Company: KBSR
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001482430-25-000036
Chunk: 67

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 67
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 gains related to interest rate swaps of $2.7 million, excluding unrealized loss on derivative instruments of $4.5 million, during the three months ended March 31, 2025.  

For additional information regarding our debt obligations and loan maturities, see “—Going Concern Considerations,” “—Market Outlook – Real Estate and Real Estate Finance Markets” and “—Liquidity and Capital Resources.”  

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Table of ContentsPART I. FINANCIAL INFORMATION (CONTINUED)Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Results of Operations

Overview

As of March 31, 2024, we owned 14 office properties, one mixed-use office/retail property and an investment in the equity securities of the SREIT.  Subsequent to March 31, 2024, we sold one office property.  As a result, as of March 31, 2025, we owned 13 office properties, one mixed-use office/retail property and an investment in the equity securities of the SREIT.  Therefore, the results of operations presented for the three months ended March 31, 2025 and 2024 are not directly comparable.  The following table provides summary information about our results of operations for the three months ended 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 expenses