MacKenzie REIT Suspends Share Repurchase Program in Pursuit of Securities Exchange Listing

MacKenzie Realty Capital Inc., a publicly registered non-traded real estate investment trust, is pursuing a listing of its common stock on a securities exchange and, accordingly, suspended its dividend reinvestment and share repurchase programs for the time being, effective immediately.

MacKenzie expects to pursue a listing first on the OTCQX, followed later this year by a listing on the NYSE-American once a trading history and public float is demonstrated. The company is unable to provide any guidance regarding a potential share price or the timing of such an event, or to guarantee that such a listing will occur.

For the REIT’s duration, MacKenzie has invested in multifamily housing and office real estate properties located throughout the United States. The current portfolio includes interests in six multifamily properties and 11 office properties in five states.

Previous reporting by The DI Wire highlighted MacKenzie’s 10th consecutive quarterly dividend increase in October 2023.

The company reported total assets of $204 million and total equity of approximately $103 million as of Dec. 31, 2023. With 13.2 million shares of common stock outstanding, this equates to a book value per share of $7.75 per share. MacKenzie reported share repurchase activity at an average price of $7.38 across 128,589 shares of common stock in 2023.

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