ITEM 8.01 OTHER EVENTS
Amended and Restated Share Redemption Program
On April 13, 2022, KBS Real Estate Investment Trust III, Inc.'s (the "Company")
board of directors approved an amended and restated share redemption program
(the "Amended Share Redemption Program") to increase the number of shares
eligible for redemption under the program for calendar year 2022. Pursuant to
the Amended Share Redemption Program, for calendar year 2022, the Company may
redeem up to 5% of the weighted-average number of shares outstanding during the
2021 calendar year, provided that once the Company has received requests for
redemptions, whether in connection with Special Redemptions (defined below) or
otherwise, that if honored, and when combined with all prior redemptions made
during the 2022 calendar year, would result in the number of remaining shares
available for redemption in the 2022 calendar year being 500,000 or less, the
last 500,000 shares available for redemption shall be reserved exclusively for
redemptions sought in connection with a stockholder's death, "Qualifying
Disability, or "Determination of Incompetence" (each as defined in the Amended
Share Redemption Program and, together, with redemptions sought in connection
with a stockholder's death, "Special Redemptions;" all redemptions that do not
meet the requirements for a Special Redemption are "Ordinary Redemptions").
There were no other material changes to the Company's share redemption program.
The Amended Share Redemption Program contains several general limitations on the
Company's ability to redeem shares under the program.
The Company may (a) amend, suspend or terminate the Amended Share Redemption
Program for any reason, or (b) consistent with SEC guidance and interpretations,
increase or decrease the funding available for the redemption of shares pursuant
to the Amended Share Redemption Program, each upon ten business days' notice to
the Company's stockholders. The Company may provide notice by including such
information in a (i) Current Report on Form 8-K or in its annual or quarterly
reports, all publicly filed with the SEC or (ii) separate mailing to the
stockholders.
The Amended Share Redemption Program will be effective for the April 29, 2022
redemption date. The complete Amended Share Redemption Program is filed as an
exhibit to this Current Report on Form 8-K.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Ex. Description
99.1 Amended and Restated Share Redemption Program
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
1
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses