Company: KBSR
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001482430-25-000021
Chunk: 209

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 5
Chunk 209
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.41 $(1.90)Investment in SREIT units0.19 0.18 0.01 Cash, restricted cash and cash equivalents0.31 0.30 0.01 Other assets0.15 0.41 (0.26)Notes payable (3)(10.69)(11.15)0.46 Other liabilities(0.58)(0.55)(0.03)Estimated value per share $3.89 $5.60 $(1.71)Estimated enterprise value premiumNone assumedNone assumedNone assumedTotal estimated value per share $3.89 $5.60 $(1.71)

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(1) The December 12, 2023 estimated value per share was based upon a calculation of the range in estimated value per share of our common stock as of December 12, 2023 by Kroll and the recommendation of our advisor.  Kroll based this range in estimated value per share upon (i) its appraisals of 15 of our consolidated real estate properties as of September 30, 2023, (ii) the estimated sale price based on offers received for one property that was being marketed for sale, (iii) its estimated value for our investment in units of the SREIT as of November 15, 2023, (iv) a valuation performed by our advisor of an office property located in San Francisco, California (“201 Spear Street”) owned by us as of September 30, 2023, and (v) valuations performed by our advisor with respect to our cash, other assets, notes payable and other liabilities as of September 30, 2023.  For more information relating to the December 12, 2023 estimated value per share and the assumptions and methodologies used by Kroll and our advisor, see Part II, Item 5 of our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 19, 2024.

(2) The estimated value of the Appraised Properties and the property sold on November 15, 2024 was $2.2 billion.  The decrease in the estimated value of real estate properties per share was primarily due to an overall decrease in the value of the Appraised Properties as a result of the ongoing challenges affecting the U.S. commercial real estate industry, especially as it pertains to commercial office buildings, and