Company: KBSR
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001482430-25-000021
Chunk: 69

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 15
Chunk 69
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INUED)December 31, 20244.      REAL ESTATE (CONTINUED)

The following table summarizes the assets and liabilities related to 201 Spear Street, which was held for non-sale disposition as of December 31, 2023 (in thousands):December 31, 2023Assets related to real estate held for non-sale dispositionTotal real estate, at cost and net of impairment charges$70,571 Accumulated depreciation and amortization(1,543)Real estate held for non-sale disposition, net69,028 Restricted cash3,103 Rent and other receivables, net1,142 Prepaid expenses and other assets1,421 Total assets$74,694 Liabilities related to real estate held for non-sale dispositionNotes payable, net$125,000 Accounts payable and accrued liabilities3,927 Due to affiliate16 Other liabilities1,816 Total liabilities$130,759 

F-23

Table of ContentsKBS REAL ESTATE INVESTMENT TRUST III, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)December 31, 20245.      REAL ESTATE DISPOSITIONS

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.  As of December 31, 2024, the Company did not have any real estate properties held for sale.  The results of operations for the properties sold during the year ended December 31, 2024 are included in continuing operations on the Company’s consolidated statements of operations.  The following table summarizes certain revenues and expenses related to the Company’s real estate properties that were sold during the year ended December 31, 2024, which were included in continuing operations (in thousands): Years Ended December 31,202420232022RevenuesRental income$16,164 $22,964 $20,794 Other operating income1,480 1,592