Company: KBSR
Filing Date: 2025-12-19
Form Type: 8-K
Source: 0001482430-25-000057
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Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-12-19
Form: 8-K
Item: Item 8.01
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ITEM 8.01 OTHER EVENTS

Estimated Value Per Share

On December 18, 2025, KBS Real Estate Investment Trust III, Inc.’s (the “ Company”) board of directors approved an estimated value per share of the Company’s common stock of $2.70 based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, or net asset value, divided by the number of shares outstanding, all as of September 30, 2025, with the exception of an adjustment to the Company’s net asset value to give effect to the change in the estimated value of the Company’s investment in units of Prime US REIT (SGX-ST Ticker: OXMU) as of November 14, 2025. O ther than this adjustment, there have been no material changes between September 30, 2025 and the date of this filing to the net values of the Company’s assets and liabilities that impacted the overall estimated value per share. The Company is providing this estimated value per share to assist broker-dealers that participated in the Company’s now-terminated initial public offering in meeting their customer account statement reporting obligations under Financial Industry Regulatory Authority (“ FINRA”) Rule 2231. This valuation was performed in accordance with the provisions of and also to comply with Practice Guideline 2013 - 01, Valuations of Publicly Registered, Non-Listed REITs, issued by the Institute for Portfolio Alternatives (“ IPA”) in April 2013 (the “ IPA Valuation Guidelines”).

The Company’s conflicts committee, composed solely of all of the Company’s independent directors, is responsible for the oversight of the valuation process used to determine the estimated value per share of the Company’s common stock, including the review and approval of the valuation and appraisal processes and methodologies used to determine the Company’s estimated value per share, the consistency of the valuation and appraisal methodologies with real estate industry standards and practices and the reasonableness of the assumptions used in the valuations and appraisals. With the approval of the conflicts committee, the Company engaged Kroll, LLC (“ Kroll”), an independent third party real estate valuation firm, to provide (i) appraisals for 12 of the Company’s consolidated real estate properties owned as of September 30, 2025 (the “ Appraised Properties”), (ii) an estimated value for the Company’s investment in units of Prime US REIT (described below) and (iii) a calculation of the range in