QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
(Address of principal executive offices)
|
(
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(Registrant’s telephone number, including area code)
|
(Former name, former address and former fiscal year, if changed since last report)
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
|
Smaller reporting company
|
Emerging growth company
|
Page
|
|||||
PART I.
|
FINANCIAL INFORMATION
|
||||
Item 1.
|
Consolidated Financial Statements
|
||||
|
1
|
||||
|
2
|
||||
3
|
|||||
|
4
|
||||
|
5
|
||||
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6
|
||||
Item 2.
|
32
|
||||
Item 3.
|
48
|
||||
Item 4.
|
48
|
||||
PART II.
|
49
|
||||
Item 1.
|
49
|
||||
Item 1A.
|
49 | ||||
Item 2.
|
49 | ||||
Item 3.
|
49 | ||||
Item 4.
|
49 | ||||
Item 5.
|
49 | ||||
Item 6.
|
50 | ||||
51
|
March 31, 2024 | June 30, 2023 | |||||||
Assets
|
||||||||
Real estate assets
|
||||||||
Land
|
$
|
|
$ | |||||
Building, fixtures and improvements
|
|
|||||||
Intangible lease assets
|
|
|||||||
Less: accumulated depreciation and amortization
|
(
|
)
|
( |
) | ||||
Total real estate assets, net
|
|
|||||||
Cash and cash equivalents
|
|
|||||||
Restricted cash
|
|
|||||||
Investments, at fair value
|
||||||||
Unconsolidated investment (non-security), at fair value |
||||||||
Investments income, rents and other receivables |
|
|||||||
Investment acquisition advance |
||||||||
Prepaid expenses and other assets
|
||||||||
Total assets
|
$
|
|
$ | |||||
Liabilities
|
||||||||
Mortgage notes payable, net
|
$
|
|
$ | |||||
Notes payable |
||||||||
Deferred rent and other liabilities
|
||||||||
Finance lease liabilities |
||||||||
Dividend payable |
|
|||||||
Accounts payable and accrued liabilities |
|
|||||||
Stock redemption payable |
||||||||
Below-market lease liabilities, net
|
|
|||||||
Due to related entities |
|
|||||||
Contingent liability |
||||||||
Capital pending acceptance |
||||||||
Total liabilities
|
|
|||||||
Equity
|
||||||||
Common stock, $
|
|
|||||||
Preferred stock, $
|
||||||||
Series A Preferred stock,
|
||||||||
Series B Preferred stock,
|
||||||||
Capital in excess of par value
|
|
|||||||
Accumulated deficit
|
(
|
)
|
( |
) | ||||
Total stockholders’ equity
|
|
|||||||
Non-controlling interests
|
|
|||||||
Total equity
|
|
|||||||
Total liabilities and equity
|
$
|
|
$ |
|
Three Months Ended March 31,
|
Nine Months Ended March 31,
|
||||||||||||||
|
2024
|
2023 |
2024
|
2023 | ||||||||||||
Revenue
|
||||||||||||||||
Rental and reimbursements
|
$
|
|
$ |
$
|
|
$ | ||||||||||
|
||||||||||||||||
Expenses
|
||||||||||||||||
Depreciation and amortization
|
||||||||||||||||
Property operating and maintenance
|
|
|
||||||||||||||
Interest expense
|
||||||||||||||||
Asset management fees to related party (Note 8)
|
|
|
||||||||||||||
General and administrative
|
||||||||||||||||
Administrative cost reimbursements to related party (Note 8)
|
|
|||||||||||||||
Professional fees
|
||||||||||||||||
Directors’ fees
|
|
|||||||||||||||
Transfer agent cost reimbursements to related party (Note 8)
|
||||||||||||||||
Impairment loss on assets held for sale
|
||||||||||||||||
Total operating expenses
|
|
|
||||||||||||||
|
||||||||||||||||
Operating loss
|
(
|
)
|
( |
) |
(
|
)
|
( |
) | ||||||||
|
||||||||||||||||
Other income (loss)
|
||||||||||||||||
Dividend and distribution income from equity securities at fair value
|
|
|
||||||||||||||
Net unrealized loss on equity securities at fair value
|
(
|
)
|
( |
) |
(
|
)
|
( |
) | ||||||||
Net income (loss) from equity method investments at fair value
|
(
|
)
|
( |
) |
|
|||||||||||
Net realized gain (loss) from investments
|
(
|
)
|
(
|
)
|
||||||||||||
|
||||||||||||||||
Net loss
|
(
|
)
|
( |
) |
(
|
)
|
( |
) | ||||||||
Net loss attributable to non-controlling interests
|
(
|
)
|
( |
) |
(
|
)
|
( |
) | ||||||||
Net loss attributable to preferred stockholders Series A and B
|
(
|
)
|
( |
) |
(
|
)
|
( |
) | ||||||||
Net loss attributable to common stockholders
|
$
|
(
|
)
|
$ | ( |
) |
$
|
(
|
)
|
$ | ( |
) | ||||
|
||||||||||||||||
Net loss per share attributable to common stockholders
|
$
|
(
|
)
|
$ | ( |
) |
$
|
(
|
)
|
$ | ( |
) | ||||
|
||||||||||||||||
Weighted average common shares outstanding
|
|
|
|
Common Stock |
Series A Preferred Stock |
Series B Preferred Stock | |||||||||||||||||||||||||||||||||||||||||
Number of
|
Par | Number of | Par | Number of | Par | Additional Paid- | Accumulated |
Total
Stockholders’
|
Non-controlling
|
|||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2024
|
Shares
|
Value
|
Shares
|
Value
|
Shares
|
Value
|
in Capital
|
Deficit
|
Equity
|
Interests
|
Total Equity
|
|||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2023
|
|
$
|
|
$ | $ |
$
|
|
$
|
(
|
)
|
$
|
|
$ | $ | ||||||||||||||||||||||||||||||
Contributions by non-controlling interest holders
|
- | - | - | |||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interest holders
|
-
|
|
- | - |
|
|
|
( |
) | ( |
) | |||||||||||||||||||||||||||||||||
Dividends to common stockholders
|
-
|
|
- | - |
|
(
|
)
|
(
|
)
|
- | ( |
) | ||||||||||||||||||||||||||||||||
Dividends to Series A preferred stockholders
|
- | - | - | - | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
Dividends to Series B preferred stockholders
|
- | - | - | - | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
Net loss
|
-
|
|
- | - |
|
(
|
)
|
(
|
)
|
( |
) | |||||||||||||||||||||||||||||||||
Issuance of common stock through reinvestment of dividends
|
|
|
- | - | - | - |
|
|
||||||||||||||||||||||||||||||||||||
Issuance of Series A preferred stock through reinvestment of dividends
|
