Stacie Yamane
About Stacie Yamane
Stacie K. Yamane is Chief Accounting Officer (since January 2010) and Assistant Secretary (since July 2018) of KBS Real Estate Investment Trust III (KBSR). She is age 60 as of April 1, 2025, holds a BA in Business Administration (Accounting & MIS) from California State University, Fullerton, and is a Certified Public Accountant (inactive, California) . Company performance context: KBSR’s revenues declined from FY 2023 to FY 2024 and EBITDA margins compressed; net loss narrowed in FY 2024 (see tables below; values retrieved from S&P Global)* * *.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| KBS Real Estate Investment Trust III (KBSR) | Chief Accounting Officer | Jan 2010–present | Principal accounting officer overseeing financial reporting and controls |
| KBS Real Estate Investment Trust III (KBSR) | Assistant Secretary | Jul 2018–present | Corporate secretary responsibilities supporting governance and filings |
| KBS Capital Advisors (Advisor) | Chief Accounting Officer, Portfolio Accounting | Oct 2008–present | Oversight of portfolio accounting across real estate portfolios |
| KBS Realty Advisors | Senior VP/Controller, Portfolio Accounting | 2004–2015 | Led client accounting/reporting for two portfolios; supervised accounting department |
| KBS REIT II | CFO | Jul 2007–Dec 2008 | Finance leadership; oversight of reporting and controls |
| KBS REIT II | Controller | Jul 2007–Oct 2008 | Managed accounting operations and reporting |
| KBS REIT I | CFO | Jun 2005–Dec 2008 | Finance leadership during active portfolio operations |
| KBS REIT I | Controller | Jun 2005–Oct 2008 | Managed accounting and GAAP reporting |
| KBS-affiliated advisor | Fund Controller | Oct 2004–Oct 2008 | Portfolio-level fund accounting and reporting |
| Pacific Oak Strategic Opportunity REIT I | Chief Accounting Officer | Aug 2009–Nov 2019 | CAO role for non-traded REIT portfolio |
| Pacific Oak Strategic Opportunity REIT II | Chief Accounting Officer | Feb 2013–Nov 2019 | CAO role for strategic REIT portfolio |
| KBS Legacy Partners Apartment REIT | Chief Accounting Officer | Aug 2009–Dec 2018 | CAO through to liquidation; multifamily portfolio |
| KBS REIT I | Chief Accounting Officer | Oct 2008–Dec 2018 | CAO through to liquidation; diversified portfolio |
| KBS Growth & Income REIT | Chief Accounting Officer | Jan 2015–Aug 2024 | CAO through to liquidation; office portfolio |
| KBS REIT II | Chief Accounting Officer | Oct 2008–May 2023 | CAO through to liquidation; diversified portfolio |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kenneth Leventhal & Company (CPA firm) | Audit Manager | ~8 years, to 1995 | Led GAAP/cash/tax audits, asset valuations, internal control reviews; real estate specialization |
Fixed Compensation
- KBSR does not pay executive officers; they are officers/employees of the advisor and/or affiliates and are compensated by those entities for services to KBSR and its subsidiaries .
- Consequently, base salary, target bonus %, and actual bonus paid for Ms. Yamane are not disclosed by KBSR .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting/Triggers |
|---|---|---|---|---|---|
| Advisor Employee Retention Program (Bonus Retention Fund) allocation | N/A | N/A | N/A | $325,000 allocated to Stacie Yamane | Paid only upon: company liquidation/dissolution; sale/disposition of substantially all assets; acquisition/merger where advisor no longer serves the surviving entity; non-renewal/termination of advisory agreement without cause; or termination of employee without cause |
- No equity compensation plan or option grants at KBSR for executive officers or directors (as of Dec 31, 2024) .
Equity Ownership & Alignment
| Holder | Beneficial Shares | Ownership % of Outstanding | Pledged Shares |
|---|---|---|---|
| Stacie K. Yamane | — | — | None |
- Stock ownership: executives and directors as a group beneficially owned 20,857 shares (via KBS Capital Advisors), less than 1% of outstanding; none pledged .
- KBSR does not grant stock options and has no equity compensation plan for officers/directors, reducing dilution but limiting direct equity-based alignment .
- Insider trading policies exist; however, KBSR currently does not have a hedging policy for officers/directors (alignment risk) .
