Fri, Sep 27, 9:19 PM (84 days ago)
MacKenzie Realty Capital, Inc. reported a fiscal year 2024 net loss of approximately $13.23 million, reflecting a significant increase from the prior year's loss of $4.79 million. Total revenue rose to $15.74 million, driven by rental income from acquisitions, while investment income declined sharply to $0.85 million from $11.31 million due to prior liquidations. Operating expenses decreased to $25.65 million, primarily due to the sale of the Addison Corporate Center. The company maintained a focus on real estate assets and strategic acquisitions, including the purchase of several commercial properties, contributing to a total asset value of $233.09 million as of June 30, 2024. Despite these efforts, the company faces risks including environmental liabilities, interest rate fluctuations, and economic downturns impacting tenant stability and property values. Future outlooks hinge on effective management of these risks and successful execution of its investment strategy, notably in the competitive real estate market. The company's stock is now traded on the OTCQX Best Market, enhancing visibility and shareholder value potential.