- | * | - | - | ||||||||||||||||||||||||||||||||||||||||
Issuance of Series A preferred stock
|
- | * | - | - | ||||||||||||||||||||||||||||||||||||||||
Issuance of Series B preferred stock
|
- | - | - | |||||||||||||||||||||||||||||||||||||||||
Increase in liquidation preference - Series B preferred stock
|
- | - | - | - | ||||||||||||||||||||||||||||||||||||||||
Operating Partnership Preferred Units issued |
- | - | - | |||||||||||||||||||||||||||||||||||||||||
Issuance Operating Partnership Preferred Units through reinvestment of dividends
|
- | - | - | |||||||||||||||||||||||||||||||||||||||||
Payment of selling commissions and fees
|
-
|
|
- | - |
(
|
)
|
|
( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
Redemptions of Series A preferred stock
|
( |
) | * | - | - | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||
Balance, March 31, 2024
|
|
$
|
|
$ | $ |
$
|
|
$
|
(
|
)
|
$ | $ | $ |
Common Stock |
Series A Preferred Stock |
Series B Preferred Stock |
||||||||||||||||||||||||||||||||||||||||||
Number of | Par |
Number of
|
Par |
Number of
|
Par |
Additional Paid-
|
Accumulated
|
Total Stockholders’
|
Non-controlling
|
|||||||||||||||||||||||||||||||||||
Nine Months Ended March 31, 2024
|
Shares
|
Value
|
Shares
|
Value |
Shares
|
Value |
in Capital
|
Deficit
|
Equity
|
Interests
|
Total Equity
|
|||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023
|
|
$
|
|
$ | $ |
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||||||||||||
Contributions by non-controlling interest holders
|
- | - | - | |||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interest holders
|
-
|
|
- | - |
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||||||||||||
Dividends to common stockholders
|
-
|
|
- | - |
|
(
|
)
|
(
|
)
|
-
|
(
|
)
|
||||||||||||||||||||||||||||||||
Dividends to Series A preferred stockholders
|
- | - | - | - | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
Dividends to Series B preferred stockholders
|
- | - | - | - | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
Net loss
|
-
|
|
- | - |
|
(
|
)
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||||||||||||
Operating Partnership Class A conversion to common stock
|
* | - | - | ( |
) | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock through reinvestment of dividends
|
|
|
- | - | - | - |
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Issuance of Series A preferred stock through reinvestment of dividends
|
- | * | - | - | ||||||||||||||||||||||||||||||||||||||||
Issuance of Series A preferred stock
|
- | - | - | |||||||||||||||||||||||||||||||||||||||||
Issuance of Series B preferred stock
|
- | - | - | |||||||||||||||||||||||||||||||||||||||||
Increase in liquidation preference - Series B preferred stock
|
- | - | - | - | ||||||||||||||||||||||||||||||||||||||||
Operating Partnership Preferred Units issued |
- | - | - | |||||||||||||||||||||||||||||||||||||||||
Issuance Operating Partnership Preferred Units through reinvestment of dividends
|
- | - | - | |||||||||||||||||||||||||||||||||||||||||
Payment of selling commissions and fees
|
-
|
|
- | - |
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||||||||||
Redemptions of common stock
|
(
|
)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||||||||||||
Redemptions of Series A preferred stock
|
( |
) | * | - | - | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||
Balance, March 31, 2024
|
|
$
|
|
$ | $ |
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
|
Common Stock
|
Series A Preferred Stock
|
||||||||||||||||||||||||||||||||||
|
Number of
|
Par
|
Number of
|
Par
|
Additional Paid-
|
Accumulated
|
Total
Stockholders’
|
Non-controlling
|
||||||||||||||||||||||||||||
Three Months Ended March 31, 2023
|
Shares
|
Value
|
Shares
|
Value
|
in Capital
|
Deficit
|
Equity
|
Interests
|
Total Equity
|
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||||
Distributions to non-controlling interest holders
|
-
|
|
-
|
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||||
Dividends to common stockholders
|
-
|
|
-
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||||
Dividends to Series A preferred stockholders
|
-
|
|
-
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||||
Net loss
|
-
|
|
-
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||||
Issuance of Series A preferred stock
|
- | |||||||||||||||||||||||||||||||||||
Issuance of common stock through reinvestment of dividends
|
|
|
-
|
-
|
|
|
|
|
|
|||||||||||||||||||||||||||
Issuance of Series A preferred stock through reinvestment of dividends
|
- | |||||||||||||||||||||||||||||||||||
Issuance Operating Partnership Preferred Units through reinvestment of dividends
|
- | - | ||||||||||||||||||||||||||||||||||
Payment of selling commissions and fees
|
-
|
|
-
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||||
Redemptions of common stock
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||
Balance, March 31, 2023
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
|
Common Stock
|
Series A Preferred Stock
|
||||||||||||||||||||||||||||||||||
|
Number of
|
Par
|
Number of
|
Par
|
Additional Paid-
|
Accumulated
|
Total
Stockholders’
|
Non-controlling
|
||||||||||||||||||||||||||||
Nine Months Ended March 31, 2023
|
Shares
|
Value
|
Shares
|
Value
|
in Capital
|
Deficit
|
Equity
|
Interests
|
Total Equity
|
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||||
Distributions to non-controlling interest holders
|
-
|
|
-
|
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||||
Operating Partnership Preferred Units issued
|
- | - | ||||||||||||||||||||||||||||||||||
Dividends to common stockholders
|
-
|
|
-
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||||
