$KBSR
KBS Real Estate Investment Trust III, Inc.

2022 Q4 Form 10-Q Financial Statement

#000148243022000059 Filed on November 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $74.76M $80.22M
YoY Change -0.47% 9.8%
Cost Of Revenue $36.01M $37.83M
YoY Change -7.0% 1.37%
Gross Profit $38.75M $42.39M
YoY Change 6.48% 18.6%
Gross Profit Margin 51.84% 52.84%
Selling, General & Admin $2.426M $1.889M
YoY Change 171.67% 16.53%
% of Gross Profit 6.26% 4.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.10M $29.91M
YoY Change 2.67% 5.68%
% of Gross Profit 72.5% 70.56%
Operating Expenses $30.52M $31.79M
YoY Change 8.01% 6.27%
Operating Profit $8.230M $10.59M
YoY Change 1.19% 82.04%
Interest Expense -$49.58M $17.20M
YoY Change -398.69% 77.32%
% of Operating Profit -602.47% 162.4%
Other Income/Expense, Net -$6.000K -$29.13M
YoY Change -1914.7%
Pretax Income -$41.36M -$15.50M
YoY Change -134.94% 593.33%
Income Tax
% Of Pretax Income
Net Earnings -$41.36M -$15.50M
YoY Change -134.94% 593.33%
Net Earnings / Revenue -55.32% -19.32%
Basic Earnings Per Share -$0.11
Diluted Earnings Per Share -$0.28 -$0.11
COMMON SHARES
Basic Shares Outstanding 147.7M shares 147.1M shares
Diluted Shares Outstanding 147.2M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.77M $43.04M
YoY Change 7.57% 12.71%
Cash & Equivalents $47.77M $43.04M
Short-Term Investments
Other Short-Term Assets $112.4M $114.4M
YoY Change 60.56% 59.14%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $253.3M $249.8M
YoY Change 24.59% 24.77%
LONG-TERM ASSETS
Property, Plant & Equipment $1.912B $1.902B
YoY Change 2.34% -1.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $87.42M $116.6M
YoY Change -46.7%
Other Assets $6.070M $1.241M
YoY Change 198.72% -85.66%
Total Long-Term Assets $2.006B $2.020B
YoY Change -2.2% -6.04%
TOTAL ASSETS
Total Short-Term Assets $253.3M $249.8M
Total Long-Term Assets $2.006B $2.020B
Total Assets $2.259B $2.270B
YoY Change 0.21% -3.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $56.07M $59.92M
YoY Change -3.86% 18.04%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $73.81M $76.65M
YoY Change -0.5% 13.24%
LONG-TERM LIABILITIES
Long-Term Debt $1.668B $1.632B
YoY Change 13.83% 2.42%
Other Long-Term Liabilities $62.83M $60.13M
YoY Change 20.69% -24.18%
Total Long-Term Liabilities $1.731B $1.693B
YoY Change 14.06% 1.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $73.81M $76.65M
Total Long-Term Liabilities $1.731B $1.693B
Total Liabilities $1.805B $1.769B
YoY Change 13.38% 1.63%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.480M $1.473M
YoY Change -3.39% -6.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $421.7M $485.1M
YoY Change
Total Liabilities & Shareholders Equity $2.259B $2.270B
YoY Change 0.21% -3.42%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$41.36M -$15.50M
YoY Change -134.94% 593.33%
Depreciation, Depletion And Amortization $28.10M $29.91M
YoY Change 2.67% 5.68%
Cash From Operating Activities $17.20M $35.23M
YoY Change -29.96% 9.26%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$38.34M -$28.79M
YoY Change -121.37% 62.77%
Cash From Investing Activities -$38.34M -$28.79M
YoY Change -121.37% 62.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.69M -708.0K
YoY Change -115.62% -99.39%
NET CHANGE
Cash From Operating Activities 17.20M 35.23M
Cash From Investing Activities -38.34M -28.79M
Cash From Financing Activities 30.69M -708.0K
Net Change In Cash 9.557M 5.741M
YoY Change 28.11% -105.7%
FREE CASH FLOW
Cash From Operating Activities $17.20M $35.23M
Capital Expenditures $0.00
Free Cash Flow $17.20M
YoY Change -29.96%

Facts In Submission

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dei Amendment Flag
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false
dei Document Fiscal Period Focus
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dei Entity Central Index Key
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0001482430
dei Document Fiscal Year Focus
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2022
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Type
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10-Q
dei Document Quarterly Report
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true
dei Document Period End Date
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2022-09-30
dei Document Transition Report
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dei Entity File Number
EntityFileNumber
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dei Entity Registrant Name
EntityRegistrantName
KBS REAL ESTATE INVESTMENT TRUST III, INC.
