MacKenzie Realty Capital, Inc 8-K, filed Feb 13, 2020
MacKenzie Realty Capital, Inc. (MKZR)
8-K
2020-02-13
For: 2019-12-31
View Original
Added on
April 12, 2026
About this 8-K
MacKenzie Realty Capital, Inc filed this 8-K on February 13, 2020, reporting on events of December 31, 2019.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 8.01: Other events
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)
January 30, 2020
MACKENZIE REALTY CAPITAL INC.
(Exact name of registrant as specified in its charter)
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Maryland
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000-55006
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45-4355424
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(State of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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89 Davis Road, Suite 100
Orinda, California
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94563
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(Address of principal executive offices)
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(Zip Code)
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(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):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 7.01 Regulation FD Disclosure.
On or about January 30, 2020, MacKenzie Realty Capital, Inc., mailed a letter to stockholders accompanying the Fourth Calendar Quarter 2019 regular
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 8.01 Other Events.
Fourth Calendar Quarter 2019 Dividend
The board of directors (the “Board”) of MacKenzie Realty Capital, Inc. (the “Company”) previously declared a dividend for the Fourth Calendar Quarter 2019 at
the regular 7% annual rate of $0.175 per quarter or a monthly dividend of $0.0583 for those purchasing Shares at $10.00 per Share, or 6.8% annual rate for Shares purchased at $10.25 per Share. The Board anticipates making future declared dividends,
if any, on a similar schedule, approximately 30 days after the close of the previous quarter.
First Calendar Quarter 2020 Dividend
The board of directors (the “Board”) of MacKenzie Realty Capital, Inc. (the “Company”) declared a monthly dividend of $0.05979 per Share for the quarter
ending March 31, 2020, payable on or about the quarterly payment date of April 30, 2020, to record holders as of January 31, 2020, February 29, 2020, and March 31, 2020. This is a 2.5% increase over the Company’s previous regular quarterly dividend
of 17.5¢ per share. It is payable at the annual rate of 7% based upon the sale price of $10.25 per Share, or 7.2% on $10.00 per share purchase price. The dividends will be paid in cash or reinvested in stock for those participating in the Company’s
dividend reinvestment plan. The Board anticipates making future declared dividends, if any, on a similar schedule, approximately 30 days after the close of the previous fiscal quarter. The Board anticipates that the Company will have sufficient
income from the quarter ended December 31, 2019, to support the regular quarterly dividend to Stockholders at the annualized rate of 7% on shares sold at $10.25 per share, without distributing any original capital.
Statements in this Current Report on Form 8-K, including intentions, beliefs, expectations or projections relating to items such as the timing of payment of
dividends are 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. Such statements are based on current expectations and
assumptions with respect to, among other things, future economic, competitive and market conditions and future business decisions that may prove incorrect or inaccurate. Important factors that could cause actual results to differ materially from
those in the forward-looking statements include the risks described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended June 30, 2019, as amended, and its other filings with the Securities and Exchange
Commission.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
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Exhibit Number
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Description
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99.1
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Letter to stockholders regarding 1st quarter 2020 dividend
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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.
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MACKENZIE REALTY CAPITAL, INC.
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(Registrant)
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Date: February 13, 2020
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By:
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/s/ Robert Dixon
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Robert Dixon
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President
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January 28, 2020
Dear Stockholder:
We are pleased to announce the 24th regular quarterly dividend for MacKenzie Realty Capital (MRC), in the amount of $0.175 per share, an annualized rate of
7% for those shares purchased at $10, and an annualized rate of 6.8% for those shares purchased at $10.25.
For any Shares issued pursuant to a closing during the Fourth Calendar Quarter 2019, the regular dividend will be paid based upon the “acceptance date” for
such closings. Shares issued with an effective date of November 1, 2019, will receive $0.1167 per Share and shares issued with an effective date of December 1, 2019, will receive $0.058 per Share.
Enclosed is your Investor Statement with this quarter’s payment details. If you invested through a trustee or custodian or requested a third-party
deposit, or if you participate in the Dividend Reinvestment Plan, your dividend has been transmitted as directed. If you receive a cash dividend, your check will arrive separately. The Board of MRC anticipates making future dividends, if any,
within 30 days after the close of the previous fiscal quarter
Further, below is our 2019 dividend allocation for federal income tax purposes. MRC’s tax return for the year ended December 31, 2019, has not yet been
filed. As a result, the income tax allocation for the dividends discussed below has been calculated using the best available information as of the date of this announcement. We expect the amounts noted below as well as those provided on your
initial 1099-DIV will change once we complete our 2019 tax return and we anticipate providing corrected information once we are able to do so. Please note, the dividend included herewith was attributable to taxable income and gains recognized in
2019.
Please note that tax laws affect taxpayers differently, and the above information is not intended as advice to shareholders as to how dividends should be
reported on their tax returns. We encourage shareholders to consult with their own tax advisors with respect to the income tax effects of these dividends.
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Record Date
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Payable Date
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Ordinary Dividend
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Capital Gain
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Distribution per Share
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1/1/2019
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4/29/2019
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$
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0.06562
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$
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0.10938
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$
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0.17500
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4/1/2019
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7/29/2019
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$
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0.06562
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$
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0.10938
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$
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0.17500
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7/1/2019
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10/30/2019
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$
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0.06562
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$
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0.10938
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$
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0.17500
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Totals
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$
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0.19687
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$
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0.32813
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$
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0.52500
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37.50%
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62.50%
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We appreciate your investment in MRC. We are excited about the interest we have received in MRC from investors and the investment opportunities we have
encountered. We believe 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.