$KBSR
KBS Real Estate Investment Trust III, Inc.

2014 Q3 Form 10-Q Financial Statement

#000148243014000087 Filed on August 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $48.38M $45.18M $16.38M
YoY Change 106.09% 175.91% 126.91%
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 $20.16M $19.29M $7.312M
YoY Change 92.94% 163.85% 81.98%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit $6.185M
YoY Change 105.55%
Interest Expense $6.631M $6.269M $1.918M
YoY Change 115.01% 226.85% 49.73%
% of Operating Profit 31.01%
Other Income/Expense, Net
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$3.070M -$3.561M -$6.113M
YoY Change 71.99% -41.75% 121.57%
Net Earnings / Revenue -6.35% -7.88% -37.33%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 92.70M shares 87.88M shares 35.42M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $155.1M $132.4M $32.38M
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 $1.776B $1.618B $760.7M
YoY Change 105.76% 112.66% 155.45%
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 $1.007B $918.9M $445.0M
YoY Change 124.71% 106.5% 214.47%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $991.0K $899.0K $409.0K
YoY Change 86.28% 119.8% 108.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $738.6M $675.3M $307.0M
YoY Change
Total Liabilities & Shareholders Equity $1.776B $1.618B $760.7M
YoY Change 105.76% 112.66% 155.45%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$3.070M -$3.561M -$6.113M
YoY Change 71.99% -41.75% 121.57%
Depreciation, Depletion And Amortization $20.16M $19.29M $7.312M
YoY Change 92.94% 163.85% 81.98%
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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us-gaap Other Income
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Prior Period Reclassification Adjustment Description
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Notes Payable
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us-gaap Provision For Doubtful Accounts
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4452000 USD
us-gaap Repayments Of Notes Payable
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us-gaap Repayments Of Notes Payable
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45183000 USD
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us-gaap Revenues
Revenues
30042000 USD
CY2013Q2 us-gaap Revenues
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16376000 USD
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us-gaap Stock Issued During Period Value New Issues
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CY2013Q4 us-gaap Stockholders Equity
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CY2014Q2 us-gaap Stockholders Equity
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CY2012Q4 us-gaap Stockholders Equity
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CY2013Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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CY2014Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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us-gaap Tenant Reimbursements
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CY2014Q2 us-gaap Tenant Reimbursements
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us-gaap Tenant Reimbursements
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us-gaap Use Of Estimates
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<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>
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2014Q2 kbsriii Above Market Leases Accumulated Amortization
AboveMarketLeasesAccumulatedAmortization
1285000 USD
CY2013Q4 kbsriii Above Market Leases Accumulated Amortization
