2014 Q2 Form 10-Q Financial Statement

#000148243014000048 Filed on May 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $45.18M $41.74M $13.67M
YoY Change 175.91% 205.4% 381.2%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.29M $17.27M $6.138M
YoY Change 163.85% 181.35% 317.84%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit $5.817M
YoY Change 314.02%
Interest Expense $6.269M $5.297M $1.446M
YoY Change 226.85% 266.32% 291.87%
% of Operating Profit 24.86%
Other Income/Expense, Net
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$3.561M $6.727M -$2.376M
YoY Change -41.75% -383.12% 11.39%
Net Earnings / Revenue -7.88% 16.12% -17.39%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 87.88M shares 75.07M shares 30.77M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $132.4M $75.38M $46.93M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.618B $1.488B $498.6M
YoY Change 112.66% 198.49% 112.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $918.9M $855.8M $249.3M
YoY Change 106.5% 243.23% 125.09%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $899.0K $802.0K $323.0K
YoY Change 119.8% 148.3% 111.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $675.3M $614.9M $242.5M
YoY Change
Total Liabilities & Shareholders Equity $1.618B $1.488B $498.6M
YoY Change 112.66% 198.49% 112.37%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$3.561M $6.727M -$2.376M
YoY Change -41.75% -383.12% 11.39%
Depreciation, Depletion And Amortization $19.29M $17.27M $6.138M
YoY Change 163.85% 181.35% 317.84%
Cash From Operating Activities -$194.0K $1.498M
YoY Change -112.95% -450.0%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$131.2M -$119.7M
YoY Change 9.61% 3.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$131.3M -$49.18M
YoY Change 166.97% 2.95%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $173.6M $141.6M
YoY Change 22.57% 39.58%
NET CHANGE
Cash From Operating Activities -$194.0K $1.498M
Cash From Investing Activities -$131.2M -$119.7M
Cash From Financing Activities $173.6M $141.6M
Net Change In Cash $42.19M $23.41M
YoY Change 80.21% -254.23%
FREE CASH FLOW
Cash From Operating Activities -$194.0K $1.498M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2014Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:28px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts in the Company&#8217;s prior period consolidated financial statements have been reclassified to conform to the current period presentation.&#160; These reclassifications have not changed the results of operations of prior periods.&#160; During the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">, the Company disposed of one office property.&#160; As a result, certain assets and liabilities were reclassified to held for sale on the consolidated balance sheets for all periods presented.</font></div></div>
CY2013Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
49745000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
131807000 USD
CY2014Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
102700000 USD
CY2013Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
103730000 USD
CY2014Q1 us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment
-40000 USD
CY2013Q1 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
0 USD
CY2014Q1 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
42740000 USD
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
138000 USD
CY2013Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-59000 USD
CY2013Q4 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
31245000 USD
CY2014Q1 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
0 USD
CY2014Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
57407000 USD
CY2013Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
42044000 USD
CY2013Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1240928000 USD
CY2014Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1404652000 USD