Dividends to Series A preferred stockholders
|
-
|
|
-
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||||
Net loss
|
-
|
|
-
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||||
Operating Partnership Class A conversion to common stock
|
* | ( |
) | |||||||||||||||||||||||||||||||||
Issuance of Series A preferred stock
|
||||||||||||||||||||||||||||||||||||
Issuance of common stock through reinvestment of dividends
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Issuance of Series A preferred stock through reinvestment of dividends
|
- | * | ||||||||||||||||||||||||||||||||||
Issuance Operating Partnership Preferred Units through reinvestment of dividends
|
- | - | ||||||||||||||||||||||||||||||||||
Payment of selling commissions and fees
|
-
|
|
-
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||||
Redemptions of common stock
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||
Balance, March 31, 2023
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
|
Nine Months Ended March 31,
|
|||||||
|
2024
|
2023
|
||||||
Cash flows from operating activities: |
||||||||
Net loss
|
$
|
(
|
)
|
$
|
(
|
)
|
||
Adjustments to reconcile net loss to net cash from operating activities:
|
||||||||
Net unrealized loss on equity securities at fair value
|
|
|
||||||
Net (income) loss from equity method investments at fair value
|
|
(
|
)
|
|||||
Net realized (gain) loss on investments
|
|
(
|
)
|
|||||
Loss on disposal of fixed assets |
||||||||
Impairment loss on assets held for sale |
||||||||
Straight-line rent
|
( |
) | ( |
) | ||||
Depreciation and amortization
|
|
|
||||||
Amortization of deferred financing costs and debt mark-to-market
|
|
|
||||||
Accretion of above (below) market lease, net
|
(
|
)
|
(
|
)
|
||||
Changes in assets and liabilities:
|
||||||||
Investments income, rents and other receivables
|
(
|
)
|
|
|||||
Due from related entities |
||||||||
Prepaid expenses and other assets
|
(
|
)
|
(
|
)
|
||||
Deferred rent and other liabilities
|
|
(
|
)
|
|||||
Accounts payable and accrued liabilities
|
|
(
|
)
|
|||||
Due to related entities
|
|
(
|
)
|
|||||
Net cash from operating activities
|
|
(
|
)
|
|||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Proceeds from sale of investments
|
|
|
||||||
Investments in real estate assets
|
(
|
)
|
(
|
)
|
||||
Purchase of investments
|
(
|
)
|
(
|
)
|
||||
Return of capital distributions
|
|
|
||||||
Payment on contingent liability
|
(
|
)
|
(
|
)
|
||||
Net cash from investing activities
|
|
|
||||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Proceeds from mortgage notes payable
|
||||||||
Payments on mortgage notes payable
|
(
|
)
|
(
|
)
|
||||
Proceeds from notes payable |
||||||||
Payments on notes payable
|
(
|
)
|
(
|
)
|
||||
Payment of loan extension fee |
( |
) | ||||||
Acquisition cost of below market debt |
( |
) | ||||||
Dividend to common stockholders
|
(
|
)
|
(
|
)
|
||||
Dividend to Series A preferred stockholders |
( |
) | ( |
) | ||||
Dividend to Series B preferred stockholders
|
( |
) | ||||||
Proceeds from issuance of Series A preferred stock
|
|
|
||||||
Proceeds from issuance of Series B preferred stock |
||||||||
Payment on finance lease liabilities
|
( |
) | ( |
) | ||||
Payment of selling commissions and fees
|
(
|
)
|
(
|
)
|
||||
Distributions to non-controlling interests holders
|
(
|
)
|
(
|
)
|
||||
Contributions to non-controlling interest holders |
||||||||
Redemption of common stock, net of stock redemption payable
|
(
|
)
|
(
|
)
|
||||
Redemption of Series A preferred stock, net of stock redemption payable |
( |
) | ||||||
Capital pending acceptance
|
(
|
)
|
|
|||||
Net cash from financing activities
|
(
|
)
|
|
|||||
|
||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
(
|
)
|
|
|||||
Cash, cash equivalents and restricted cash at beginning of the period
|
|
|
||||||
Cash, cash equivalents and restricted cash at end of the period
|
$
|
|
$
|
|
||||
|
||||||||
Cash and cash equivalents at end of the period
|
$
|
|
$
|
|
||||
Restricted cash at end of the period
|
|
|
||||||
Cash and restricted cash at end of the period classified as assets held for sale
|
|
|
||||||
Total cash, cash equivalents, restricted cash and cash classified as held for sale at end of
the period
|
$
|
|
$
|
|
||||
|
||||||||
Supplemental disclosure of non-cash financing activities and other cash flow information:
|
||||||||
Issuance of common stock through reinvestment of dividends |
$ | $ | ||||||
Issuance of preferred stock through reinvestment of
dividends |
$ | $ | ||||||
Increase in liquidation preference of Series B preferred stock |
$ | $ | ||||||
Issuance Operating Partnership Preferred Units through
reinvestment of dividends |
$ | $ | ||||||
Cash paid for interest |
$ | $ | ||||||
Issuance of the Operating Partnership Preferred units for the purchase of GV Executive Center, LLC (Note 1)
|
$ |
$ |
||||||
Fair value of assets acquired from consolidation of GV Executive Center, LLC
|
$ |
$ |
||||||
Fair value of liabilities assumed from consolidation of GV Executive Center, LLC
|
$ |
$ |
||||||
Issuance of the Operating
Partnership Preferred Units for the purchase of First & Main, LP (Note 1)
|
$
|
|
$
|
|
||||
Issuance of the Operating Partnership Preferred units for the purchase of Main Street West, LP (Note 1)
|
$ |
$ |
||||||
Fair value of assets acquired
from consolidation of First & Main, LP
|
$
|
|
$
|
|
||||
Fair value of liabilities
assumed from consolidation of First & Main, LP
|
$
|
|
$
|
|
||||
Fair value of assets acquired from consolidation of 1300 Main, LP |
$ | $ | ||||||
Fair value of liabilities assumed from consolidation of
1300 Main, LP |
