Company: KBSR
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001482430-25-000042
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Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
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Table of ContentsPART I. FINANCIAL INFORMATIONItem 1.  Financial Statements

KBS REAL ESTATE INVESTMENT TRUST III, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

 June 30, 2025December 31, 2024 (unaudited) AssetsReal estate:Land$219,306 $219,306 Buildings and improvements1,908,718 1,901,197 Tenant origination and absorption costs25,891 27,334 Total real estate held for investment, cost2,153,915 2,147,837 Less accumulated depreciation and amortization(688,043)(645,371)Total real estate held for investment, net1,465,872 1,502,466 Real estate held for sale, net63,115 61,065 Total real estate, net1,528,987 1,563,531 Real estate equity securities38,226 40,600 Total real estate and real estate-related investments, net1,567,213 1,604,131 Cash and cash equivalents27,540 30,484 Restricted cash19,328 11,090 Rents and other receivables, net97,992 99,007 Above-market leases, net86 120 Assets related to real estate held for sale, net7,317 7,195 Prepaid expenses and other assets63,026 71,418 Total assets$1,782,502 $1,823,445 Liabilities and equityNotes payable:Notes payable, net$1,369,863 $1,354,997 Notes payable related to real estate held for sale, net87,664 87,664 Notes payable, net1,457,527 1,442,661 Accounts payable and accrued liabilities48,412 46,911 Due to affiliate19,866 19,520 Below-market leases, net359 544 Liabilities related to real estate held for sale, net1,340 940 Other liabilities54,160 56,310 Total liabilities1,581,664 1,566,886 Commitments and contingencies (Note 13)Redeemable common stock— — Stockholders’ equity:Preferred stock, $.01 par value per share; 10,000,000 shares authorized, no