10-Q Filing

MACKENZIE REALTY CAPITAL, INC. CIK: 1550913 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001140361-21-037694`
Period End Date	20210930
Filing Date	20211112
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	brhc10030724_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 31 Cash Flow Statement 45 Stockholders Equity 9

Balance Sheet 61 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
Land	`Land`	$16.29M	USD	Point-in-time
Land	`Land`	$16.29M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	13.34M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	13.32M	shares	Point-in-time
Building, fixtures and improvements	`BuildingsAndImprovementsGross`	$38.35M	USD	Point-in-time
Building, fixtures and improvements	`BuildingsAndImprovementsGross`	$38.36M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	13.32M	shares	Point-in-time
Intangible lease assets	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	13.34M	shares	Point-in-time
Intangible lease assets	`OperatingLeaseRightOfUseAsset`	$5.59M	USD	Point-in-time
Intangible lease assets	`OperatingLeaseRightOfUseAsset`	$5.59M	USD	Point-in-time
Less: accumulated depreciation and amortization	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$2.26M	USD	Point-in-time
Less: accumulated depreciation and amortization	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$3.26M	USD	Point-in-time
Total real estate assets, net	`RealEstateInvestmentPropertyNet`	$56.98M	USD	Point-in-time
Total real estate assets, net	`RealEstateInvestmentPropertyNet`	$57.97M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$9.97M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$4.83M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$1.67M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$2.92M	USD	Point-in-time
Investments, at fair value	`InvestmentOwnedSecurityAtFairValue`	$36.32M	USD	Point-in-time
Investments, at fair value	`InvestmentOwnedSecurityAtFairValue`	$39.91M	USD	Point-in-time
Unconsolidated investments (non-securities), at fair value	`UnconsolidatedInvestmentNonSecurityAtFairValue`	$26.84M	USD	Point-in-time
Unconsolidated investments (non-securities), at fair value	`UnconsolidatedInvestmentNonSecurityAtFairValue`	$30.60M	USD	Point-in-time
Investments income, rent and other receivables	`InvestmentIncomeRentAndOtherReceivable`	$2.75M	USD	Point-in-time
Investments income, rent and other receivables	`InvestmentIncomeRentAndOtherReceivable`	$1.99M	USD	Point-in-time
Investment acquisition advance	`InvestmentAcquisitionAdvance`	$7.62M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssets`	$1.34M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssets`	$332.27K	USD	Point-in-time
Total assets	`Assets`	$138.55M	USD	Point-in-time
Total assets	`Assets`	$143.50M	USD	Point-in-time
Mortgage notes payable	`NotesPayable`	$38.69M	USD	Point-in-time
Mortgage notes payable	`NotesPayable`	$38.48M	USD	Point-in-time
Deferred rent and other liabilities	`DeferredRentCreditAndOtherLiabilities`	$738.18K	USD	Point-in-time
Deferred rent and other liabilities	`DeferredRentCreditAndOtherLiabilities`	$1.61M	USD	Point-in-time
Dividend payable	`DividendsPayableCurrentAndNoncurrent`	$934.23K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$820.54K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$918.45K	USD	Point-in-time
Below-market lease liabilities, net	`BelowMarketLeaseNet`	$763.96K	USD	Point-in-time
Below-market lease liabilities, net	`BelowMarketLeaseNet`	$838.31K	USD	Point-in-time
Due to related entities	`DueToRelatedPartiesCurrentAndNoncurrent`	$1.94K	USD	Point-in-time
Due to related entities	`DueToRelatedPartiesCurrentAndNoncurrent`	$85.82K	USD	Point-in-time
Total liabilities	`Liabilities`	$41.19M	USD	Point-in-time
Total liabilities	`Liabilities`	$42.70M	USD	Point-in-time
Common stock, $0.0001 par value, 80,000,000 shares authorized; 13,342,821.24 shares issued and outstanding at September 30, 2021 and 13,316,426.79 shares issued and outstanding at June 30, 2021	`CommonStockValue`	$1.33K	USD	Point-in-time
Common stock, $0.0001 par value, 80,000,000 shares authorized; 13,342,821.24 shares issued and outstanding at September 30, 2021 and 13,316,426.79 shares issued and outstanding at June 30, 2021	`CommonStockValue`	$1.33K	USD	Point-in-time
Capital in excess of par value	`TemporaryEquityValueExcludingAdditionalPaidInCapital`	$120.41M	USD	Point-in-time
Capital in excess of par value	`TemporaryEquityValueExcludingAdditionalPaidInCapital`	$120.65M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-20.11M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-23.30M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$97.11M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$100.55M	USD	Point-in-time
Non-controlling interests	`MembersEquityAttributableToNoncontrollingInterest`	$251.84K	USD	Point-in-time
Non-controlling interests	`MembersEquityAttributableToNoncontrollingInterest`	$248.58K	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$100.80M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$97.36M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$138.55M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$143.50M	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Rental and reimbursements	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.72M	USD	1 Quarter
Property operating and maintenance	`PropertyRepairsAndMaintenanceExpense`	$1.39M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$968.93K	USD	1 Quarter
Asset management fees to related party (note 6)	`AssetsManagementFeeExpense`	-	USD	1 Quarter
Asset management fees to related party (note 6)	`AssetsManagementFeeExpense`	$676.55K	USD	1 Quarter
Interest expense	`InterestExpense`	$348.74K	USD	1 Quarter
Administrative cost reimbursements to related party (note 6)	`AdministrativeFeesExpense`	$155.20K	USD	1 Quarter
Administrative cost reimbursements to related party (note 6)	`AdministrativeFeesExpense`	$152.40K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$16.18K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$222.03K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$98.40K	USD	1 Quarter
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`	$26.60K	USD	1 Quarter
Directors' fees	`NoninterestExpenseDirectorsFees`	$16.50K	USD	1 Quarter
Directors' fees	`NoninterestExpenseDirectorsFees`	$25.50K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.15M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.83M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.11M	USD	1 Quarter
Dividend and distribution income from equity securities at fair value	`DividendIncomeEquitySecuritiesOperating`	$386.07K	USD	1 Quarter
Net unrealized gain on equity securities at fair value	`EquitySecuritiesFvNiUnrealizedGainLoss`	$3.15M	USD	1 Quarter
Net income from equity method investments at fair value	`IncomeLossFromEquityMethodInvestments`	$1.89M	USD	1 Quarter
Net realized gain from investments	`RealizedInvestmentGainsLosses`	$602.82K	USD	1 Quarter
Net realized gain from investments	`RealizedInvestmentGainsLosses`	$1.02M	USD	1 Quarter
Net income	`ProfitLoss`	$4.92M	USD	1 Quarter
Net income	`ProfitLoss`	$-2.45M	USD	1 Quarter
Net income attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$358.00	USD	1 Quarter
Net income attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$4.92M	USD	1 Quarter
Net income per share attributable to common stockholders (in dollars per share)	`EarningsPerShareBasic`	$0.37	USD	1 Quarter
Net income per share attributable to common stockholders (in dollars per share)	`EarningsPerShareBasic`	$-0.19	USD	1 Quarter
Weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	13.33M	shares	1 Quarter
Weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	12.85M	shares	1 Quarter

