KBS REIT III neutral on Comrit mini-tender at $0.80; details liquidity and going concern risks

KBS Real Estate Investment Trust III, Inc.

Comrit offers $0.80/share for up to 1,562,500 shares (1.05% of outstanding).
Board neutral; notes $390M loan maturities and $80M paydowns in next 12 months.
No dividends or redemptions expected until certain loans repaid or refinanced (maturity Jan 2027).
Estimated value per share $3.89 as of Sept 30, 2024; current market not reflected.
Substantial doubt about going concern, though risk reduced by recent refinancings.

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