Hank Adler has resigned from the boards of KBS Real Estate Investment Trust II and KBS Real Estate Investment Trust III, two publicly registered non-traded REITs. According to filings with the Securities and Exchange Commission, his decision to resign was not due to a disagreement with either company.
KBS REIT II went effective in April 2008 and closed its primary offering in March 2011 after raising $1.8 billion in investor equity. The company’s $1.6 billion portfolio consists of 11 office properties (10 office properties and an office campus consisting of eight office buildings) and one real estate loan receivable.
KBS REIT III’s initial offering commenced in October 2010 and closed in July 2015 after raising approximately $1.7 billion. The company’s $3.3 billion portfolio is comprised of 28 office properties, a mixed-use office/retail property, and a multifamily joint venture project under development.