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ORINDA, Calif. - MacKenzie Realty Capital, Inc. (NASDAQ:MKZR), a small-cap REIT with a market capitalization of $7.69 million, announced Friday that its Adviser, MacKenzie Real Estate Advisers, LP, along with CEO Robert Dixon and an affiliate, have increased their ownership to over 6% of the company’s outstanding common stock. According to InvestingPro analysis, the stock appears undervalued at current levels.
Dixon cited belief in the company’s underlying value as motivation for the purchase, stating that he believes "the value of the shares substantially exceeds the market price." This view aligns with the company’s notably low Price/Book ratio of 0.13, though InvestingPro data shows the company faces some financial challenges with a WEAK overall health score.
The West Coast-focused REIT also reported it has successfully refinanced its Hollywood multifamily property and an office property in Napa, California. Additionally, the company received its first certificate of occupancy for its multifamily development project, Aurora at Green Valley.
In a separate development, MacKenzie confirmed it received notification from Nasdaq on August 21 that it has regained compliance with the exchange’s $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market.
MacKenzie, founded in 2013, focuses its investment strategy on allocating at least 80% of total assets in real property and up to 20% in illiquid real estate securities. The company’s current portfolio includes interests in four multifamily properties, eight office properties, and two multifamily developments.
The company aims to maintain a portfolio consisting of approximately 50% multifamily and 50% boutique class A office properties, according to the press release statement.
In other recent news, MacKenzie Realty Capital, Inc. has announced several significant developments. The company’s board of directors has approved quarterly dividends for Series A and Series B preferred shares for the quarter ending September 30, 2025. Additionally, MacKenzie Realty Capital has implemented a 1-for-10 reverse stock split to comply with Nasdaq Capital Market’s minimum bid price requirement, effectively reducing the number of outstanding shares from approximately 15.8 million to 1.58 million. In another update, the company has appointed Baker Tilly US, LLP as its new auditor following the merger of its previous auditor, Moss Adams LLP, with Baker Tilly. The audit reports from Moss Adams for the fiscal years ending June 30, 2024, and 2023, did not contain any adverse opinions or disclaimers. These recent developments highlight the company’s efforts to maintain compliance with market requirements and ensure continuity in its financial reporting.
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