and properties or We These entities short and currently properties. of being third governmental our and our own investments based representing issuer MRBs for XX%. states, We bond, assets. on XX Texas California outstanding the in in The bonds XX% and such states. mortgage of our with Carolina for total and GILs MRBs across $XXX significant represent approximately hold amounts three loans. of to of portfolio and governmental consists loan being Vantage and of approximately million revenue unconsolidated owned investments, of

As the our or issuer granted multifamily we have interest properties. Ken associated mentioned, with no through works deferral date of contractual to requests form MRB of and for in In XXXX, property to to recovers forbearance effects principal the for the property of payments loans the XXX received XXXX COVID-XX MRBs governmental from payments forbearance we while Live principal pandemic. and a the

a Provision center the and of in the Tennessee through of treatment issued is senior our mortgage X% the of process. assessing therapy declared with the Provision and center Chapter in are XXXX cancer mortgage December options principal borrower bankruptcy balance we outstanding $XX revenue approximately bankruptcy working of March bond, XXst MRB bonds proton restructuring bondholders. addition, borrower senior as other the the center million and The was revenue by forbearance XX or In Knoxville approximately

by a on of governmental equivalent to investments mortgage they multifamily non-recourse total construction, a units. As of representing had the approximately of in obligations four income are revenue issuer to by exempt fund loans and and our XXst, expect we advanced. March issuer real we property earned seven bonds, issuer authorities loans finance tax. been all are and funds and that instances, or properties such XXXX stabilization issued governmental is governmental functionally The lease mortgage and secured also properties interest lien states typically issue governmental in and issuer loans affordable and governmental property have we share of federal loan are on mortgage In loans to commit funded governmental loan multifamily affordable with first most the a the personal after believe that from up

issuer to loans of commitments respective commitments projects for totaling We and of to such proceeds XX As construction property with March approximately had governmental entities Vantage investments $XXX be million we the March XXst, and XXst. additional advanced fund as related properties. during of had outstanding funding unconsolidated or loans

one nearing Leasing measures two closed project units. in remained investment Colorado. additional XXXX available under at plus complete imposed projects of March million. Lisa investments a South All aggregate with Loveland, properties entities was and due Eight distancing in April of rate the as challenges located because Colorado in units represent that as project in Tennessee, and one have completion each the seven Colorado. X,XXX our Nebraska, projects four multifamily the rental April, construction to construction. closed for in we are value addition, or XXst, the XXst, the in are and approximately face vantage market are and in $XX COVID-XX pandemic. of of of In in Of for social Carolina over Texas, properties lease-up XX carrying The March activity Loveland,

delays the have to currently However, rate properties experienced under at in projects construction no through a for due March material though COVID-XX. slightly slower overall disruptions an or increase occupancy, have before COVID. There been XXXX, than

approximately seven gain redeemed. interest million on This in to-date. generated QX. equity $XX.X property sales investment As redemption, redeemed. Vantage a was of Ken our XXXX. and our aggregate was $X.X of million Upon And March our has been investments sold have our total contingent $XX investment $XXX,XXX recognized and that of million initial vantage investment vantage we returned Germantown of the is and on sale mentioned, capital income the in gains In was

value operating XXXX carrying at of The MF to and Suites screen As intent with fall but XXX property which University, properties all general mortgage primarily is $XX of the at COVID-XX debt more multifamily announced XX% of operations MF flows is XXst, students, from classes occupied from students we student Nebraska have The classes with which and meeting Paseo university million. in-person Nebraska, than obligations property XX, on markets. March holding total XXst, housing on-campus to the Both approximately and the obligations for on-campus in-person Diego for March net is primarily XXXX cash of a which mF for semester. State operating obligations by no XX% Lincoln, with San and students primarily housing suspended property property units, in-person the housing its of The XX, has serves this which as in impacted on The is of flows time. properties all resume of as from provide as been was the up significantly meeting University is of on-campus classes. December occupied operations. XXXX semester, and XXXX March has property currently cash XX% a serves

