MacKenzie Realty Capital (MKZR) Q1 2024 Earnings Report

MacKenzie Realty Capital Inc (MKZR) reported QQ1 2024 results showing meaningful top-line progress but substantial profitability headwinds. Revenue rose year-over-year by approximately 39% to $4.95 million, supported by a higher asset base and recurring revenue streams, yet the quarter delivered a net loss of $7.81 million, underscored by an EBITDA shortfall of $3.24 million and a sizable other expense line of $8.58 million. The operating loss of $7.44 million and negative operating margin of roughly -1.50% reflect a cost structure heavily influenced by financing costs and non-cash/depreciation charges, rather than a conventional property-level impairment alone. The company still generated positive operating cash flow of about $0.52 million, but investing and financing activities led to a net cash decline of ~$3.46 million in the quarter, leaving cash and cash equivalents plus short-term investments at roughly $34.2 million as of 2024-09-30.