CY2013Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1198884000 USD
CY2014Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1347245000 USD
CY2013Q1 us-gaap Real Estate Taxes And Insurance
RealEstateTaxesAndInsurance
2410000 USD
CY2014Q1 us-gaap Real Estate Taxes And Insurance
RealEstateTaxesAndInsurance
7655000 USD
CY2014Q1 us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
2174000 USD
CY2013Q1 us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
728000 USD
CY2013Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
CY2014Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
40000000 USD
CY2014Q1 us-gaap Revenues
Revenues
41736000 USD
CY2013Q1 us-gaap Revenues
Revenues
13666000 USD
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
24000000 USD
CY2014Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
137383000 USD
CY2013 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
393405000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
801700000 USD
CY2014Q1 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
524000 USD
CY2013 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
2783000 USD
us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
4000000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
502817000 USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
614857000 USD
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
207221000 USD
CY2013Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
12414000 USD
CY2014Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
17466000 USD
CY2014Q1 us-gaap Tenant Reimbursements
TenantReimbursements
9483000 USD
CY2013Q1 us-gaap Tenant Reimbursements
TenantReimbursements
3064000 USD
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the consolidated financial statements and condensed notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. </font></div></div>
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
72753222 shares
CY2013Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29700001 shares
CY2014Q1 kbsriii Above Market Leases Accumulated Amortization
AboveMarketLeasesAccumulatedAmortization
783000 USD
CY2013Q4 kbsriii Above Market Leases Accumulated Amortization
AboveMarketLeasesAccumulatedAmortization
387000 USD
CY2013Q1 kbsriii Above Market Leases Amortization Expense
AboveMarketLeasesAmortizationExpense
86000 USD
CY2014Q1 kbsriii Above Market Leases Amortization Expense
AboveMarketLeasesAmortizationExpense
469000 USD
CY2014Q1 kbsriii Above Market Leases Gross
AboveMarketLeasesGross
11025000 USD
CY2013Q4 kbsriii Above Market Leases Gross
AboveMarketLeasesGross
7989000 USD
CY2013Q4 kbsriii Above Market Leases Net
AboveMarketLeasesNet
7602000 USD
CY2014Q1 kbsriii Above Market Leases Net
AboveMarketLeasesNet
10242000 USD
CY2014Q1 kbsriii Adjustments To Additional Paid In Capital Transfers To Redeemable Common Stock
AdjustmentsToAdditionalPaidInCapitalTransfersToRedeemableCommonStock
5052000 USD
CY2013 kbsriii Adjustments To Additional Paid In Capital Transfers To Redeemable Common Stock
AdjustmentsToAdditionalPaidInCapitalTransfersToRedeemableCommonStock
7172000 USD
CY2013Q1 kbsriii Advances On Real Estate Loans Receivable
AdvancesOnRealEstateLoansReceivable
-130000 USD
CY2014Q1 kbsriii Advances On Real Estate Loans Receivable
AdvancesOnRealEstateLoansReceivable
-348000 USD
CY2013Q4 kbsriii Assets Related To Real Estate Held For Sale
AssetsRelatedToRealEstateHeldForSale
1027000 USD
CY2014Q1 kbsriii Assets Related To Real Estate Held For Sale
AssetsRelatedToRealEstateHeldForSale
0 USD
CY2014Q1 kbsriii Business Acquisition Pro Forma Depreciation And Amortization
BusinessAcquisitionProFormaDepreciationAndAmortization
18252000 USD
CY2013Q1 kbsriii Business Acquisition Pro Forma Depreciation And Amortization
BusinessAcquisitionProFormaDepreciationAndAmortization
7699000 USD
CY2014Q1 kbsriii Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
