April 18, 2014 3:08 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
Age: 55
Compensation as of Fiscal Year 2013.

KBS Real Estate Investment Trust III, Inc. Key Developments

KBS Real Estate Investment Trust III, Inc Enters into Amended and Restated Loan Agreement

On March 13, 2014, KBS Real Estate Investment Trust III, Inc. entered into an amended and restated loan agreement to extend the initial maturity date of the Portfolio Loan to April 1, 2018, with a one-year extension option, subject to certain conditions contained in the loan agreement, and to modify the interest rate under the loan. The Portfolio Loan, as amended, bears interest at a floating rate of 175 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. The Portfolio Loan is composed of $130.0 million of non-revolving debt and $70.0 million of revolving debt. The availability of the revolving debt is subject to certain conditions contained in the loan documents. As of March 13, 2014, the outstanding balance under the loan was $140.0 million, composed of $130.0 million of non-revolving debt and $10.0 million of revolving debt. During the term of the Portfolio Loan, the company has an option, which may be exercised up to three times, to increase the loan amount to a maximum of $350.0 million, of which 65% would be non-revolving debt and 35% 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 document.

KBS Real Estate Investment Trust III, Inc. Acquires an Office Property from 222 S. Main Investments LLC

On February 27, 2014, KBS Real Estate Investment Trust III, Inc., through an indirect wholly owned subsidiary, acquired from 222 S. Main Investments LLC an office property containing 426,657 rentable square feet located on approximately 1.6 acres of land in Salt Lake City, Utah.

KBS Real Estate Investment Trust III Closes on Purchase of 500 West Madison Tower in Chicago

KBS Real Estate Investment Trust III has closed on the purchase of 500 West Madison, also known as Citigroup Center, an iconic, 1.5 million-square-foot mixed-use tower in Chicago, for $425 million plus closing costs. The purchase is KBS REIT III's large and brings its total acquisition volume to $1.26 billion. 500 West Madison combines office and retail components. The 40-story building is located in the city's West Loop submarket, which is home to the majority of newer Class-A office developments within Chicago's central business district (CBD). The property sits above Ogilvie Transportation Center, one of two main suburban train stations connecting the Chicago suburbs with downtown, and provides direct access to city trains, buses and expressways, making it a nexus for Chicago's transit network.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
February 20, 2014
Las Cimas IV
Merger/Acquisition
February 4, 2014
222 S. Main Investments LLC
Merger/Acquisition
November 4, 2013
201 Spear Street in San Francisco, California
 

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