KBS Real Estate Investment Trust III, Inc. (KBSR) KBS Real Estate Investment Trust III, Inc. (referred to as "the Company") was established as a Maryland corporation on December 22, 2009. It formally elected to be taxed as a Real Estate Investment Trust (REIT) starting with its fiscal year concluded on December 31, 2011, and plans to maintain this tax status going forward. The Company primarily conducts its business through KBS Limited Partnership III, a Delaware limited partnership known as the "Operating Partnership." The Company acts as the sole general partner and holds a nominal 0.1% interest in this partnership. KBS REIT Holdings III LLC ("REIT Holdings III") is the sole limited partner of the Operating Partnership, owning the substantial remaining 99.9% interest. Notably, the Company also functions as the exclusive member and manager of REIT Holdings III, thereby controlling the overall operational framework. The Company possesses a varied collection of real estate assets. By September 30, 2020, its portfolio included 18 office buildings, one integrated office and retail complex, and an equity investment in Prime US REIT, a Singaporean REIT (SREIT), which is accounted for under the equity method. Furthermore, as of the same date, the Company had originated a single real estate loan receivable, secured by a deed of trust.
Sector: Real Estate Investment Trusts
Industry: REIT - Diversified
KBS Real Estate Investment Trust III, Inc. OTC:KBSR Real Estate · REIT - Diversified
All Press Release SEC Filings News
SEC Filing ⚠ 1
KBSR: 8-K · material agreement
KBS Real Estate Investment Trust III renewed its advisory agreement with KBS Capital Advisors LLC on September 27, 2026, extending the term through September 27, 2027.
The renewal is the second one-year extension and made no changes to the agreement's terms other than the extended term. Either party may terminate on 60 days' notice without penalty, or the REIT may terminate immediately for cause or upon the Advisor's bankruptcy.
Certain Asset Management and Disposition Fees remain subject to a fee subordination agreement in favor of U.S. Bank National Association dated November 22, 2024.
SEC 8-K • 25d ago AI analysis › SEC Filing ⚠ 7
KBSR: DEF 14A · proxy statement
KBS REIT III filed its proxy statement for the December 17, 2026 annual meeting, with two routine proposals: election of five directors and ratification of Ernst & Young LLP as auditor for 2026.
The notable item is a stark going-concern warning in the forward-looking statements section: management states that upcoming loan maturities, required principal paydowns, and a challenging office lending environment create substantial doubt about the company's ability to continue as a going concern for at least a year from August 13, 2026.
The filing also details extensive debt-related restrictions: loan agreements contain cross-default provisions, cash sweeps, pledged subsidiary equity, and advisor fee deferrals. Lenders could foreclose on collateral if the company fails to satisfy covenants, and the company says it may relinquish properties or even seek bankruptcy protection to restructure.
There are 148,516,246 shares outstanding as of the September 21, 2026 record date; stockholders should not expect distributions for an indefinite period.
SEC DEF 14A • 1mo ago SEC Filing ● Critical ⚠ 11
KBSR: 10-Q · periodic report
KBS Real Estate Investment Trust III disclosed substantial doubt about its ability to continue as a going concern in its 10-Q for the quarter ended June 30, 2026. The non-traded office REIT faces $1.2 billion of loan maturities and required principal paydowns over the next 12 months, with a weighted-average remaining debt term of just 0.3 years.
Second-quarter net loss widened to $39.5 million from $22.4 million a year earlier, driven by $17.8 million of non-cash impairment charges on two office properties, bringing six-month impairments to $28.4 million. Total revenues fell about 14% year over year to $56.0 million, primarily because the company sold properties in July 2025, September 2025 and March 2026 under lender-required dispositions.
Liquidity remains severely constrained: cash and equivalents stood at $26.6 million against $1.24 billion of notes payable, and six debt facilities covering the full $1.2 billion of debt are subject to monthly cash sweep arrangements. The company has declared no distributions since June 2023, terminated its share redemption program in March 2024, and must sell three properties in 2026 and up to three in 2027 under its loan agreements.
The $160.4 million Modified Portfolio Revolving Loan Facility was extended to December 15, 2026, with a further extension to March 31, 2027 contingent on conditions not fully in the company's control. The company also holds 237.4 million units of Prime US REIT worth $38.2 million, down from its $271.0 million original cost in 2019.
SEC 10-Q • 2mo ago AI analysis › SEC Filing ● Major ⚠ 8
KBSR: 10-Q · periodic report
KBS Real Estate Investment Trust III reported a net loss of $12.0 million for the quarter ended March 31, 2026, driven by a $10.6 million impairment charge on an office property and $25.0 million in interest expense. The company sold Gateway Tech Center for net proceeds of $48.1 million, recognizing a $22.8 million gain, but used the majority of these proceeds to pay down $47.5 million of debt under its Modified Portfolio Revolving Loan Facility.
The filing includes explicit going-concern language, stating that management’s plans do not alleviate substantial doubt about the company’s ability to continue as a going concern for at least a year. This is due to $1.2 billion in debt maturing within the next 12 months, with a weighted-average remaining debt term of only 0.5 years, and the requirement to sell additional properties to satisfy loan covenants.
The company has suspended all dividends and share redemptions, with no distributions declared since June 2023. It holds a 16.5% stake in Prime US REIT (SREIT), valued at $40.6 million, which has suffered significant value erosion from its initial acquisition cost. The company is subject to strict cash sweep arrangements on six debt facilities, limiting its access to operating cash flows.
SEC 10-Q • 5mo ago AI analysis › Recent SEC filings with analysis 
