$KBSR
KBS Real Estate Investment Trust III, Inc.
Stock
$kbsr
2023 Q3 Form 10-Q Financial Statement
#000148243023000038 Filed on August 11, 2023
Income Statement
| Concept | 2023 Q3 | 2023 Q2 |
|---|---|---|
| Revenue | $79.55M | $66.83M |
| YoY Change | -0.84% | -8.12% |
| Cost Of Revenue | $37.60M | $36.21M |
| YoY Change | -0.62% | -0.95% |
| Gross Profit | $41.95M | $30.62M |
| YoY Change | -1.03% | -15.36% |
| Gross Profit Margin | 52.73% | 45.82% |
| Selling, General & Admin | $1.630M | $1.545M |
| YoY Change | -13.71% | -23.29% |
| % of Gross Profit | 3.89% | 5.05% |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $29.15M | $28.61M |
| YoY Change | -2.51% | 7.41% |
| % of Gross Profit | 69.5% | 93.43% |
| Operating Expenses | $30.78M | $30.16M |
| YoY Change | -3.18% | 5.25% |
| Operating Profit | $11.16M | $467.0K |
| YoY Change | 5.41% | -93.8% |
| Interest Expense | $31.10M | $29.30M |
| YoY Change | 80.81% | 161.61% |
| % of Operating Profit | 278.57% | 6274.09% |
| Other Income/Expense, Net | -$15.40M | -$23.67M |
| YoY Change | -47.12% | 18.45% |
| Pretax Income | -$23.12M | -$44.06M |
| YoY Change | 49.17% | 172.69% |
| Income Tax | ||
| % Of Pretax Income | ||
| Net Earnings | -$23.12M | -$44.06M |
| YoY Change | 49.17% | 172.69% |
| Net Earnings / Revenue | -29.06% | -65.93% |
| Basic Earnings Per Share | -$0.16 | -$0.30 |
| Diluted Earnings Per Share | -$0.16 | -$0.30 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 149.0M shares | 148.9M shares |
| Diluted Shares Outstanding | 149.0M shares | 148.9M shares |
Balance Sheet
| Concept | 2023 Q3 | 2023 Q2 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $33.09M | $24.02M |
| YoY Change | -23.11% | -34.69% |
| Cash & Equivalents | $33.09M | $24.02M |
| Short-Term Investments | ||
| Other Short-Term Assets | $125.4M | $123.6M |
| YoY Change | 9.68% | 31.6% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | $256.6M | $242.2M |
| YoY Change | 2.71% | 11.26% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $1.849B | $1.857B |
| YoY Change | -2.81% | -2.06% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | $29.79M | $45.33M |
| YoY Change | -74.44% | -68.89% |
| Other Assets | $12.04M | $9.502M |
| YoY Change | 870.02% | 438.36% |
| Total Long-Term Assets | $1.891B | $1.912B |
| YoY Change | -6.41% | -6.45% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $256.6M | $242.2M |
| Total Long-Term Assets | $1.891B | $1.912B |
| Total Assets | $2.147B | $2.155B |
| YoY Change | -5.41% | -4.74% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $56.32M | $41.97M |
| YoY Change | -6.0% | -12.91% |
| 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 | $72.00M | $61.48M |
| YoY Change | -6.07% | 1.52% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $1.715B | $1.710B |
| YoY Change | 5.08% | 6.99% |
| Other Long-Term Liabilities | $66.73M | $65.27M |
| YoY Change | 10.99% | 24.68% |
| Total Long-Term Liabilities | $1.782B | $1.775B |
| YoY Change | 5.29% | 7.55% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $72.00M | $61.48M |
| Total Long-Term Liabilities | $1.782B | $1.775B |
| Total Liabilities | $1.854B | $1.837B |
| YoY Change | 4.79% | 7.34% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | ||
| YoY Change | ||
| Common Stock | $1.487M | $1.489M |
| YoY Change | 0.95% | 1.09% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $253.9M | $277.0M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $2.147B | $2.155B |
| YoY Change | -5.41% | -4.74% |
Cashflow Statement
| Concept | 2023 Q3 | 2023 Q2 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$23.12M | -$44.06M |
| YoY Change | 49.17% | 172.69% |
| Depreciation, Depletion And Amortization | $29.15M | $28.61M |
| YoY Change | -2.51% | 7.41% |
| Cash From Operating Activities | $25.49M | $6.510M |
| YoY Change | -27.66% | -59.3% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | ||
| YoY Change | ||
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | -$14.02M | -$26.16M |
| YoY Change | -51.3% | -35.71% |
| Cash From Investing Activities | -$14.02M | -$26.16M |
| YoY Change | -51.3% | -35.71% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 140.0K | 15.88M |
| YoY Change | -119.77% | -8.88% |
| NET CHANGE | ||
| Cash From Operating Activities | 25.49M | 6.510M |
| Cash From Investing Activities | -14.02M | -26.16M |
| Cash From Financing Activities | 140.0K | 15.88M |