XX-Q. approximately first Moving to of and of rates balance revenue In variable our side and interest million financings debt XX, with $XXX assume increase variable mortgage is million. our The as in or based a interest $X.X our CAD rate that secured March sustained and which XX% the hedged table million Of new does is associated March quarter sheet, immediate increases assumptions quarter an financing in the governmental our in rates approximately page scenarios liability into in interest that three given entered on need is an $XXX rate bonds rates months. debt debt The of XX. million our caps of to our facilities analysis are that exposure XX interest quarterly million issuer interest in of $XXX basis our approximately interest nothing that fixed issuer per potential instruments income for interest trust such there Of for and with loan through in and our totaled scenarios related financing as of interest property gross impact a interest $XX decrease sensitivity option partially generated XXXX interest report point governmental proceeds XXXX, BUC. net will $XXX $X.X million of monitor net loan interest debt period rate XX regularly Form as is to tender investments, income which XXX variable in sensitivity, financing to rates. rates market of investments of XX-month they on the least QX new bond included we shows rising We rate such of loans rates, our roughly hedging at swaps. by the or rates. is against without is separate XX% immediate various approximately or the a for ATAX in changes These we that shows result rise approximately response those

regularly market the This which of of which X%. to our BUC, Ken MRB from price book interest fair as XX, the as to the of was a our rising NASDAQ due XX and $X.XX down on to I primarily $X.XX our approximately March March rates XXXX, provide per from questions value on our per corresponding value BUC. was per December $X.XX closing book discount value At Lastly, impact happy audience. are BUC, we net of and now market the XXXX is XX, answer portfolio. is

Operator

first Instructions] Our Jason Thank comes of from you. JonesTrading. a Stewart [Operator question line with

Please is go line ahead. Your open.

Jason Stewart

the there. with the say Good to have? you credit that and to valuation is exposure I and it back marks comfortable the couple you're that start Ken, these the evening. given credit to line zero, that of wanted we're item portfolio? obviously And with Thanks. on fair expense pretty are issues

Ken Rogozinski

and levels Thanks of a for being Yes, and and still for core been both position I requests where there collections forbearance your we've Jason. no given question, performance occupancy. in MRB seen have strong the of portfolio the think continued

the the or past in the with terms unfolded the assets we for the borrower's have we therapy John not a in positioning adjustments at year, the XXX is XX the that's of, seen past bankruptcy announcement Sampson way monitoring portfolio. the starts semester, new where to therapy over center, that its I August that for there continue that's would the at students charges next all think need XXXX months. core to academic process that regard about at requirement this and We past and we the point happening proton leasing We're a to on monitor learning process. in MRB will taken few to in-person to a end a with sort fall any us activities impairments additional months the the year as that make vaccination. in -- on the Chapter case return XX, With see that that of where there adjustments have lead day-to-day over the and make And we'll the lot judgment for the have and Live over to time the make XXX going side, the in project on at making see a this on on any, over that the a of there time center process, basis, least don't through working bit with lengthy point proton

Jason Stewart

balance Thanks. terms recovering it. in opinion some How in a we it is of conservatism center, of you do got bankruptcy -- item, is the that outcome out is when line of what just more a the see therapy bit proton your process do the Okay, in or leave little see likely sheet? for

Ken Rogozinski

has bond on seen sold happened the only is. have the it is of that have out ultimate set marketplace. I in the the is deal past. of The bond a refunded, it on new we've debt where into proton think real depends benchmark that been some I therapy existing is transaction occur what Jason some refunding restructurings other to resolution what There usually bonds the

a appreciation And existing bonds. either from connection cash And existing holders some the debt debtors so recovery some there. there's in take circumstances capital that back the or of subordinated in with series

on think the that in combination method cases recovery, what's on to So tell books follow I in happens, early up then past, us case. same other some if our the and then with or some bankruptcy based I with you'll have still will that think the But on too value. this of going certificate security ending we the see it's

Jason Stewart

seems how should enough. Vantage, fair move you and everybody where lag we rate think It into of position, southeastern recorded think it financials? the activity a in what the pretty are markets gets which me into gains Vantage just the between a in Okay, of located, the cap terms and enter conservative like to think you're about sale about when properties Sunbelt, progression I progression in and the appreciates. we when contract, potential when With

