Company: KBSR
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001482430-25-000054
Chunk: 18

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 18
---
 lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands):Tenant Origination andAbsorption CostsAbove-MarketLease AssetsBelow-MarketLease Liabilities September 30, 2025December 31, 2024September 30, 2025December 31, 2024September 30, 2025December 31, 2024Cost$22,309 $24,431 $873 $873 $(2,809)$(4,679)Accumulated Amortization(17,901)(18,617)(804)(753)2,515 4,135 Net Amount$4,408 $5,814 $69 $120 $(294)$(544)Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):Tenant Origination andAbsorption CostsAbove-MarketLease AssetsBelow-MarketLease LiabilitiesFor the Three Months EndedSeptember 30,For the Three Months EndedSeptember 30,For the Three Months EndedSeptember 30,202520242025202420252024Amortization$(494)$(626)$(17)$(17)$65 $115 Tenant Origination andAbsorption CostsAbove-MarketLease AssetsBelow-MarketLease LiabilitiesFor the Nine Months EndedSeptember 30,For the Nine Months EndedSeptember 30,For the Nine Months EndedSeptember 30,202520242025202420252024Amortization$(1,693)$(2,132)$(51)$(52)$250 $411 

16

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)September 30, 2025(unaudited)7.       REAL ESTATE EQUITY SECURITIES 

Investment in Prime US REITIn connection with the Company’s sale of 11 properties to the SREIT on July 18, 2019 (the “Singapore Portfolio”), on July 19, 2019, the Company,