Company: KBSR
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001482430-25-000021
Chunk: 41

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 15
Chunk 41
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 — (10,851)(10,851)Other offering costs— — (2)— (2)Balance, December 31, 2024148,516,246 $1,485 $1,313,297 $(1,058,223)$256,559 

See accompanying notes to consolidated financial statements.

F-6

KBS REAL ESTATE INVESTMENT TRUST III, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Years Ended December 31,202420232022Cash Flows from Operating Activities:Net loss$(10,851)$(157,533)$(62,458)Adjustments to reconcile net loss to net cash provided by operating activities:Depreciation and amortization111,206 115,235 111,860 Impairment charges on real estate6,847 45,459 — Unrealized loss on real estate equity securities11,202 35,614 92,812 Deferred rents(8,553)(7,635)(10,896)Amortization of above- and below-market leases, net(456)(769)(1,280)Amortization of deferred financing costs9,524 4,243 3,940 Unrealized losses (gains) on derivative instruments6,833 16,451 (52,189)Gain related to swap terminations(178)— — Interest rate swap settlement for early terminated swaps6,552 — — Gain from extinguishment of debt(56,372)— — Gain on sale of real estate(53,064)— — Write-off of prepaid offering costs— — 2,728 Interest rate swap settlements for off-market swap instruments— (9,138)(1,543)Changes in operating assets and liabilities:Rents and other receivables(7,317)(3,149)3,044 Due from affiliates— 10 333 Prepaid expenses and other assets(12,833)(14,441)(16,395)Accounts payable and accrued liabilities3,337 (1,323)(2,598)Due to affiliates1,612 7,043 2,239 Other liabilities164 11,567 6,368 Net cash provided by operating activities7,653 41,634 75,965 Cash Flows from Investing Activities:Improvements to real estate(34,