Company: KBSR
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001482430-25-000021
Chunk: 39

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 15
Chunk 39
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 par value per share; 10,000,000 shares authorized, no 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 December 31, 2024 and 2023, respectively1,485 1,485 Additional paid-in capital1,313,297 1,313,299 Cumulative distributions in excess of net income(1,058,223)(1,047,372)Total stockholders’ equity256,559 267,412 Total liabilities and equity$1,823,445 $2,139,385 

See accompanying notes to consolidated financial statements.

F-4

KBS REAL ESTATE INVESTMENT TRUST III, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

Years Ended December 31,202420232022Revenues:Rental income$258,459 $270,158 $275,026 Dividend income from real estate equity securities967 11,850 14,850 Other operating income18,239 18,669 18,141 Total revenues277,665 300,677 308,017 Expenses:Operating, maintenance and management72,872 75,914 74,783 Real estate taxes and insurance49,992 52,789 51,811 Asset management fees to affiliate19,568 20,839 20,102 General and administrative expenses18,544 7,297 8,115 Depreciation and amortization111,206 115,235 111,860 Interest expense126,588 120,475 60,259 Net gain on derivative instruments(17,634)(14,907)(51,932)Impairment charges on real estate6,847 45,459 — Total expenses387,983 423,101 274,998 Other income (loss):Unrealized loss on real estate equity securities  (11,202)(35,614)(92,812)Gain from extinguishment of debt56,372 — — Gain on sale of real estate, net53,064 — — Write-off of prepaid offering costs— — (2,728)Other interest income1,233 505 63 Total