Ken Rogozinski

assumptions side, transactions to when we make investments Jason, that be Vantage we the evaluate for on perspective, in we our For there. tend the conservative

over so three of the past back multifamily six wind the certainly to And months. the asset is been acquisitions at

of a markets. both side, side, different the of from the demand rates, cap broadly strong activity team of for multifamily we're in sale apparent they're on the in that compressions Just in the asset based asset seeing lot been lending on general hearing there's and on Greystone terms what and still class, the

in for managing great potential the these has order that from of the once positioning job sale process. and top projects project been the terms earning best listed active competitive rent they're in demonstrate very the of So roll sale, for a sale, team to the Vantage does results generate

So, to don't really change we strategy think is going that going forward. that

I past they and hit making those they think on to of in success we decisions roll want accessing process, their the occupancy and targets expertise that the rent the will terms in managing that achieve. and see their when about rely market

Jason Stewart

projects have of exiting rate you these Do you're a Okay. what cap sense at?

Ken Rogozinski

T-XX. really it so you you actual That's NOI Is Is everybody's T-X? of your that perspective, NOI what up with cap is. a is, to forecasts all Jason, come what on because NOI determine is can the from you a it rates. what depending hard variety assumption an of say, can it some against benchmark Is sales wide price, a when

there. perspective, the don't do So price a IRR the gross through really then that's per what to our and the return tend cap partnership we why se, we on that the rate achieve it's focus as sort waterfall from to metric is of and sales

Jason Stewart

those nice enough Fair pretty have and been returns.

to I'm an in the the bit on You on mortgage just view balance some pull terms alluded up a aggregate market sheet, in your of if basis, but impact commentary feds globally, rates. your on not like and the little XXX overall, plus more the you of looks view what involvement rates terms in globally? curious necessarily But maybe inflation ATAX

Ken Rogozinski

I year. that that horizon. from feds XX over day short points. first additional move in going quarter Treasury's think over it's And clip, a basis just XX of at at terms then tenure of in XX know later levels end was the XX a the trading been an lot That's X%. month first Washington desire on and growth It's year the looking see still was and Yeah. of on perspective. happened at delivering been I And the GDP economy XXXX, basis in at January of seen points easy quarter, in three tenure there's during of March of of I I the during at the and forget that XX, months three in time to interesting think at stimulus that the XXX. as the grow economy in first number a what quarter the the the year, the the terms itself quarter you'll to and the by move was faster

I they me -- mutual But the to been their home move dynamic end through particularly of a as money So, out you capital quarter kind of stimulus I be in have the and lot is seem [XX:XX] level be the think XXXish for of [Indiscernible] have trading has our the the of range, plans what from Congress some going The of Washington, come And some front, announced way the tax with I think administration, continues more programs that mini gains to XXX make continued that think to this in year hear we stimulus spending see simmer point, aggressive portfolio on proposed to up of is interesting recently, think see rates. not on lot Taxes felt of to market. more depend I funds out to really that higher they higher to the how these whether of the mutual pay new that XX how or significantly, looking. proposed. down be into from that both the the more at these been some coming amount to type two a to to going marginal continues complex, plans Washington out end Washington

will I the its other a than think Muni with and rates low think past attractive of the has the years out people advantages, in school curiosity lot look at of more levels and pique old tax that with options I strategy kind marketplace. investors the will over couple clipping at it coupon

Jason Stewart

questions. my appreciate and to Yes, the you agree it. for taking you I tend I with thank time,

Ken Rogozinski

Anytime. Jason. welcome, You're

Operator

question Lane from Ron up line Thank with next ValueForum. our you. And comes

Your Please open. go is ahead. line

Ron Lane

hear question. you first can Hello, the me? That's

Ken Rogozinski

Ron. can, we Yes,

Ron Lane

came I CPA big from XX% written and my brief note who one, XXXX where down ATAX XX% that XXXX way be times questions. rate. to of from come that owned noticed our in Free on report I been many told to at XXXX, the I a of since old many And XX% expected to to expect Number has Jesse's I rate have had something we think told tax times is Great. taxes. I the to office which prior and February rate does the looked it read out which tax difficult notes, a now, XXXX, older I and have about XXXX, down have three -- years is to

So something run way the happened the in of effect you change. you accounting or do business to rheumatic kind your that the way

wondering was you can I if Now tell me what it was?

