MacKenzie Realty Capital, Inc.

MacKenzie Realty Capital, Inc. is a U.S.-based REIT that invests primarily in real estate assets and, to a lesser extent, in securities of real estate-related companies. The portfolio is managed by affiliated advisers and is built around opportunistic, value-add, and invest-to-own transactions, with income coming from rents, investment income, and related fees.

−54,5 %

−108,7 %

+40,2 %

— MacKenzie Realty Capital, Inc.
%
Owned real estate assets55% Office, retail, apartment and other income-producing properties held for rent and appreciation.
Real estate securities20% Equity and debt securities of U.S. real estate companies, including non-traded REITs.
Rental and property income20% Lease revenue, reimbursements and other income generated from tenant occupancy.
Fees and investment income5% Interest, dividends and transaction-related fees from investments and securities.

The company does not sell to end consumers in the usual sense; its economic counterparties are tenants, real estate...

  • Commercial tenantsprimary

    Businesses leasing office and retail space, such as wine wholesalers, restaurants and local service firms, to generate recurring rent.

  • Multifamily tenantsprimary

    Residents leasing apartment units in the multifamily portfolio, supporting stable occupancy and rental cash flow.

  • Real estate sponsors and operatorssecondary

    Owners and developers that receive capital through direct property acquisitions, mezzanine loans or convertible preferred structures.

  • Real estate securities issuerssecondary

    Non-traded REITs, small-cap REITs and other real estate entities whose securities are purchased at discounts to NAV.

The business is overwhelmingly U.S.-focused, with properties and securities tied to domestic real estate markets...

  • •U.S.-centric portfolio and securities exposure
  • •California operating footprint through subsidiary and property assets
  • •New York-related investment activity through MacKenzie NY 2
  • •Local market occupancy and rent trends drive cash flow
  • •No meaningful non-U.S. operating footprint disclosed

MacKenzie is focused on buying real estate and real estate-related securities at discounts to estimated value, then...

01
Acquire discounted real estate assetsshort-term

Buying below value is the core source of upside and income generation.

02
Reposition and improve existing propertiesmedium-term

Renovation, redevelopment and lease-up can lift rents and asset value.

03
Use real estate securities to enhance cash flowmedium-term

Securities purchases and tender offers can supplement distributions and liquidity.

The company is exposed to property-level vacancy, lease rollover and valuation risk because its cash flow depends on...

high

Office market weakness and vacancy

A large part of the portfolio is tied to office properties, which the company says the market discounts because of widespread vacancies.

Scope
Office assets and lease renewals
Materiality
high
high

Property valuation and refinancing risk

Returns depend on buying below value and later realizing appreciation; higher rates or weaker cap rates can reduce NAV and financing flexibility.

Scope
Value-add and distressed assets
Materiality
high
high

Rescission claims from dividend reinvestment program sales

The company disclosed a possible securities-law defect in prior DRIP issuances that could lead to repurchase obligations.

Scope
Potential investor claims and statutory interest
Materiality
high
medium

External management and advisory fees

The company is externally managed by affiliates, so fees and related-party arrangements affect costs and incentives.

Scope
Operating expenses and capital allocation
Materiality
medium
medium

Cybersecurity and data exposure

Tenant, adviser and internal systems are increasingly technology-dependent, raising operational and privacy risk.

Scope
Operations and tenant relationships
Materiality
medium
Straight-line rental revenue recognition
Can create differences between cash collections and reported rental income
Lease incentives and tenant improvements
Affects rental revenue, deferred rent receivable and property economics
Fair value measurement of investments
Can materially affect unrealized gains/losses and NAV
Use of estimates and valuation judgments
Can change reported asset values and earnings volatility

Pacific Oak Strategic Opportunity REIT, Inc.

Real Estate Investment Trusts

MACERICH CO

MAC · Real Estate Investment Trusts

ACADIA REALTY TRUST

AKR · Real Estate Investment Trusts

REDWOOD TRUST INC

RWT · Real Estate Investment Trusts

NETSTREIT Corp.

NTST · Real Estate Investment Trusts

Power REIT

PW · Real Estate Investment Trusts

: 28/04/2026