Company: KBSR
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001482430-25-000021
Chunk: 132

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1
Chunk 132
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 also use unsecured debt.  

As of December 31, 2024, we had debt obligations in the aggregate principal amount of $1.5 billion, with a weighted-average remaining term of one year.  As of December 31, 2024, we had $525.9 million of notes payable maturing during the 12 months ending December 31, 2025 and approximately $31.8 million of required paydowns.  Considering the current commercial real estate lending environment and the ongoing required loan paydowns and loan maturity schedule, this raises substantial doubt as to our ability to continue as a going concern for at least a year from the date of issuance of these financial statements.  See above, “– Going Concern Considerations” for additional information about our outstanding debt obligations.  As of December 31, 2024, our debt obligations consisted of $118.4 million of fixed rate notes payable and $1.3 billion of variable rate notes payable.  As of December 31, 2024, the interest rates on $1.1 billion of our variable rate notes payable were effectively fixed through interest rate swap agreements.  The interest rate and weighted-average effective interest rate of our fixed rate debt and variable rate debt as of December 31, 2024 were 7.5% and 5.7%, respectively.  The weighted-average effective interest rate represents the actual interest rate in effect as of December 31, 2024 (consisting of the contractual interest rate and the effect of interest rate swaps and the interest rate cap, if applicable), using interest rate indices as of December 31, 2024, where applicable.  

9

The following table shows the current maturities, including principal amortization payments, of our debt obligations as of December 31, 2024 and February 6, 2025 (in thousands), respectively:

December 31, 2024February 6, 20252025 (1)$557,717 $142,450 2026865,846 985,786 202727,500 327,500 2028— — 2029— — Thereafter— — $1,451,063 $1,455,736 

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(1) Subsequent to December 31, 2024, the borrowers under the Amended and Restated Portfolio Loan Facility entered into a loan modification agreement with the lenders to, among other modifications