KBS REIT III Files 8-K for Unspecified Feb 21 Event

TL;DR

**KBS REIT III filed an 8-K for an unspecified 'Other Event' on Feb 21; details are missing from this text.**

AI Summary

KBS Real Estate Investment Trust III, Inc. (CIK: 0001482430) filed an 8-K on February 27, 2024, reporting an event that occurred on February 21, 2024. This filing is categorized under Item 8.01, designated as "Other Events." The provided text, however, does not contain the specific details or nature of this reported event.

Why It Matters

This filing indicates that KBS Real Estate Investment Trust III, Inc. had an event on February 21, 2024, deemed significant enough to warrant an 8-K. Without the specific details of the 'Other Event,' the real-world impact on the company or its investors remains unknown.

Risk Assessment

Risk Level: low — The provided text only contains metadata for an 8-K filing, with no specific event details to assess for financial or operational risk.

Key Players & Entities

• KBS Real Estate Investment Trust III, Inc. (company) — Registrant

FAQ

Key Financial Figures

• $48.8 m — pital Advisors LLC (the "Advisor"), for $48.8 million, before third-party closing costs
• $1.1 million — rd-party closing costs of approximately $1.1 million and excluding disposition fees payable
• $46.2 m — Building ("Required McEwen Payment") of $46.2 million, which amount was applied to redu
• $203.0 m — ed Portfolio Revolving Loan Facility to $203.0 million, and the McEwen Building was rele
• $880,900 — payments of principal in the amount of $880,900, (iii) the revolving portion of the fa
• $10.0 million — ures related to the Properties equal to $10.0 million and (ii) a holdback for the payment of,
• $6.2 million — by the Guarantor in an amount equal to $6.2 million. Disbursements of the holdback amounts

Filing Documents

• kbsriii-20240221.htm (8-K) — 34KB
• 0001482430-24-000014.txt ( ) — 154KB
• kbsriii-20240221.xsd (EX-101.SCH) — 2KB
• kbsriii-20240221_lab.xml (EX-101.LAB) — 22KB
• kbsriii-20240221_pre.xml (EX-101.PRE) — 11KB
• kbsriii-20240221_htm.xml (XML) — 3KB

01 OTHER INFORMATION

ITEM 8.01 OTHER INFORMATION Disposition of the McEwen Building On April 30, 2012, KBS Real Estate Investment Trust III, Inc. ("KBS REIT III"), through an indirect wholly owned subsidiary, acquired an office building containing 175,262 rentable square feet located on approximately 10.7 acres of land in Franklin, Tennessee (the "McEwen Building"). On February 21, 2024, KBS REIT III completed the sale of the McEwen Building to a purchaser unaffiliated with KBS REIT III or KBS Capital Advisors LLC (the "Advisor"), for $48.8 million, before third-party closing costs of approximately $1.1 million and excluding disposition fees payable to the Advisor. Modified Portfolio Revolving Loan Facility On October 17, 2018, certain of KBS REIT III's indirect wholly owned subsidiaries (the "Borrowers") entered into a loan facility (as subsequently modified and amended, the "Modified Portfolio Revolving Loan Facility") with U.S. Bank National Association, as administrative agent (the "Agent"). The current lenders under the Modified Portfolio Revolving Loan Facility are U.S. Bank National Association, Regions Bank, Citizens Bank, City National Bank and Associated Bank, National Association (the "Lenders"). On February 21, 2024, in connection with the disposition of the McEwen Building and pursuant to the Third Modification Agreement (defined below), the Borrowers paid the Agent the net sales proceeds from the sale of the McEwen Building ("Required McEwen Payment") of $46.2 million, which amount was applied to reduce the outstanding principal amount of the Modified Portfolio Revolving Loan Facility to $203.0 million, and the McEwen Building was released as security for the Modified Portfolio Revolving Loan Facility. Notwithstanding the Required McEwen Payment, the Third Modification Agreement allows KBS REIT III to draw back a portion of the loan payment through the holdbacks described below, providing additional liquidity to KBS REIT III to fund capital needs in the portfolio. Fol

Forward-Looking Statements

Forward-Looking Statements Certain statements included in this Current Report on Form 8-K are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of KBS REIT III and members of its management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should" or similar expressions. These include statements about KBS REIT III's plans, strategies and prospects, including its ability to comply with any terms, conditions, obligations or covenants contained in any agreements related to debt obligations. These statements are subject to known and unknown risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those contemplated by such forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and KBS REIT III undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law. Moreover, you should interpret many of the risks identified in this report, as well as the risks set forth below, as being heightened as a result of the continued disruptions in the financial markets impacting the U.S. commercial real estate industry, especially as it pertains to commercial office buildings. All forward-looking statements should be read in light of the risks identified in Part I, Item 1A of KBS REIT III's Annual Report on Form 10-K for the year ended December 31, 2022 and in Part II, Item 1A of KBS REIT III's Quarterly Reports on Form 10-Q, each as filed with the Securities and Exchange Commission. As a result of KBS REIT III's upcoming loan maturities, the challenging c

SIGNATURES

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. KBS REAL ESTATE INVESTMENT TRUST III, INC. Dated: February 27, 2024 BY: /s/ Jeffrey K. Waldvogel Jeffrey K. Waldvogel Chief Financial Officer, Treasurer and Secretary

View Full Filing

View this 8-K filing on SEC EDGAR