MacKenzie Realty Capital Inc(MKZR) - 2024 Q1 - Quarterly Report

PART I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements Presents unaudited consolidated financial statements and comprehensive notes on business, accounting, investments, and debt Consolidated Balance Sheets Summarizes the company's financial position, including assets, liabilities, and equity at specific dates Consolidated Balance Sheet Highlights (Unaudited) | Metric | March 31, 2024 ($) | June 30, 2023 ($) | | :-------------------------------- | :------------- | :------------ | | Total real estate assets, net | $195,176,549 | $170,715,312 | | Cash and cash equivalents | $15,462,084 | $17,242,781 | | Investments, at fair value | $4,037,437 | $13,432,480 | | Unconsolidated investment (non-security), at fair value | $7,629,958 | $8,716,500 | | Total assets | $226,085,826 | $213,157,593 | | Mortgage notes payable, net | $106,137,059 | $91,247,384 | | Total liabilities | $118,371,717 | $102,145,587 | | Total stockholders' equity | $86,309,632 | $98,908,132 | | Non-controlling interests | $21,404,477 | $12,103,874 | | Total equity | $107,714,109 | $111,012,006 | Consolidated Statements of Operations Details the company's revenues, expenses, and net loss for the reported periods Consolidated Statements of Operations Highlights (Unaudited) | Metric | Three Months Ended March 31, 2024 ($) | Three Months Ended March 31, 2023 ($) | Nine Months Ended March 31, 2024 ($) | Nine Months Ended March 31, 2023 ($) | | :---------------------------------------- | :-------------------------------- | :-------------------------------- | :------------------------------- | :------------------------------- | | Rental and reimbursements revenue | $4,079,036 | $4,469,869 | $11,216,503 | $11,212,624 | | Total operating expenses | $6,756,922 | $13,703,596 | $18,509,191 | $27,655,122 | | Operating loss | $(2,677,886) | $(9,233,727) | $(7,292,688) | $(16,442,498) | | Net loss | $(2,948,261) | $(10,238,617) | $(8,710,568) | $(13,851,187) | | Net loss attributable to common stockholders | $(3,496,899) | $(10,494,359) | $(10,033,020) | $(14,397,810) | | Net loss per share attributable to common stockholders | $(0.26) | $(0.79) | $(0.75) | $(1.08) | Consolidated Statements of Changes in Equity (2024) Outlines changes in common stock, preferred stock, additional paid-in capital, and accumulated deficit for 2024 Changes in Equity (Three Months Ended March 31, 2024) | Metric | Common Stock (Shares) | Common Stock (Par Value) ($) | Series A Preferred Stock (Shares) | Series A Preferred Stock (Par Value) ($) | Series B Preferred Stock (Shares) | Series B Preferred Stock (Par Value) ($) | Additional Paid-in Capital ($) | Accumulated Deficit ($) | Total Stockholders' Equity ($) | Non-controlling Interests ($) | Total Equity ($) | | :------------------------------------ | :-------------------- | :----------------------- | :-------------------------------- | :----------------------------------- | :-------------------------------- | :----------------------------------- | :------------------------- | :------------------ | :------------------------- | :------------------------ | :----------- | | Balance, Dec 31, 2023 | 13,239,849.36 | $1,324 | 743,462.31 | $75 | 4,444.44 | $0 | $135,164,330 | $(44,697,434) | $90,468,295 | $12,106,580 | $102,574,875 | | Net loss | - | - | - | - | - | - | - | $(3,207,051) | $(3,207,051) | $258,790 | $(2,948,261) | | Balance, March 31, 2024 | 13,302,775.40 | $1,331 | 754,939.83 | $75 | 16,612.44 | $2 | $136,162,782 | $(49,854,558) | $86,309,632 | $21,404,477 | $107,714,109 | Changes in Equity (Nine Months Ended March 31, 2024) | Metric | Common Stock (Shares) | Common Stock (Par Value) ($) | Series A Preferred Stock (Shares) | Series A Preferred Stock (Par Value) ($) | Series B Preferred Stock (Shares) | Series B Preferred Stock (Par Value) ($) | Additional Paid-in Capital ($) | Accumulated Deficit ($) | Total Stockholders' Equity ($) | Non-controlling Interests ($) | Total Equity ($) | | :------------------------------------ | :-------------------- | :----------------------- | :-------------------------------- | :----------------------------------- | :-------------------------------- | :----------------------------------- | :------------------------- | :------------------ | :------------------------- | :------------------------ | :----------- | | Balance, June 30, 2023 | 13,243,279.96 | $1,324 | 671,340.45 | $67 | - | $0 | $133,762,999 | $(34,856,258) | $98,908,132 | $12,103,874 | $111,012,006 | | Net loss | - | - | - | - | - | - | - | $(9,195,967) | $(9,195,967) | $485,399 | $(8,710,568) | | Balance, March 31, 2024 | 13,302,775.40 | $1,331 | 754,939.83 | $75 | 16,612.44 | $2 | $136,162,782 | $(49,854,558) | $86,309,632 | $21,404,477 | $107,714,109 | Consolidated Statements of Changes in Equity (2023) Outlines changes in common stock, preferred stock, additional paid-in capital, and accumulated deficit for 2023 Changes in Equity (Three Months Ended March 31, 2023) | Metric | Common Stock (Shares) | Common Stock (Par Value) ($) | Series A Preferred Stock (Shares) | Series A Preferred Stock (Par Value) ($) | Additional Paid-in Capital ($) | Accumulated Deficit ($) | Total Stockholders' Equity ($) | Non-controlling Interests ($) | | :------------------------------------ | :-------------------- | :----------------------- | :-------------------------------- | :----------------------------------- | :------------------------- | :------------------ | :------------------------- | :------------------------ | | Balance, Dec 31, 2022 | 13,254,497.43 | $1,325 | 505,115.06 | $51 | $130,274,766 | $(30,858,855) | $99,417,287 | $8,884,148 | | Net loss | - | - | - | - | - | $(10,284,739) | $(10,284,739) | $46,122 | | Balance, March 31, 2023 | 13,241,026.32 | $1,324 | 588,577.64 | $59 | $132,061,537 | $(42,874,199) | $89,188,721 | $12,003,000 | Changes in Equity (Nine Months Ended March 31, 2023) | Metric | Common Stock (Shares) | Common Stock (Par Value) ($) | Series A Preferred Stock (Shares) | Series A Preferred Stock (Par Value) ($) | Additional Paid-in Capital ($) | Accumulated Deficit ($