Highest-materiality recent filing
Sold Gateway Tech Center for $50M; net proceeds $48.1M used to reduce loan balance by $47.5M.
KBS REIT III extends $205.5M loan facility maturity to March 25, 2026 with conditions
Fourth Modification Agreement extends Modified Portfolio Revolving Loan Facility from March 1 to March 25, 2026, subject to conditions not in KBS's sole control.
KBS REIT III board sets estimated NAV at $2.70 per share, down 31% from $3.89
Estimated value per share of $2.70, down 31% from $3.89 one year ago.
KBS REIT III completes $100M sale of Park Place Village, repays debt
Sold Park Place Village (Leawood, KS) for gross $100M, net $95.5M after closing costs and $0.8M disposition fee.
West 4 Capital LP offers $0.80/share for up to 2,295,000 shares (1.55% of outstanding).
KBS REIT III neutral on Comrit mini-tender at $0.80; details liquidity and going concern risks
Comrit offers $0.80/share for up to 1,562,500 shares (1.05% of outstanding).
KBS REIT III extends $465.9M loan to Jan 2027; tighter covenants: paydown, cash sweep, dividend curb
Maturity extended to Jan 22, 2027 with two 12-month extensions; interest at 1-month Term SOFR + 300 bps.
Short-term extension of Amended & Restated Portfolio Loan Facility to Feb 6, 2025; additional $4.97M advanced for property taxes.
KBS REIT III extends Accenture Tower loan to Nov 2026; rate +300 bps, $16M new availability
Maturity extended from Dec 20, 2024 to Nov 2, 2026 with possible 12-month extension; outstanding principal $306M.
KBS REIT III board approves estimated NAV of $3.89/share, down 31% from $5.60 last year
Estimated value per share of $3.89 as of Dec 12, 2024, a decline of $1.71 (31%) from $5.60 in Dec 2023.
KBS REIT III extends $306M Accenture Tower loan to Dec 18; lenders waive key covenants
Maturity extended twice: first to Dec 13 then to Dec 18, 2024.
Substantial doubt about ability to continue as a going concern for at least one year from Nov 14, 2024.
KBS REIT III extends Accenture Tower loan to Dec 10, 2024; $306M principal
Third Modification extends maturity by ~5 weeks to Dec 10, 2024; removes prior 12-month extension option.
Sixth loan extension on $601.3M facility to Nov 20, 2024; covenants waived; going concern doubt
Sixth extension of $601.3M portfolio loan facility moves maturity to Nov. 20, 2024.
KBS REIT III Board Remains Neutral on Comrit Mini-Tender Offer for Up to 3.85M Shares
Comrit Investments 1, LP offered $1.04 per share for up to 3,846,153 shares (2.59% of outstanding common stock).
KBS REIT III extends loan maturity to Nov 6, 2024; must raise $100M by Oct 15 to avoid default
Fifth Extension Agreement moves maturity from earlier date to November 6, 2024; outstanding principal ~$601.3M.
KBS REIT III neutral on $2.02 mini-tender; discloses going concern doubt, $1.2B maturities
Board neutral on Comrit mini-tender at $2.02/share for up to 1.73M shares (1.17% of outstanding).
KBS REIT III sells McEwen Building for $48.8M, modifies loan with going concern warning
Sale of McEwen Building for $48.8M; net proceeds $46.2M applied to reduce loan principal to $203M.
KBS REIT III extends loan maturity, restricts dividends; substantial doubt about going concern
Existing $249.2M facility ($124.6M term + $124.6M revolving all drawn) extended to April 15, 2024 via Third Modification Agreement.
KBS REIT III extends $601M loan to Aug 2024; must raise $100M by July 15, 2024
Fourth Extension Agreement extends maturity of $601.3M portfolio loan facility to August 6, 2024.
KBS REIT III extends $601M portfolio loan to Feb 6, 2024; defaults on $125M Spear Street loan
Third extension agreement extended $601.3M portfolio loan to Feb 6, 2024; $5M paydown made, Excess Cash Flow swept.
KBS REIT III estimates value per share at $5.60, down 38% from $9.00
Estimated value per share $5.60 as of Dec 12, 2023, a 38% decrease from $9.00 on Sep 28, 2022.
Company unable to exercise one-year extension option; obtained two short extensions to Dec 22, 2023.
KBS REIT III extends two loan facilities by weeks; $1.7B total maturities in 12 months
Accenture Tower loan ($281.3M term + $93.7M revolver) maturity extended from Nov 2 to Dec 4, 2023; revolver advances suspended.
CMG Partners offers $4.02/share for up to 450,000 shares (0.30% of outstanding); board unanimously recommends rejection.
KBS REIT III reduces distribution to $0.03833/sh and suspends ordinary share redemptions
Board authorized January and February 2023 distributions of $0.03833333 per share, reduced from prior periods due to economic slowdown.
KBS REIT III cancels all unmet 2022 ordinary redemptions, resumes Jan 2023
Oct distribution of $0.04983333/share declared, record Oct 21, payable Nov 2022.
KBS REIT III estimated NAV drops to $9.00 from $10.78, a 16.5% decline
Estimated value per share of $9.00 as of Sep 28, 2022, down $1.78 from prior $10.78.
KBS REIT III increases 2022 redemption cap to 5% of weighted-average shares outstanding
Board approved amended share redemption program effective April 29, 2022, increasing 2022 redemption cap to 5% of 2021 weighted-average shares outstanding.
On September 14, 2023, Jeffrey A. Dritley notified KBS Real Estate Investment Trust III, Inc. (the “Company”) of his decision to resign as a member of the Company’s board of directors effective as of December 31, 2023.
Max materiality 0.90 · Median 0.68 · Most common event other_material