MacKenzie Realty Capital, Inc 8-K, filed Apr 29, 2020
MacKenzie Realty Capital, Inc. (MKZR)
8-K
2020-04-29
For: 2020-04-28
View Original
Added on
April 12, 2026
About this 8-K
MacKenzie Realty Capital, Inc filed this 8-K on April 29, 2020, reporting on events of April 28, 2020.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported)
April 29, 2020
MACKENZIE REALTY CAPITAL INC.
(Exact name of registrant as specified in its charter)
|
Maryland
|
|
000-55006
|
|
45-4355424
|
|
(State of incorporation)
|
|
(Commission File Number)
|
|
(IRS Employer Identification No.)
|
|
|
|
|
|
89 Davis Road, Suite 100
Orinda, California
|
|
94563
|
|
(Address of principal executive offices)
|
|
(Zip Code)
|
(925) 631-9100
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
|
◻
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
◻
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
◻
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
◻
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 7.01 Regulation FD Disclosure.
On or about April 29, 2020, MacKenzie Realty Capital, Inc., mailed a letter to stockholders accompanying the First Calendar Quarter 2020 dividend.
The full text of the letter is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The information in this Current Report is furnished pursuant to Item 7 and shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities
of that section. This information will not be deemed an admission as to the materiality of any information contained herein that is required to be disclosed solely by Regulation FD.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
|
Exhibit Number
|
Description
|
|
99.1
|
Letter to stockholders regarding 1st quarter 2020 dividend
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
|
|
|
|
MACKENZIE REALTY CAPITAL, INC.
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
Date: April 29, 2020
|
By:
|
/s/ Robert Dixon
|
|
|
|
|
Robert Dixon
|
|
|
|
|
President
|
|
April 29, 2020
Dear Stockholder:
MacKenzie Realty Capital (MRC) has announced the First Calendar Quarter dividend in the amount of $0.119 per share, an annualized rate of 4.78% for those
shares purchased at $10, and an annualized rate of 4.67% for those shares purchased at $10.25. This dividend represents the January and February monthly dividend.
For any Shares issued pursuant to a closing during the First Calendar Quarter 2020, the regular dividend will be paid based upon the “acceptance date” for
such closings. Shares issued with an effective date of February 1, 2020, will receive $0.0598 per Share, and shares issued with an effective date of March 1, 2020,
will not receive a dividend. On March 31, 2020, the Company’s board of directors (the “Board”) unanimously approved the suspension of regular quarterly dividends to MRC’s stockholders effective immediately. As such, the Board revoked the
dividend previously declared for the month of March 2020.
In making this very difficult decision, the Board considered various factors, including the global COVID-19 pandemic and measures taken by government
agencies and issuers in response to COVID-19. Due to the pandemic and countermeasures to combat its spread, the markets for assets owned and sought by MRC have been disrupted and there has been a decline in the value of such assets for at least the
short-term. Under these circumstances, the Board determined that MRC and its stockholders are best served by retention of cash, allowing MRC to capitalize on current opportunities to acquire assets at attractive prices. MRC intends to continue to
qualify as a real estate investment trust, and thus intends to meet the related requirement that it distribute at least 90% of its taxable income, once such amounts are reasonably determinable.
Enclosed is your Investor Statement with this quarter’s payment details. If you invested through a trustee or custodian or requested a third-party
deposit, or if you participate in the Dividend Reinvestment Plan, your dividend has been transmitted as directed. If you receive a cash dividend, your check will arrive separately. The Board of MRC anticipates making future dividends, if any,
within 30 days after the close of the previous fiscal quarter.
We appreciate your investment in MRC. We face a challenging environment, but we believe that our investment strategies leave us well positioned to emerge
stronger rather than weaker, and that your confidence in us will be rewarded.
Sincerely,
MacKenzie Realty Capital, Inc.
Robert E. Dixon, President
The statements and certain other information contained in this letter, which can be identified by the use of forward-looking
terminology such as “may,” “will,” “expect,” “continue,” “remains,” “intend,” “aim,” “towards,” “should,” “prospects,” “could,” “future,” “potential,” “believe,” “plans,” “likely,” “anticipate,” “position,” “probable,” “committed,” “achieve,”
“rewarded,” and “focused,” or the negative thereof or other variations thereon or comparable terminology, constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. These statements should be considered as subject to the many risks and uncertainties that exist in the Company’s operations and business environment.
Such risks and uncertainties could cause actual results to differ materially from those projected. These uncertainties include, but are not limited to, economic conditions, market demand and pricing, competitive and cost factors, and other risk
factors.