Company: KBSR
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001482430-25-000042
Chunk: 73

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 73
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30,Increase(Decrease)Percentage Change$ Changes Due to Dispositions of Properties (1)$ Change Due to Properties HeldThroughout Both Periods (2) 20252024Rental income$60,904 $64,681 $(3,777)(6)%$(4,424)$647 Other operating income4,479 4,715 (236)(5)%(405)169 Operating, maintenance and management17,267 17,698 (431)(2)%(835)404 Real estate taxes and insurance11,912 12,117 (205)(2)%(682)477 Asset management fees to affiliate4,643 4,877 (234)(5)%(285)51 General and administrative expenses2,279 2,372 (93)(4)%n/an/aDepreciation and amortization25,193 28,486 (3,293)(12)%(1,805)(1,488)Interest expense30,508 33,209 (2,701)(8)%— (2,701)Net gain on derivative instruments(969)(4,903)3,934 (80)%— 3,934 Unrealized gain (loss) on real estate equity securities2,849 (4,511)7,360 (163)%— 7,360 Other interest income152 352 (200)(57)%n/an/a

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(1) Represents the dollar amount increase (decrease) for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 related to the dispositions of properties after April 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 an office property sold in November 2024 is not reflected in the column for changes due to dispositions of properties.  In November 2024, we repaid $140.4 million of outstanding principal debt with the net sale proceeds from sale of an office property.

(2) Represents the dollar amount increase (decrease) for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 related to real estate investments owned by us throughout both periods presented.

Rental income from our real estate properties decreased from $64.7 million for the