dei Entity Incorporation State Country Code
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MD
dei Entity Tax Identification Number
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800 Newport Center Drive, Suite 700
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CA
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dei City Area Code
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CY2022Q3 kbsriii Adjustments To Additional Paid In Capital Transfers From Redeemable Common Stock
AdjustmentsToAdditionalPaidInCapitalTransfersFromRedeemableCommonStock
1388000 usd
CY2022Q3 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
9946000 usd
CY2022Q3 us-gaap Dividends Common Stock
DividendsCommonStock
22017000 usd
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
8000 usd
CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
485123000 usd
CY2021Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
520152000 usd
CY2021Q3 us-gaap Profit Loss
ProfitLoss
-2235000 usd
CY2021Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
6507000 usd
CY2021Q3 kbsriii Adjustments To Additional Paid In Capital Transfers From Redeemable Common Stock
AdjustmentsToAdditionalPaidInCapitalTransfersFromRedeemableCommonStock
329480000 usd
CY2021Q3 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
307717000 usd
CY2021Q3 us-gaap Dividends Common Stock
DividendsCommonStock
23863000 usd
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
6000 usd
CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
522318000 usd
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
620193000 usd
us-gaap Profit Loss
ProfitLoss
-21099000 usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
24397000 usd
kbsriii Adjustments To Additional Paid In Capital Transfers From Redeemable Common Stock
AdjustmentsToAdditionalPaidInCapitalTransfersFromRedeemableCommonStock
15356000 usd
us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
86567000 usd
us-gaap Dividends Common Stock
DividendsCommonStock
67148000 usd
us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
9000 usd
CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
485123000 usd
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
898036000 usd
us-gaap Profit Loss
ProfitLoss
25276000 usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
32792000 usd
kbsriii Adjustments To Additional Paid In Capital Transfers To Redeemable Common Stock
AdjustmentsToAdditionalPaidInCapitalTransfersToRedeemableCommonStock
40722000 usd
us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
313800000 usd
us-gaap Dividends Common Stock
DividendsCommonStock
79258000 usd
us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
6000 usd
CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
522318000 usd
us-gaap Profit Loss
ProfitLoss
-21099000 usd
us-gaap Profit Loss
ProfitLoss
25276000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
83763000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
83617000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
0 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
4945000 usd
us-gaap Equity Securities Fv Ni Unrealized Loss
EquitySecuritiesFvNiUnrealizedLoss
63673000 usd
us-gaap Equity Securities Fv Ni Unrealized Loss
EquitySecuritiesFvNiUnrealizedLoss
0 usd
kbsriii Distribution Of Operating Cash Flow From An Unconsolidated Entity
DistributionOfOperatingCashFlowFromAnUnconsolidatedEntity
0 usd
kbsriii Distribution Of Operating Cash Flow From An Unconsolidated Entity
DistributionOfOperatingCashFlowFromAnUnconsolidatedEntity
19861000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
7230000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4221000 usd
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-1050000 usd
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-1697000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2898000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2994000 usd
us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
54578000 usd
us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
13740000 usd
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
0 usd
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
20459000 usd
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
2728000 usd
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 usd
kbsriii Interest Rate Swap Settlements For Off Market Swap Instruments Operating Activities
InterestRateSwapSettlementsForOffMarketSwapInstrumentsOperatingActivities
248000 usd
kbsriii Interest Rate Swap Settlements For Off Market Swap Instruments Operating Activities
InterestRateSwapSettlementsForOffMarketSwapInstrumentsOperatingActivities
2209000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1218000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
4287000 usd
us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
-343000 usd
us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
0 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
13320000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
