Company: KBSR
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001482430-25-000021
Chunk: 110

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 15
Chunk 110
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 $209.8 million. (6) As of December 31, 2024, these properties served as the security for the 3001 & 3003 Washington Mortgage Loan, which had an outstanding principal balance of $138.8 million.  (7) In connection with the restructuring of certain debt facilities, the Company has directly and/or indirectly pledged the equity of subsidiaries owning these properties.  See Note 8, “Notes Payable – Recent Financing Transactions” and Note 14, “Subsequent Events – Eighth Modification of the Amended and Restated Portfolio Loan Facility.”

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Table of ContentsKBS REAL ESTATE INVESTMENT TRUST III, INC.SCHEDULE IIIREAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION (CONTINUED)December 31, 2024(dollar amounts in thousands)

202420232022Real Estate:Balance at the beginning of the year$2,552,979 $2,568,352 $2,441,266 Improvements27,132 76,346 144,693 Write off of fully depreciated and fully amortized assets(70,652)(46,260)(17,607)Impairments(6,847)(45,459)— Sale(187,118)— — Deed-in-lieu of foreclosure(70,571)— — Balance at the end of the year$2,244,923 $2,552,979 $2,568,352 Accumulated depreciation and amortization:Balance at the beginning of the year$(713,501)$(656,401)$(572,968)Depreciation and amortization expense(98,645)(103,360)(101,040)Write off of fully depreciated and fully amortized assets70,652 46,260 17,607 Sale58,559 — — Deed-in-lieu of foreclosure1,543 — — Balance at the end of the year$(681,392)$(713,501)$(656,401)

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