KBS REIT III extends portfolio loan to Jan 2025, sells Preston Commons; substantial going concern doubt

KBS Real Estate Investment Trust III, Inc.

Substantial doubt about ability to continue as a going concern for at least one year from Nov 14, 2024.
Seventh Extension Agreement extends $460.9M facility maturity to Jan 23, 2025; requires mandate letter by Dec 19, 2024.
Sold Preston Commons (Dallas) for $151M on Nov 15, 2024; net proceeds of $141.4M after prorations and closing costs.
Sale proceeds used to pay down $140.4M of the portfolio loan and $1.0M in lender exit fees.
Advisor subordination: 90% of asset management fees on five properties remain payable; disposition fees capped at 0.65% and subordinated.

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