Welcome to our dedicated page for Kbs Real Est SEC filings (Ticker: KBSR), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
This page provides access to SEC filings for KBS Real Estate Investment Trust III, Inc. (KBSR), a publicly registered, non-listed REIT organized in Maryland. Through its reports on Forms 8-K, 10-K and 10-Q, the company discloses information about its commercial real estate portfolio, financing arrangements, advisory agreement and periodic estimated value per share of its common stock.
In its 8-K filings, KBS Real Estate Investment Trust III, Inc. has detailed transactions such as the sale of Park Place Village, a mixed-use office/retail property in the Kansas City submarket of Leawood, Kansas. These filings describe the gross sales price, net sales proceeds, payoff of the associated mortgage loan and paydown of the company’s credit facility, as well as the intended use of remaining proceeds to manage liquidity. Such documents help readers understand how the company uses property dispositions to adjust leverage and support its capital structure.
Another key category of filings relates to the company’s estimated value per share. An 8-K dated December 19, 2025 explains how the board of directors, with oversight from an independent conflicts committee, approved an estimated value per share based on appraisals of selected consolidated real estate properties by Kroll, LLC, an estimated value for the company’s investment in units of Prime US REIT, and valuations of cash, other assets, notes payable and other liabilities by KBS Capital Advisors LLC. The filing also outlines the limitations of this estimate and its purpose in assisting broker-dealers with customer account statement reporting under FINRA Rule 2231.
Filings also cover the renewal of the advisory agreement with KBS Capital Advisors LLC, including terms for extension and termination. With AI-powered summaries, readers can quickly see the main points of each filing, from property sales and debt paydowns to valuation methodologies and advisory arrangements, while still having direct access to the full SEC documents for detailed review.
KBS Real Estate Investment Trust III files its annual report describing severe financial pressure and substantial doubt about its ability to continue as a going concern. The non-traded REIT owns 12 U.S. office properties and a major stake in Singapore-listed Prime US REIT.
Debt is the central issue: about $1.3 billion of obligations outstanding at December 31, 2025, with most maturing or requiring paydowns within roughly a year and many loans subject to cash sweeps that divert excess property cash flow to lenders. Cross-default provisions and pledged equity in key property-owning subsidiaries heighten foreclosure and acceleration risk.
The board cut the estimated value per share from $3.89 to $2.70 within a year, reflecting weak office markets and declining values, and the company has paid no distributions since June 2023. Loan covenants block dividends and redemptions until certain debts are repaid or refinanced, and the share redemption program was terminated in March 2024, leaving investors with highly illiquid shares.
KBS Real Estate Investment Trust III entered into a fourth modification of its Portfolio Revolving Loan Facility, which had an outstanding principal balance of $205.5 million as of January 27, 2026. The agreement conditionally extends the loan’s maturity from March 1, 2026 to March 25, 2026, with a possible further extension to April 15, 2026 if additional conditions are met.
Some of these conditions are not within KBS REIT III’s sole control, and failure to meet certain requirements after March 1, 2026 can trigger an immediate event of default within two business days. The company also agreed to defer 10% of asset management fees and a portion of disposition fees related to the secured properties until the facility is fully repaid.
The filing reiterates that, due to upcoming loan maturities, required principal paydowns, a challenging commercial real estate lending environment and weak U.S. office market conditions, management’s plans do not alleviate substantial doubt about KBS REIT III’s ability to continue as a going concern for at least a year from November 14, 2025.
KBS Real Estate Investment Trust III, Inc. furnished an investor presentation as a corporate update. On January 30, 2026, the company made available a presentation discussing its real estate portfolio and its estimated value per share. The presentation is attached as Exhibit 99.1 to this report and is also accessible on the company’s website under the KBS Real Estate Investment Trust III, Inc. presentation section. The materials are furnished under Regulation FD and are not deemed filed or incorporated by reference into other securities law filings.
KBS Real Estate Investment Trust III set a new estimated value of $2.70 per share as of December 18, 2025. This figure is based on net asset value, primarily Kroll’s appraisals of 12 office properties, the valuation of its Prime US REIT units, and advisor estimates of cash, other assets, and debt. The new estimate is down from $3.89 per share approved in December 2024, with the drop driven mainly by lower office property values in a weak U.S. office market and capital spending on the portfolio.
The REIT’s properties were purchased and improved for about $2.4 billion, versus a current appraised value of $1.6 billion, implying a significant write-down. Management highlights heavy exposure to challenged office markets, cash sweep requirements on several loans, and upcoming maturities that may require asset sales, paydowns or restructurings. Due to refinancing pressures, restrictive loan covenants and difficult market conditions, the company states there is substantial doubt about its ability to continue as a going concern for at least one year from November 14, 2025.
KBS Real Estate Investment Trust III, Inc. filed its quarterly report for the period ended September 30, 2025, reporting a net loss of $4.2 million for Q3 and $59.9 million for the nine months. Revenue softened as rental income declined year over year, while interest expense remained elevated.
The company recorded $65.5 million of non‑cash impairments on The Almaden, Towers at Emeryville, and 60 South Sixth, reflecting weaker leasing and valuation assumptions in select markets. Offsetting this, KBS REIT III completed two dispositions in July and September, recognizing a $77.4 million gain on sale and generating $220.1 million of net sale proceeds year to date, which supported debt paydowns.
Liquidity included $79.965 million of cash, cash equivalents and restricted cash at quarter end. The portfolio totaled 12 office properties at 77.0% occupancy; Accenture Tower represented 23.6% of total assets and was 90.1% leased. The filing states $790.0 million of debt maturities and required paydowns within 12 months and notes substantial doubt about the ability to continue as a going concern absent successful refinancings, asset sales or other actions. Stockholders’ equity was $196.7 million.
KBS Real Estate Investment Trust III, Inc. completed the sale of its mixed-use Park Place Village property in Leawood, Kansas on September 23, 2025 for a gross price of $100.0 million, generating $95.5 million of net sales proceeds after closing adjustments and $0.8 million of disposition fees to its advisor.
KBS REIT III used these proceeds to fully repay the Park Place Village Mortgage Loan, including $65.2 million of outstanding principal and accrued interest, and to pay down its Credit Facility by $25.4 million, reducing the Credit Facility’s outstanding principal balance to $37.5 million. Remaining proceeds will be used to manage the company’s liquidity needs.
KBS Real Estate Investment Trust III, Inc. entered into a material definitive agreement to renew its advisory agreement with KBS Capital Advisors LLC. The renewal, dated September 27, 2025, extends the term of the existing advisory agreement through September 27, 2026.
The advisory agreement can continue to be renewed for additional one-year periods if both the Company and the Advisor consent. It may be terminated by either party without cause or penalty on 60 days’ written notice, or immediately by the Company for cause or if the Advisor enters bankruptcy. Aside from extending the term by one year, the renewal leaves all other terms of the advisory agreement, as previously amended, unchanged.