Company: KBSR
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001482430-25-000036
Chunk: 204

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 204
---
 March 31, 2025 and 2024 (dollar amounts in thousands):

Comparison of the three months ended March 31, 2025 versus the three months ended March 31, 2024 

Three Months Ended March 31,Increase(Decrease)Percentage Change$ Changes Due to Dispositions of Properties (1)$ Change Due to Properties HeldThroughout Both Periods (2) 20252024Rental income$60,264 $65,357 $(5,093)(8)%$(5,355)$262 Dividend income from real estate equity securities261 540 (279)(52)%— (279)Other operating income3,863 4,331 (468)(11)%(412)(56)Operating, maintenance and management17,050 17,403 (353)(2)%(1,369)1,016 Real estate taxes and insurance11,860 12,954 (1,094)(8)%(1,014)(80)Asset management fees to affiliate4,584 4,943 (359)(7)%(358)(1)General and administrative expenses2,539 5,491 (2,952)(54)%n/an/aDepreciation and amortization26,406 27,534 (1,128)(4)%(1,817)689 Interest expense28,347 32,452 (4,105)(13)%(419)(3,686)Net loss (gain) on derivative instruments1,835 (16,152)17,987 (111)%— 17,987 Unrealized loss on real estate equity securities(5,223)(19,512)14,289 (73)%— 14,289 Gain from extinguishment of debt— 56,372 (56,372)(100)%(56,372)— Gain on sale of real estate, net— 14,781 (14,781)(100)%(14,781)— Other interest income184 330 (146)(44)%n/an/a

_____________________

(1) Represents the dollar amount increase (decrease) for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 related to the dispositions of properties after January 1, 2024.  Interest expense incurred on portfolio loans is not allocated to the individual properties that serve as collateral for these portfolio