10-Q Filing

MACKENZIE REALTY CAPITAL, INC. CIK: 1550913 Q3 2021

Filing Information

Form Type	10-Q
Accession Number	`0001140361-21-017371`
Period End Date	20210331
Filing Date	20210514
Fiscal Year	2021
Fiscal Period	Q3
XBRL Instance	mrc-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 46 Income Statement 50 Cash Flow Statement 59 Stockholders Equity 8

Balance Sheet 46 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	80.00M	shares	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	80.00M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	13.36M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	12.84M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	12.84M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	13.36M	shares	Point-in-time
Land	`Land`	$16.29M	USD	Point-in-time
Building, fixtures and improvements	`BuildingsAndImprovementsGross`	$39.43M	USD	Point-in-time
Intangible lease assets	`OperatingLeaseRightOfUseAsset`	$6.01M	USD	Point-in-time
Less: accumulated depreciation and amortization	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$2.99M	USD	Point-in-time
Total real estate assets, net	`RealEstateInvestmentPropertyNet`	$58.74M	USD	Point-in-time
Total real estate assets, net	`RealEstateInvestmentPropertyNet`	$30.20M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.54M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.96M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.22M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$1.78M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$1.61M	USD	Point-in-time
Investments, at fair value	`InvestmentOwnedAtFairValue`	$76.67M	USD	Point-in-time
Investments, at fair value	`InvestmentOwnedAtFairValue`	$93.71M	USD	Point-in-time
Investment income, rent and other receivables	`InvestmentIncomeRentAndOtherReceivable`	$1.28M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssets`	$829.40K	USD	Point-in-time
Total assets	`Assets`	$104.17M	USD	Point-in-time
Total assets	`Assets`	$141.53M	USD	Point-in-time
Mortgage notes payable	`NotesPayable`	$23.97M	USD	Point-in-time
Mortgage notes payable	`NotesPayable`	$38.88M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$1.62M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$135.04K	USD	Point-in-time
Due to related entities	`DueToRelatedPartiesCurrentAndNoncurrent`	$3.40K	USD	Point-in-time
Due to related entities	`DueToRelatedPartiesCurrentAndNoncurrent`	$718.26K	USD	Point-in-time
Below-market lease liabilities, net	`BelowMarketLeaseNet`	$912.67K	USD	Point-in-time
Deferred rent and other liabilities	`DeferredRentCreditAndOtherLiabilities`	$863.77K	USD	Point-in-time
Total liabilities	`Liabilities`	$42.28M	USD	Point-in-time
Total liabilities	`Liabilities`	$941.04K	USD	Point-in-time
Common stock, $0.0001 par value, 80,000,000 shares authorized; 13,362,419.23 shares issued and outstanding	`CommonStockValue`	$1.34K	USD	Point-in-time
Common stock, $0.0001 par value, 80,000,000 shares authorized; 13,362,419.23 shares issued and outstanding	`CommonStockValue`	$1.28K	USD	Point-in-time
Capital in excess of par value	`TemporaryEquityValueExcludingAdditionalPaidInCapital`	$120.61M	USD	Point-in-time
Capital in excess of par value	`TemporaryEquityValueExcludingAdditionalPaidInCapital`	$116.46M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-21.63M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$98.99M	USD	Point-in-time
Non-controlling interests	`MembersEquityAttributableToNoncontrollingInterest`	$260.40K	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$99.25M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$97.78M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$141.53M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$104.17M	USD	Point-in-time

