Company: KBSR
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001482430-25-000054
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Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-11-14
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)

 September 30, 2025December 31, 2024 (unaudited) AssetsReal estate:Land$197,889 $211,205 Buildings and improvements1,636,410 1,824,366 Tenant origination and absorption costs22,309 24,431 Total real estate held for investment, cost1,856,608 2,060,002 Less accumulated depreciation and amortization(540,520)(627,942)Total real estate held for investment, net1,316,088 1,432,060 Real estate held for sale, net— 131,471 Total real estate, net1,316,088 1,563,531 Real estate equity securities46,773 40,600 Total real estate and real estate-related investments, net1,362,861 1,604,131 Cash and cash equivalents30,131 30,484 Restricted cash49,834 11,090 Rents and other receivables, net95,185 94,549 Above-market leases, net69 120 Assets related to real estate held for sale, net— 15,209 Prepaid expenses and other assets55,581 67,862 Total assets$1,593,661 $1,823,445 Liabilities and equityNotes payable:Notes payable, net$1,279,397 $1,290,216 Notes payable related to real estate held for sale, net— 152,445 Notes payable, net1,279,397 1,442,661 Accounts payable and accrued liabilities47,241 46,911 Due to affiliate20,154 19,520 Below-market leases, net294 544 Liabilities related to real estate held for sale, net— 2,999 Other liabilities49,891 54,251 Total liabilities1,396,977 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 shares issued and outstanding—