Company: KBSR
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001482430-25-000042
Chunk: 119

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 119
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 properties that were sold during the year ended December 31, 2024 and the office property held for sale as of June 30, 2025, which were included in continuing operations (in thousands):   For the Three Months EndedJune 30,For the Six Months EndedJune 30,2025202420252024RevenuesRental income$3,023 $7,378 $6,091 $15,643 Other operating income265 664 529 1,299 Total revenues$3,288 $8,042 $6,620 $16,942 Expenses (1)Operating, maintenance, and management$691 $1,588 $1,335 $3,583 Real estate taxes and insurance430 1,087 1,058 2,689 Asset management fees to affiliate197 476 389 1,000 General and administrative expenses181 — 181 — Depreciation and amortization885 3,071 2,193 6,133 Total expenses$2,384 $6,222 $5,156 $13,405 _____________________(1) The office property sold in February 2024 had served as collateral for the Modified Portfolio Revolving Loan Facility.  The property sold in November 2024 had served as collateral for the Amended and Restated Portfolio Loan Facility and as of June 30, 2025, the property held for sale served as collateral for this facility.  Interest expense incurred on these portfolio loans is not allocated to the individual properties that serve as collateral for these portfolio loans and therefore, interest expense incurred for the sold properties and the property held for sale as of June 30, 2025 is not shown in this table.  Upon the sale of the office property in February 2024, $46.2 million of the outstanding principal of the Modified Portfolio Revolving Loan Facility was repaid.  Upon the sale of the office property in November 2024, $140.4 million of the outstanding principal of the Amended and Restated Portfolio Loan Facility was repaid.  Subsequent to June 30, 2025, the property held for sale as of June 30, 2025 was sold and $87.7 million of the net sales proceeds from the sale of the property was applied to reduce the outstanding principal of the Amended and Restated Portfolio Loan Facility.