KBS REIT III extends $606M facility to Dec 22 after missing extension conditions; $1.7B in loans maturing in 12 months

KBS Real Estate Investment Trust III, Inc.

Company unable to exercise one-year extension option; obtained two short extensions to Dec 22, 2023.
Outstanding balance ~$606.3M; unadvanced $6.9M commitment permanently cancelled.
Company has $1.7B of loan maturities in next 12 months; extensions require loan reductions or paydowns.
Discussions with lenders for further modification ongoing, no assurance of completion.
Office real estate weakness, especially San Francisco Bay Area, materially impacts cash flow and refinancing.

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