MacKenzie Realty Capital Accepts Tender of 19,945 Shares at $9.00 Per Share
October 23, 2019
In an SEC filing on October 22, MacKenzie Realty Capital, Inc. said it has received and accepted a total of approximately 19,945 shares in its tender offer dated November 14, 2018. Upon completion of the offer, the Company purchased 0.20% of the outstanding shares as of the offer date. The Company will make cash payments of approximately $179,504.36 to purchase the shares accepted pursuant to the offer. The original offering price for the shares was $10.00.
MacKenzie Realty Capital has tendered for its outstanding common shares on a regular basis. In a filing dated September 17, 2019, it announced the purchase of 70,114 shares at $9.00 per share. On June 27, 2019, it announced the purchase of 133,348 shares at $9.00 per share. On March 19, 2019, it announced the purchase of 78,252 shares at $9.00 per share.
MacKenzie Realty Capital is a business development company that invests primarily in debt and equity real estate-related securities. As of June 30, 2019, it reported total assets of $108.35 million, with total investments at fair value of $103.25 million, with a cost basis of $97.24 million. It had a total fair value of investments in nontraded companies of $35.64 million, including the shares of at least 25 nontraded REITs. The Company is offering on a continuous basis up to 15,000,000 shares at an initial offering price of $10.25 per share. With a sales load per share of $1.03, the net proceeds to the Company are $9.23 per share.
As of June 30, 2019, the Company’s portfolio was invested in the following sectors as a percentage of the total portfolio: Apartment 27.89%, Mixed-use 24.09%, Office 21.65%, Retail 12.94%, Healthcare 7.58%, Debt 4.32%, all others 1.53%. The largest positions held in the portfolio were Dimensions28 LLP (10.56%), Addison Property Member, LLC (7.09%), CRP Roll UP LLC (6.34%) and Phillips Edison & Company (6.16%).
Source: SEC