AboveMarketLeasesAccumulatedAmortization
387000 USD
kbsriii Above Market Leases Amortization Expense
AboveMarketLeasesAmortizationExpense
1003000 USD
kbsriii Above Market Leases Amortization Expense
AboveMarketLeasesAmortizationExpense
164000 USD
CY2014Q2 kbsriii Above Market Leases Amortization Expense
AboveMarketLeasesAmortizationExpense
534000 USD
CY2013Q2 kbsriii Above Market Leases Amortization Expense
AboveMarketLeasesAmortizationExpense
78000 USD
CY2014Q2 kbsriii Above Market Leases Gross
AboveMarketLeasesGross
11791000 USD
CY2013Q4 kbsriii Above Market Leases Gross
AboveMarketLeasesGross
7989000 USD
CY2013Q4 kbsriii Above Market Leases Net
AboveMarketLeasesNet
7602000 USD
CY2014Q2 kbsriii Above Market Leases Net
AboveMarketLeasesNet
10506000 USD
kbsriii Adjustments To Additional Paid In Capital Transfers To Redeemable Common Stock
AdjustmentsToAdditionalPaidInCapitalTransfersToRedeemableCommonStock
11036000 USD
CY2013 kbsriii Adjustments To Additional Paid In Capital Transfers To Redeemable Common Stock
AdjustmentsToAdditionalPaidInCapitalTransfersToRedeemableCommonStock
7172000 USD
kbsriii Advances On Real Estate Loans Receivable
AdvancesOnRealEstateLoansReceivable
1019000 USD
kbsriii Advances On Real Estate Loans Receivable
AdvancesOnRealEstateLoansReceivable
669000 USD
CY2013Q4 kbsriii Assets Related To Real Estate Held For Sale
AssetsRelatedToRealEstateHeldForSale
1027000 USD
CY2014Q2 kbsriii Assets Related To Real Estate Held For Sale
AssetsRelatedToRealEstateHeldForSale
0 USD
kbsriii Business Acquisition Pro Forma Depreciation And Amortization
BusinessAcquisitionProFormaDepreciationAndAmortization
37292000 USD
CY2013Q2 kbsriii Business Acquisition Pro Forma Depreciation And Amortization
BusinessAcquisitionProFormaDepreciationAndAmortization
8873000 USD
CY2014Q2 kbsriii Business Acquisition Pro Forma Depreciation And Amortization
BusinessAcquisitionProFormaDepreciationAndAmortization
19293000 USD
kbsriii Business Acquisition Pro Forma Depreciation And Amortization
BusinessAcquisitionProFormaDepreciationAndAmortization
16571000 USD
CY2013Q2 kbsriii Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.15
CY2014Q2 kbsriii Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.04
kbsriii Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.23
kbsriii Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
0.03
kbsriii Business Combination Pro Forma Information Operating Expense Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationOperatingExpenseOfAcquireeSinceAcquisitionDateActual
3600000 USD
kbsriii Business Combination Pro Forma Weighted Average Shares Oustanding Basic And Diluted
BusinessCombinationProFormaWeightedAverageSharesOustandingBasicAndDiluted
82454061 shares
kbsriii Business Combination Pro Forma Weighted Average Shares Oustanding Basic And Diluted
BusinessCombinationProFormaWeightedAverageSharesOustandingBasicAndDiluted
40792402 shares
CY2014Q2 kbsriii Business Combination Pro Forma Weighted Average Shares Oustanding Basic And Diluted
BusinessCombinationProFormaWeightedAverageSharesOustandingBasicAndDiluted
87278000 shares
CY2013Q2 kbsriii Business Combination Pro Forma Weighted Average Shares Oustanding Basic And Diluted
BusinessCombinationProFormaWeightedAverageSharesOustandingBasicAndDiluted
44231308 shares
CY2013 kbsriii Commissions On Stock Sales And Related Dealer Manager Fees
CommissionsOnStockSalesAndRelatedDealerManagerFees
34663000 USD
kbsriii Commissions On Stock Sales And Related Dealer Manager Fees
CommissionsOnStockSalesAndRelatedDealerManagerFees
20476000 USD
kbsriii Common Share Distribution Rate Per Share Per Day Declared
CommonShareDistributionRatePerSharePerDayDeclared
0.00178082
