MacKenzie Realty suspends preferred share buyback program

MacKenzie Realty Capital, a West Coast-focused real estate investment trust, reported a net loss of $14.13 million for the fiscal year ending June 30, 2026, and temporarily suspended its Preferred Share Repurchase Program. The company's net revenues for the year amounted to $20.01 million, a 9% decrease from the previous year's $22.06 million.

The operating loss also narrowed to $15.61 million from $23.46 million in the same period last year. This loss represented a significant improvement, dropping from a $23.97 million loss in the prior year.

The board's decision to halt the preferred share buyback program is aimed at exploring potential strategic alternatives, such as reverse takeovers, with the help of financial advisor Maxim Group LLC. The company's CEO and President, Robert Dixon, attributed the revenue decline primarily to a $3.0 million loss from lease termination income recognized in 2025.

Dixon also emphasized that there is no assurance of entering into any strategic transactions and no further updates will be provided, except as required by law. The board plans to reassess the Preferred Share Repurchase Program at a later date. MacKenzie Realty Capital has a diverse portfolio, including five multifamily properties, eight office properties, and one multifamily development.