| Net Change In Cash | 11.61M | -3.772M |
| YoY Change | 102.28% | -48.1% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $25.49M | $6.510M |
| Capital Expenditures | ||
| Free Cash Flow | ||
| YoY Change |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2022Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2022Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2023Q2 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
148864885 | shares |
| CY2023Q2 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
148864885 | shares |
| CY2022Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
147964954 | shares |
| CY2022Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
147964954 | shares |
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.04 | ||
| CY2023Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
148867178 | shares |
| CY2022Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
149331890 | shares |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
150866501 | shares | |
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
150866501 | shares | |
| CY2023Q2 | kbsriii |
Adjustments To Additional Paid In Capital Transfers To Redeemable Common Stock
AdjustmentsToAdditionalPaidInCapitalTransfersToRedeemableCommonStock
|
2837000 | usd |
| CY2023Q2 | us-gaap |
Dividends Common Stock
DividendsCommonStock
|
17121000 | usd |
| CY2022Q2 | kbsriii |
Adjustments To Additional Paid In Capital Transfers To Redeemable Common Stock
AdjustmentsToAdditionalPaidInCapitalTransfersToRedeemableCommonStock
|
19429000 | usd |
| kbsriii |
Accrued Prepaid Other Offering Costs
AccruedPrepaidOtherOfferingCosts
|
0 | usd | |
| kbsriii |
Accrued Prepaid Other Offering Costs
AccruedPrepaidOtherOfferingCosts
|
3000 | usd | |
| CY2023Q2 | kbsriii |
Long Term Debt Obligation Due After12 Month Period
LongTermDebtObligationDueAfter12MonthPeriod
|
1500000000 | 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. | ||
| CY2022Q4 | kbsriii |
Tenant Origination And Absorption Costs Net
TenantOriginationAndAbsorptionCostsNet
|
13031000 | usd |
| kbsriii |
Common Share Distribution Rate For Share Per Month Declared
CommonShareDistributionRateForSharePerMonthDeclared
|
0.03833333 | ||
| CY2023Q2 | us-gaap |
Area Of Real Estate Property
AreaOfRealEstateProperty
|
7300000 | sqft |
| CY2023Q2 | kbsriii |
Percentage Of Real Estate Portfolio Occupied
PercentageOfRealEstatePortfolioOccupied
|
0.825 | |
| CY2023Q2 | us-gaap |
Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
|
2523934000 | usd |
| CY2023Q2 | us-gaap |
Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
|
666570000 | usd |
| CY2023Q2 | us-gaap |
Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
|
1857364000 | usd |
| us-gaap |
Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
|
4500000 | usd | |
| CY2022Q4 | us-gaap |
Deferred Rent Receivables Net
DeferredRentReceivablesNet
|
89900000 | usd |
| CY2022Q4 | us-gaap |
Incentive To Lessee
IncentiveToLessee
|
17300000 | usd |
| CY2023Q2 | kbsriii |
Above Market Leases Net
AboveMarketLeasesNet
|
225000 | usd |
| CY2023Q2 | us-gaap |
Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
|
100974000 | usd |
| CY2023Q2 | us-gaap |
Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
|
197727000 | usd |
| CY2023Q2 | us-gaap |
Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
|
181807000 | usd |
| CY2023Q2 | us-gaap |
Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
|
164383000 | usd |
| CY2023Q2 | us-gaap |
Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
|
138582000 | usd |
| CY2023Q2 | kbsriii |
Lessor Operating Lease Payment To Be Received After Year Four
LessorOperatingLeasePaymentToBeReceivedAfterYearFour
|
549364000 | usd |
| CY2023Q2 | us-gaap |
Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
|
1332837000 | usd |
| CY2023Q2 | kbsriii |
Number Of Tenants
NumberOfTenants
|
540 | tenant |
| kbsriii |
Lessor Operating Lease Annualized Base Rent
LessorOperatingLeaseAnnualizedBaseRent
|
61858000 | usd | |
| CY2023Q2 | kbsriii |
Real Estate Occupancy Of Property
RealEstateOccupancyOfProperty
|
0.676 | |
| CY2022Q2 | us-gaap |
Impairment Of Real Estate
ImpairmentOfRealEstate
|
0 | usd |
| us-gaap |
Impairment Of Real Estate
ImpairmentOfRealEstate
|
0 | usd | |
| CY2023Q2 | kbsriii |
Tenant Origination And Absorption Costs Gross
TenantOriginationAndAbsorptionCostsGross
|
