Company: KBSR
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001482430-25-000021
Chunk: 64

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 15
Chunk 64
---
able segment disclosures, primarily through enhanced disclosures about significant segment expenses, as well as disclosure of the title and position of the chief operating decision maker (“CODM”) and how the CODM uses the reported measure(s) of segment profit or loss in assessing performance.  Public entities with a single reportable segment are required to provide the new disclosures under ASU 2023-07 and all disclosures under Topic 280 on an annual and interim basis.  ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.  The adoption of ASU 2023-07 did not have a significant impact on the Company’s financial statement disclosures.  Additional disclosure required by ASU 2023-07 is included in Note 12, “Segment Information.” 

F-19

Table of ContentsKBS REAL ESTATE INVESTMENT TRUST III, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)December 31, 20244.      REAL ESTATE

As of December 31, 2024, the Company’s real estate portfolio was composed of 13 office properties and one mixed-use office/retail property encompassing in the aggregate approximately 6.4 million rentable square feet.  As of December 31, 2024, the Company’s real estate portfolio was collectively 80.6% occupied.  The following table summarizes the Company’s investments in real estate as of December 31, 2024 (in thousands):  PropertyDate AcquiredCityStateProperty TypeTotal Real Estate, at Cost (1)Accumulated Depreciation and Amortization (1)Total Real Estate, Net (1)Town Center03/27/2012PlanoTXOffice$143,310 $(58,514)$84,796 Gateway Tech Center05/09/2012Salt Lake CityUTOffice37,388 (14,095)23,293 60 South Sixth01/31/2013MinneapolisMNOffice115,520 (1,825)113,695 Sterling Plaza06/19/2013DallasTXOffice97,086 (36,020)61,066 Accenture Tower12/16/2013ChicagoILOffice575,455 (184,634)390,821 Ten Almaden12/05/2014San JoseCAOffice131,