MacKenzie Realty Capital Files 2024 10-K

TL;DR

MRCK filed 2024 10-K. REIT. Check financials.

AI Summary

MacKenzie Realty Capital, Inc. filed its 10-K for the fiscal year ending June 30, 2024. The company, incorporated in Maryland, operates as a Real Estate Investment Trust. Its principal business address is 89 Davis Road, Ste. 100, Orinda, CA 94563, with a business phone number of 925-631-9100. The filing was made on September 27, 2024.

Why It Matters

This filing provides investors with a comprehensive overview of MacKenzie Realty Capital's financial performance and operational status for the fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a standard annual financial filing (10-K) and does not inherently indicate new or elevated risks.

Key Numbers

• 0630 2024 — Fiscal Year End (The end date of the reporting period.)
• 20240927 — Filing Date (The date the 10-K was submitted to the SEC.)

Key Players & Entities

• MacKenzie Realty Capital, Inc. (company) — Filer
• 20240630 (date) — Fiscal Year End
• 20240927 (date) — Filing Date
• 89 DAVIS ROAD, STE. 100 (address) — Business Address
• ORINDA, CA 94563 (address) — Business Address
• 925-631-9100 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.0001 — Section 12(g) of the Act: Common Stock, $0.0001 per share par value Indicate by check
• $10.25 — ssued shares in its public offering was $10.25 per share. Since the registrant closed
• $7.38 — t to the dividend reinvestment plan was $7.38 per share. The number of the issuer's
• $50 million — Regulation A with the SEC to sell up to $50 million of shares of our Series A preferred sto
• $25.00 — d stock at an initial offering price of $25.00 per share. We filed a post-effective am
• $75 million — nd increased the offering to sell up to $75 million of shares of our Series A preferred sto
• $27,503 — n and preferred stocks in the amount of $27,503 and $13,752, respectively. On May 6, 2
• $13,752 — red stocks in the amount of $27,503 and $13,752, respectively. On May 6, 2022, the Ope
• $18,333,000 — he Wiseman Company, LLC ("Wiseman") for $18,333,000 and $3,050,000, respectively. Each Mana
• $3,050,000 — ny, LLC ("Wiseman") for $18,333,000 and $3,050,000, respectively. Each Management Company
• $4,650,000 — s"). As part of the purchase agreement, $4,650,000 of the purchase price was paid through
• $750,000 — Units of the Operating Partnership and $750,000 of the land purchase price was paid thr
• $10 million — February 2024 with the goal of raising $10 million in preferred capital and closed on a co
• $17.15 million — al and closed on a construction loan of $17.15 million on February 21, 2024 to fund the develo
• $8,703,127 — Advisers for a total purchase price of $8,703,127, which was paid through issuance of 386

Filing Documents

• ef20030048_10k.htm (10-K) — 3734KB
• ef20030048_ex21-1.htm (EX-21.1) — 10KB
• ef20030048_ex31-1.htm (EX-31.1) — 8KB
• ef20030048_ex31-2.htm (EX-31.2) — 8KB
• ef20030048_ex32-1.htm (EX-32.1) — 4KB
• ef20030048_ex32-2.htm (EX-32.2) — 4KB
• 0001140361-24-042226.txt ( ) — 16275KB
• mrc-20240630.xsd (EX-101.SCH) — 115KB
• mrc-20240630_cal.xml (EX-101.CAL) — 72KB
• mrc-20240630_def.xml (EX-101.DEF) — 486KB
• mrc-20240630_lab.xml (EX-101.LAB) — 1239KB
• mrc-20240630_pre.xml (EX-101.PRE) — 657KB
• ef20030048_10k_htm.xml (XML) — 3229KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 26 Item 1C. Cyber Security 26 Item 2.

Properties

Properties 27 Item 3.

Legal Proceedings

Legal Proceedings 27 Item 4. Mine Safety Disclosures 27 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28 Item 6.

Selected Financial Data

Selected Financial Data 31 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 49 Item 8. Consolidated Financial Statements and Supplementary Data 49 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 49 Item 9A.

Controls and Procedures

Controls and Procedures 49 Item 9B. Other Information 50 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 50 PART III Item 10. Directors, Executive Officers and Corporate Governance 51 Item 11.

Executive Compensation

Executive Compensation 54 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 55 Item 13. Certain Relationships and Related Transactions, and Director Independence 56 Item 14. Principal Accountant Fees and Services 57 PART IV Item 15. Exhibits and Consolidated Financial Statement Schedules 58 Item 16. Form 10-K Summary 60

Signatures

Signatures Table of Contents PART I Item 1.

BUSINESS

BUSINESS Organization MacKenzie 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 remain registered under Section 12(g) of the Securities Exchange Act of 1934 (the "Exchange Act"), and we will continue to file periodic reports on Form 10-K, Form 10-Q, and Form 8-K, as well as file proxy statements and other reports required under the Exchange Act. 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, our common stock became eligible for trading on the OTCQX Best Market under the ticker symbol MKZR. We are externally managed by MacKenzie Capital Management, LP ("MacKenzie") under a turnk