Company: KBSR
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001482430-25-000036
Chunk: 15

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 On March 28, 2024, the SREIT issued an additional unit for every 10 existing units held by its unitholders as of March 4, 2024, increasing REIT Properties III’s investment in the units of the SREIT to 237,426,088 units.  As of March 31, 2025, REIT Properties III held 237,426,088 units of the SREIT which represented 18.2% of the outstanding units of the SREIT.  As of March 31, 2025, the aggregate book value and fair value of the Company’s investment in the units of the SREIT was $35.4 million, which was based on the closing price of the SREIT units on the SGX-ST of $0.149 per unit as of March 31, 2025.  

During the three months ended March 31, 2025 and 2024, the Company recognized $0.3 million and $0.5 million of dividend income from its investment in the SREIT, respectively.  During the three months ended March 31, 2025 and 2024, the Company recorded an unrealized loss on real estate equity securities of $5.2 million and $19.5 million, respectively.  

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Table of ContentsPART I. FINANCIAL INFORMATION (CONTINUED)Item 1.  Financial Statements (continued)KBS REAL ESTATE INVESTMENT TRUST III, INC.CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)March 31, 2025(unaudited)8.       NOTES PAYABLE

As of March 31, 2025 and December 31, 2024, the Company’s notes payable consisted of the following (dollars in thousands): Book Value as ofMarch 31, 2025Book Value as ofDecember 31, 2024Contractual Interest Rate as ofMarch 31, 2025 (1)Effective Interest Rate as ofMarch 31, 2025 (1)Payment TypeMaturity Date (2)The Almaden Mortgage Loan (3)$118,050 $118,440 7.45%7.45%Principal & Interest02/01/2026Carillon Mortgage Loan (4)88,557 88,140 One-month Term SOFR (