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MacKenzie Declares Special Dividend

The board of directors of MacKenzie Realty Capital Inc., a non-traded business development company, has authorized a $0.075 per share special dividend in addition to its regular quarterly dividend of $0.175 per share.

The board of directors of MacKenzie Realty Capital Inc., a non-traded business development company, has authorized a $0.075 per share special dividend in addition to its regular quarterly dividend of $0.175 per share.

The board determined that the company had sufficient income to support both dividends without distributing any original capital. In total, the fourth quarter dividend is $0.25 per share, an annualized rate of 10 percent, based on the sale price of $10.00 per share.

The special dividend is being paid from income generated by operations, primarily from the liquidation of KBS REIT, and a special distribution from the sale of properties within the company’ investments in Uniprop Manufactured Housing II, and KBS Legacy Partners Apartment REIT.

The board set monthly record dates of October 31, November 30, and December 31, and stockholders of record will receive $0.0833 per share. Thus, stockholders of record for all three months will receive $0.25 per share for the quarter, those stockholders accepted as of October 1, 2017 will receive $0.1667 per share, and those accepted December 1, 2017 will receive $0.0833 per share.

The dividends will be paid on January 31, 2018 either in cash or reinvested in stock for reinvestment

MacKenzie Realty Capital launched in August 2013 and has raised $71 million in investor equity, as of the third quarter of 2017. The company’s portfolio includes 59 investments totaling $59 million, according to Summit Investment Research.

For more MacKenzie related news, visit their directory listing here.