39799000 | usd |
| CY2022Q4 | kbsriii |
Tenant Origination And Absorption Costs Gross
TenantOriginationAndAbsorptionCostsGross
|
42555000 | usd |
| CY2023Q2 | kbsriii |
Above Market Leases Gross
AboveMarketLeasesGross
|
904000 | usd |
| CY2022Q4 | kbsriii |
Above Market Leases Gross
AboveMarketLeasesGross
|
983000 | usd |
| CY2023Q2 | us-gaap |
Below Market Lease Gross
BelowMarketLeaseGross
|
7983000 | usd |
| CY2022Q4 | us-gaap |
Below Market Lease Gross
BelowMarketLeaseGross
|
8384000 | usd |
| CY2023Q2 | kbsriii |
Tenant Origination And Absorption Costs Accumulated Amortization
TenantOriginationAndAbsorptionCostsAccumulatedAmortization
|
28817000 | usd |
| CY2022Q4 | kbsriii |
Tenant Origination And Absorption Costs Accumulated Amortization
TenantOriginationAndAbsorptionCostsAccumulatedAmortization
|
29524000 | usd |
| CY2023Q2 | kbsriii |
Above Market Leases Accumulated Amortization
AboveMarketLeasesAccumulatedAmortization
|
679000 | usd |
| CY2022Q4 | kbsriii |
Above Market Leases Accumulated Amortization
AboveMarketLeasesAccumulatedAmortization
|
721000 | usd |
| CY2023Q2 | us-gaap |
Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
|
6519000 | usd |
| CY2022Q4 | us-gaap |
Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
|
6473000 | usd |
| CY2023Q2 | kbsriii |
Tenant Origination And Absorption Costs Net
TenantOriginationAndAbsorptionCostsNet
|
10982000 | usd |
| CY2022Q4 | kbsriii |
Above Market Leases Net
AboveMarketLeasesNet
|
262000 | usd |
| CY2023Q2 | us-gaap |
Below Market Lease Net
BelowMarketLeaseNet
|
1464000 | usd |
| CY2022Q4 | us-gaap |
Below Market Lease Net
BelowMarketLeaseNet
|
1911000 | usd |
| CY2023Q2 | kbsriii |
Tenant Origination And Absorption Costs Amortization Expense
TenantOriginationAndAbsorptionCostsAmortizationExpense
|
1012000 | usd |
| CY2022Q2 | kbsriii |
Tenant Origination And Absorption Costs Amortization Expense
TenantOriginationAndAbsorptionCostsAmortizationExpense
|
1458000 | usd |
| CY2023Q2 | kbsriii |
Above Market Leases Amortization Expense
AboveMarketLeasesAmortizationExpense
|
18000 | usd |
| CY2022Q2 | kbsriii |
Above Market Leases Amortization Expense
AboveMarketLeasesAmortizationExpense
|
21000 | usd |
| CY2023Q2 | kbsriii |
Off Market Lease Unfavorable Amortization Expense
OffMarketLeaseUnfavorableAmortizationExpense
|
228000 | usd |
| CY2022Q2 | kbsriii |
Off Market Lease Unfavorable Amortization Expense
OffMarketLeaseUnfavorableAmortizationExpense
|
391000 | usd |
| kbsriii |
Tenant Origination And Absorption Costs Amortization Expense
TenantOriginationAndAbsorptionCostsAmortizationExpense
|
2049000 | usd | |
| kbsriii |
Tenant Origination And Absorption Costs Amortization Expense
TenantOriginationAndAbsorptionCostsAmortizationExpense
|
3238000 | usd | |
| kbsriii |
Above Market Leases Amortization Expense
AboveMarketLeasesAmortizationExpense
|
37000 | usd | |
| kbsriii |
Above Market Leases Amortization Expense
AboveMarketLeasesAmortizationExpense
|
45000 | usd | |
| kbsriii |
Off Market Lease Unfavorable Amortization Expense
OffMarketLeaseUnfavorableAmortizationExpense
|
447000 | usd | |
| kbsriii |
Off Market Lease Unfavorable Amortization Expense
OffMarketLeaseUnfavorableAmortizationExpense
|
832000 | usd | |
| us-gaap |
Interest Expense
InterestExpense
|
56100000 | usd | |
| CY2022Q2 | us-gaap |
Interest Expense
InterestExpense
|
11200000 | usd |
| us-gaap |
Interest Expense
InterestExpense
|
19800000 | usd | |
| CY2023Q2 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
9400000 | usd |
| CY2022Q4 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
8000000 | usd |
| CY2023Q2 | us-gaap |
Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
|
1044363000 | usd |
| CY2023Q2 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
|
603355000 | usd |
| CY2023Q2 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
|
65000000 | usd |
| CY2023Q2 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
|
0 | usd |
| CY2023Q2 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
|
0 | usd |
| CY2023Q2 | kbsriii |
Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
|
0 | usd |
| CY2023Q2 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
1712718000 | usd |
| CY2023Q2 | us-gaap |
Debt Instrument Face Amount
DebtInstrumentFaceAmount
|
1712718000 | usd |
| CY2022Q4 | us-gaap |
Debt Instrument Face Amount
DebtInstrumentFaceAmount
|
1671395000 | usd |