Cash Flow Statement 45 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$4.92M	USD	1 Quarter
Net income	`ProfitLoss`	$-2.45M	USD	1 Quarter
Net unrealized gain on equity securities	`EquitySecuritiesFvNiUnrealizedGainLoss`	$3.15M	USD	1 Quarter
Net income from equity method investments at fair value	`IncomeFromEquityMethodInvestmentsAtFairValue`	$-133.07K	USD	1 Quarter
Net realized gains on investments	`RealizedInvestmentGainsLosses`	$602.82K	USD	1 Quarter
Net realized gains on investments	`RealizedInvestmentGainsLosses`	$1.02M	USD	1 Quarter
Straight-line rent	`StraightLineRent`	$352.27K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$968.93K	USD	1 Quarter
Accretion of market lease and other intangibles, net	`AccretionOfMarketLeaseAndOtherIntangiblesNet`	$-42.38K	USD	1 Quarter
Investment income, rent and other receivables	`IncreaseDecreaseInInvestmentIncomeRentAndOtherReceivables`	$411.36K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.01M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-97.91K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-85.18K	USD	1 Quarter
Deferred rent and other liabilities	`IncreaseDecreaseInDeferredRentAndOtherLiabilities`	$874.90K	USD	1 Quarter
Due to related entities	`IncreaseDecreaseInDueToRelatedParties`	$-41.23K	USD	1 Quarter
Due to related entities	`IncreaseDecreaseInDueToRelatedParties`	$83.89K	USD	1 Quarter
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.83M	USD	1 Quarter
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.05M	USD	1 Quarter
Proceeds from sale of investments	`ProceedsFromSaleOfOtherInvestments`	$7.42M	USD	1 Quarter
Investment acquisition advance	`PaymentsForAdvanceOnInvestmentAcquisition`	$7.62M	USD	1 Quarter
Investments in real estate assets	`PaymentsToAcquirePartnersInterestInRealEstatePartnershipNetOfCashAcquired`	$12.68K	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireInvestments`	$108.06K	USD	1 Quarter
Return of capital distributions	`ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital`	$3.93M	USD	1 Quarter
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$3.61M	USD	1 Quarter
Payments on mortgage notes payable	`RepaymentsOfNotesPayable`	$210.54K	USD	1 Quarter
Dividends to stockholders	`PaymentsOfDividendsCommonStock`	$555.34K	USD	1 Quarter
Distributions to non-controlling interest holders	`PaymentsOfDividendsMinorityInterest`	$2.05K	USD	1 Quarter
Net cash from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$75.60K	USD	1 Quarter
Net cash from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-767.93K	USD	1 Quarter
Net increase in cash and restricted cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$3.89M	USD	1 Quarter
Net increase in cash and restricted cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$1.91M	USD	1 Quarter
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`	$11.64M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.86M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.75M	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`	$11.64M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.86M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.75M	USD	Point-in-time
Cash at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$9.97M	USD	Point-in-time
Cash at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$4.83M	USD	Point-in-time
Restricted cash at end of the period	`RestrictedCash`	$1.67M	USD	Point-in-time
Restricted cash at end of the period	`RestrictedCash`	$2.92M	USD	Point-in-time
Issuance of common stock through reinvestment of dividends	`StockIssued1`	$243.49K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$346.84K	USD	1 Quarter

Stockholders Equity 9 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$100.80M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$97.36M	USD	Point-in-time
Distributions to non-controlling interest holders	`StockIssuedDuringPeriodValueDistributionsToNonControllingInterestHolders`	$2.05K	USD	1 Quarter
Dividends to stockholders	`Dividends`	$1.73M	USD	1 Quarter
Net income	`ProfitLoss`	$4.92M	USD	1 Quarter
Net income	`ProfitLoss`	$-2.45M	USD	1 Quarter
Issuance of common stock through reinvestment of dividends	`StockIssuedDuringPeriodValueDividendReinvestmentPlan`	$243.49K	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$100.80M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$97.36M	USD	Point-in-time

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