Income Statement 50 line items

Line Item	Tag	Value	Unit	Period
Rental and reimbursements	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.76M	USD	1 Quarter
Asset management fees to related party (note 6)	`AssetsManagementFeeExpense`	-	USD	1 Quarter
Asset management fees to related party (note 6)	`AssetsManagementFeeExpense`	$678.05K	USD	1 Quarter
Asset management fees to related party (note 6)	`AssetsManagementFeeExpense`	-	USD	3 Qtrs
Asset management fees to related party (note 6)	`AssetsManagementFeeExpense`	-	USD	2 Qtrs
Administrative cost reimbursements to related party (note 6)	`AdministrativeFeesExpense`	$310.40K	USD	2 Qtrs
Administrative cost reimbursements to related party (note 6)	`AdministrativeFeesExpense`	$510.00K	USD	3 Qtrs
Administrative cost reimbursements to related party (note 6)	`AdministrativeFeesExpense`	$170.00K	USD	1 Quarter
Administrative cost reimbursements to related party (note 6)	`AdministrativeFeesExpense`	$465.60K	USD	3 Qtrs
Administrative cost reimbursements to related party (note 6)	`AdministrativeFeesExpense`	$155.20K	USD	1 Quarter
Transfer agent cost reimbursements to related party (note 6)	`NoninterestExpenseTransferAgentAndCustodianFees`	$61.60K	USD	2 Qtrs
Transfer agent cost reimbursements to related party (note 6)	`NoninterestExpenseTransferAgentAndCustodianFees`	$92.40K	USD	3 Qtrs
Transfer agent cost reimbursements to related party (note 6)	`NoninterestExpenseTransferAgentAndCustodianFees`	$30.80K	USD	1 Quarter
Transfer agent cost reimbursements to related party (note 6)	`NoninterestExpenseTransferAgentAndCustodianFees`	$20.00K	USD	1 Quarter
Transfer agent cost reimbursements to related party (note 6)	`NoninterestExpenseTransferAgentAndCustodianFees`	$60.00K	USD	3 Qtrs
Property operating and maintenance	`PropertyRepairsAndMaintenanceExpense`	$1.15M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$39.40K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$981.30K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$235.13K	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$97.81K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$178.25K	USD	3 Qtrs
Professional fees	`ProfessionalFees`	$29.73K	USD	1 Quarter
Directors' fees	`NoninterestExpenseDirectorsFees`	$50.50K	USD	3 Qtrs
Directors' fees	`NoninterestExpenseDirectorsFees`	$16.50K	USD	1 Quarter
Directors' fees	`NoninterestExpenseDirectorsFees`	$18.50K	USD	1 Quarter
Directors' fees	`NoninterestExpenseDirectorsFees`	$36.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$269.28K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.42M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.22M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.43M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$4.12M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-1.65M	USD	1 Quarter
Investment income from equity securities at fair value	`DividendIncomeEquitySecuritiesOperating`	$497.01K	USD	1 Quarter
Unrealized gain on equity securities at fair value	`EquitySecuritiesFvNiUnrealizedGainLoss`	$352.02K	USD	1 Quarter
Investment income from equity method investments at fair value	`IncomeLossFromEquityMethodInvestments`	$1.35M	USD	1 Quarter
Net realized gain from investments	`RealizedInvestmentGainsLosses`	$1.24M	USD	3 Qtrs
Net realized gain from investments	`RealizedInvestmentGainsLosses`	$718.72K	USD	1 Quarter
Net realized gain from investments	`RealizedInvestmentGainsLosses`	$-174.49K	USD	1 Quarter
Net realized gain from investments	`RealizedInvestmentGainsLosses`	$1.02M	USD	2 Qtrs
Net income	`ProfitLoss`	$-9.67M	USD	2 Qtrs
Net income	`ProfitLoss`	$-6.56M	USD	3 Qtrs
Net income	`ProfitLoss`	$1.26M	USD	1 Quarter
Net loss attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-6.25K	USD	1 Quarter
Net income attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.27M	USD	1 Quarter
Net income per share attributable to common stockholders (in dollars per share)	`EarningsPerShareBasic`	$-0.74	USD	2 Qtrs
Net income per share attributable to common stockholders (in dollars per share)	`EarningsPerShareBasic`	$0.10	USD	1 Quarter
Weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	12.53M	shares	1 Quarter
Weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	13.36M	shares	1 Quarter
Weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	13.02M	shares	2 Qtrs
Weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	12.00M	shares	3 Qtrs

