Company: KBSR
Filing Date: 2025-12-19
Form Type: 8-K
Source: 0001482430-25-000057
Chunk: 15

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-12-19
Form: 8-K
Item: Item 8.01
Chunk 15
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ued disruptions in the financial markets and economic uncertainty impacting the U. S. commercial real estate industry could further impact the Company’s ability to implement its business strategy and continue as a going concern. Overall, there remains significant uncertainty regarding the timing and duration of the economic recovery, which precludes any prediction as to the ultimate adverse impact the current disruptions in the markets may have on the Company’s business. Potential long-term changes in customer behavior, such as continued work-from-home arrangements, could materially and negatively impact the future demand for office space, further adversely impacting the Company’s operations. For more information, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 14, 2025 and the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2025 filed with the SEC on November 14, 2025. These risks are not priced into the December 18, 2025 estimated value per share.

The Company’s estimated value per share does not reflect a discount for the fact that the Company is externally managed, nor does it reflect a real estate portfolio premium/discount versus the sum of the individual property values. The Company’s estimated value per share does not take into account estimated disposition costs and fees for real estate properties that are not under contract to sell. The Company has generally incurred disposition costs and fees related to the sale of each real estate property since inception of 0.6% to 2.9% of the gross sales price less concessions and credits, with the weighted average being approximately 1.5%. The estimated value per share does not take into consideration any financing and refinancing costs subsequent to December 19, 2025. The Company currently expects to utilize an independent valuation firm to update its estimated value per share no later than December 2026.

Historical Estimated Values per Share

The historical reported estimated values per share of the Company’s common stock approved by the board of directors are set forth below:

  Estimated Value per Share      Effective Date of Valuation      Filing with the Securities and Exchange Commission                              
                      $3.89      December 12, 2024                Part II, Item 5 of the Company’s Annual Report on Form 10-K for the Year Ended  
                                                                  December 31, 2024, filed March 14, 2025                                         
                      $5.60      December 12, 2023                Part II, Item 5 of the Company