kbsriii Common Share Distribution Rate Per Share Per Day Declared
CommonShareDistributionRatePerSharePerDayDeclared
0.00178082
CY2013Q2 kbsriii Common Share Distribution Rate Per Share Per Day Declared
CommonShareDistributionRatePerSharePerDayDeclared
0.00178082
CY2014Q2 kbsriii Common Share Distribution Rate Per Share Per Day Declared
CommonShareDistributionRatePerSharePerDayDeclared
0.00178082
CY2013Q4 kbsriii Deferred Financing Costs Prepaid Expenses And Other Assets
DeferredFinancingCostsPrepaidExpensesAndOtherAssets
13887000 USD
CY2014Q2 kbsriii Deferred Financing Costs Prepaid Expenses And Other Assets
DeferredFinancingCostsPrepaidExpensesAndOtherAssets
21566000 USD
kbsriii Distributions Paid To Common Stockholders Through Common Stock Issuances Pursuant To Dividend Reinvestment Plan
DistributionsPaidToCommonStockholdersThroughCommonStockIssuancesPursuantToDividendReinvestmentPlan
4658000 USD
kbsriii Distributions Paid To Common Stockholders Through Common Stock Issuances Pursuant To Dividend Reinvestment Plan
DistributionsPaidToCommonStockholdersThroughCommonStockIssuancesPursuantToDividendReinvestmentPlan
12639000 USD
CY2014Q2 kbsriii Interest Expense Derivatives Interest Rate Swaps
InterestExpenseDerivativesInterestRateSwaps
1500000 USD
CY2013Q2 kbsriii Interest Expense Derivatives Interest Rate Swaps
InterestExpenseDerivativesInterestRateSwaps
200000 USD
kbsriii Interest Expense Derivatives Interest Rate Swaps
InterestExpenseDerivativesInterestRateSwaps
2400000 USD
kbsriii Interest Expense Derivatives Interest Rate Swaps
InterestExpenseDerivativesInterestRateSwaps
300000 USD
CY2014Q2 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
CY2014Q2 kbsriii Longterm Debt Maturities Repaymentsof Principal Remaining Fiscal Year
LongtermDebtMaturitiesRepaymentsofPrincipalRemainingFiscalYear
0 USD
CY2014Q1 kbsriii Non Compounded Returnon Net Invested Capital
NonCompoundedReturnonNetInvestedCapital
0.08
kbsriii Noncash Increase In Accounts Payable And Accrued Liabilities For Offering Costs
NoncashIncreaseInAccountsPayableAndAccruedLiabilitiesForOfferingCosts
243000 USD
kbsriii Noncash Increase In Accounts Payable And Accrued Liabilities For Offering Costs
NoncashIncreaseInAccountsPayableAndAccruedLiabilitiesForOfferingCosts
65000 USD
kbsriii Noncash Interest Income On Real Estate Related Investments
NoncashInterestIncomeOnRealEstateRelatedInvestments
12000 USD
kbsriii Noncash Interest Income On Real Estate Related Investments
NoncashInterestIncomeOnRealEstateRelatedInvestments
12000 USD
kbsriii Noncashincreasesdecreaseindistributionspayable
Noncashincreasesdecreaseindistributionspayable
1194000 USD
kbsriii Noncashincreasesdecreaseindistributionspayable
Noncashincreasesdecreaseindistributionspayable
659000 USD
CY2014Q2 kbsriii Notes Payable Excluding Notes Payable For Real Estate Held For Sale
NotesPayableExcludingNotesPayableForRealEstateHeldForSale
843390000 USD
CY2013Q4 kbsriii Notes Payable Excluding Notes Payable For Real Estate Held For Sale
NotesPayableExcludingNotesPayableForRealEstateHeldForSale
700022000 USD
CY2014Q2 kbsriii Notes Payable Related To Real Estate Held For Sale
NotesPayableRelatedToRealEstateHeldForSale
0 USD
CY2013Q4 kbsriii Notes Payable Related To Real Estate Held For Sale
NotesPayableRelatedToRealEstateHeldForSale
30668000 USD
CY2014Q2 kbsriii Number Of First Mortgage Loan Secured By Deed Of Trust
NumberOfFirstMortgageLoanSecuredByDeedOfTrust
1 MortgageLoans
CY2014Q2 kbsriii Number Of Tenants
NumberOfTenants
500 Tenants
CY2013Q4 kbsriii Off Market Lease Unfavorable Accumulated Amortization
OffMarketLeaseUnfavorableAccumulatedAmortization
2616000 USD
CY2014Q2 kbsriii Off Market Lease Unfavorable Accumulated Amortization