0.11
CY2013Q1 kbsriii Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.08
CY2014Q1 kbsriii Business Combination Pro Forma Information Operating Expense Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationOperatingExpenseOfAcquireeSinceAcquisitionDateActual
800000 USD
CY2014Q1 kbsriii Business Combination Pro Forma Weighted Average Shares Oustanding Basic And Diluted
BusinessCombinationProFormaWeightedAverageSharesOustandingBasicAndDiluted
77583054 shares
CY2013Q1 kbsriii Business Combination Pro Forma Weighted Average Shares Oustanding Basic And Diluted
BusinessCombinationProFormaWeightedAverageSharesOustandingBasicAndDiluted
37326052 shares
CY2013 kbsriii Commissions On Stock Sales And Related Dealer Manager Fees
CommissionsOnStockSalesAndRelatedDealerManagerFees
34663000 USD
CY2014Q1 kbsriii Commissions On Stock Sales And Related Dealer Manager Fees
CommissionsOnStockSalesAndRelatedDealerManagerFees
12157000 USD
CY2014Q1 kbsriii Common Share Distribution Rate Per Share Per Day Declared
CommonShareDistributionRatePerSharePerDayDeclared
0.00178082 USD
CY2013Q1 kbsriii Common Share Distribution Rate Per Share Per Day Declared
CommonShareDistributionRatePerSharePerDayDeclared
0.00178082 USD
CY2013Q4 kbsriii Deferred Financing Costs Prepaid Expenses And Other Assets
DeferredFinancingCostsPrepaidExpensesAndOtherAssets
13887000 USD
CY2014Q1 kbsriii Deferred Financing Costs Prepaid Expenses And Other Assets
DeferredFinancingCostsPrepaidExpensesAndOtherAssets
24930000 USD
CY2013Q1 kbsriii Distributions Paid To Common Stockholders Through Common Stock Issuances Pursuant To Dividend Reinvestment Plan
DistributionsPaidToCommonStockholdersThroughCommonStockIssuancesPursuantToDividendReinvestmentPlan
2056000 USD
CY2014Q1 kbsriii Distributions Paid To Common Stockholders Through Common Stock Issuances Pursuant To Dividend Reinvestment Plan
DistributionsPaidToCommonStockholdersThroughCommonStockIssuancesPursuantToDividendReinvestmentPlan
5576000 USD
CY2013Q1 kbsriii Interest Expense Derivatives Interest Rate Swaps
InterestExpenseDerivativesInterestRateSwaps
100000 USD
CY2014Q1 kbsriii Interest Expense Derivatives Interest Rate Swaps
InterestExpenseDerivativesInterestRateSwaps
1000000 USD
CY2014Q1 kbsriii Liabilities Related To Real Estate Held For Sale
LiabilitiesRelatedToRealEstateHeldForSale
0 USD
CY2013Q4 kbsriii Liabilities Related To Real Estate Held For Sale
LiabilitiesRelatedToRealEstateHeldForSale
210000 USD
CY2014Q1 kbsriii Longterm Debt Maturities Repaymentsof Principal Remaining Fiscal Year
LongtermDebtMaturitiesRepaymentsofPrincipalRemainingFiscalYear
0 USD
CY2014Q1 kbsriii Non Compounded Returnon Net Invested Capital
NonCompoundedReturnonNetInvestedCapital
0.08
CY2014Q1 kbsriii Noncash Increase In Accounts Payable And Accrued Liabilities For Offering Costs
NoncashIncreaseInAccountsPayableAndAccruedLiabilitiesForOfferingCosts
542000 USD
CY2013Q1 kbsriii Noncash Increase In Accounts Payable And Accrued Liabilities For Offering Costs
NoncashIncreaseInAccountsPayableAndAccruedLiabilitiesForOfferingCosts
249000 USD
CY2013Q1 kbsriii Noncash Increase In Lease Commissions Payable
NoncashIncreaseInLeaseCommissionsPayable
116000 USD
CY2014Q1 kbsriii Noncash Increase In Lease Commissions Payable
NoncashIncreaseInLeaseCommissionsPayable
322000 USD
CY2014Q1 kbsriii Noncash Interest Income On Real Estate Related Investments
NoncashInterestIncomeOnRealEstateRelatedInvestments
6000 USD
CY2013Q1 kbsriii Noncash Interest Income On Real Estate Related Investments
NoncashInterestIncomeOnRealEstateRelatedInvestments
6000 USD
CY2013Q1 kbsriii Noncashincreasesdecreaseindistributionspayable
Noncashincreasesdecreaseindistributionspayable
278000 USD
CY2014Q1 kbsriii Noncashincreasesdecreaseindistributionspayable
Noncashincreasesdecreaseindistributionspayable
693000 USD
CY2014Q1 kbsriii Notes Payable Excluding Notes Payable For Real Estate Held For Sale