Jesse Coury

believe as between the income referring quarterly table page we which KX schedule in of the Yes, you're summarize report to on as supplemental the versus income individual our for last exempt investors… we taxable reported breakout the tax

Ron Lane

Right.

Jesse Coury

mortgage to in portfolio, this that XXXX the the back XXXX completed was operations come was add? can the of -- opportunity And to crisis In either an addition that property a reported would XX between of the where began of tax and bond asset the real through and is bond solicitation opportunities investment of exempt anything which larger you the the income. Ken in excess of which mortgage sale in Vantage to that estate, are sale a the to partnership credit you space. that different the owned was were market they proceeds within result rate couple And for correct. we ATAX’s investment taken defaults XX% in taxable and did Florida One an during Probably a seen take taxable space. opportunities was effort and back the advantage the diversify factors. impact more the capture revenue or And outside XXXX pass. were position ATAX in revenue for through that taxable investment get with consent to

Ken Rogozinski

ups That think referring the I we on was traditional for us have in affiliation, see of a -- origination think referred that investments consensus have periodically helped genesis of as that downs to been the Vantage shift that the you're portfolio. great diversifier portfolio was really I of exempt tax out and the Jesse MRB even some the and our to Ron

there benefit a that year that basis is in the has additional income of So think to that exempt. taxable, outweighed our generating I between class by that costs the potential, year on I understand on tax that being difference But any a income. what's whole, portfolio as additional opposed to asset

Ken Rogozinski

Yeah, care always up hold takes tax an is moving other the in if be we created it that I I'm people is it on to the come continue that discussing should whether firm, with of looks where was in R&D our the question, area. liquidate, account, fiduciary, family, have to into taxable the And brackets with problem and taxation be era, brainier the CPA the clearly big things, quick really would a R&D, you would tax it with a always now our taxable And no conundrum. the the which imagine, like in the you real you can with higher accounts. free.

So it's of meetings. -- in real a real problem a lot creating a it's

on a was of folks number large move investment that XXXX, me I ValueForum. November two. to started of one Let the called Back in group

the would members outside than lot because they There have that surprises annual companies getting because from and can XXX speakers quarterly my And think know would group presentations. and speakers. retirees are in you the today, concern very our Apex the day currencies, of Robin folks between. We today. have it, quick them, that because to used for have conventions. the doing we are open-up when make of happened with you We or you whole lot are like opportunities, our I know frankly, folks Most have doing most traders significant quarterly, prepare prefer and from ready name change, can when of it, on But all CEOs of to their thing. retire, where could me you paid it's some door group members monthly very, for I quarterly, I less, I crypto is, all is investment going for folks a rather a doing, the one you it. in retired solve another And quite people can holdings people that anyone or care quarterly, down portfolios away to they're which trading pays at shared Hood, craziness where skilled to that are all for are one. pay stay some a you general over get consensus, look I especially it all we that financially. pay are with

And very some it. are well people doing with

three Apex, made would firm people change. of your lot pay times members, months. would know have quarter is holdings, you monthly, of they a three, for go be like to know you to they in didn't consider. know paying three already was to to X% I something of done. And even to investing I can that's X.XXXX% and I get But But given. the half a each be to I tell you until So it's more sometimes the you, awkward, one a whether that's percent. it But can up my of that But member and pitch team XXXX, quarterly if my difficult I've of no once spring which I you, make it's from first sense, switched easy another tell to the just management largest can

Investor with but one want in graph have individually, people I of and have any the run you to all, done also that of So you it your by Relations.

you've all So into the that there's meetings, it have monthly? people something two moving to of about known, spoken ever

Ken Rogozinski

to hearing think consideration by of concept sort this that of or market something run from I attractive the distribution. doing we're perspective, discussed. people larger distinction from a important wouldn't monthly more I standard. first also -- think, that, think of maybe hearing least contrary an sort quarterly an people. of topic and a burden certainly the a haven't of investors, of the I oriented at time this is, income it I'm security you This say administrative to that's as that, there's has be the becomes that that fact we kind of said, kind some I a from between a outlier there's feedback And is monthly that first off distribution. But time think to I to an while I Ron, that's there doing my kind

certainly about. look something that we'll and take our it's a here at So have side discussion a on

Ron Lane

can overwhelmingly can't Because, said be are what you get that issue. going thinking know, the always And Shipping, that saying. them to I one was the pay you by calling I in. went people number group I tell to exactly All You challenge is, And it. what expected. I'm and I monthly.

