MacKenzie Realty Capital is a small, externally managed REIT that acquires and operates commercial and residential real estate, primarily in California. The portfolio includes multifamily apartment buildings in Oakland and Los Angeles, suburban office buildings across Northern California markets (Napa, Fairfield, Suisun, and Woodland), a Class A office building in Duluth, GA, and ground-up residential development projects including the Aurora at Green Valley in Fairfield, CA. MacKenzie Realty targets mid-market properties too small to attract large institutional buyers, sourcing most deals off-market through existing relationships. The company pursues value-add, opportunistic, and invest-to-own strategies across its direct real estate holdings. In addition, MacKenzie Realty allocates up to 20% of its portfolio to non-traded REIT securities, acquired at discounts to NAV through tender offers; these holdings generate income from underlying REIT distributions and profits when those REITs liquidate. Revenue comes primarily from tenant rents, with earnings driven by occupancy and rental rates. MacKenzie Realty has no employees and is externally managed by MacKenzie Capital Management, with advisory fees and overhead reimbursements paid to affiliated entities. As a REIT, MacKenzie Realty must distribute at least 90% of taxable income, so the company relies heavily on equity issuances — common and preferred stock — to fund acquisitions and development. MacKenzie Realty listed on Nasdaq in November 2024 under the ticker MKZR.