NotesPayableExcludingNotesPayableForRealEstateHeldForSale
793390000 USD
CY2013Q4 kbsriii Notes Payable Excluding Notes Payable For Real Estate Held For Sale
NotesPayableExcludingNotesPayableForRealEstateHeldForSale
700022000 USD
CY2013Q4 kbsriii Notes Payable Related To Real Estate Held For Sale
NotesPayableRelatedToRealEstateHeldForSale
30668000 USD
CY2014Q1 kbsriii Number Of First Mortgage Loan Secured By Deed Of Trust
NumberOfFirstMortgageLoanSecuredByDeedOfTrust
1 MortgageLoans
CY2014Q1 kbsriii Number Of Real Estate Properties Acquired
NumberOfRealEstatePropertiesAcquired
1 properties
CY2014Q1 kbsriii Number Of Tenants
NumberOfTenants
500 Tenants
CY2013Q4 kbsriii Off Market Lease Unfavorable Accumulated Amortization
OffMarketLeaseUnfavorableAccumulatedAmortization
2616000 USD
kbsriii Other Organization And Offering Costs
OtherOrganizationAndOfferingCosts
1300000 USD
CY2014Q1 kbsriii Off Market Lease Unfavorable Accumulated Amortization
OffMarketLeaseUnfavorableAccumulatedAmortization
4089000 USD
CY2014Q1 kbsriii Off Market Lease Unfavorable Amortization Expense
OffMarketLeaseUnfavorableAmortizationExpense
-1523000 USD
CY2013Q1 kbsriii Off Market Lease Unfavorable Amortization Expense
OffMarketLeaseUnfavorableAmortizationExpense
-269000 USD
CY2014Q1 kbsriii Off Market Lease Unfavorable Gross
OffMarketLeaseUnfavorableGross
30058000 USD
CY2013Q4 kbsriii Off Market Lease Unfavorable Gross
OffMarketLeaseUnfavorableGross
29736000 USD
CY2014Q1 kbsriii Notes Payable Related To Real Estate Held For Sale
NotesPayableRelatedToRealEstateHeldForSale
0 USD
CY2014Q1 kbsriii Other Organizational Offering Cost Relatedto Follow On Offering
OtherOrganizationalOfferingCostRelatedtoFollowOnOffering
1300000 USD
CY2014Q1 kbsriii Payments Of Commissions On Stock Sales And Related Dealer Manager Fees
PaymentsOfCommissionsOnStockSalesAndRelatedDealerManagerFees
12157000 USD
CY2013Q1 kbsriii Payments Of Commissions On Stock Sales And Related Dealer Manager Fees
PaymentsOfCommissionsOnStockSalesAndRelatedDealerManagerFees
4560000 USD
CY2014Q1 kbsriii Percentage Of Real Estate Portfolio Occupied
PercentageOfRealEstatePortfolioOccupied
0.90
CY2014Q1 kbsriii Real Estate Acquisition Fees And Expenses To Affiliates
RealEstateAcquisitionFeesAndExpensesToAffiliates
1705000 USD
CY2013Q1 kbsriii Real Estate Acquisition Fees And Expenses To Affiliates
RealEstateAcquisitionFeesAndExpensesToAffiliates
1255000 USD
CY2013Q4 kbsriii Tenant Origination And Absorption Costs Accumulated Amortization
TenantOriginationAndAbsorptionCostsAccumulatedAmortization
16237000 USD
CY2014Q1 kbsriii Tenant Origination And Absorption Costs Accumulated Amortization
TenantOriginationAndAbsorptionCostsAccumulatedAmortization
21438000 USD
CY2013Q1 kbsriii Tenant Origination And Absorption Costs Amortization Expense
TenantOriginationAndAbsorptionCostsAmortizationExpense
2553000 USD
CY2014Q1 kbsriii Tenant Origination And Absorption Costs Amortization Expense
TenantOriginationAndAbsorptionCostsAmortizationExpense
6252000 USD
CY2013Q4 kbsriii Tenant Origination And Absorption Costs Gross
TenantOriginationAndAbsorptionCostsGross
123830000 USD
CY2014Q1 kbsriii Tenant Origination And Absorption Costs Gross
TenantOriginationAndAbsorptionCostsGross
141960000 USD
CY2014Q1 kbsriii Tenant Origination And Absorption Costs Net
TenantOriginationAndAbsorptionCostsNet
120522000 USD
CY2013Q4 kbsriii Tenant Origination And Absorption Costs Net
TenantOriginationAndAbsorptionCostsNet
107593000 USD
CY2013Q4 kbsriii Total Real Estate
TotalRealEstate
1230129000 USD
CY2014Q1 kbsriii Total Real Estate
TotalRealEstate
1347245000 USD
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001482430
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
87878039 shares
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
KBS Real Estate Investment Trust III, Inc.

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