Company: KBSR
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001482430-25-000021
Chunk: 71

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 15
Chunk 71
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 2024 and 2023, the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands): Tenant Origination andAbsorption CostsAbove-MarketLease AssetsBelow-MarketLease Liabilities December 31,2024December 31,2023December 31,2024December 31,2023December 31,2024December 31,2023Cost$27,334 $34,285 $873 $904 $(4,679)$(7,216)Accumulated Amortization(20,960)(25,161)(753)(715)4,135 6,147 Net Amount$6,374 $9,124 $120 $189 $(544)$(1,069)Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands): Tenant Origination andAbsorption CostsAbove-MarketLease AssetsBelow-MarketLease LiabilitiesFor the Years Ended December 31,For the Years Ended December 31,For the Years Ended December 31,202420232022202420232022202420232022Amortization$(2,751)$(3,907)$(5,744)$(69)$(73)$(86)$525 $842 $1,366 The remaining unamortized balance for these outstanding intangible assets and liabilities as of December 31, 2024 is estimated to be amortized for the years ending December 31 as follows (in thousands):  Tenant Origination and Absorption CostsAbove-Market Lease AssetsBelow-Market Lease Liabilities2025$(2,311)$(68)$314 2026(1,741)(52)198 2027(1,033)— 32 2028(910)— — 2029(379)— — Thereafter— — — $(6,374)$(120)$544 Weighted-Average Remaining Amortization Period3.4 years1.8 years1.8 years

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Table of ContentsKBS REAL ESTATE INVESTMENT TRUST III, INC