$ | $ | ||||||
Fair value of assets acquired from consolidation of Main Street West, LP |
$ |
$ |
||||||
Fair value of liabilities assumed from consolidation of
Main Street West, LP |
$ |
$ |
||||||
Fair value of assets acquired from consolidation of Woodland Corporate Center Two,
LP |
$ |
$ |
||||||
Fair value of liabilities assumed from consolidation of
Woodland Corporate Center Two, LP |
$ |
$ |
||||||
Written off contingent consideration |
$ |
$ |
Investee
|
Legal Form
|
Asset Type
|
% Ownership
|
Fair Value as of
March 31, 2024
|
||||||||
5210 Fountaingate, LP
|
Limited Partnership
|
LP Interest
|
|
%
|
$
|
|
||||||
Lakemont Partners, LLC
|
Limited Liability Company
|
LP Interest
|
|
%
|
|
|
||||||
Green Valley Medical Center, LP
|
Limited Partnership |
GP Interest |
% | * | |
|||||||
Martin Plaza Associates, LP
|
Limited Partnership |
GP Interest |
% | * | |
|||||||
One Harbor Center, LP
|
Limited Partnership |
GP Interest |
% | * | |
|||||||
Westside Professional Center I, LP
|
Limited Partnership |
GP Interest |
% | * | |
|||||||
Total
|
$
|
|
Investee
|
Legal Form
|
Asset Type
|
% Ownership
|
Fair Value as of
June 30, 2023
|
||||||||
5210 Fountaingate, LP
|
Limited Partnership
|
LP Interest
|
|
%
|
$
|
|
||||||
Capitol Hill Partners, LLC
|
Limited Liability Company
|
LP Interest
|
|
%
|
|
|
||||||
Citrus Park Hotel Holdings, LLC
|
Limited Liability Company
|
LP Interest
|
|
%
|
|
|
||||||
Lakemont Partners, LLC
|
Limited Liability Company
|
LP Interest
|
|
%
|
|
|
||||||
Green Valley Medical Center, LP
|
Limited Partnership |
GP Interest |
% | * | |
|||||||
Martin Plaza Associates, LP
|
Limited Partnership |
GP Interest |
% | * | |
|||||||
One Harbor Center, LP
|
Limited Partnership |
GP Interest |
% | * | |
|||||||
Westside Professional Center I, LP
|
Limited Partnership |
GP Interest |
% | * | |
|||||||
Total
|
$
|
|
Property Name:
|
|
|
|
|
||||
Property Owner:
|
|
|
|
|
||||
Location:
|
|
|
|
|
||||
Number of Tenants:
|
|
|
|
|||||
Year Built:
|
|
|
|
|||||
Ownership Interest:
|
|
|
|
|
||||
Property Name:
|
|
|
|
|||||
Property Owner:
|
|
|
|
|||||
Location:
|
|
|
|
|||||
Number of Tenants:
|
|
|
|
|||||
Year Built:
|
|
|
|
|||||
Ownership Interest:
|
|
|
|
|||||
Property Name: |
||||||||
Property Owner: |
||||||||
Location: |
||||||||
Number of Tenants: |
||||||||
Year Built: |
||||||||
Ownership Interest: |
Property Name:
|
|
|||
Acquisition Date:
|
|
|||
Purchase Price Allocation
|
||||
Land
|
$
|
|
||
Building
|
|
|||
Parking Lot
|
|
|||
Debt mark-to-market
|
|
|||
Total assets acquired
|
$ |
|
Property Name:
|
|
|||
Acquisition Date:
|
|
|||
Purchase Price Allocation
|
||||
Land
|
$ |
|
||
Debt mark-to-market |
||||
Total assets acquired
|
$
|
|
Property Name:
|
|
|||
Acquisition Date:
|
|
|||
Purchase Price Allocation
|
||||
Land
|
$
|
|
||
Building |
||||
Site Improvements | ||||
Tenant Improvements | ||||
Lease In Place
|
||||
Leasing Commissions | ||||
Legal & Marketing Lease Up Costs |
||||
Debt mark-to-market |
||||
Solar Finance Lease | ||||
Total assets acquired |
||||
Net leasehold liability |
|
(
|
)
|
|
Total assets acquired, net | $ |
|
Three Months Ended
|
Nine Months Ended
|
||||||
|
March 31, 2024
|
March 31, 2024
|
||||||
|
||||||||
Lease income - Operating leases
|
$
|
|
$
|
|
||||
Variable lease income (1)
|
|
|
||||||
|
$
|
|
$
|
|
(1)
|
|
|
Three Months Ended
|
Nine Months Ended
|
||||||
|
March 31, 2023
|
March 31, 2023
|
||||||
|
||||||||
Lease income - Operating leases
|
$
|
|
$
|
|
||||
Variable lease income (1)
|
|
|
||||||
|
$
|
|
$
|
|
(1) |
|
Year ended
June 30, :
|
Rental Income
|
|||
2024
|
$
|
|
||
2025
|
|
|||
2026
|
|
|||
2027
|
|
|||
2028
|
|
|||
Thereafter
|
|
|||
Total
|
$
|
|
Lease Intangibles
|
Above-Market
Lease Asset
|
Below-Market
Lease Liabilities
|
||||||||||
Cost
|
$
|
|
$
|
|
$
|
|
||||||
Accumulated amortization
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Total
|
$
|
|
$
|
|
$
|
|
||||||
Weighted average amortization period (years)
|
|
|
|
Lease Intangibles
|
Above-Market
Lease Asset
|
Below-Market
Lease Liabilities |
||||||||||
Cost
|
$
|
|
$
|
|
$
|
|
||||||
Accumulated amortization
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Total
|
$
|
|
$
|
|
$
|
|
||||||
Weighted average amortization period (years)
|
|
|
Three Months Ended March 31, 2024
|
||||||||||||
Lease Intangibles
|
Above-Market
Lease Asset
|
Below-Market
Lease Liabilities
|
||||||||||
Amortization
|
$
|
|
$
|
|
$ | ( |
) |
|
Nine Months Ended March 31, 2024
|
|||||||||||
|
Lease Intangibles
|
Above-Market
Lease Asset
|
Below-Market
Lease Liabilities
|
|||||||||
Amortization
|
$
|
|
$
|
|
$
|
(
|
)
|
|
Three Months Ended March 31, 2023
|
|||||||||||
|
Lease Intangibles
|
Above-Market
Lease Asset
|
Below-Market
Lease Liabilities
|
|||||||||
Amortization
|
$
|
|
$
|
|
$
|
(
|
)
|
|
Nine Months Ended March 31, 2023
|
|||||||||||
|
Lease Intangibles
|
Above-Market
Lease Asset
|
Below-Market
Lease Liabilities
|
|||||||||
Amortization
|
$
|
|
$
|
|
$
|
(
|
)
|
Year Ended June 30,
|
||||||||||||||||||||||||
2024 (remainder)
|
2025
|
2026
|
2027
|
2028
|
Thereafter |
|||||||||||||||||||
In-place leases, to be included in amortization
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$ | |||||||||||||
Above-market lease intangibles
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|||||||||||||
Below-market lease liabilities
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
( |
) | ||||||||||||
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$ | ( |
) |
Fair Value |
Fair Value |
|||||||
Asset Type | March 31, 2024 |
June 30, 2023
|
||||||
Non Traded Companies
|
$ |
|
$ |
|||||
GP Interests (Equity method investment with fair
