KBS REIT III estimated NAV drops to $9.00 from $10.78, a 16.5% decline

KBS Real Estate Investment Trust III, Inc.

Estimated value per share of $9.00 as of Sep 28, 2022, down $1.78 from prior $10.78.
Declared September distribution of $0.04983333 per share, payable October 2022; record date Sep 28, 2022.
Decline driven by $1.19 per share real estate value drop and $0.35 drop in Prime US REIT investment.
Total appraised value of 17 properties: $2.8B; terminal cap rates 6.25%-8.75%, discount rates 7%-9.5%.
Prime US REIT units (OXMU) valued at $116.5M using SGX-ST closing price minus blockage discount.

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