KBS Real Estate Investment Trust III Inc (KBSR) is a non-traded real estate investment trust that owns and operates a portfolio of commercial office properties across the United States. Revenue comes from tenant lease agreements, with annualized base rent totaling approximately $153.1 million across 5,637,895 rentable square feet as of December 31, 2025. The portfolio spans 12 office properties in markets including Chicago, IL; Plano, TX; Minneapolis, MN; San Jose, CA; Emeryville, CA; Arlington, VA; Atlanta, GA; Austin, TX; Charlotte, NC; and Salt Lake City, UT. The company is externally advised by KBS Realty Advisors, LLC. As of December 31, 2025, borrowings and other liabilities were approximately 54% of the cost of tangible assets (before depreciation). The top ten tenants represented approximately 30% of total annualized base rent as of December 31, 2025. The estimated value per share was $3.89 as of December 12, 2024, down from $11.65 in 2019. Charles J. Schreiber, Jr. serves as CEO and President, with Jeffrey K. Waldvogel as CFO.

Revenue model

Rental income from long-term office leases. Annualized base rent of approximately $153.1 million across 12 properties as of December 31, 2025, with average annualized base rent of $35.21 per square foot and an average remaining lease term of 5.3 years.

Products and services

Commercial office space leased to corporate tenants. Properties include Accenture Tower (Chicago, IL, 1,457,724 sq ft, 88.7% occupied), 60 South Sixth (Minneapolis, MN, 710,332 sq ft, 73.8% occupied), Towers at Emeryville (Emeryville, CA, 593,484 sq ft, 52.7% occupied), Carillon (Charlotte, NC, 488,277 sq ft, 80.5% occupied), and eight additional office assets, all as of December 31, 2025.

Customers and end markets

Corporate office tenants across diversified industries. Top ten tenants represent approximately 30% of total annualized base rent as of December 31, 2025. The company targets tenant diversification to limit exposure to any single tenant or industry.

Value-chain role

Direct property owner and landlord. Externally managed by KBS Realty Advisors, LLC. Finances acquisitions with a combination of equity raised through a now-terminated public offering and secured debt from lenders including Bank of America, N.A., U.S. Bank National Association, and Zions Bancorporation.

Geographic exposure

United States only. Properties located in Chicago, IL; Plano, TX; Minneapolis, MN; San Jose, CA (two properties); Emeryville, CA; Arlington, VA (two properties); Atlanta, GA; Austin, TX; Charlotte, NC; and Salt Lake City, UT, as of December 31, 2025.

Source: SEC 10-K, filed 2026-03-27

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