Company: KBSR
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001482430-25-000021
Chunk: 244

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 7
Chunk 244
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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 years ended December 31, 2024 and 2023 are not directly comparable.  The following table provides summary information about our results of operations for the years ended December 31, 2024 and 2023 (dollar amounts in thousands):

Comparison of the year ended December 31, 2024 versus the year ended December 31, 2023

 For the Years EndedDecember 31,Increase (Decrease)Percentage Change$ Changes Due to Dispositions of Properties (1)$ Change Dueto Properties HeldThroughout BothPeriods (2) 20242023Rental income$258,459 $270,158 $(11,699)(4)%$(14,533)$2,834 Dividend income from real estate equity securities967 11,850 (10,883)(92)%— (10,883)Other operating income18,239 18,669 (430)(2)%(610)180 Operating, maintenance and management72,872 75,914 (3,042)(4)%(5,221)2,179 Real estate taxes and insurance49,992 52,789 (2,797)(5)%(3,937)1,140 Asset management fees to affiliate19,568 20,839 (1,271)(6)%(1,194)(77)General and administrative expenses18,544 7,297 11,247 154 %n/an/aDepreciation and amortization111,206 115,235 (4,029)(3)%(6,792)2,763 Interest expense126,588 120,475 6,113 5 %(9,582)15,695 Net gain on derivative instruments(17,634)(14,907)(2,727)18 %— (2,727)Impairment charges on real estate6,847 45,459 (38,612)(85)%(45,459)6,847 Unrealized loss on real estate equity securities  (11,202)(35,614)24,412 (69)%— 24,412 Gain from extinguishment of debt56,372 — 56,372 100 %56,372 —