| Schedule III - Real Estate Properties and Accumulated Depreciation |
MacKenzie Realty Capital, Inc.
Schedule III- Real Estate Properties and Accumulated Depreciation
June 30, 2022
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Initial Costs
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Subsequent Acquisition
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Subsequent Disposal
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Property:
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Acquisition Date
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Encumbrances at
June 30, 2022
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Land
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Building &
Improvements
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Land
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Building &
Improvements
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Land
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Building &
Improvements
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Gross Amount Carried at
June 30, 2022
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Accumulated
Depreciation
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Commodore Apartment Building
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March 5, 2021
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$
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6,737,500
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$
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5,519,963
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$
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7,488,715
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$
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-
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$
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69,845
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$
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-
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$
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-
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$
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13,078,523
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$
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(337,899
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)
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The Park View Building
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March 5, 2021
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8,387,500
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4,317,013
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11,751,249
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-
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81,820
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-
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-
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16,150,082
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(439,891
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)
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Hollywood Property
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October 4, 2021
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16,042,852
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8,704,577
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12,747,047
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-
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1,499,327
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-
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(297,017
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22,653,934
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(254,084
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Shoreline Apartments
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May 16, 2022
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17,598,181
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7,559,390
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20,124,777
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-
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-
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-
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-
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27,684,167
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(98,057
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)
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Satellite Place
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June 1, 2022
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-
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2,966,129
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10,716,785
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-
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-
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13,682,914
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(52,031
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WW Land
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May 6, 2022
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-
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3,050,000
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-
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-
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3,050,000
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-
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$
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48,766,033
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* |
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$
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32,117,072
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$
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62,828,573
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$
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-
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$
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1,650,992
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$
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-
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$
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(297,017
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$
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96,299,620
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$
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(1,181,962
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)
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*
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Excludes the note payable on property held for sale as of June 30, 2022.
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A summary of activity for real estate and accumulated
depreciation for the year ended June 30, 2022 and 2021:
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Year Ended June 30,
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Real Estate
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2022
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2021
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Balance at the beginning of the year
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$
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54,641,596
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$
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-
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Additions - acquisitions
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67,519,697
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54,641,596
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Disposals
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(297,017
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-
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Reclassified to assets held for sale
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(25,564,656
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-
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Balance at the end of the year
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$
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96,299,620
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$
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54,641,596
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Accumulated Depreciation
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Balance at the beginning of the year
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$
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1,107,466
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$
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-
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Depreciation expense
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2,866,400
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1,107,466
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Disposals
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(49,711
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-
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Reclassified to assets held for sale
*2
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(2,742,193
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)
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-
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Balance at end of the year
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$
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1,181,962
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$
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1,107,466
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*2
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Excludes $2,370,116 of accumulated amortization associated with acquired intangible assets reclassified as held for sale.
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