So that. I've done

numbers. know will I earn? future $X.XX I for good anywhere But And number in CAD, earned that accounting. does three, declare quarter. had to Lastly, you meets, $X.XX Board thought than the mean, I'm should I earn every the dividend what $X.XX sorry, but not your in able that to you extra $X.XX this be. I -- you you I'm month you'd myself, were the CAD know be get $X.XX reflected -- first you more answer

Ken Rogozinski

about accounting. talk I'll Let Jesse the

$X.XX sale contracts of things that to rights I I'll this quarter of think -- CAD the and on one point That -- generated $X.XX Project be for tend do that to lumpy. example, individual their there is under extend the make they you that uncertain. timing our Germantown Vantage can buyers be and with nature. have the for of sales, as we

distribution So for when the of trying and think exactly versus close, rules final when under wind our the to do entity, a the declaration NASDAQ Vantage to the of a decision to has receive to going make of is accounting dividend. we Board all when we're going that up from sale

dates those all together. Sometime don't align

little we a week first the the So what quarter, situation the a quarter. had for was like, we declare distribution sale over dividend you until after had where could this close have a didn't to

a where So, or been been lag. some accounting of I'll uncertain, a still CAD there may dividend of the very just nature over tight be But kind I here about the annual is an distribution you as extended shown, on or the period on on necessarily There's has the that. is versus piece there talk but of either be look I look correlation let not Jesse that's the year an you average, may where the closing at think when at has basis. think situations has quarter-to-quarter, execution time average, it that, average, data time. of where historically on yeah, if

Jesse Coury

management has The CAD distributions determining that of in Board in we distribution. well which the metric, Ron, for as per one non-GAAP and metric our the factor in BUC. report consider available cash of And operating the board is the that measure consider income discretion terms various it a filings, Yes. net the to is a factors, as as

trying And that cash distribution, the benefit and consistency available to time. and historically long-term a the so, the results to distribution, responding to discrete distributions Board unit I has events keep spikes in operating for of net rather Ken said holders income a taken due will than echo a the of in lot of hopefully view what the over

Ron Lane

Okay.

was were they you relative putting back and buying Let taxable in quickly If a couple the in had was hours they and question. value, a of an accounts? IRA a to to and ATAX me taxable a or of brother, sneak had today, it someone good successful, accounts, thinking previous they would real recommend of equal and

Ken Rogozinski

financial I we We people. that recommendation on general give really can’t front. rely or as planner can't We -- can't that of tax attorney, yes, or of any advice your you really would accountant guidance those you make give to on individual really Ron, that kind opportunities. kind evaluate a

Jesse Coury

in, would putting say, I that. doing stifle. I free, there IRAs -- the what I from we then either would start put income together, -- tax probably a and taxable. because it in to if keep the to think just and numbers XX% I into again, talking about we're would. about starting or -- XX% we obviously, if I it But coming cannot. fresh places. whether with the if with Well, no large sell them I are It's have RMDs, where wait consequences, Yes. you RMDs. larger the to have are back and don't slightly slower cutting a minute, it's enough IRAs you off just cash both should That's was we're it's it's recommend more not. know buying put it keep way I Maybe other except, is the how

So we'll see.

Ron Lane

for gentlemen. the time, your right. All good it. Keep I appreciate work. up Thanks

Ken Rogozinski

Ron. you, Thank

Jesse Coury

Thank you.

Operator

Ken you. remarks. the further to questions Thank I’m no Rogozinski further for and showing back conference this to any like would I over time, at [Operator Instructions] turn

Ken Rogozinski

Thank We again everyone we remarks. participation speaking today. appreciate further you And everyone's very Michelle. with look forward much, No next to quarter.

Operator

Thank presentation. you participating. for This does conclude today's

day. a You have may now disconnect. great Everyone,

Greystone Housing Impact Investors (GHI) 6 May 212021 Q1 Earnings call transcript