KBS REIT III board neutral on West 4 mini-tender at $0.80; cites going concern doubt and liquidity issues

KBS Real Estate Investment Trust III, Inc.

West 4 Capital LP offers $0.80/share for up to 2,295,000 shares (1.55% of outstanding).
Board neutral due to KBS REIT III's lack of liquidity and uncertain timing of future liquidity for stockholders.
Company has $467.2M in loan maturities and required paydowns over next 12 months; only $65M has extension options.
No dividends or share redemptions expected until certain loans are repaid or refinanced.
Estimated value per share of $3.89 (Sept 30, 2024) but appraisals may not reflect current market; substantial doubt about going concern expressed.

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