Home Alts News Mackenzie Realty Capital Increases Quarterly Dividend

Mackenzie Realty Capital Increases Quarterly Dividend

MacKenzie Realty Capital Inc., a publicly registered non-traded real estate investment trust, has increased its regular quarterly dividend.

MacKenzie Realty Capital Inc., a publicly registered non-traded real estate investment trust, has increased its regular quarterly dividend from $0.08 to $0.09 per share, fifth consecutive quarterly increase.

In a letter to shareholders, MacKenzie said that “the dividend will be more than supported by cash flow from operations for the quarter ended March 31, 2022.”

The dividend will be paid on April 29, 2022 to shareholders of record as of March 31, 2022.

After suspending regular quarterly dividends in early 2020 due to the COVID-19 pandemic, MacKenzie resumed payments in the first quarter of 2021 at $0.05 per share. The dividend was then increased to $0.06 per share in the second quarter of 2021, $0.07 per share in the third quarter of 2021, and then to $0.08 per share in the fourth quarter.

“We anticipate continued recovery in the performance of our portfolio and believe that we may be able to continue to increase our dividend rate in the future,” the company said in the letter.

MacKenzie also re-opened its shareholder redemption plan which was suspended in May 2020 “to focus on retaining cash to purchase real estate.”

In other company news, MacKenzie Realty Capital recently entered into a $20.4 million membership interest purchase agreement with The Wiseman Co. LLC to acquire general partner interests in eight limited partnerships and one land parcel.

MacKenzie launched its initial public offering in August 2013 and has raised approximately $131.08 million in investor equity, including proceeds from its dividend reinvestment plan of approximately $11.89 million, as of December 31, 2021.

For more MacKenzie news, please visit their directory sponsor page.

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