14616000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-3045000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
3033000 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
1274000 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
386000 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
2940000 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
2829000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
58763000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
76240000 usd
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
83230000 usd
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
50944000 usd
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
0 usd
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
98000000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-83230000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
47056000 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
236618000 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
241240000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
82575000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
38400000 usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1062000 usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
377000 usd
kbsriii Interest Rate Swap Settlements For Off Market Swap Instruments Financing Activities
InterestRateSwapSettlementsForOffMarketSwapInstrumentsFinancingActivities
834000 usd
kbsriii Interest Rate Swap Settlements For Off Market Swap Instruments Financing Activities
InterestRateSwapSettlementsForOffMarketSwapInstrumentsFinancingActivities
2201000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
86567000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
313800000 usd
kbsriii Payments Of Prepaid Other Offering Costs
PaymentsOfPrepaidOtherOfferingCosts
110000 usd
kbsriii Payments Of Prepaid Other Offering Costs
PaymentsOfPrepaidOtherOfferingCosts
855000 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
9000 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
6000 usd
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
43150000 usd
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
47732000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
22311000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-162131000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2156000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-38835000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46436000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
77811000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
44280000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
38976000 usd
us-gaap Interest Paid Net
InterestPaidNet
37814000 usd
us-gaap Interest Paid Net
InterestPaidNet
33849000 usd
kbsriii Noncash Increases Decrease In Distributions Payable
NoncashIncreasesDecreaseInDistributionsPayable
7336000 usd
kbsriii Noncash Increases Decrease In Distributions Payable
NoncashIncreasesDecreaseInDistributionsPayable
7921000 usd
kbsriii Distributions Paid To Common Stockholders Through Common Stock Issuances Pursuant To Dividend Reinvestment Plan
DistributionsPaidToCommonStockholdersThroughCommonStockIssuancesPursuantToDividendReinvestmentPlan
24397000 usd
kbsriii Distributions Paid To Common Stockholders Through Common Stock Issuances Pursuant To Dividend Reinvestment Plan
DistributionsPaidToCommonStockholdersThroughCommonStockIssuancesPursuantToDividendReinvestmentPlan
32792000 usd
kbsriii Accrued Prepaid Other Offering Costs
AccruedPrepaidOtherOfferingCosts
0 usd
kbsriii Accrued Prepaid Other Offering Costs
AccruedPrepaidOtherOfferingCosts
99000 usd
kbsriii Noncash Increase In Redeemable Common Stock
NoncashIncreaseInRedeemableCommonStock
11109000 usd
kbsriii Noncash Increase In Redeemable Common Stock
NoncashIncreaseInRedeemableCommonStock
0 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
23230000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
11452000 usd
kbsriii Accrued Interest Rate Swap Settlements Related To Off Market Swap Instruments
AccruedInterestRateSwapSettlementsRelatedToOffMarketSwapInstruments
-327000 usd
kbsriii Accrued Interest Rate Swap Settlements Related To Off Market Swap Instruments
AccruedInterestRateSwapSettlementsRelatedToOffMarketSwapInstruments
253000 usd
us-gaap Use Of Estimates
UseOfEstimates
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 condensed notes. Actual results could materially differ from those estimates.
CY2021Q4 kbsriii Share Redemption Program Share Limitation For Special Redemptions
ShareRedemptionProgramShareLimitationForSpecialRedemptions
500000 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods. During the three and nine months ended September 30, 2022, the Company presented gains and losses on derivative instruments separate from interest expense on the Company’s consolidated statement of operations. Accordingly, the Company’s gains and losses on derivative instruments were reclassified for all periods presented.
