Company: KBSR
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001482430-25-000042
Chunk: 118

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 118
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ATED FINANCIAL STATEMENTS (CONTINUED)June 30, 2025(unaudited)5.      REAL ESTATE SALES AND REAL ESTATE HELD FOR SALE

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 June 30, 2025, the Company classified one office property as held for sale.The following summary presents the major components of assets and liabilities related to real estate held for sale (in thousands):June 30, 2025December 31, 2024Assets related to real estate held for sale:Total real estate, at cost$100,966 $97,086 Accumulated depreciation and amortization(37,851)(36,021)Real estate held for sale, net63,115 61,065 Other assets7,317 7,195 Total assets related to real estate held for sale$70,432 $68,260 Liabilities related to real estate held for saleNotes payable, net$87,664 $87,664 Other liabilities1,340 940 Total liabilities related to real estate held for sale$89,004 $88,604 

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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)June 30, 2025(unaudited)5.      REAL ESTATE SALES AND REAL ESTATE HELD FOR SALE (CONTINUED)

The results of operations for the properties sold during the year ended December 31, 2024 and the office property held for sale as of June 30, 2025 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