MacKenzie Realty Capital, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>MacKenzie Realty Capital, Inc. filed its Q1 2024 10-Q, detailing financial positions as of March 31, 2024.</b>

AI Summary

MacKenzie Realty Capital, Inc. (MKZR) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. MacKenzie Realty Capital, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024, and compares it to prior periods. Key financial statement items such as Common Stock, Preferred Stock (Series A and B), Retained Earnings, and Additional Paid-In Capital are detailed. The company's fiscal year ends on June 30th. The filing was submitted on May 15, 2024.

Why It Matters

For investors and stakeholders tracking MacKenzie Realty Capital, Inc., this filing contains several important signals. This 10-Q provides investors with an updated view of MacKenzie Realty Capital's financial health and equity structure as of the end of the first quarter of 2024. The detailed breakdown of equity components like preferred stock series, common stock, and retained earnings allows for analysis of capital structure changes and profitability trends.

Risk Assessment

Risk Level: low — MacKenzie Realty Capital, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures, indicating a routine update.

Analyst Insight

Monitor future filings for trends in equity components and compare financial performance against industry benchmarks.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-15 — Filing Date (Filed as of date)
• 06-30 — Fiscal Year End (Fiscal year end)
• 2024-01-01 to 2024-03-31 — Current Quarter Period (Reporting period for the 10-Q)
• 2023-01-01 to 2023-03-31 — Prior Year Quarter Period (Comparison period)

Key Players & Entities

• MacKenzie Realty Capital, Inc. (company) — Filer name
• 0001140361-24-026184 (other) — Accession Number
• 20240331 (date) — Conformed Period of Report
• 20240515 (date) — Filed as of date
• 0001550913 (company) — Central Index Key
• 6798 (industry) — Standard Industrial Classification
• MD (location) — State of Incorporation
• 925-631-9100 (phone) — Business Phone

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q was officially filed with the SEC.
• 2023-06-30: Fiscal Year End — Indicates the end of the company's fiscal year.

Key Financial Figures

• $1 — $ 107,714,109 *Amount is less than $1. Common Stock Series A Preferred St

Filing Documents

• ef20026275_10q.htm (10-Q) — 3291KB
• ef20026275_ex31-1.htm (EX-31.1) — 12KB
• ef20026275_ex31-2.htm (EX-31.2) — 12KB
• ef20026275_ex32-1.htm (EX-32.1) — 5KB
• ef20026275_ex32-2.htm (EX-32.2) — 4KB
• 0001140361-24-026184.txt (&nbsp;) — 14573KB
• mrc-20240331.xsd (EX-101.SCH) — 107KB
• mrc-20240331_cal.xml (EX-101.CAL) — 68KB
• mrc-20240331_def.xml (EX-101.DEF) — 449KB
• mrc-20240331_lab.xml (EX-101.LAB) — 1124KB
• mrc-20240331_pre.xml (EX-101.PRE) — 594KB
• ef20026275_10q_htm.xml (XML) — 2915KB

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 Item 4.

Controls and Procedures

Controls and Procedures 48 PART II. OTHER INFORMATION 49 Item 1.

Legal Proceedings

Legal Proceedings 49 Item 1A.

Risk Factors

Risk Factors 49 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 3. Defaults Upon Senior Securities 49 Item 4. Mine Safety Disclosures 49 Item 5. Other Information 49 Item 6. Exhibits 50

SIGNATURES

SIGNATURES 51 Table of Contents

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements MacKenzie Realty Capital, Inc. Consolidated Balance Sheets (Unaudited) March 31, 2024 June 30, 2023 Assets Real estate assets Land $ 41,393,276 $ 37,163,127 Building, fixtures and improvements 155,912,850 132,484,670 Intangible lease assets 10,112,806 8,180,089 Less: accumulated depreciation and amortization ( 12,242,383 ) ( 7,112,574 ) Total real estate assets, net 195,176,549 170,715,312 Cash and cash equivalents 15,462,084 17,242,781 Restricted cash 686,450 898,238 Investments, at fair value 4,037,437 13,432,480 Unconsolidated investment (non-security), at fair value 7,629,958 8,716,500 Investments income, rents and other receivables 1,906,017 1,205,858 Investment acquisition advance - 100,000 Prepaid expenses and other assets 1,187,331 846,424 Total assets $ 226,085,826 $ 213,157,593 Liabilities Mortgage notes payable, net $ 106,137,059 $ 91,247,384 Notes payable 1,490,607 1,653,937 Deferred rent and other liabilities 2,644,150 1,158,809 Finance lease liabilities 1,215,686 628,420 Dividend payable 2,278,068 2,016,855 Accounts payable and accrued liabilities 2,143,171 1,387,129 Stock redemption payable - 444,999 Below-market lease liabilities, net 1,314,007 1,410,090 Due to related entities 164,569 156,364 Contingent liability 718,000 1,503,000 Capital pending acceptance 266,400 538,600 Total liabilities 118,371,717 102,145,587 Equity Common stock, $ 0.0001 par value, 80,000,000 shares authorized; 13,302,775.40 and 13,243,279.96 shares issued and outstanding as of March 31, 2024 and June 30, 2023, respectively. 1,331 1,324 Preferred stock, $ 0.0001 par value, 20,000,000 shares authorized: Series A Preferred stock, 754,939.83 and 671,340.45 shares issued and outstanding as of March 31, 2024 and June 30, 2023, respectively. 75 67

notes to consolidated financial statements are an integral part of these consolidated financial statements

notes to consolidated financial statements are an integral part of these consolidated financial statements. 5 Table of Contents MacKenzie Realty Capital, Inc. Notes to Consolidated Financial Statements March 31, 2024 (Unaudited) NOTE 1 – PRINCIPAL BUSINESS AND ORGANIZATION M acKenzie Realty Capital, Inc. (the "Parent Company" together with its subsidiaries as discussed below, collectively, the "Company," "we," "us," or "our") was incorporated under the general corporation laws of the State of Maryland on January 27, 2012. We have elected to be treated as a real estate investment trust ("REIT") as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). We are authorized to issue 100,000,000 shares, of which (i) 80,000,000 are designated as common stock, with a $ 0.0001 par value per share; and (ii) 20,000,000 are designated as preferred stock, with a $ 0.0001 par value per share. We commenced our operations on February 28, 2013, and our fiscal year-end is June 30. We filed our initial registration statement in June 2012 with the Securities and Exchange Commission ("SEC") to register the initial public offering of 5,000,000 shares of our common stock. The initial public offering commenced in January 2014 and concluded in October 2016. We filed a second registration statement with the SEC to register a subsequent public offering of 15,000,000 shares of our common stock. The second offering commenced in December 2016 and concluded on October 28, 2019. We filed a third registration statement with the SEC to register a public offering of 15,000,000 shares of our common stock that was declared effective by the SEC on October 31, 2019. The third offering commenced shortly thereafter and expired on October 31, 2020. On April 29, 2024, o ur common stock became eligible for trading on the OTCQX Best Market under the ticker symbol of MKZR. We are externally managed by MacKenzie Capital Management, LP ("MacKenzie") under the admi