KBS REIT III neutral on $2.02 mini-tender; discloses going concern doubt, $1.2B maturities

KBS Real Estate Investment Trust III, Inc.

Board neutral on Comrit mini-tender at $2.02/share for up to 1.73M shares (1.17% of outstanding).
Company reports $1.2B loan maturities in next 12 months; substantial doubt about going concern.
Share redemption program terminated; no dividends or redemptions expected before March 2026 due to loan covenant.
Estimated NAV of $5.60/share (Sept 2023) stale; Comrit offer at ~64% discount.
Comrit currently holds ~1.45M shares; no affiliation with KBS or its advisors.

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