Company: KBSR
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001482430-25-000036
Chunk: 14

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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31, 2024Cost$26,756 $27,334 $873 $873 $(3,884)$(4,679)Accumulated Amortization(20,985)(20,960)(770)(753)3,437 4,135 Net Amount$5,771 $6,374 $103 $120 $(447)$(544)Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three months ended March 31, 2025 and 2024 were as follows (in thousands):Tenant Origination andAbsorption CostsAbove-MarketLease AssetsBelow-MarketLease LiabilitiesFor the Three Months EndedMarch 31,For the Three Months EndedMarch 31,For the Three Months EndedMarch 31,202520242025202420252024Amortization$(602)$(789)$(17)$(18)$97 $178 

7.       REAL ESTATE EQUITY SECURITIES 

Investment in Prime US REITIn connection with the Company’s sale of 11 properties to the SREIT on July 18, 2019 (the “Singapore Portfolio”), on July 19, 2019, the Company, through an indirect wholly owned subsidiary (“REIT Properties III”), acquired 307,953,999 units in the SREIT at a price of $271.0 million, or $0.88 per unit, representing a 33.3% ownership interest in the SREIT (such transactions, the “Singapore Transaction”).  On August 21, 2019, REIT Properties III sold 18,392,100 of its units in the SREIT for $16.2 million pursuant to an over-allotment option granted to the underwriters of the SREIT’s offering, reducing REIT Properties III’s ownership in the SREIT to 31.3% of the outstanding units of the SREIT as of that date.  On November 9, 2021, REIT Properties III sold 73,720,000 of its units in the SREIT for $58.9 million, net of fees and costs, reducing REIT Properties III’s ownership in the SREIT to 18.5% of the outstanding units of the SREIT as of that date.