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$-9.67M	USD	2 Qtrs
Net income	`ProfitLoss`	$-6.56M	USD	3 Qtrs
Net income	`ProfitLoss`	$1.26M	USD	1 Quarter
Net realized gains on investments	`RealizedInvestmentGainsLosses`	$1.24M	USD	3 Qtrs
Net realized gains on investments	`RealizedInvestmentGainsLosses`	$718.72K	USD	1 Quarter
Net realized gains on investments	`RealizedInvestmentGainsLosses`	$-174.49K	USD	1 Quarter
Net realized gains on investments	`RealizedInvestmentGainsLosses`	$1.02M	USD	2 Qtrs
Unrealized gain on equity securities at fair value	`EquitySecuritiesFvNiUnrealizedGainLoss`	$352.02K	USD	1 Quarter
Net unrealized gain on equity method investments at fair value	`UnrealizedGainOnSecurities`	$812.50K	USD	1 Quarter
Depreciation	`Depreciation`	$847.37K	USD	1 Quarter
Amortization of in-place lease assets	`AmortizationOfInPlaceLeaseAssets`	$133.94K	USD	1 Quarter
Accretion of market lease and other intangibles, net	`AccretionOfMarketLeaseAndOtherIntangiblesNet`	$7.19K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.28M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-453.68K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-65.13K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-72.09K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$140.62K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-61.21K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-48.03K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-183.62K	USD	3 Qtrs
Due to related entities	`IncreaseDecreaseInDueToRelatedParties`	$-40.08K	USD	2 Qtrs
Due to related entities	`IncreaseDecreaseInDueToRelatedParties`	$-1.66M	USD	3 Qtrs
Due to related entities	`IncreaseDecreaseInDueToRelatedParties`	$-702.19K	USD	1 Quarter
Deferred rent and other liabilities	`IncreaseDecreaseInDeferredRentAndOtherLiabilities`	$411.45K	USD	1 Quarter
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.71M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.14M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$542.85K	USD	1 Quarter
Proceeds from sale of investments	`ProceedsFromSaleOfOtherInvestments`	$8.58M	USD	1 Quarter
Investments in real estate	`PaymentsToAcquirePartnersInterestInRealEstatePartnershipNetOfCashAcquired`	$28.62M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireInvestments`	$7.38M	USD	1 Quarter
Return of capital distributions	`ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital`	$1.62M	USD	1 Quarter
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.93M	USD	2 Qtrs
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.80M	USD	1 Quarter
Proceeds from mortgage notes payable	`ProceedsFromNotesPayable`	$15.12M	USD	1 Quarter
Payments on mortgage notes payable	`RepaymentsOfNotesPayable`	$218.54K	USD	1 Quarter
Capital contributions by non-controlling interest holders	`CapitalContributionsByNonControllingInterestHolders`	$200.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$121.59K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$15.11M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$10.07M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$11.79M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$5.20M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-10.15M	USD	1 Quarter
Cash, cash equivalents and restricted cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.28M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.15M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.07M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.96M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.28M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.15M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.07M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.96M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.00M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$12.54M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$8.96M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.22M	USD	Point-in-time
Restricted cash at end of the period	`RestrictedCash`	$1.78M	USD	Point-in-time
Restricted cash at end of the period	`RestrictedCash`	$1.61M	USD	Point-in-time
Investment purchases included in accounts payable and accrued liabilities as of March 31, 2020	`LiabilitiesAssumed1`	$1.10M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$270.81K	USD	1 Quarter

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$99.25M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$97.78M	USD	Point-in-time
Capital contributions by non-controlling interest holders	`StockIssuedDuringPeriodValueCapitalContributionsByNonControllingInterestHolders`	$200.00K	USD	1 Quarter
Net income	`ProfitLoss`	$-9.67M	USD	2 Qtrs
Net income	`ProfitLoss`	$-6.56M	USD	3 Qtrs
Net income	`ProfitLoss`	$1.26M	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$99.25M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$97.78M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.