Company: KBSR
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001482430-25-000021
Chunk: 38

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 15
Chunk 38
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 real estate valuation specialists to assist in performing these procedures.  

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2010.

Irvine, California 

March 14, 2025

F-3

KBS REAL ESTATE INVESTMENT TRUST III, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

December 31, 20242023AssetsReal estate:Land$226,106 $251,527 Buildings and improvements1,991,483 2,081,857 Tenant origination and absorption costs27,334 34,285 Total real estate held for investment, cost2,244,923 2,367,669 Less accumulated depreciation and amortization(681,392)(659,799)Total real estate held for investment, net1,563,531 1,707,870 Real estate held for sale, net— 131,608 Total real estate, net1,563,531 1,839,478 Real estate equity securities40,600 51,802 Total real estate and real estate-related investments, net1,604,131 1,891,280 Cash and cash equivalents30,484 36,836 Restricted cash11,090 14,086 Rents and other receivables, net101,372 91,485 Above-market leases, net120 189 Assets related to real estate held for sale, net— 14,126 Prepaid expenses and other assets76,248 91,383 Total assets$1,823,445 $2,139,385 Liabilities and equityNotes payable:Notes payable, net$1,442,661 $1,549,369 Notes payable related to real estate held for sale, net— 186,527 Total notes payable, net1,442,661 1,735,896 Accounts payable and accrued liabilities46,911 49,646 Due to affiliate19,520 17,408 Below-market leases, net544 1,069 Liabilities related to real estate held for sale, net— 2,615 Other liabilities57,250 65,339 Total liabilities1,566,886 1,871,973 Commitments and contingencies (Note 13)Redeemable common stock— — Stockholders’ equity:Preferred stock, $.01