Investment Overview

KBS Real Estate
Investment Trust III

KBS Real Estate Investment Trust III, Inc. is a publicly registered, non-traded real estate investment trust sponsored by KBS Capital Advisors. The REIT was formed to invest primarily in institutional-quality commercial real estate assets, with a significant focus on U.S. office properties and related real estate investments.

Because KBS REIT III shares are not listed on a national securities exchange, investors generally cannot sell shares through a traditional brokerage account in the same way they would sell publicly traded REIT shares. Liquidity may be limited and subject to transfer restrictions, issuer requirements, market demand, and other review factors.

As office real estate markets have changed, many investors in non-traded REIT programs have begun reviewing their options for valuation, estate planning, portfolio reallocation, or potential secondary market liquidity.

Estimated Share Value

KBS REIT III
Reported Net Asset Value

On December 18, 2025, the board of directors of KBS Real Estate Investment Trust III approved an estimated value per share of $2.70 for the company’s common stock. According to the company, the estimated value was based on the estimated value of KBS REIT III’s assets less liabilities, divided by the number of shares outstanding, as of September 30, 2025, subject to certain adjustments described in the company’s Form 8-K filed with the Securities and Exchange Commission on December 19, 2025.

Estimated net asset value is not the same as a public market trading price and does not necessarily represent the price at which shares may be sold in a secondary market transaction. Secondary market pricing may differ from reported NAV based on buyer demand, transferability, portfolio outlook, debt obligations, timing, and overall market conditions.

For many shareholders, a change in reported estimated value may prompt a broader review of investment objectives, estate planning needs, portfolio concentration, or available liquidity alternatives.

Liquidity Considerations

Why KBS REIT III Investors Explore Liquidity Options

Investors may explore liquidity options for KBS REIT III shares for a variety of reasons, including estate settlement, trust administration, retirement planning, portfolio rebalancing, income needs, or a desire to reduce exposure to illiquid real estate investments.

Unlike publicly traded REITs, non-traded REIT shares generally do not have an active exchange-based market. Any potential sale or transfer typically requires review of the investor’s ownership documents, account registration, transfer restrictions, issuer procedures, and current secondary market demand.

Reported NAV updates, portfolio performance, asset sales, debt activity, and broader commercial real estate conditions may all influence the marketability of KBS REIT III shares. Each position must be reviewed individually.

Evaluation Factors

Factors That May
Affect Marketability

When reviewing a potential liquidity opportunity involving KBS REIT III shares, several factors may affect marketability and pricing.

• Current reported estimated value per share
• Recent portfolio performance and asset sales
• Office market conditions and leasing trends
• Debt levels, maturities, and refinancing considerations
• Shareholder transfer restrictions and issuer requirements
• Size of the position being reviewed
• Account registration, trust, estate, IRA, or entity ownership structure
• Current secondary market buyer demand

AIL reviews these factors to help determine whether a position may be eligible for further secondary market evaluation.

Confidential Review

Request A Review Of
Your KBS REIT III Shares

Alternative Investment Liquidity provides confidential review services for investors seeking to better understand potential liquidity options for KBS Real Estate Investment Trust III shares.

To begin the review process, investors may submit basic information regarding their position, including the issuer name, approximate share count or investment amount, ownership structure, and any available account statements or supporting documentation.

Submitting information for review does not create an advisory, brokerage, legal, tax, or fiduciary relationship and does not obligate any party to transact. Investors should consult their own financial, legal, and tax advisors before making any decision regarding an illiquid investment position.