value option election)
|
|
|||||||
LP Interests (Equity method investment with fair
value option election)
|
|
|||||||
Total
|
$
|
|
$ |
As of March 31, 2024 | ||||||||||||||||
Asset Type
|
Total
|
Level I
|
Level II
|
Level III
|
||||||||||||
Non Traded Companies
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
GP Interests
|
|
|
|
|
||||||||||||
LP Interests
|
|
|
|
|
||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
As of June 30, 2023
|
||||||||||||||||
Asset Type
|
Total
|
Level I
|
Level II
|
Level III
|
||||||||||||
Non Traded Companies
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
GP Interests
|
||||||||||||||||
LP Interests
|
|
|
|
|
||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
Balance at July 1, 2023
|
$
|
|
||
Purchases of investments
|
|
|||
Proceeds from sales, net
|
(
|
)
|
||
Return of capital distributions
|
(
|
)
|
||
Net realized loss
|
( |
) | ||
Net unrealized loss
|
(
|
)
|
||
Ending balance at March 31, 2024
|
$
|
|
Balance at July 1, 2022
|
$
|
|
||
Purchases of investments
|
|
|||
Transfers to Level I |
( |
) | ||
Transfer to Investments in Real Estate |
( |
) | ||
Proceeds from sales, net
|
(
|
)
|
||
Return of capital distributions |
( |
) | ||
Written off contingent consideration |
( |
) | ||
Net realized gains
|
|
|||
Net unrealized loss
|
(
|
)
|
||
Ending balance at March 31, 2023
|
$
|
|
Asset
Type
|
Fair Value
|
Primary Valuation
Techniques
|
Unobservable
Inputs Used
|
Range
|
Weighted
Average
|
|||||||||
Non Traded Companies
|
$
|
|
Market Activity
|
Contracted sale of security
|
||||||||||
Secondary market industry publication
|
||||||||||||||
Share repurchase program
|
||||||||||||||
GP Interests |
Direct Capitalization Method
|
Capitalization rate
|
% | % | ||||||||||
Discount rate
|
% |
|
%
|
|||||||||||
LP Interests
|
|
Discounted Cash Flow
|
Discount rate
|
% |
|
%
|
||||||||
LP Interests
|
|
Estimated Liquidation Value
|
Sponsor provided value
|
% | % | |||||||||
$
|
|
Asset
Type
|
Fair Value
|
Primary Valuation
Techniques
|
Unobservable Inputs Used
|
Range
|
Weighted
Average
|
|||||||||
Non Traded Companies
|
$
|
|
Market Activity
|
Secondary market industry publication
|
||||||||||
GP Interests
|
|
Direct Capitalization Method
|
Capitalization rate
|
|
%
|
|
%
|
|||||||
Discount rate
|
|
%
|
% | |||||||||||
LP Interests
|
|
Discounted Cash Flow
|
Discount rate
|
|
%
|
|
%
|
|||||||
LP Interests
|
|
Estimated Liquidation Value
|
Sponsor provided value
|
% | % | |||||||||
$
|
|
All Equity Method Investee Aggregated |
||||
Total Assets
|
$ | |||
Total Liabilities
|
$ | |||
Total Equities
|
$ | |||
Total Revenues
|
$ | |||
Total Expenses
|
$ | |||
Total Net Income
|
$ |
Balance Sheet Classification
|
March 31, 2024
|
June 30, 2023 | |||||||
Right-of-use assets:
|
|||||||||
Finance leases
|
|
$
|
|
$ |
|||||
Lease liabilities:
|
|||||||||
Finance leases
|
Finance lease liabilities
|
$
|
|
$ |
March 31, 2024
|
June 30, 2023 | |||||||
Building, fixtures and improvements
|
$
|
|
$ |
|||||
Accumulated depreciation
|
(
|
)
|
( |
) | ||||
Real estate assets, net |
$
|
|
$ |
Three Months Ended |
Nine Months Ended |
|||||||
March 31, 2024
|
March 31, 2024 |
|||||||
Finance lease cost
|
||||||||
Right-of-use asset amortization
|
$
|
|
$ | |||||
Interest expense
|
|
|||||||
Total lease cost
|
$
|
|
$ |
Three Months Ended |
Nine Months Ended |
|||||||
March 31, 2023
|
March 31, 2023 | |||||||
Finance lease cost
|
||||||||
Right-of-use asset amortization
|
$
|
|
$ | |||||
Interest expense
|
|
|||||||
Total lease cost
|
$
|
|
$ |
Fiscal Year Ending June 30, :
|
Finance Leases
|
|||
2024 (remainder)
|
$
|
|
||
2025
|
|
|||
2026
|
|
|||
2027
|
|
|||
2028
|
|
|||
Thereafter
|
|
|||
Total undiscounted lease payments
|
|
|||
Less: Imputed interest
|
(
|
)
|
||
Net lease liabilities
|
$
|
|
March 31, 2024
|
June 30, 2023 | |||||||
Finance lease weighted average remaining lease term (years)
|
|
|||||||
Finance lease weighted average discount rate
|
|
%
|
% | |||||
Cash paid for amounts included in the measurement of lease liabilities
|
||||||||
Financing cash flows from finance leases
|
$
|
|
$ |
|||||
Right-of-use assets obtained in exchange for new finance lease liabilities
|
$
|
|
$ |
Total Nonconsolidated VIEs
|
As of March 31, 2024
|
As of June 30, 2023 | ||||||
Fair value of investments in VIEs
|
$
|
|
$ | |||||
Carrying value of variable interests - assets
|
$
|
|
$ | |||||
Maximum Exposure to Loss:
|
||||||||
Limited Partnership Interest
|
$
|
|
$ |
Asset Management Fee Annual %
|
3.0%
|
|
2.0%
|
|
1.5%
|
|
Total Invested
Capital
|
|||||||||
Quarter ended:
|
||||||||||||||||
September 30, 2023
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
December 31, 2023
|
$ |
$ |
$ |
$ |
||||||||||||
March 31, 2024 |
$ |
$ |
$ |
$ |
||||||||||||
Quarter ended:
|
||||||||||||||||
September 30, 2022
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
December 31, 2022
|
$ |
$ |
$ |
$ |
||||||||||||
March 31, 2023
|
$ |
$ |
$ |
$ |
Nine Months Ended |
Unpaid as of
|
|||||||||||||||
Types and Recipient
|
March 31, 2024 | March 31, 2023 |
March 31, 2024
|
June 30, 2023
|
||||||||||||
Asset management fees- the Real Estate Adviser
|
$ | $ |
$
|
|
$
|
|
||||||||||
Administrative cost reimbursements - MacKenzie | ||||||||||||||||
Asset acquisition fees- the Real Estate Adviser (1)
|
|
|
||||||||||||||
Transfer agent cost reimbursements - MacKenzie
|
|
|
||||||||||||||
Organization & Offering Cost (2) -
MacKenzie
|
|
|
||||||||||||||
Other expenses (3)- MacKenzie and Subsidiary’s GPs
|
|
|
||||||||||||||
Due to related entities
|
$
|
|
$
|
|
Fiscal Year Ending June 30, :
|
Principal
|
Interest
|
||||||
2024 (remainder)
|
$
|
|
$
|
|
||||
2025