CY2022Q3 kbsriii Dividend Reinvestment Plan Purchase Price For Share As Percent Of Estimated Value
DividendReinvestmentPlanPurchasePriceForShareAsPercentOfEstimatedValue
0.95
CY2020Q4 kbsriii Estimated Value Per Share Of Companys Common Stock
EstimatedValuePerShareOfCompanysCommonStock
10.74
CY2021Q1 kbsriii Dividend Reinvestment Plan Purchase Price Per Share
DividendReinvestmentPlanPurchasePricePerShare
10.21
CY2021Q2 kbsriii Estimated Value Per Share Of Companys Common Stock
EstimatedValuePerShareOfCompanysCommonStock
10.77
CY2021Q2 kbsriii Dividend Reinvestment Plan Purchase Price Per Share
DividendReinvestmentPlanPurchasePricePerShare
10.23
CY2021Q4 kbsriii Estimated Value Per Share Of Companys Common Stock
EstimatedValuePerShareOfCompanysCommonStock
10.78
CY2021Q4 kbsriii Dividend Reinvestment Plan Purchase Price Per Share
DividendReinvestmentPlanPurchasePricePerShare
10.24
CY2022Q3 kbsriii Estimated Value Per Share Of Companys Common Stock
EstimatedValuePerShareOfCompanysCommonStock
9.00
CY2022Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
17 property
kbsriii Maximum Percentage Of Weighted Average Shares Outstanding Available For Redemption During Current Calendar Year
MaximumPercentageOfWeightedAverageSharesOutstandingAvailableForRedemptionDuringCurrentCalendarYear
0.05
CY2021Q4 kbsriii Maximum Number Of Weighted Average Shares Outstanding Available For Redemption During Current Calendar Year
MaximumNumberOfWeightedAverageSharesOutstandingAvailableForRedemptionDuringCurrentCalendarYear
500000 shares
CY2022Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.150
kbsriii Maximum Percentage Of Weighted Average Shares Outstanding Available For Redemption During Any Calendar Year
MaximumPercentageOfWeightedAverageSharesOutstandingAvailableForRedemptionDuringAnyCalendarYear
0.05
kbsriii Redemption Price Percentage Of Most Recent Estimated Value For Share
RedemptionPricePercentageOfMostRecentEstimatedValueForShare
0.95
kbsriii Redemption Price Percentage Of Most Recent Estimated Value For Share
RedemptionPricePercentageOfMostRecentEstimatedValueForShare
0.96
CY2020Q4 kbsriii Estimated Value Per Share Of Companys Common Stock
EstimatedValuePerShareOfCompanysCommonStock
10.74
CY2021Q2 kbsriii Estimated Value Per Share Of Companys Common Stock
EstimatedValuePerShareOfCompanysCommonStock
10.77
CY2021Q4 kbsriii Estimated Value Per Share Of Companys Common Stock
EstimatedValuePerShareOfCompanysCommonStock
10.78
CY2022Q3 kbsriii Estimated Value Per Share Of Companys Common Stock
EstimatedValuePerShareOfCompanysCommonStock
9.00
CY2022Q3 kbsriii Redeemable Common Stock
RedeemableCommonStock
11100000 usd
kbsriii Write Off Of Offering Costs
WriteOffOfOfferingCosts
2700000 usd
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2021Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.150
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.448
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.448
kbsriii Common Share Distribution Rate For Share Per Month Declared
CommonShareDistributionRateForSharePerMonthDeclared
0.04983333
kbsriii Common Share Distribution Rate For Share Per Month Declared
CommonShareDistributionRateForSharePerMonthDeclared
0.04983333
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2022Q3 kbsriii Grants Of Rent Deferrals Covid19
GrantsOfRentDeferralsCOVID19
3900000 usd
CY2022Q3 kbsriii Grants Of Rental Abatements Covid19
GrantsOfRentalAbatementsCOVID19
4700000 usd
CY2022Q3 kbsriii Deferred Lease Concessions Covid19
DeferredLeaseConcessionsCOVID19
600000 usd
CY2022Q3 kbsriii Reserve For Payments Not Probable To Collect Covid19
ReserveForPaymentsNotProbableToCollectCOVID19
400000 usd
CY2022Q3 kbsriii Reversal Of Rental Income For Abatements Granted To Tenants Covid19
ReversalOfRentalIncomeForAbatementsGrantedToTenantsCOVID19
700000 usd
kbsriii Reversal Of Rental Income For Abatements Granted To Tenants Covid19
