22 unchanged sentences
We have elected to be treated as a REIT under the Code.
−Removed: As a REIT, we are not subject to federal income taxes on amounts that we distribute to the stockholders, provided that, on an annual basis, we distribute at
−Removed: least 90% of our REIT taxable income to the stockholders and meet certain other conditions.
+Added: As a REIT, we are not subject to federal income taxes on amounts that we distribute to the stockholders, provided that, on an annual basis, we distribute at least
+Added: 90% of our REIT taxable income to the stockholders and meet certain other conditions.
To the extent that we satisfy the annual distribution requirement but distribute less than 100% of the taxable income, we will either be subject to U.S.
−Removed: federal corporate income tax on our undistributed taxable income or 4% excise tax on catch-up distributions paid in the subsequent year.
+Added: corporate income tax on our undistributed taxable income or 4% excise tax on catch-up distributions paid in the subsequent year.
We are also subject to tax on built-in gains we realize during the first five years following REIT election.
3 unchanged sentences
paying dividends if doing so causes us to fail to maintain the asset coverage ratios stipulated by the 1940 Act or if dividends are limited by the terms of any of our borrowings.
+Added: On March 31, 2020, after assessing the impacts of the Covid-19 pandemic, the Company’s board of directors unanimously approved the suspension of regular quarterly dividends to the Company’s stockholders, effective
During the years ended June 30, 2020 and 2019, we issued 317,840.42 and 334,007.67 shares of our common stock, respectively, in connection with the DRIP.
4 unchanged sentences
March 31, 2020
−Removed: June 30, 2019
During the Quarter Ended
3 unchanged sentences
June 30, 2019
−Removed: On July 28, 2019, the Company's Board of Directors approved a monthly dividend of $0.0583 per share for the quarter ending September 30, 2019, payable on or about the quarterly payment date of October 31, 2019, to
−Removed: record holders as of July 31, 2019, August 31, 2019, and September 30, 2019.
Recent Sale of Unregistered Securities
+Added: On May 20, 2020, the Company formed an operating partnership, MacKenzie Realty Operating Partnership, LP (the “OP”) to acquire all the membership interests of Addison Property Owner, LLC (the “Property Owner”) in
+Added: exchange for 516,144 Class A limited partnership units in the OP (the “OP Units”).
+Added: The OP Units were issued and sold at a stated value of $10.25 per OP Unit.
+Added: The OP Units have a conversion right pursuant to which the holders may convert such OP
+Added: units to shares of the Company on a 1:1 basis (or into cash at the election of the Company), subject to the terms and conditions of the limited partnership agreement of the OP and the terms of the contribution agreement under which the OP Units were
+Added: The OP Units are entitled to distributions of cash equal to distributions made to holders of the number of shares of the Company into which the OP Units are convertible.
+Added: The private placement of the OP Units is exempt from registration under the Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Regulation D thereunder.
Issuer Purchases of Equity Securities
8 unchanged sentences
February 14, 2020 through March 18, 2020
−Removed: May 14, 2019 through June 21, 2019
During the year ended June 30, 2019:
20 unchanged sentences
Income tax (expense) benefit
−Removed: Net investment income (loss)
+Added: Net investment income
Net realized gain on sale of investments
Net unrealized gain (loss) on investments
−Removed: Net increase in net assets resulting from operations
+Added: Net increase (decrease) in net assets resulting from operations
Weighted average common Shares outstanding
Per Share data:
−Removed: Net investment income (loss) per Share
+Added: Net investment income per Share
Net realized gain on sale of investments per Share
Net unrealized gain (loss) on investments
−Removed: Net increase in net assets resulting from operations per Share
+Added: Net increase (decrease) in net assets resulting from operations per Share
Dividend paid per Share
12 unchanged sentences
12,836,608.02
+Added: 10,926,319.99
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.