|
|
|
||||||
2026
|
|
|
||||||
Total
|
$
|
|
$
|
|
Fiscal Year Ending June 30, :
|
Principal
|
Interest
|
||||||
2024 (remainder)
|
$
|
|
$
|
|
||||
2025
|
|
|
||||||
2026
|
|
|
||||||
2027
|
|
|
||||||
2028 |
||||||||
Thereafter |
||||||||
Total
|
$
|
|
$
|
|
Fiscal Year Ending June 30, :
|
Principal
|
Interest
|
||||||
2024 (remainder)
|
$
|
|
$
|
|
||||
|
||||||||
2025
|
|
|
||||||
|
||||||||
Total
|
$
|
|
$
|
|
Fiscal Year Ending June 30, :
|
Principal
|
Interest
|
||||||
2024 (remainder)
|
$
|
|
$
|
|
||||
2025
|
|
|
||||||
Total
|
$
|
|
$
|
|
Fiscal Year Ending June 30, :
|
Principal
|
Interest
|
||||||
2024 (remainder)
|
$
|
|
$
|
|
||||
|
||||||||
2025
|
|
|
||||||
|
||||||||
2026
|
|
|
||||||
|
||||||||
2027
|
|
|
||||||
|
||||||||
2028
|
|
|
||||||
|
||||||||
Thereafter
|
|
|
||||||
|
||||||||
Total
|
$
|
|
$
|
|
Nine Months Ended
March 31, 2024
|
Nine Months Ended
March 31, 2023
|
|||||||
Net loss attributable to common stockholders
|
$ | ( |
) |
$
|
(
|
)
|
||
Basic and diluted weighted average common shares outstanding
|
|
|||||||
Basic and diluted earnings per share
|
$ | ( |
) |
$
|
(
|
)
|
Period
|
Total Number
of Shares Repurchased
|
Average Repurchase
Price
Per Share
|
Total Repurchase
Consideration
|
|||||||||
During the nine months ended March 31, 2024
Common stocks
|
||||||||||||
September 1, 2023 through September 30, 2023
|
|
$
|
|
$
|
|
|||||||
December 1, 2023 through December 31, 2023 | ||||||||||||
March 1, 2024 through March 31, 2024
|
||||||||||||
|
$ | |||||||||||
Series A Preferred stocks | ||||||||||||
December 1, 2023 through December 31, 2023 | $ | $ | ||||||||||
March 1, 2024 through March 31, 2024
|
||||||||||||
$ |
Period
|
Total Number
of Shares Repurchased |
Average Repurchase
Price
Per Share
|
Total Repurchase
Consideration
|
|||||||||
During the nine months ended March 31, 2023
Common stocks
|
||||||||||||
September 1, 2022 through September 30, 2022 | $ | $ | ||||||||||
December 1, 2022 through December 31, 2022 | ||||||||||||
March 1, 2023 through March 31, 2023
|
||||||||||||
$ |
|
Dividends
|
|||||||||||||||||||||||
|
Common Stock
|
Series A Preferred Stock
|
Series B Preferred Stock
|
|||||||||||||||||||||
During the Quarter Ended
|
Per Share
|
Amount
|
Per Share
|
Amount
|
Per Share
|
Amount
|
||||||||||||||||||
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Distributions
|
||||||||||||||||
Class A Units
|
Preferred Units
|
|||||||||||||||
During the Quarter Ended
|
Per Share
|
Amount
|
Per Share
|
Amount
|
||||||||||||
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
$ | $ | $ | $ |
Dividends
|
||||||||||||||||
Common Stock
|
Series A Preferred Stock
|
|||||||||||||||
During the Quarter Ended
|
Per Share
|
Amount
|
Per Share
|
Amount
|
||||||||||||
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
$ | $ | $ | $ |
Distributions
|
||||||||||||||||
Class A Units
|
Preferred Units
|
|||||||||||||||
During the Quarter Ended
|
Per Share
|
Amount
|
Per Share
|
Amount
|
||||||||||||
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
$ | $ | $ | $ |
• |
the cost of operating and maintaining real estate properties;
|
• |
the cost of calculating our net asset value, including the cost of any third-party valuation services;
|
• |
the cost of effecting sales and repurchases of our shares and other securities;
|
• |
interest payable on debt, if any, to finance our investments;
|
• |
fees payable to third parties relating to, or associated with, making investments, including fees and expenses associated with performing due diligence reviews of prospective investments and third-party
advisory fees;
|
• |
transfer agent and safekeeping fees;
|
• |
fees and expenses associated with marketing efforts;
|
• |
federal and state registration fees, any stock exchange listing fees in the future;
|
• |
federal, state and local taxes;
|
• |
independent directors’ fees and expenses;
|
• |
brokerage commissions;
|
• |
fidelity bond, directors and officers errors and omissions liability insurance, and other insurance premiums;
|
• |
direct costs and expenses of administration and sub-administration, including printing, mailing, long distance telephone and staff;
|
• |
fees and expenses associated with independent audits and outside legal costs;
|
• |
costs associated with our reporting and compliance obligations under the 1934 Act and applicable federal and state securities laws; and
|
• |
all other expenses incurred by either MacKenzie or us in connection with administering our business, including payments under the Administration Agreement that are based upon our allocable portion of overhead and other expenses
incurred by MacKenzie in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions, and our allocable portion of the costs of compensation and
related expenses of our chief compliance officer and our chief financial officer and any administrative support staff.
|
|
Fair Value
|
Fair Value
|
||||||
Investments, at fair value
|
March 31, 2024
|
June 30, 2023
|
||||||
5210 Fountaingate, LP
|
$ |
6,820
|
$ |
6,820
|
||||
Blackstone Real Estate Income Trust, Inc. - Class S
|
330,828
|
-
|
||||||
Capitol Hill Partners, LLC
|
-
|
1,107,795
|
||||||
Citrus Park Hotel Holdings, LLC
|
-
|
4,100,000
|
||||||
Healthcare Trust, Inc.
|
1,080,640
|
1,554,693
|
||||||
Highlands REIT, Inc.
|
1,692
|
2,794,926
|
||||||
Lakemont Partners, LLC
|
797,720
|
829,381
|
||||||
Moody National REIT II, Inc.
|
18,644
|
13,853
|
||||||
SmartStop Self Storage REIT, Inc. - Class A
|
1,130,003
|
1,878,092
|
||||||
Starwood Real Estate Income Trust, Inc. - Class S
|
23,541
|
-
|
||||||
Strategic Realty Trust, Inc.
|
-
|
216,068
|
||||||
Summit Healthcare REIT, Inc.
