KBS REIT III Board Remains Neutral on Comrit Mini-Tender Offer for Up to 3.85M Shares

KBS Real Estate Investment Trust III, Inc.

Comrit Investments 1, LP offered $1.04 per share for up to 3,846,153 shares (2.59% of outstanding common stock).
Board of directors determined to remain neutral and makes no recommendation, citing individual stockholder liquidity needs.
KBS REIT III disclosed $1.1 billion of loan maturities within 12 months and substantial doubt about its ability to continue as a going concern.
Company terminated share redemption program and expects no dividends or share redemptions through March 2026 due to loan covenants.
December 2023 estimated value per share was $5.60, but subsequent market and portfolio developments are not reflected in that estimate.

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