Company: KBSR
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001482430-25-000021
Chunk: 208

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 5
Chunk 208
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 each of the Appraised Properties, the contractual sales price, net of closing credits and disposition costs, of one property that was sold on November 15, 2024, an estimated value of our investment in units of the SREIT, estimated contractual loan financing fees and costs incurred for the period from October 1, 2024 through December 20, 2024, and a summary of the estimated value of each of our other assets and our liabilities as determined by our advisor and reviewed by Kroll.  In light of the valuation report and other factors considered by the conflicts committee and the conflicts committee’s own extensive knowledge of our assets and liabilities, the conflicts committee: (i) concluded that the range in estimated value per share of $3.38 to $4.43, with an approximate mid-range value of $3.89 per share, as determined by Kroll and recommended by our advisor, which approximate mid-range value was based on Kroll’s appraisals of the Appraised Properties, the contractual sales price, net of closing credits and disposition costs, of one property that was sold on November 15, 2024, Kroll’s valuation of our investment in units of the SREIT, estimated contractual loan financing fees and costs incurred for the period from October 1, 2024 through December 20, 2024, and valuations performed by our advisor of our cash, other assets, notes payable and other liabilities, was reasonable and (ii) recommended to our board of directors that it adopt $3.89 as the estimated value per share of our common stock, which estimated value per share is based on those factors discussed in (i) above.  Our board of directors unanimously agreed to accept the recommendation of the conflicts committee and approved $3.89 as the estimated value per share of our common stock, which determination is ultimately and solely the responsibility of the board of directors.  

The table below sets forth the calculation of our estimated value per share as of December 12, 2024 as well as the calculation of our prior estimated value per share as of December 12, 2023.  Kroll was not responsible for the determination of the estimated value per share as of December 12, 2024 or December 12, 2023, respectively.

December 12, 2024Estimated Valueper ShareDecember 12, 2023Estimated Valueper Share (1)Change inEstimated Valueper ShareReal estate properties (2)$14.51 $16