KBS REIT III Declares Distributions, Sells Phoenix Office Property
January 26, 2021 | James Sprow | Blue Vault
Distributions Declared
On January 19, 2021, KBS Real Estate Investment Trust III, Inc.’s (the “Company”) board of directors authorized a January 2021 distribution in the amount of $0.04983333 per share on the outstanding shares of the Company’s common stock to stockholders of record as of the close of business on January 21, 2021, which the Company expects to pay in February 2021, and a February 2021 distribution in the amount of $0.04983333 per share on the outstanding shares of the Company’s common stock to stockholders of record as of the close of business on February 19, 2021, which the Company expects to pay in March 2021. Investors may choose to receive cash distributions or purchase additional shares through the Company’s dividend reinvestment plan.
The distribution rate has remained the same at $0.04983333 per month since October 2019. The REIT declared a special dividend of $0.80 per share in October 2019. The distribution rate for months prior to the special dividend was $0.05416667 per share.
The REIT’s estimated net asset value per share was $10.74 as of December 7, 2020, down from $11.65 as of December 4, 2019.
Disposition of Anchor Centre
On May 22, 2014, the Company, through an indirect wholly owned subsidiary, acquired an office property consisting of two office buildings containing an aggregate of 333,014 rentable square feet located on approximately 7.3 acres of land in Phoenix, Arizona (“Anchor Centre”). On January 19, 2021, the Company completed the sale of Anchor Centre to a purchaser unaffiliated with the Company or KBS Capital Advisors LLC (the “Advisor”), for $103.5 million, or $100.5 million net of credits given to the purchaser primarily for outstanding tenant improvements and lease incentives, before third-party closing costs of approximately $1.1 million and excluding disposition fees payable to the Advisor.
The Anchor Centre was acquired for $84.06 million in May 2014.
Sources: S&P Global Market Intelligence, SEC, Blue Vault