|
647,549
|
930,852
|
||||||
Total
|
$
|
4,037,437
|
$
|
13,432,480
|
|
Fair Value
|
Fair Value
|
||||||
Unconsolidated investments (non-securities), at fair value
|
March 31, 2024
|
June 30, 2023
|
||||||
Green Valley Medical Center, LP
|
$ |
2,097,738
|
$ |
2,363,000
|
||||
Martin Plaza Associates, LP
|
541,070
|
493,000
|
||||||
One Harbor Center, LP
|
3,505,384
|
4,076,500
|
||||||
Westside Professional Center I, LP
|
1,485,766
|
1,784,000
|
||||||
Total
|
$
|
7,629,958
|
$
|
8,716,500
|
Property:
|
Property Owners
|
|
Commodore Apartments
|
Madison-PVT Partners LLC
|
|
The Park View (fka as Pon De Leo Apartments)
|
PVT-Madison Partners LLC
|
|
Hollywood Apartments
|
PT Hillview GP, LLC
|
|
Shoreline Apartments
|
MacKenzie BAA IG Shoreline LLC
|
|
Satellite Place Office Building
|
MacKenzie Satellite Place Corp.
|
|
First & Main Office Building
|
First & Main, LP
|
|
1300 Main Office Building
|
1300 Main, LP
|
|
Woodland Corporate Center Office Building
|
Woodland Corporate Center Two, LP
|
|
Main Street West Office Building
|
Main Street West, LP
|
|
220 Campus Lane Office Building
|
220 Campus Lane, LLC
|
|
Green Valley Executive Center |
GV Executive Center, LLC |
Largest Tenants
Business
|
Business
|
Square Ft.
Occupied
|
Annual Base Rent
|
Lease
Expiration
|
Renewal
options |
||||||
Wilson Daniels
|
Wine Wholesaler
|
6,712
|
$
|
429,510
|
3/15/25
|
1, 5 years
|
|||||
Norcal Gold
|
Real Estate
|
2,896
|
$
|
176,016
|
3/31/26
|
No
|
|||||
Bao Ling Li
|
Restaurant
|
3,212
|
$
|
158,960
|
11/30/30
|
No
|
|||||
Whole Health
|
Medical
|
2,186
|
$
|
136,103
|
7/31/25
|
No
|
Year
|
Number of Leases Expiring
|
Total Area
|
Annual Base Rent
|
Percentage of Gross Rent
|
||||||||||||
2025
|
2
|
8,898
|
$
|
565,613
|
51%
|
|
||||||||||
2026
|
1
|
2,896
|
$
|
176,016
|
16%
|
|
||||||||||
2029
|
1
|
1,059
|
$
|
67,104
|
6%
|
|
||||||||||
Thereafter
|
3
|
6,204
|
$
|
292,667
|
27%
|
|
Largest Tenants
Business
|
Business
|
Square Ft.
Occupied |
Annual Base Rent
|
Lease
Expiration |
Renewal
options
|
||||||
GVM Law
|
Legal Services
|
9,470
|
$
|
497,521
|
9/20/26
|
2, 5 years
|
|||||
Brotlemarkle
|
Accounting Services
|
4,366
|
$
|
241,051
|
7/31/30
|
2, 5 years
|
|||||
Napa Palisades
|
Restaurant
|
3,462
|
$
|
191,038
|
8/31/40
|
No
|
|||||
Moss Adams
|
Accounting Services
|
3,428
|
$
|
164,544
|
6/30/25
|
No
|
Year
|
Number of Leases Expiring
|
Total Area
|
Annual Base Rent
|
Percentage of Gross Rent
|
||||||||||||
2024
|
1
|
1,135
|
$
|
71,280
|
5%
|
|
||||||||||
2025
|
2
|
5,648
|
$
|
308,569
|
21%
|
|
||||||||||
2026
|
1
|
9,470
|
$
|
497,521
|
33%
|
|
||||||||||
Thereafter
|
5
|
11,122
|
$
|
609,076
|
41%
|
|
Largest Tenants
Business |
Business
|
Square Ft.
Occupied |
Annual Base Rent
|
Lease
Expiration |
Renewal
options |
||||||
AUL Corporation
|
Insurance
|
13,806
|
$
|
814,461
|
2/3/26
|
No
|
|||||
State of California
|
Medical
|
4,697
|
$
|
259,721
|
4/30/28
|
No
|
|||||
Strategies To Empower
|
Medical
|
4,875
|
$
|
218,310
|
12/31/27
|
No
|
|||||
Azzurro Pizzeria
|
Restaurant
|
2,935
|
$
|
145,236
|
3/31/29
|
1, 5 years
|
Year
|
Number of Leases Expiring
|
Total Area
|
Annual Base Rent
|
Percentage of Gross Rent
|
||||||||||||
2024
|
2
|
3,678
|
$
|
171,080
|
9%
|
|
||||||||||
2026
|
1
|
13,806
|
$
|
814,461
|
44%
|
|
||||||||||
2027
|
2
|
7,010
|
$
|
339,912
|
19%
|
|
||||||||||
Thereafter
|
3
|
9,573
|
$
|
513,905
|
28%
|
|
Largest Tenants
Business |
Business
|
Square Ft.
Occupied |
Annual Base Rent
|
Lease Expiration
|
Renewal
options
|
||||||
OS National, LLC
|
Title Services
|
71,085
|
$
|
1,381,892
|
12/31/29
|
2, 5 years
|
|||||
Polytron
|
Title Services
|
10,737
|
$
|
209,427
|
4/30/31
|
2, 5 years
|
|||||
Ampirical
|
Engineering Consulting
|
9,790
|
$
|
201,152
|
9/30/30
|
2, 5 years
|
|||||
Sun Taiyang
|
Consumer Products
|
4,383
|
$
|
94,344
|
11/30/29
|
1, 5 years
|
Year
|
Number of Leases Expiring
|
Total Area
|
Annual Base Rent
|
Percentage of Gross Rent
|
||||||||||||
2029
|
2
|
75,468
|
$
|
1,476,237
|
78%
|
|
||||||||||
2030
|
1
|
9,790
|
$
|
201,152
|
11%
|
|
||||||||||
2031
|
1
|
10,737
|
$
|
209,427
|
11%
|
|
Largest Tenants
Business
|
Business
|
Square Ft.
Occupied |
Annual Base Rent
|
Lease
Expiration
|
Renewal
options
|
||||||
Agtech Innovation
|
Research and Development
|
12,940
|
$
|
423,144
|
8/31/32
|
No
|
|||||
Children’s Home Society
|
Non-Profit Education
|
4,042
|
$
|
147,240
|
6/30/28
|
No
|
|||||
Johnston, Martin & Montgomery
|
Accounting
|
3,388
|
$
|
133,668
|
11/2/24
|
2, 5 years
|
|||||
Burger Rehab
|
Physical Therapy
|
4,013
|
$
|
119,247
|
9/22/28
|
No
|
Year
|
Number of Leases Expiring
|
Total Area
|
Annual Base Rent
|
Percentage of Gross Rent
|
||||||||||||
2024
|
4
|
6,596
|
$
|
246,798
|
18%
|
|
||||||||||
2025
|
3
|
4,106
|
$
|
131,318
|
11%
|
|
||||||||||
2027
|
1
|
1,456
|
$
|
52,118
|
4%
|
|
||||||||||
2028
|
3
|
10,161
|
$
|
320,075
|
27%
|
|
||||||||||
Thereafter
|
3
|
14,715
|
$
|
437,652
|
40%
|
|
Largest Tenants
Business
|
Business
|
Square Ft.
