KBS REIT III Declares July Distributions at Consistent Rate
July 28, 2020
In an 8-K filing with the SEC, KBS REIT III declared distributions for July at the same $0.04983333 per share rate as each month in 2020. Based upon an adjusted offering price of $9.20 per share, the distribution rate equates to 6.50% annualized. The September 30, 2019, estimated net asset value per share was $11.65.
From the July 28, 2020, 8-K filing:
Distributions Declared
On July 26, 2020, KBS Real Estate Investment Trust III, Inc.’s (the “Company”) board of directors authorized a July 2020 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 July 27, 2020, which the Company expects to pay in August 2020. Investors may choose to receive cash distributions or purchase additional shares through the Company’s dividend reinvestment plan.
The Company’s board of directors continues to evaluate the impact and uncertainty of the COVID-19 pandemic on the ongoing cash flows from the Company’s real estate portfolio and on monthly stockholder distributions. For the three months ended June 30, 2020, rent collections remain strong at approximately 96%. The Company’s board of directors has authorized a July 2020 distribution at a monthly rate consistent with the previous six months in 2020.
Source: SEC
