KBS REIT III Files 8-K for 'Other Events'

TL;DR

KBS REIT III dropped an 8-K for an 'Other Event' on 12/12/24. Details TBD.

AI Summary

On December 12, 2024, KBS Real Estate Investment Trust III, Inc. filed an 8-K report detailing an event. The filing does not specify the exact nature of the event but is categorized under 'Other Events'. The company is a real estate investment trust incorporated in Maryland with its principal executive offices in Newport Beach, California.

Why It Matters

This filing indicates a material event has occurred for KBS Real Estate Investment Trust III, Inc., requiring disclosure to investors and the public.

Risk Assessment

Risk Level: low — The filing is a standard disclosure form and does not inherently present new risks without further details on the 'Other Events'.

Key Numbers

• 000-54687 — SEC File Number (Identifies the company's filing history with the SEC.)
• 27-1627696 — IRS Number (Company's Employer Identification Number.)

Key Players & Entities

• KBS Real Estate Investment Trust III, Inc. (company) — Registrant
• Maryland (jurisdiction) — State of Incorporation
• Newport Beach, California (location) — Principal Executive Offices
• December 12, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $3.89 b — share of the Company's common stock of $3.89 based on the estimated value of the Compa
• $3.38 — e range in estimated value per share of $3.38 to $4.43, with an approximate mid-range
• $4 — n estimated value per share of $3.38 to $4.43, with an approximate mid-range value
• $3.89 — with an approximate mid-range value of $3.89 per share, as determined by Kroll and r
• $2.2 billion — property sold on November 15, 2024 was $2.2 billion. The decrease in the estimated value of
• $5.60 — e in the estimated value per share from $5.60 to $3.89. The changes are not equal to
• $16.5 million — the IPA in November 2010. (2) Includes $16.5 million of estimated contractual loan financing
• $7.5 million — 1, 2023 to December 20, 2024, including $7.5 million of estimated contractual loan financing
• $2.0 b — acquired for a total purchase price of $2.0 billion, including $28.2 million of acqui
• $28.2 million — rchase price of $2.0 billion, including $28.2 million of acquisition fees and acquisition exp
• $810.5 million — mber 30, 2024, the Company had invested $810.5 million in capital expenses and tenant improvem
• $2.0 billion — Properties as of September 30, 2024 was $2.0 billion. Based on the appraisal and valuation m
• $2.8 b — rovements through September 30, 2024 of $2.8 billion, results in an overall decrease i
• $0.13 — Appraised Properties would result in a $0.13 increase in the Company's estimated val
• $0.14 — roperties would result in a decrease of $0.14 to the Company's estimated value per sh

Filing Documents

• kbsriii-20241212.htm (8-K) — 147KB
• 0001482430-24-000074.txt ( ) — 280KB
• kbsriii-20241212.xsd (EX-101.SCH) — 2KB
• kbsriii-20241212_lab.xml (EX-101.LAB) — 20KB
• kbsriii-20241212_pre.xml (EX-101.PRE) — 11KB
• kbsriii-20241212_htm.xml (XML) — 3KB

01 OTHER EVENTS

ITEM 8.01 OTHER EVENTS Estimated Value Per Share On December 12, 2024, KBS Real Estate Investment Trust III, Inc.'s (the "Company") board of directors approved an estimated value per share of the Company's common stock of $3.89 based on the estimated value of the Company's assets less the estimated value of the Company's liabilities, or net asset value, divided by the number of shares outstanding, all as of September 30, 2024, with the exception of adjustments to the Company's net asset value to give effect to (i) the change in the estimated value of the Company's investment in units of Prime US REIT (SGX-ST Ticker: OXMU) as of November 14, 2024, (ii) the contractual sales price, net of closing credits and disposition costs, of one property that was sold on November 15, 2024 and (iii) estimated contractual loan financing fees and costs incurred for the period from October 1, 2024 through December 20, 2024. O ther than these adjustments, there have been no material changes between September 30, 2024 and the date of this filing to the net values of the Company's assets and liabilities that impacted the overall estimated value per share. The Company is providing this estimated value per share to assist broker-dealers that participated in the Company's now-terminated initial public offering in meeting their customer account statement reporting obligations under Financial Industry Regulatory Authority ("FINRA") Rule 2231. This valuation was performed in accordance with the provisions of and also to comply with Practice Guideline 2013–01, Valuations of Publicly Registered, Non-Listed REITs, issued by the Institute for Portfolio Alternatives ("IPA") in April 2013 (the "IPA Valuation Guidelines"). The Company's conflicts committee, composed solely of all of the Company's independent directors, is responsible for the oversight of the valuation process used to determine the estimated value per share of the Company's common stock, including the review and approval of the v

View Full Filing

View this 8-K filing on SEC EDGAR