MacKenzie Realty Capital, Inc. (NASDAQ:MKZR) announced the results of its annual stockholders' meeting held on Thursday, where all four director nominees were re-elected and the company's independent auditor was ratified for the upcoming fiscal year.
During the meeting, a total of 7,666,183 shares were present, amounting to 57.06% of shares eligible to vote, thus establishing a quorum. The elected directors, who will serve until the 2025 Annual Meeting of Stockholders, received a strong endorsement, with over 86% of the votes cast in favor of each nominee.
The directors re-elected are Thomas Frame, with 3,927,476 votes for and 608,232 withheld; Timothy Dozois, with 3,954,379 votes for and 581,329 withheld; Chip Patterson, with 4,109,712 votes for and 425,996 withheld; and Kjerstin Hatch, with 4,101,772 votes for and 433,936 withheld. No broker non-votes were recorded in the election process.
The second proposal of the meeting addressed the ratification of Moss Adams, LLP as the company's independent registered public accounting firm for the fiscal year ending June 30, 2025. This proposal also passed with overwhelming support, with 7,448,252 votes for, 47,077 against, and 170,854 abstentions, indicating that 97.16% of shares present supported the ratification.
InvestingPro Insights
MacKenzie Realty Capital's recent annual stockholders' meeting results reflect strong shareholder support for the company's governance. To complement this information, InvestingPro data provides additional insights into the company's financial performance and market position.
Despite the positive governance outlook, InvestingPro data reveals that MacKenzie Realty Capital has not been profitable over the last twelve months, with an operating income margin of -10.82%. This financial challenge is further highlighted by the company's negative P/E ratio of -5.32.
On a more positive note, MacKenzie Realty Capital offers a significant dividend yield of 13.33%, which may be attractive to income-focused investors. This aligns with an InvestingPro Tip indicating that the company "pays a significant dividend to shareholders." Additionally, the stock has shown a strong return over the last three months, with a price total return of 25.16%.
Investors should be aware that, according to another InvestingPro Tip, the stock "generally trades with high price volatility." This volatility is evident in the contrasting short-term gains and longer-term losses, as the 6-month and 1-year price total returns stand at -23.19%.
For a more comprehensive analysis, InvestingPro offers 5 additional tips that could provide valuable insights into MacKenzie Realty Capital's investment potential.
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