MacKenzie Realty Capital Lists on Nasdaq Under Symbol MKZR
The common shares for MacKenzie Realty Capital Inc., a publicly registered non-traded real estate investment trust, listed at the opening of trading today on the Nasdaq Capital Market under the ticker symbol MKZR.
MacKenzie submitted its public listing application to Nasdaq last month and, in the interim, had been responding to Nasdaq comments and supplying related documentation in support of listing on a national securities change. On Nov. 6, 2024, the company received a letter of approval to list its common stock on Nov. 11, par value $0.0001 per share.
The company noted that shareholders were not required to take any action as a result of the uplisting and that trading on Nasdaq will enhance the visibility and accessibility of MacKenzie to U.S. investors.
“MacKenzie’s uplist from the OTCQX to Nasdaq is a significant achievement for the company. We believe that the Nasdaq listing will result in increased marketability, liquidity and trading volume, and provide the company with increased access to the capital markets as we work to provide long-term value for our stockholders,” said Robert Dixon, chief executive officer of MacKenzie.
“We think ours is a story worth telling on a national stage. By joining the Nasdaq, it is our intent to generate broader recognition by investors and highlight MacKenzie’s long-term commitment to real estate investment and its shareholders,” added Dixon.
The company declared its regular quarterly dividend for the period ended Sept. 30, 2024, in the amount of $0.125 per share, which was paid on Oct. 25 to stockholders of record as of the close of business on Sept. 30.
The company reported total assets of approximately $233.1 million and total equity of approximately $107.9 million as of June 30, 2024. MacKenzie had approximately 13.3 million shares of common stock outstanding as of the same reporting period.
Over the summer, the REIT launched a tender offer to purchase up to 700,000 Class S Shares of Starwood Real Estate Income Trust for $17.50 per share. The offer was made, together with its affiliates and represented an approximate 24% discount to Starwood’s estimated net asset value of $22.94 as of May 31.
“Since 2012, MacKenzie has been investing in real estate securities and properties by seeking value others often overlook,” said Chip Patterson, MacKenzie’s board chair. “Our size and experience enable us to be nimble and creative, and we are proud of our investment performance. It is our hope that Nasdaq will provide our shareholders who need it with liquidity opportunities and enable others, for whom the opportunity was not previously available, to invest in our company.”
MacKenzie Realty Capital is currently focused on investing in multifamily housing and office real estate properties located throughout the United States. The current portfolio includes interests in four multifamily properties, eight office properties, and a pair of multifamily developments in two states.
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