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MacKenzie Realty Capital, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing rental and reimbursement revenues of $4.95 million, up from $3.56 million in the same quarter the previous year. This increase is attributed to the acquisition of additional commercial properties.
Investment income for the quarter was $23,989, compared to $220,688 in the previous year. The decrease is due to lower distributions from investments.
Operating expenses for the quarter totaled $12,393,205, compared to $5,816,596 in the previous year. This increase is mainly due to higher property operating and maintenance expenses and depreciation from newly acquired properties.
The company reported an operating loss of $7,440,976 for the quarter, compared to $2,256,615 in the previous year.
Net loss for the quarter was $7,408,269, compared to $4,208,702 in the previous year. After preferred dividends, net loss attributable to common stockholders was $8,142,679, compared to $4,597,421 in the previous year.
Cash provided by operating activities was $1,320,000, while cash used in investing and financing activities was $6,000,000 and $3,570,000, respectively.
MacKenzie Realty had a working capital of $11,967,955 as of September 30, 2024. The company plans to fund future investments through a combination of cash on hand, net cash from operations, and new capital raised from preferred stock offerings.
The filing also details various real estate acquisitions, including the purchase of Green Valley Medical Center for $3,004,194.
MacKenzie Realty does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on expanding its real estate portfolio and managing its existing properties to enhance shareholder value.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MacKenzie Realty Capital Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.