Company: KBSR
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001482430-25-000036
Chunk: 164

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 164
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17,050 17,403 (353)(2)%(1,369)1,016 Real estate taxes and insurance11,860 12,954 (1,094)(8)%(1,014)(80)Asset management fees to affiliate4,584 4,943 (359)(7)%(358)(1)General and administrative expenses2,539 5,491 (2,952)(54)%n/an/aDepreciation and amortization26,406 27,534 (1,128)(4)%(1,817)689 Interest expense28,347 32,452 (4,105)(13)%(419)(3,686)Net loss (gain) on derivative instruments1,835 (16,152)17,987 (111)%— 17,987 Unrealized loss on real estate equity securities(5,223)(19,512)14,289 (73)%— 14,289 Gain from extinguishment of debt— 56,372 (56,372)(100)%(56,372)— Gain on sale of real estate, net— 14,781 (14,781)(100)%(14,781)— Other interest income184 330 (146)(44)%n/an/a

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(1) Represents the dollar amount increase (decrease) for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 related to the dispositions of properties after January 1, 2024.  Interest expense incurred on portfolio loans is not allocated to the individual properties that serve as collateral for these portfolio loans and therefore, the decrease in interest expense related to the two office properties sold during the year ended December 31, 2024 is not reflected in this column.  During the year ended December 31, 2024, we repaid $186.6 million of outstanding principal debt with the net sale proceeds from sale of two office properties during 2024.  

(2) Represents the dollar amount increase (decrease) for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 related to real estate investments owned by us throughout both periods presented.

Rental income from our real estate properties decreased from $65.4 million for the three months ended March 31, 2024 to $60.3 million for