ReversalOfRentalIncomeForAbatementsGrantedToTenantsCOVID19
2000000 usd
CY2021Q3 kbsriii Reversal Of Rental Income For Abatements Granted To Tenants Covid19
ReversalOfRentalIncomeForAbatementsGrantedToTenantsCOVID19
100000 usd
kbsriii Reversal Of Rental Income For Abatements Granted To Tenants Covid19
ReversalOfRentalIncomeForAbatementsGrantedToTenantsCOVID19
700000 usd
CY2022Q3 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
7300000 sqft
CY2022Q3 kbsriii Percentage Of Real Estate Portfolio Occupied
PercentageOfRealEstatePortfolioOccupied
0.827
CY2022Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
2540770000 usd
CY2022Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
638453000 usd
CY2022Q3 kbsriii Real Estate Investment Property Excluding Held For Sale
RealEstateInvestmentPropertyExcludingHeldForSale
1902317000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
7200000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4200000 usd
CY2022Q3 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
87100000 usd
CY2021Q4 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
85200000 usd
CY2022Q3 us-gaap Incentive To Lessee
IncentiveToLessee
17800000 usd
CY2021Q4 us-gaap Incentive To Lessee
IncentiveToLessee
22800000 usd
CY2022Q3 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
50395000 usd
CY2022Q3 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
195203000 usd
CY2022Q3 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
188020000 usd
CY2022Q3 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
168657000 usd
CY2022Q3 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
149615000 usd
CY2022Q3 kbsriii Lessor Operating Lease Payment To Be Received After Year Four
LessorOperatingLeasePaymentToBeReceivedAfterYearFour
585822000 usd
CY2022Q3 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
1337712000 usd
CY2022Q3 kbsriii Number Of Tenants
NumberOfTenants
560 tenant
CY2022Q3 kbsriii Annualized Base Rent
AnnualizedBaseRent
62555000 usd
CY2022Q3 kbsriii Tenant Origination And Absorption Costs Gross
TenantOriginationAndAbsorptionCostsGross
49979000 usd
CY2021Q4 kbsriii Tenant Origination And Absorption Costs Gross
TenantOriginationAndAbsorptionCostsGross
60162000 usd
CY2022Q3 kbsriii Above Market Leases Gross
AboveMarketLeasesGross
983000 usd
CY2021Q4 kbsriii Above Market Leases Gross
AboveMarketLeasesGross
1112000 usd
CY2022Q3 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
9869000 usd
CY2021Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
15395000 usd
CY2022Q3 kbsriii Tenant Origination And Absorption Costs Accumulated Amortization
TenantOriginationAndAbsorptionCostsAccumulatedAmortization
35774000 usd
CY2021Q4 kbsriii Tenant Origination And Absorption Costs Accumulated Amortization
TenantOriginationAndAbsorptionCostsAccumulatedAmortization
41387000 usd
CY2022Q3 kbsriii Above Market Leases Accumulated Amortization
AboveMarketLeasesAccumulatedAmortization
701000 usd
CY2021Q4 kbsriii Above Market Leases Accumulated Amortization
AboveMarketLeasesAccumulatedAmortization
764000 usd
CY2022Q3 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
7708000 usd
CY2021Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
12118000 usd
CY2022Q3 kbsriii Tenant Origination And Absorption Costs Net
TenantOriginationAndAbsorptionCostsNet
14205000 usd
CY2021Q4 kbsriii Tenant Origination And Absorption Costs Net
TenantOriginationAndAbsorptionCostsNet
18775000 usd
CY2022Q3 kbsriii Above Market Leases Net
AboveMarketLeasesNet
282000 usd
CY2021Q4 kbsriii Above Market Leases Net
AboveMarketLeasesNet
348000 usd
CY2022Q3 us-gaap Below Market Lease Net
BelowMarketLeaseNet
2161000 usd
CY2021Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
3277000 usd
CY2022Q3 kbsriii Tenant Origination And Absorption Costs Amortization Expense
TenantOriginationAndAbsorptionCostsAmortizationExpense
1332000 usd
