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MacKenzie Realty Capital Inc. (MKZR-5.80%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, reporting rental and reimbursement revenues of $8.03 million, an increase from $3.58 million in the same period the previous year. This increase is attributed to the acquisition of new office buildings and an early lease termination income.
Investment income for the quarter was $0.02 million, down from $0.26 million in the previous year, primarily due to decreased distributions from investments.
The company incurred asset management fees of $0.86 million, slightly higher than the $0.79 million in the previous year, due to an increase in total invested capital.
Operating and maintenance expenses were $1.71 million, compared to $1.51 million in the previous year, reflecting the addition of new office buildings.
Depreciation and amortization expenses increased to $2.18 million from $1.56 million due to new acquisitions.
Interest expenses rose to $1.97 million from $1.45 million, driven by additional mortgage notes for newly acquired properties.
Net realized gain on investments was $0.06 million, compared to a net realized loss of $1.29 million in the previous year.
The filing also details a net unrealized gain of $0.02 million for the quarter, compared to a net unrealized loss of $0.48 million in the previous year.
MacKenzie Realty Capital Inc. did not incur any income tax provisions during the quarter, maintaining its status as a REIT.
The company reported a net loss attributable to common stockholders of $5.28 million, compared to a loss of $1.94 million in the previous year.
Cash and cash equivalents decreased by $5.79 million during the quarter, with operating activities generating $2.51 million, investing activities using $7.88 million, and financing activities using $0.42 million.
The company continues to focus on its investment strategy in real estate assets and plans to fund future investments through preferred equity offerings and cash flow from operations.
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 February 14, 2025. To report an error, please email earnings@qz.com.