Company: KBSR
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001482430-25-000054
Chunk: 15

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 statements of operations.  The following table summarizes the revenue and expenses related to 201 Spear Street for the three and nine months ended September 30, 2024 (in thousands).   For the Three Months EndedSeptember 30, 2024For the Nine Months EndedSeptember 30, 2024RevenuesRental income$— $197 Other operating income— 9 Total revenues$— $206 ExpensesOperating, maintenance, and management$— $52 Real estate taxes and insurance— 69 Asset management fees to affiliate— 26 General and administrative expenses— 22 Interest expense— 419 Total expenses$— $588 

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Table of ContentsPART I. FINANCIAL INFORMATION (CONTINUED)Item 1.  Financial Statements (continued)KBS REAL ESTATE INVESTMENT TRUST III, INC.CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)September 30, 2025(unaudited)5.      REAL ESTATE SALES

During the year ended December 31, 2024, the Company sold two office properties to purchasers unaffiliated with the Company or the Advisor.  In February 2024, the Company completed the sale of one office property for $48.8 million, before third-party closing costs and disposition fees payable to the Advisor, and in November 2024, the Company sold one office property for $151.0 million, before third-party closing costs, credits and disposition fees payable to the Advisor.  The Company recognized a gain on sale of $53.1 million related to these dispositions.  During the nine months ended September 30, 2025, the Company sold one office property and one mixed-use office/retail property to purchasers unaffiliated with the Company or the Advisor.  In July 2025, the Company completed the sale of one office property for $126.5 million, before third-party closing costs, credits and disposition fees payable to the Advisor, and in September 2025, the Company sold one mixed-use office/retail property for $100.0 million, before third-party closing costs, credits and disposition fees payable to the Advisor.  The Company recognized a gain on sale of $77.4 million related to these dispositions.  The following summary presents the major components of assets and liabilities related to real estate held for sale (in thousands):September