Company: KBSR
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001482430-25-000036
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Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
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Table of ContentsPART I. FINANCIAL INFORMATIONItem 1.  Financial Statements

KBS REAL ESTATE INVESTMENT TRUST III, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

 March 31, 2025December 31, 2024 (unaudited) AssetsReal estate:Land$226,106 $226,106 Buildings and improvements1,996,140 1,991,483 Tenant origination and absorption costs26,756 27,334 Total real estate held for investment, cost2,249,002 2,244,923 Less accumulated depreciation and amortization(704,304)(681,392)Total real estate, net1,544,698 1,563,531 Real estate equity securities35,377 40,600 Total real estate and real estate-related investments, net1,580,075 1,604,131 Cash and cash equivalents30,147 30,484 Restricted cash14,257 11,090 Rents and other receivables, net100,130 101,372 Above-market leases, net103 120 Prepaid expenses and other assets75,857 76,248 Total assets$1,800,569 $1,823,445 Liabilities and equityNotes payable, net1,447,912 1,442,661 Accounts payable and accrued liabilities53,495 46,911 Due to affiliate19,386 19,520 Below-market leases, net447 544 Other liabilities56,042 57,250 Total liabilities1,577,282 1,566,886 Commitments and contingencies (Note 13)Redeemable common stock— — Stockholders’ equity:Preferred stock, $.01 par value per share; 10,000,000 shares authorized, no shares issued and outstanding— — Common stock, $.01 par value per share; 1,000,000,000 shares authorized, 148,516,246 and 148,516,246 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively1,485 1,485 Additional paid-in capital1,313,297 1,313,297 Cumulative distributions in excess of net income(1,091,495)(1,058,223)