Company: KBSR
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001482430-25-000042
Chunk: 115

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 115
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,608)43,401 Carillon 01/15/2016CharlotteNCOffice181,741 (52,110)129,631 $2,153,915 $(688,043)$1,465,872 _____________________(1) Amounts presented are net of impairment charges and write-offs of fully depreciated/amortized assets.

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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)June 30, 2025(unaudited)4.      REAL ESTATE (CONTINUED)

As of June 30, 2025, the following property represented more than 10% of the Company’s total assets:PropertyLocationRentable Square FeetTotal Real Estate, Net(in thousands)Percentage of Total AssetsAnnualized Base Rent (in thousands) (1)OccupancyAccenture TowerChicago, IL1,457,724 $381,804 21.4 %$37,951 90.9 %___________________(1) Annualized base rent represents annualized contractual base rental income as of June 30, 2025, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term.  Operating LeasesThe Company’s office and office/retail properties are leased to tenants under operating leases for which the terms and expirations vary.  As of June 30, 2025, the leases, including leases that have been executed but not yet commenced, had remaining terms, excluding options to extend, of up to 14.0 years with a weighted-average remaining term of 5.4 years.  Some of the leases have provisions to extend the term of the leases, options for early termination for all or a part of the leased premises after paying a specified penalty, and other terms and conditions as negotiated.  The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants.  Generally, upon the execution of a lease, the Company requires a security deposit from the tenant in the form of a cash deposit and/or a letter of credit.  The amount required as a security deposit varies depending upon the terms of the respective lease and the creditworthiness of the tenant, but