Occupied
|
Annual Base Rent
|
Lease
Expiration
|
Renewal
options
|
||||||
Community Housing Opportunities
|
Real Estate
|
8,510
|
$
|
341,096
|
8/31/26
|
No
|
|||||
Arkshire Financial, LLC
|
Financial Services
|
7,016
|
$
|
301,092
|
2/28/27
|
No
|
|||||
Sticky Rice
|
Restaurant
|
4,511
|
$
|
205,848
|
8/17/24
|
No
|
|||||
Larsen & Toubro Limited, Inc.
|
Multinational Conglomerate
|
3,312
|
$
|
176,922
|
2/13/25
|
2, 5 years
|
Year
|
Number of Leases Expiring
|
Total Area
|
Annual Base Rent
|
Percentage of Gross Rent
|
||||||||||||
2024
|
2
|
6,145
|
$
|
271,092
|
13%
|
|
||||||||||
2025
|
5
|
7,455
|
$
|
378,867
|
19%
|
|
||||||||||
2026
|
3
|
13,567
|
$
|
556,650
|
27%
|
|
||||||||||
Thereafter
|
6
|
18,934
|
$
|
822,472
|
41%
|
|
Property Name
|
Sector
|
Location
|
Square Feet
|
Units
|
Percentage
Leased
|
Annual Base
Rent
|
Monthly Base Rent/Occupied
Unit
|
|||||||||||||||
The Park View
|
Multi-Family Residential
|
Oakland, CA
|
36,654
|
39
|
94.9
|
%
|
$
|
1,074,013
|
$
|
2,419
|
||||||||||||
Commodore
|
Multi-Family Residential
|
Oakland, CA
|
31,156
|
48
|
93.8
|
%
|
$
|
857,795
|
$
|
1,589
|
||||||||||||
Hollywood Property
|
Multi-Family Residential
|
Los Angeles, CA
|
36,991
|
54
|
88.9
|
%
|
$
|
1,305,208
|
$
|
2,266
|
||||||||||||
Shoreline Apartments
|
Multi-Family Residential
|
Concord, CA
|
67,925
|
84
|
90.5
|
%
|
$
|
1,927,496
|
$
|
2,113
|
Property Name
|
Sector
|
Location
|
Square Feet
|
Units
|
Percentage
Leased
|
Annual Base
Rent
|
Monthly Base Rent/Occupied
Unit
|
|||||||||||||||
Hollywood Property
|
Retail
|
Los Angeles, CA
|
8,610
|
1
|
100
|
%
|
$
|
333,356
|
$
|
27,780
|
Fiscal Year Ending June 30, :
|
Debt Maturing
|
|||
2024 (remainder)
|
$
|
388,036
|
||
|
||||
2025
|
40,290,062
|
|||
|
||||
2026
|
11,387,884
|
|||
|
||||
Thereafter
|
57,604,378
|
|||
|
||||
Total
|
$
|
109,670,360
|
|
Dividends
|
|||||||||||||||||||||||
Common Stock
|
Series A Preferred Stock
|
Series B Preferred Stock
|
||||||||||||||||||||||
During the Quarter Ended
|
Per Share
|
Amount
|
Per Share
|
Amount
|
Per Share
|
Amount
|
||||||||||||||||||
September 30, 2023
|
$
|
0.125
|
$
|
1,652,688
|
$
|
0.375
|
$
|
268,383
|
$
|
-
|
$
|
-
|
||||||||||||
December 31, 2023
|
0.125
|
1,652,367
|
0.375
|
276,600
|
0.500
|
2,222
|
||||||||||||||||||
March 31, 2024
|
0.125
|
1,660,225
|
0.375
|
281,770
|
0.486
|
8,078
|
||||||||||||||||||
|
$
|
0.375
|
$
|
4,965,280
|
$
|
1.125
|
$
|
826,753
|
$
|
0.986
|
$
|
10,300
|
Execution Date
|
Total Number of Shares
Purchased
|
Average Price Paid Per
Share
|
Total Number of Shares
Purchased as Part of
Publicly Announced
Plans
|
Maximum Dollar
Value of Shares That
May Yet Be Purchased
Under Publicly
Announced Plans
|
||||||||||||
During the quarter ended December 31, 2023
|
||||||||||||||||
Common stocks
|
||||||||||||||||
September 1, 2023 through September 30, 2023
|
64,092.00
|
$
|
7.38
|
64,092.00
|
-
|
|||||||||||
December 1, 2023 through December 31, 2023
|
64,497.00
|
7.38
|
64,497.00
|
-
|
||||||||||||
March 1, 2024 through March 31, 2024
|
-
|
-
|
-
|
-
|
||||||||||||
|
128,589.00
|
128,589.00
|
-
|
|||||||||||||
|
||||||||||||||||
Series A Preferred stocks
|
||||||||||||||||
December 1, 2023 through December 31, 2023
|
400.00
|
$
|
22.75
|
400.00
|
-
|
|||||||||||
March 1, 2024 through March 31, 2024
|
2,000.00
|
22.00
|
2,000.00
|
-
|
||||||||||||
|
2,400.00
|
2,400.00
|
-
|
Exhibit
|
Description
|
Section 302 Certification of Robert Dixon (President and Chief Executive Officer)
|
|
Section 302 Certification of Angche Sherpa (Treasurer and Chief Financial Officer)
|
|
Section 1350 Certification of Robert Dixon (President and Chief Executive Officer)
|
|
Section 1350 Certification of Angche Sherpa (Treasurer and Chief Financial Officer)
|
|
101.INS
|
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). |
101.SCH
|
Inline XBRL Taxonomy Extension Schema Documents.
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
104
|
Cover Page Interactive Data File (formatted as inline XBRL and contained Exhibit 101).
|
MACKENZIE REALTY CAPITAL, INC.
|
|||
Date: May 15, 2024
|
By: /s/ Robert Dixon
|
||
President and Chief Executive Officer
|
|||
Date: May 15, 2024
|
By: /s/ Angche Sherpa
|
||
Treasurer and Chief Financial Officer
|