MacKenzie Realty Capital, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended March 31, 2024
May 15, 2024 at 02:26 pm EDT
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MacKenzie Realty Capital, Inc. reported earnings results for the third quarter and nine months ended March 31, 2024. For the third quarter, the company reported sales was USD 4.08 million compared to USD 4.47 million a year ago. Net loss was USD 3.21 million compared to USD 10.28 million a year ago. Basic loss per share from continuing operations was USD 0.26 compared to USD 0.79 a year ago.
For the nine months, sales was USD 11.22 million compared to USD 11.21 million a year ago. Net loss was USD 9.2 million compared to USD 13.94 million a year ago. Basic loss per share from continuing operations was USD 0.75 compared to USD 1.08 a year ago.
MacKenzie Realty Capital, Inc. is an externally managed non-diversified real estate investment trust (REIT). The Companyâs objective is to generate both current income and capital appreciation through real estate-related investments. The Company intends to invest at least 80% of its total assets in equity or debt in real estate assets. It can also invest up to 20% of its total assets in investment securities of real estate companies. It also owns and manages five commercial real estate properties: Satellite Place in Duluth, GA, 1300 Main, First & Main and Main Street West in Napa, CA, and Woodland Corporate Center Two in Woodland, CA and four residential apartments: Commodore Apartments and The Park View, located in Oakland, California, the Hollywood Property located in Los Angeles, California, and the Shoreline Apartments in Concord, California. The Company, through MacKenzie Realty Operating Partnership, LP (the Operating Partnership), acquires and operates real estate assets.