Company: KBSR
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001482430-25-000021
Chunk: 224

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 5
Chunk 224
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 May 6, 2014

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(1) Excluding the special dividend, our estimated value per share of common stock would have been $12.45.  

(2) Determined solely to be used as a component in calculating the offering prices in our now-terminated primary initial public offering.  

Distribution Information

Due to certain restrictions and covenants included in our loan agreements as a result of refinancing certain of our debt facilities, we do not expect to pay any dividends or distributions until certain loans are repaid or refinanced. One of the loans with these restrictions has a current maturity of January 2027 but may be extended subject to the terms and conditions of the loan agreement.  We have not declared any distributions since June 2023.  We are unable to predict when or if we will be in a position to pay distributions to our stockholders.  See Part I, Item 1A, “Risk Factors—Risks Associated with Debt Financing and Going Concern Considerations.”

If and when we pay distributions, we will likely fund distributions from the sale of assets.

We have elected to be taxed as a REIT under the Internal Revenue Code and we intend to operate in such a manner.  To maintain our qualification as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our REIT taxable income (computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP).  

54

During 2023, we declared distributions based on a monthly record date for each month during the period commencing January 2023 through June 2023.  We paid distributions for all record dates of a given month on or about the first business day of the following month.  Distributions declared during 2023, aggregated by quarter, are as follows (dollars in thousands, except per share amounts):

20231st Quarter2nd Quarter3rd Quarter4th QuarterTotalTotal Distributions Declared$17,073 $17,121 $— $— $34,194 Total Per Share Distribution (1) (2)$0.115 $0.115 $— $— $0.230 

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(1) Distributions declared per common share assumes each share was issued and outstanding each day that was a monthly record date for distributions during the period presented.  

(2) For each monthly