Company: KBSR
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001482430-25-000042
Chunk: 1

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 1
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 shares issued and outstanding— — Common stock, $.01 par value per share; 1,000,000,000 shares authorized, 148,516,246 and 148,516,246 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively1,485 1,485 Additional paid-in capital1,313,297 1,313,297 Cumulative distributions in excess of net income(1,113,944)(1,058,223)Total stockholders’ equity200,838 256,559 Total liabilities and equity$1,782,502 $1,823,445 

See accompanying condensed notes to consolidated financial statements.

2

Table of ContentsPART I. FINANCIAL INFORMATION (CONTINUED)Item 1.  Financial Statements (continued)

KBS REAL ESTATE INVESTMENT TRUST III, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except share and per share amounts)

Three Months Ended June 30,Six Months Ended June 30,2025202420252024Revenues:Rental income$60,904 $64,681 $121,168 $130,038 Dividend income from real estate equity securities— — 261 540 Other operating income4,479 4,715 8,342 9,046 Total revenues65,383 69,396 129,771 139,624 Expenses:Operating, maintenance and management17,267 17,698 34,317 35,101 Real estate taxes and insurance11,912 12,117 23,772 25,071 Asset management fees to affiliate4,643 4,877 9,227 9,820 General and administrative expenses2,279 2,372 4,818 7,863 Depreciation and amortization25,193 28,486 51,599 56,020 Interest expense30,508 33,209 58,855 65,661 Net (gain) loss on derivative instruments (969)(4,903)866 (21,055)Total expenses90,833 93,856 183,454 178,481 Other income (loss):Unrealized gain (loss) on real estate equity securities2,849 (4,511)(2,374)(24,