Net revenues for three months ended Sept 30, 2024, were $5.0 million, an increase of 39% from $3.6 million in the same period of 2023
MKZR has paid a dividend every year since inception
MKZR just uplisted from the OTCQX to Nasdaq This one has a tiny float of just of 14Mill Shares
Just Last Month the CEO Came in and Scooped up 65000 Shares for Himself
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Hello Everyone,
We have brand new profile right now with a tiny float of around 13 million fresh for tomorrow’s session.
This one just began trading on the Nasdaq and is definitely not lacking in volatility.
MKZR is a publicly registered non-traded REIT that is currently focused on investing in multifamily housing and office real estate properties located throughout the United States. The current portfolio includes interests in 4 multifamily properties and 8 office properties plus 2 multifamily developments in 2 states. MKZR intends to invest at least 80% of its total assets in real property, and up to a maximum of 20% of its total assets in illiquid real estate securities. They intend for the real property portfolio to be approximately 50% multifamily and 50% boutique class A office. The Company has paid a dividend every year since inception.
MKZR just uplisted from the OTCQX to Nasdaq. This is a significant achievement for the Company. The Nasdaq listing will result in increased marketability, liquidity, and trading volume, and provide the Company with increased access to the capital markets as they work to provide long-term value.
Uplisting to the Nasdaq is something that many companies set out to do but few are able to accomplish.
MacKenzie Realty Capital Reports First Quarter FY 2025 Financial Results and Provides Business Update
ORINDA, Calif., Nov. 21, 2024 (GLOBE NEWSWIRE) — MacKenzie Realty Capital, Inc.(Nasdaq: MKZR) (“MacKenzie” or the “Company”) today announced its financial results for the first quarter ended September 30, 2024.
Key Financial Highlights: Operating Results for the Three Months Ended September 30, 2024:
- Net revenues for three months ended Sept 30, 2024, were $5.0 million, an increase of 39% from $3.6 million in the same period of 2023.
- Gross profit was $3.0 million, an of increase of 41%, from $2.1 million in the same period of 2023.
- Net loss was $8.1 million, compared to $4.6 million loss in the same period of 2023.
- Net loss per share was $0.61 based on 13,345,967 outstanding shares, compared to a loss of $0.35 per share based on 13,284,673 outstanding shares.
- Paid its regular quarterly dividend in the amount of $0.125 per share for the period ended September 30, 2024.
- Acquisition of Green Valley Medical Center.
- Total shareholder equity was $102 million.
Robert Dixon, Chief Executive Officer at MacKenzie stated, “The quarter was an exciting period for us as we announced our intention to list on the Nasdaq and strengthened our Board of Directors with the appointment of Kjerstin Hatch, an independent director with demonstrated success in the industry.”
“The properties continue to perform at or above expectations, with the consolidated same-store office portfolio 95% occupied compared with 92% in the year earlier period, and the same store multifamily portfolio 92% occupied compared with 93% in the year earlier period. We believe that once some of our mortgages are refinanced and our properties under development stabilize that we will return to FFO profitability and dividend coverage. The quarter was in-line with our business plan which is to continue to increase revenues and make investments in a manner that will increase our assets over the long term. Our recent uplisting onto Nasdaq is a major accomplishment that we believe will improve liquidity and attract greater investment participation from a more diverse and larger set of institutional investors,” concluded Mr. Dixon.
MacKenzie Realty Capital Provides Development Update on Aurora at Green Valley
ORINDA, Calif., Jan. 22, 2025 (GLOBE NEWSWIRE) — MacKenzie Realty Capital, Inc.(Nasdaq: MKZR) (“MacKenzie” or the “Company”) is pleased to announce an update on its development called Aurora at Green Valley, in Fairfield, CA.
Highlights:
- Our Aurora project is progressing on schedule with no delays. See www.wisemanco.com/property/aurora-at-green-valley/
- The schedule continues to indicate occupancy will begin during the third quarter for the first residential building, with the other two buildings delivered by the end of the year.
- Sunrise Center clubhouse, with leasing offices, is scheduled to be delivered 45 days prior to the first residential building to assist in leasing activities. That building already has drywall installed. Indoor and outdoor furniture and fitness room equipment has been ordered.
- Prior to opening of Sunrise Center, we will conduct pre-leasing activities from a professional office located in a nearby office building owned by an affiliate of MRC Aurora, LLC.
- FPI, our independent property manager, is the biggest manager in northern California in terms of units managed.
- The project has had minimal overruns – right now we forecast a total use of only 23% of the contingencies provided in our budget.
- Next month we expect to commence drawing on our construction loan facility, as we will have invested our $12.5 million cash equity. Our lender is Valley Strong Credit Union and they have already begun performing inspections so that our draw process is expected to be smooth.
- Market occupancies for similar projects are maintaining at 95% occupancy, including Nova, the newest large project in Green Valley which has now stabilized its 281 units at that 95% level.
- Rents in this market increased by 25% between 2021 and 2023. Rents pulled back a bit at the end of 2023, but have resumed a positive trend and are now just about 3% off the rental peak established in 2023. We believe there is not enough new product in this growth market to satisfy demand.
Robert Dixon, Chief Executive Officer at MacKenzie stated, “We are excited about the progress we are making in developing the Aurora project and are committed to be helping meet the continued demand for housing in the San Francisco Bay Area. This development is staying on the budget and schedule we initially disclosed. I want to thank our team here at MacKenzie as well as all the contractors and subcontractors involved.”