OffMarketLeaseUnfavorableAccumulatedAmortization
5557000 USD
kbsriii Off Market Lease Unfavorable Amortization Expense
OffMarketLeaseUnfavorableAmortizationExpense
-3240000 USD
kbsriii Off Market Lease Unfavorable Amortization Expense
OffMarketLeaseUnfavorableAmortizationExpense
-676000 USD
CY2013Q2 kbsriii Off Market Lease Unfavorable Amortization Expense
OffMarketLeaseUnfavorableAmortizationExpense
-407000 USD
CY2014Q2 kbsriii Off Market Lease Unfavorable Amortization Expense
OffMarketLeaseUnfavorableAmortizationExpense
-1717000 USD
CY2014Q2 kbsriii Off Market Lease Unfavorable Gross
OffMarketLeaseUnfavorableGross
33929000 USD
CY2013Q4 kbsriii Off Market Lease Unfavorable Gross
OffMarketLeaseUnfavorableGross
29736000 USD
kbsriii Other Organization And Offering Costs
OtherOrganizationAndOfferingCosts
1200000 USD
CY2014Q2 kbsriii Other Organizational Offering Cost Relatedto Follow On Offering
OtherOrganizationalOfferingCostRelatedtoFollowOnOffering
1200000 USD
kbsriii Payments Of Commissions On Stock Sales And Related Dealer Manager Fees
PaymentsOfCommissionsOnStockSalesAndRelatedDealerManagerFees
20476000 USD
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001482430
kbsriii Payments Of Commissions On Stock Sales And Related Dealer Manager Fees
PaymentsOfCommissionsOnStockSalesAndRelatedDealerManagerFees
11698000 USD
CY2014Q2 kbsriii Percentage Of Real Estate Portfolio Occupied
PercentageOfRealEstatePortfolioOccupied
0.89
CY2013Q2 kbsriii Real Estate Acquisition Fees And Expenses To Affiliates
RealEstateAcquisitionFeesAndExpensesToAffiliates
2695000 USD
kbsriii Real Estate Acquisition Fees And Expenses To Affiliates
RealEstateAcquisitionFeesAndExpensesToAffiliates
3950000 USD
CY2014Q2 kbsriii Real Estate Acquisition Fees And Expenses To Affiliates
RealEstateAcquisitionFeesAndExpensesToAffiliates
853000 USD
kbsriii Real Estate Acquisition Fees And Expenses To Affiliates
RealEstateAcquisitionFeesAndExpensesToAffiliates
2558000 USD
CY2013Q4 kbsriii Tenant Origination And Absorption Costs Accumulated Amortization
TenantOriginationAndAbsorptionCostsAccumulatedAmortization
16237000 USD
CY2014Q2 kbsriii Tenant Origination And Absorption Costs Accumulated Amortization
TenantOriginationAndAbsorptionCostsAccumulatedAmortization
27309000 USD
kbsriii Tenant Origination And Absorption Costs Amortization Expense
TenantOriginationAndAbsorptionCostsAmortizationExpense
13142000 USD
kbsriii Tenant Origination And Absorption Costs Amortization Expense
TenantOriginationAndAbsorptionCostsAmortizationExpense
5506000 USD
CY2013Q2 kbsriii Tenant Origination And Absorption Costs Amortization Expense
TenantOriginationAndAbsorptionCostsAmortizationExpense
2953000 USD
CY2014Q2 kbsriii Tenant Origination And Absorption Costs Amortization Expense
TenantOriginationAndAbsorptionCostsAmortizationExpense
6890000 USD
CY2013Q4 kbsriii Tenant Origination And Absorption Costs Gross
TenantOriginationAndAbsorptionCostsGross
123830000 USD
CY2014Q2 kbsriii Tenant Origination And Absorption Costs Gross
TenantOriginationAndAbsorptionCostsGross
148068000 USD
CY2014Q2 kbsriii Tenant Origination And Absorption Costs Net
TenantOriginationAndAbsorptionCostsNet
120759000 USD
CY2013Q4 kbsriii Tenant Origination And Absorption Costs Net
TenantOriginationAndAbsorptionCostsNet
107593000 USD
CY2013Q4 kbsriii Total Real Estate
TotalRealEstate
1230129000 USD
CY2014Q2 kbsriii Total Real Estate
TotalRealEstate
1420798000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
92696926 shares
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Entity Registrant Name
EntityRegistrantName
KBS Real Estate Investment Trust III, Inc.

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