Company: KBSR
Filing Date: 2025-12-19
Form Type: 8-K
Source: 0001482430-25-000057
Chunk: 2

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-12-19
Form: 8-K
Item: Item 8.01
Chunk 2
---
 the board of directors.

The table below sets forth the calculation of the Company’s estimated value per share as of December 18, 2025 as well as the calculation of the Company’s prior estimated value per share as of December 12, 2024. Kroll was not responsible for the determination of the estimated value per share as of December 18, 2025 or December 12, 2024, respectively.

                                                      December 18, 2025                         December 12, 2024                             Change in                              
                                                      Estimated Value per Share                 Estimated Value per Share (1)                 Estimated Value per Share              
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Real estate properties (2)                          $                              10.98      $                                  14.51      $                              (3.53)  
  Investment in Prime US REIT units                   0.26                                      0.19                                          0.07                                   
  Cash, restricted cash and cash equivalents (3)      0.54                                      0.31                                          0.23                                   
  Other assets                                        0.07                                      0.15                                          (0.08)                                 
  Notes payable (4)                                   (8.63)                                    (10.69)                                       2.06                                   
  Other liabilities                                   (0.52)                                    (0.58)                                        0.06                                   
  Estimated value per share                           $                               2.70      $                                   3.89      $                              (1.19)  
  Estimated enterprise value premium                  None assumed                              None assumed                                  None assumed                           
  Total estimated value per share                     $                               2.70      $                                   3.89      $                              (1.19)  

_____________________

(1) The December 12, 2024 estimated value per share was based upon a calculation of the range in estimated value per share of the Company’s common stock as of December 12, 2024 by Kroll and the recommendation of the Advisor. Kroll based this range in estimated value per share upon (i) its appraisals of 14 of the Company’s consolidated real estate properties as of September 30, 2024, (ii) the contractual sales price, net of closing credits and disposition costs, of one property that was sold on November 15, 2024, (iii) its estimated value for the Company’s investment