KBS Real Estate Investment Trust III Announces $11.73 NAV Per Share
December 14, 2017 | James Sprow | Blue Vault
KBS REIT III announced a revised NAV per share of $11.73 as of December 6, 2017. The previously estimated value per share as of December 9, 2016, was $10.63. The new NAV per share represents an increase of 10.3% in one year.
The REIT’s estimated value per share was determined in accordance with IPA’s Practice Guideline 2013-01. Duff & Phelps, an independent, third-party real estate valuation firm, was engaged to provide a calculation of the range in estimated value per share of common stock as of December 6, 2017. Duff & Phelps based the range in estimated value per share upon:
- Appraisals of 28 of KBS REIT III’s consolidated real estate properties owned as of September 30, 2017, performed by Duff & Phelps, and one property under contract to sell as of December 6, 2017, which was valued at its contractual sales price less estimated disposition costs and fees
- Valuations performed by the Advisor of KBS REIT III’s other assets and liabilities
- A reduction to KBS III’s net asset value for deferred financing costs related to a portfolio loan facility that closed subsequent to September 30, 2017
The estimated value per share did not include an enterprise (portfolio) premium or discount.
KBS REIT III’s board of directors approved $11.73 which represents the mid-range value of the range in estimated value per share calculated by Duff & Phelps.
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