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February 07, 2016 12:38 PM ET

Real Estate Investment Trusts (REITs)

Company Overview of KBS Real Estate Investment Trust III, Inc.

Company Overview

620 Newport Center Drive

Suite 1300

Newport Beach, CA 92660

United States

Phone:

949-417-6500

Key Executives for KBS Real Estate Investment Trust III, Inc.

Executive Vice President, Treasurer, Secretary, and Director
Age: 57
Compensation as of Fiscal Year 2015.

KBS Real Estate Investment Trust III, Inc. Key Developments

KBS Real Estate Investment Trust III, Inc.'s Subsidiary Enters into a Modified Loan Agreement

On September 17, 2015, KBS Real Estate Investment Trust III, Inc., through indirect wholly owned subsidiaries (the Borrowers), entered into a modified loan agreement to increase the committed amount of an existing portfolio loan (the Portfolio Loan") to $255.0 million, subject to certain conditions contained in the loan agreement. The Portfolio Loan is composed of $127.5 million of term debt and $127.5 million of revolving debt. At closing, $127.5 million of the term debt and $7.5 million of the revolving debt was outstanding. The availability of the revolving debt is subject to certain conditions contained in the loan documents. The initial maturity date of the Portfolio Loan is June 1, 2019, with a one-year extension option, subject to certain conditions contained in the loan agreement. The Portfolio Loan bears interest at a floating rate of 190 basis points over one-month LIBOR and monthly payments are interest only with the entire balance due at maturity, assuming no prior prepayment. The company has the right to prepay all or a portion of the Portfolio Loan, subject to certain fees and conditions contained in the loan agreement. During the term of the Portfolio Loan, the company has an option, which may be exercised up to two times, to increase the loan amount to a maximum of $350.0 million, of which 50% would be term debt and 50% would be revolving debt, with the addition of one or more properties to secure the Portfolio Loan, subject to certain conditions contained in the loan documents.

KBS Real Estate Investment Trust III, Inc. Enters into a Purchase Agreement to Acquire an Office Property

On September 2, 2015, KBS Real Estate Investment Trust III, Inc., through an indirect wholly owned subsidiary, entered into a purchase agreement to acquire an office property consisting of three office buildings containing an aggregate of 416,127 rentable square feet located on approximately 5.8 acres of land in San Jose, California (The Almaden). The seller is not affiliated with the company or its advisor. The contractual purchase price of The Almaden is approximately $150.0 million plus closing costs.

KBS Real Estate Investment Trust III, Inc. Announces its Subsidiary Acquires 515 Congress

On August 31, 2015, KBS Real Estate Investment Trust III, Inc. (the Company), through an indirect wholly owned subsidiary, acquired an office property containing 258,176 rentable square feet located on approximately 0.5 acres of land in Austin, Texas (515 Congress). The seller is not affiliated with the Company or its advisor. 515 Congress was constructed in 1975. As of August 31, 2015, 515 Congress was 95% leased to 50 tenants with a weighted-average remaining lease term of 3.4 years.

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