Employment Terms
- Ms. Yamane is not a paid employee of KBSR; employment contracts, severance multiples, and change-of-control terms with KBSR are not applicable/not disclosed .
- The advisor’s Bonus Retention Fund conditions function as event-based retention economics; awards (including Ms. Yamane’s $325,000 allocation) are paid only upon specified corporate events (liquidation, sale, acquisition where advisor exits, advisory agreement non-renewal/termination without cause, or termination without cause) .
- Clawbacks, tax gross-ups, non-compete/non-solicit, and consulting arrangements for Ms. Yamane are not disclosed by KBSR.
- Insider trading policies apply to officers; code of ethics is filed with the 10-K; no option award timing policy required as KBSR does not grant options .
Company Performance Context
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues (USD) | 275,026,000 * | 270,158,000 * | 258,459,000 * |
| EBITDA (USD) | 128,767,000* | 125,165,000* | 99,607,000* |
| EBITDA Margin (%) | 41.8051* | 41.6277* | 35.8730* |
| Gross Profit Margin (%) | 51.4883* | 50.2649* | 48.7036* |
| Net Income - (IS) (USD) | -62,458,000 * | -157,533,000 * | -10,851,000 * |
| EBIT (USD) | 38,618,000 * | 28,603,000 * | 5,483,000* |
| EBIT Margin (%) | 12.5376* | 9.5128* | 1.9746* |
| Cash from Operations (USD) | 75,965,000* | 41,634,000 * | 7,653,000 * |
| Levered Free Cash Flow (USD) | 92,139,375* | -90,274,000* | 181,755,375* |
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenues (USD) | 64,883,000* | 60,264,000 * | 60,904,000 * | 57,134,000 * |
| EBITDA (USD) | 24,890,000* | 24,450,000* | 25,575,000* | 23,468,000* |
| EBITDA Margin (%) | 35.8469* | 37.9729* | 39.1156* | 38.0819* |
| Gross Profit Margin (%) | 48.1363* | 47.9809* | 48.2709* | 45.3273* |
| Net Income - (IS) (USD) | 18,738,000 * | -33,272,000 * | -22,449,000 * | -4,154,000 * |
| EBIT (USD) | 1,387,000* | 1,949,000 * | 4,089,000* | 3,819,000* |
| EBIT Margin (%) | 1.9975* | 3.0269* | 6.2539* | 6.1971* |
| Cash from Operations (USD) | 825,000* | -5,715,000 * | 6,358,000* | 2,846,000* |
| Levered Free Cash Flow (USD) | 25,442,500* | 12,331,250* | -53,337,875* | 56,838,500* |
Values marked with * retrieved from S&P Global.
Compensation Committee Analysis
- KBSR’s board has two committees: audit and conflicts; both composed entirely of independent directors and responsible for oversight, with conflicts committee discharging compensation responsibilities .
- Board met 20 times in 2024; each director attended at least 75% of meetings (indicates active oversight) .
- Independent director cash compensation is specified; executives/affiliated directors receive no director pay from KBSR .
Say-on-Pay & Shareholder Feedback
- Not disclosed/applicable for executive officers since KBSR does not pay its executive officers .
Investment Implications
- Alignment: Ms. Yamane has no direct KBSR share ownership and KBSR has no equity comp plan or options for executives, reducing dilution but weakening direct pay-for-performance alignment; no shares are pledged .
- Retention economics: A $325,000 advisor retention award payable only upon defined corporate events incentivizes continuity through liquidation/asset sales/advisory changes; payouts are event-triggered rather than performance-metric based .
- Governance controls: Compensation oversight resides with the conflicts committee; board/committee independence and meeting frequency suggest robust governance, though lack of a hedging policy is an alignment risk .
- Performance context: Revenues fell from FY 2023 to FY 2024 and EBIT margins compressed, while net losses narrowed in FY 2024; quarterly margins have stabilized around high-30s EBITDA %, but net income remained negative in 2025 YTD (see performance tables; values retrieved from S&P Global)* * * * * *.
- Trading signals: Minimal insider selling pressure near-term due to absent personal share ownership and no option/RSU grants at KBSR; watch for advisor retention award event triggers that could correlate with strategic transactions, but these do not inherently create equity selling pressure at KBSR .