NEWS
MacKenzie Realty Capital Provides Development Update on Aurora at Green Valley
Jan 22, 2025
Dec 17, 2024
Nov 21, 2024
MacKenzie Realty Capital, Inc. Announces Listing on Nasdaq
Nov 8, 2024
MacKenzie Realty Capital, Inc. Announces 3ʳᵈ quarter dividend
Sep 27, 2024
MacKenzie Realty Capital, Inc. Appoints Kjerstin Hatch to the Company’s Board of Directors
Sep 25, 2024
MacKenzie Realty Capital, Inc. Announces retention of Investment Banking Firm Maxim Group LLC
Aug 27, 2024
Aug 1, 2024
MacKenzie Realty Announces first dividend as a publicly traded company
Jul 11, 2024
MANAGEMENT
Berniece Patterson
Director and Founder, MacKenzie Capital Management, LP
Mrs. Patterson is co-founder and director of MacKenzie Capital Management, LP as well as the co-founder of MacKenzie’s affiliate, MCM Advisers, LP, an SEC-registered investment adviser established in 1981. Mrs. Patterson also runs Pioneer Health Group, LLC, an affiliate of MacKenzie, and is responsible for the management of day-to-day operations of two nursing homes, Cherryvale Care Center and Santa Rita Nursing and Rehabilitation Center.
Mrs. Patterson holds a B.A. in Education degree from San Jose State University and an M.B.A. in Finance from the University of California, Berkeley. Mrs. Patterson was a certified financial planner and an NASD-registered General Securities Principal. She also is a former member of the Institute of Certified Financial Planners and the International Association for Financial Planning.
Chip Patterson
Managing Director and General Counsel, MacKenzie Capital Management, LP
Chairman of the Board, General Counsel, and Secretary, MacKenzie Realty Capital, Inc.
Mr. Patterson is Managing Director and General Counsel of MacKenzie and the Adviser, where he has been employed since 2003. He is a director of their general partner and a beneficial owner of all three companies. Mr. Patterson is C.E. Patterson’s son and Berniece Patterson’s stepson.
Mr. Patterson graduated magna cum laude from the University of Michigan Law School with a J.D. and with high distinction and Phi Beta Kappa from the University of California at Berkeley with a B.A. in Political Science. Prior to joining MacKenzie, he was a securities and corporate finance attorney with the national law firm of Davis Wright Tremaine LLP. Prior to law school, Mr. Patterson taught physics, chemistry, and math at the high school level for three years. He also has prior experience in sales, retail, and banking, and is a licensed California Real Estate Broker.
Glen W Fuller
Managing Director and Chief Operating Officer, MacKenzie Capital Management, LP
Mr. Fuller is managing director and chief operating officer of MacKenzie and the Adviser, where he has been employed since 2000. He is a director of their general partner and a beneficial owner of all three companies. Mr. Fuller is Berniece Patterson’s son and C.E. Patterson’s stepson.
Prior to becoming Senior Vice President of the Manager, he was with the Manager for two years as a portfolio manager and research analyst. Prior to joining the Manager, Mr. Fuller spent two years running the over the counter trading desk for North Coast Securities Corp. (previously Morgan Fuller Capital Group) with responsibility for both the proprietary and retail trading desks. Mr. Fuller was also the registered options principal and registered municipal bond principal for North Coast Securities Corp., a registered broker dealer. Mr. Fuller previously held his FINRA Series 7, general securities registration. Mr. Fuller has a B.A. degree in Management. Mr. Fuller has also spent time working on the floor of the New York Stock Exchange as a trading clerk and on the floor of the Pacific Stock Exchange in San Francisco as an assistant specialist for LIT America.
Robert E Dixon
Managing Director and Chief Investment Officer, MacKenzie Capital Management, LP
Chief Executive Officer and President, MacKenzie Realty Capital, Inc.
Mr. Dixon is Managing Director and Chief Investment Officer of MacKenzie and the Adviser, where he has been employed since 2005. He is a director of their general partner and a beneficial owner of all three companies. Mr. Dixon is C.E. and Berniece Patterson’s son-in-law.
Mr. Dixon served as an officer and director of Sutter Holding Company, Inc. from March 2002 until 2005. Mr. Dixon founded Sutter Capital Management, LLC, an investment management firm, in 1998 and sold it in 2005 to the Adviser. Mr. Dixon has been president of Sutter Capital Management since its founding. Mr. Dixon received his MBA degree from Cornell University in 1998 and became a Chartered Financial Analyst® in 1996. From October 1994 to June 1996 he worked for MacKenzie as a securities research analyst. He worked for Lehman Brothers, Inc. in equity sales and trading during 1993 and 1994. Mr. Dixon received his B.A. degree in Economics from the University of California at Los Angeles in 1992.
Angche Sherpa
Chief Financial Officer, MacKenzie Realty Capital
Mr. Sherpa was appointed to Chief Financial Officer in July 2021. He has been employed by the Company’s administrator, MacKenzie Capital Management, LP (“MacKenzie”), since 2012. Prior to his appointment, he was Director of Accounting and Financial Reporting of MacKenzie.
Mr. Sherpa graduated from San Francisco State University in 2006 with a Bachelor of Science degree in Business Administration (Accounting) with honors. He obtained his CPA license from California Board of Accountancy in January 2011. Prior to joining MacKenzie, he worked as staff auditor from 2007 through 2008 and senior auditor from 2009 through 2012 at a national public accounting firm Moss Adams LLP. During his career at Moss Adams, he led various audit teams involved in auditing financial services companies including private equity, asset management and real estate investment companies.
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