CY2021Q3 kbsriii Tenant Origination And Absorption Costs Amortization Expense
TenantOriginationAndAbsorptionCostsAmortizationExpense
1990000 usd
CY2022Q3 kbsriii Above Market Leases Amortization Expense
AboveMarketLeasesAmortizationExpense
21000 usd
CY2021Q3 kbsriii Above Market Leases Amortization Expense
AboveMarketLeasesAmortizationExpense
24000 usd
CY2022Q3 kbsriii Off Market Lease Unfavorable Amortization Expense
OffMarketLeaseUnfavorableAmortizationExpense
284000 usd
CY2021Q3 kbsriii Off Market Lease Unfavorable Amortization Expense
OffMarketLeaseUnfavorableAmortizationExpense
582000 usd
kbsriii Tenant Origination And Absorption Costs Amortization Expense
TenantOriginationAndAbsorptionCostsAmortizationExpense
4570000 usd
kbsriii Tenant Origination And Absorption Costs Amortization Expense
TenantOriginationAndAbsorptionCostsAmortizationExpense
6159000 usd
kbsriii Above Market Leases Amortization Expense
AboveMarketLeasesAmortizationExpense
66000 usd
kbsriii Above Market Leases Amortization Expense
AboveMarketLeasesAmortizationExpense
76000 usd
kbsriii Off Market Lease Unfavorable Amortization Expense
OffMarketLeaseUnfavorableAmortizationExpense
1116000 usd
kbsriii Off Market Lease Unfavorable Amortization Expense
OffMarketLeaseUnfavorableAmortizationExpense
1773000 usd
CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1626333000 usd
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1472290000 usd
CY2022Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
5056000 usd
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
6892000 usd
CY2022Q3 us-gaap Long Term Debt
LongTermDebt
1621277000 usd
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
1465398000 usd
CY2022Q3 us-gaap Interest Expense
InterestExpense
17200000 usd
us-gaap Interest Expense
InterestExpense
37000000 usd
CY2021Q3 us-gaap Interest Expense
InterestExpense
9000000 usd
us-gaap Interest Expense
InterestExpense
25700000 usd
CY2022Q3 us-gaap Interest Payable Current
InterestPayableCurrent
4900000 usd
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
4000000 usd
CY2022Q3 kbsriii Non Compounded Returnon Net Invested Capital
NonCompoundedReturnonNetInvestedCapital
0.080
us-gaap Payment For Administrative Fees
PaymentForAdministrativeFees
332000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
439000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
1206684000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
354210000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
65000000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
0 usd
CY2022Q3 kbsriii Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
0 usd
CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1626333000 usd
CY2022Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
1626333000 usd
CY2021Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
1472290000 usd
CY2022Q3 us-gaap Payment For Administrative Fees
PaymentForAdministrativeFees
48000 usd
us-gaap Payment For Administrative Fees
PaymentForAdministrativeFees
150000 usd
CY2021Q3 us-gaap Payment For Administrative Fees
PaymentForAdministrativeFees
100000 usd
CY2022Q3 kbsriii Non Compounded Returnon Net Invested Capital
NonCompoundedReturnonNetInvestedCapital
0.08
CY2022Q3 kbsriii Non Compounded Returnon Net Invested Capital
NonCompoundedReturnonNetInvestedCapital
0.08
kbsriii Write Off Of Offering Costs
WriteOffOfOfferingCosts
2700000 usd
kbsriii Professional Fees Write Off
ProfessionalFeesWriteOff
500000 usd

Files In Submission

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0001482430-22-000059-index-headers.html Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
kbsriii-20220930.htm Edgar Link pending
kbsriii-20220930.xsd Edgar Link pending
kbsriiiq32022exhibit101.htm Edgar Link pending
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kbsriii-20220930_cal.xml Edgar Link unprocessable
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