Company: KBSR
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001482430-25-000054
Chunk: 234

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 234
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Table of ContentsPART I. FINANCIAL INFORMATION (CONTINUED)Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Results of Operations

Overview

As of September 30, 2024, we owned 14 office properties, one mixed-use office/retail property and an investment in the equity securities of the SREIT.  Subsequent to September 30, 2024, we sold two office properties and one mixed-use office/retail property.  As a result, as of September 30, 2025, we owned 12 office properties and an investment in the equity securities of the SREIT.  Therefore, the results of operations presented for the three and nine months ended September 30, 2025 and 2024 are not directly comparable.  The following tables provide summary information about our results of operations for the three and nine months ended September 30, 2025 and 2024 (dollar amounts in thousands):

Comparison of the three months ended September 30, 2025 versus the three months ended September 30, 2024 

Three Months EndedSeptember 30,Increase(Decrease)Percentage Change$ Changes Due to Dispositions of Properties (1)$ Change Due to Properties HeldThroughout Both Periods (2) 20252024Rental income$57,134 $63,538 $(6,404)(10)%$(7,771)$1,367 Dividend income from real estate equity securities285 427 (142)(33)%— (142)Other operating income4,206 4,642 (436)(9)%(631)195 Operating, maintenance and management17,833 18,751 (918)(5)%(1,583)665 Real estate taxes and insurance11,358 12,736 (1,378)(11)%(1,386)8 Asset management fees to affiliate4,501 4,942 (441)(9)%(482)41 General and administrative expenses911 6,292 (5,381)(86)%n/an/aDepreciation and amortization23,203 27,539 (4,336)(16)%(3,796)(540)Interest expense29,126 32,055 (2,929)(9)%(216)(2,713)Net (gain) loss on derivative instruments(551)14,918 (15