Company: KBSR
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001482430-25-000021
Chunk: 70

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 15
Chunk 70
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 1,305 Total revenues$17,644 $24,556 $22,099 Expenses (1)Operating, maintenance, and management$3,922 $5,422 $5,512 Real estate taxes and insurance2,588 3,893 3,938 Asset management fees to affiliate1,047 1,478 1,442 Depreciation and amortization6,055 8,906 7,995 Total expenses$13,612 $19,699 $18,887 _____________________(1) The office property sold in February 2024 had served as collateral for the Modified Portfolio Revolving Loan Facility and the property sold in November 2024 had served as collateral for the Amended and Restated Portfolio Loan Facility.  Interest expense incurred on these portfolio loans is not allocated to the individual properties that serve as collateral for these portfolio loans and therefore, interest expense incurred for the sold properties is not shown in this table.  Upon the sale of the office property in February 2024, $46.2 million of the outstanding principal of the Modified Portfolio Revolving Loan Facility was repaid.  Upon the sale of the office property in November 2024, $140.4 million of the outstanding principal of the Amended and Restated Portfolio Loan Facility was repaid.  The following summary presents the major components of assets and liabilities related to real estate held for sale as of December 31, 2023 (in thousands).   December 31, 2023Real estate held for sale, net:Total real estate, at cost$185,309 Accumulated depreciation and amortization(53,701)Real estate held for sale, net131,608 Other assets14,126 Total assets related to real estate held for sale$145,734 Liabilities related to real estate held for sale:Notes payable related to real estate held for sale, net$186,527 Other liabilities2,615 Total liabilities related to real estate held for sale$189,142 

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Table of ContentsKBS REAL ESTATE INVESTMENT TRUST III, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)December 31, 20246.      TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW MARKET LEASE LIABILITIES

As of December 31,