Company: KBSR
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001482430-25-000036
Chunk: 1

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 1
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Total stockholders’ equity223,287 256,559 Total liabilities and equity$1,800,569 $1,823,445 

See accompanying condensed notes to consolidated financial statements.

2

Table of ContentsPART I. FINANCIAL INFORMATION (CONTINUED)Item 1.  Financial Statements (continued)

KBS REAL ESTATE INVESTMENT TRUST III, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except share and per share amounts)

Three Months Ended March 31,20252024Revenues:Rental income$60,264 $65,357 Dividend income from real estate equity securities261 540 Other operating income3,863 4,331 Total revenues64,388 70,228 Expenses:Operating, maintenance and management17,050 17,403 Real estate taxes and insurance11,860 12,954 Asset management fees to affiliate4,584 4,943 General and administrative expenses2,539 5,491 Depreciation and amortization26,406 27,534 Interest expense28,347 32,452 Net loss (gain) on derivative instruments 1,835 (16,152)Total expenses92,621 84,625 Other (loss) income:Unrealized loss on real estate equity securities(5,223)(19,512)Gain from extinguishment of debt— 56,372 Gain on sale of real estate, net— 14,781 Other interest income184 330 Total other (loss) income, net(5,039)51,971 Net (loss) income$(33,272)$37,574 Net (loss) income per common share, basic and diluted$(0.22)$0.25 Weighted-average number of common shares outstanding, basic and diluted148,516,246 148,516,246 

See accompanying condensed notes to consolidated financial statements.

3

Table of ContentsPART I. FINANCIAL INFORMATION (CONTINUED)Item 1.  Financial Statements (continued)

KBS REAL ESTATE INVESTMENT TRUST III, INC.

CONSOLIDATED STATEMENTS OF EQUITY

For the Three Months Ended March 31, 2025 and 2024 (unaudited)

(dollars in thousands)

 Common StockAdditional Paid-in CapitalCumulative Distributions in Excess of Net Income Total Stockholders’