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Maryland
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45-4355424
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(State or Other Jurisdiction of Incorporation)
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(I.R.S. Employer Identification No.)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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| Common Stock, $0.0001 per value |
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MKZR |
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NASDAQ |
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MACKENZIE REALTY CAPITAL, INC.
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(Registrant)
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Date: May 19, 2025
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By:
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/s/ Robert Dixon
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Robert Dixon
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President
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Net revenues for three months ended March 31, 2025, were $4.3 million, an increase of 5% from $4.1 million in the same period of
2024.
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Net operating loss was $5.8 million, as compared to a net operating loss of $2.7 million in the same period of 2024.
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Net loss was $6.1 million, compared to a $2.9 million loss in the same period of 2024.
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The Company had negative $3.1 million of funds from operations (“FFO”) for the quarter. The net loss of $6.09 million was offset
by $2.63 million in depreciation expense and $0.36 million of unrealized losses from investments and straight-line rent adjustments.
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Paid a common stock quarterly dividend in the amount of $0.05 per share for the period ended March 31, 2025.
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Refinanced Hillview Hollywood property into a permanent 5-year loan, while paying debt down by over $5.8 million since
completion of the renovation, further focusing on debt reduction and stabilization. The loan closed on March 28, 2025, so the interest savings will start impacting cash flows in the current quarter.
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Aurora at Green Valley construction is progressing on schedule and on budget. The clubhouse is scheduled to open in mid-June
2025 for pre-leasing activities. The first of the three residential buildings is scheduled to be completed with certificate of occupancy issued by mid to late July 2025, with each of the remaining two residential buildings scheduled to
open shortly thereafter.
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Paid down $5 million on the outstanding principal balance on Main Street West property loan and entered into a forbearance
agreement with the lender.
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