---
schema_version: "secwatch.filing_event.v1"
accession: "0001482430-23-000009"
form_type: "8-K"
ticker: "KBSR"
cik: "0001482430"
company_name: "KBS Real Estate Investment Trust III, Inc."
filed_at: "2023-03-06T23:59:59+00:00"
generated_at: "2026-06-18T11:25:32.898493+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# KBS REIT III board recommends rejecting CMG mini-tender offer at $4.02/share, 55% below estimated NAV

## Summary
- CMG Partners offers $4.02/share for up to 450,000 shares (0.30% of outstanding); board unanimously recommends rejection.
- Estimated NAV per share as of Sept 28, 2022 is $9.00; offer represents a 55% discount.
- CMG recently sold shares at $6.59 and bought at $5.05 in secondary market, above offer price.
- Company also modified loan facility: converted from LIBOR to Term SOFR +160bps, extended maturity to March 1, 2024.
- Ordinary redemptions suspended; special redemptions still available at estimated NAV.

## SEC filing metadata
- accession: 0001482430-23-000009
- form_type: 8-K
- ticker: KBSR
- cik: 0001482430
- company_name: KBS Real Estate Investment Trust III, Inc.
- filed_at: 2023-03-06T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1482430/000148243023000009/0001482430-23-000009-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1482430/000148243023000009/kbsriii-20230221.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001482430-23-000009
- JSON: https://secwatch.observer/filing/0001482430-23-000009.json
- Plain text: https://secwatch.observer/filing/0001482430-23-000009.txt

## Key facts
- Material Agreements
  KBS Real Estate Investment Trust III, Inc. entered into Modified Portfolio Revolving Loan Facility with U.S. Bank, N.A. valued at $249.2 million committed amount; interest at Term SOFR plus 160 basis points per annum (effective 2023-02-28).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: U.S. Bank, N.A.
  - Value: $249.2 million committed amount; interest at Term SOFR plus 160 basis points per annum
  - Effective: 2023-02-28
  source text: On February 28, 2023, the Borrower entered into a second modification with the Agent and the Lenders to convert the benchmark interest rate from LIBOR to Term SOFR.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1482430/000148243023000009/0001482430-23-000009-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.