$KBSR
KBS Real Estate Investment Trust III, Inc.

2023 Q4 Form 10-Q Financial Statement

#000148243023000052 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $74.11M $79.55M
YoY Change -0.87% -0.84%
Cost Of Revenue $38.28M $37.60M
YoY Change 6.31% -0.62%
Gross Profit $35.83M $41.95M
YoY Change -7.53% -1.03%
Gross Profit Margin 48.35% 52.73%
Selling, General & Admin $2.531M $1.630M
YoY Change 4.33% -13.71%
% of Gross Profit 7.06% 3.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.97M $29.15M
YoY Change 3.11% -2.51%
% of Gross Profit 80.85% 69.5%
Operating Expenses $31.50M $30.78M
YoY Change 3.21% -3.18%
Operating Profit $4.330M $11.16M
YoY Change -47.39% 5.41%
Interest Expense -$28.27M $31.10M
YoY Change -42.98% 80.81%
% of Operating Profit -652.89% 278.57%
Other Income/Expense, Net -$15.40M
YoY Change -47.12%
Pretax Income -$23.94M -$23.12M
YoY Change -42.12% 49.17%
Income Tax
% Of Pretax Income
Net Earnings -$23.94M -$23.12M
YoY Change -42.12% 49.17%
Net Earnings / Revenue -32.3% -29.06%
Basic Earnings Per Share -$0.16
Diluted Earnings Per Share -$0.16 -$0.16
COMMON SHARES
Basic Shares Outstanding 148.6M shares 149.0M shares
Diluted Shares Outstanding 149.0M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.84M $33.09M
YoY Change -22.88% -23.11%
Cash & Equivalents $36.84M $33.09M
Short-Term Investments
Other Short-Term Assets $97.97M $125.4M
YoY Change -12.85% 9.68%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $233.8M $256.6M
YoY Change -7.68% 2.71%
LONG-TERM ASSETS
Property, Plant & Equipment $1.839B $1.849B
YoY Change -3.79% -2.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $51.80M $29.79M
YoY Change -40.74% -74.44%
Other Assets $14.09M $12.04M
YoY Change 132.06% 870.02%
Total Long-Term Assets $1.906B $1.891B
YoY Change -4.99% -6.41%
TOTAL ASSETS
Total Short-Term Assets $233.8M $256.6M
Total Long-Term Assets $1.906B $1.891B
Total Assets $2.139B $2.147B
YoY Change -5.29% -5.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $49.65M $56.32M
YoY Change -11.46% -6.0%
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 $67.05M $72.00M
YoY Change -9.15% -6.07%
LONG-TERM LIABILITIES
Long-Term Debt $1.736B $1.715B
YoY Change 4.07% 5.08%
Other Long-Term Liabilities $69.02M $66.73M
YoY Change 9.86% 10.99%
Total Long-Term Liabilities $1.805B $1.782B
YoY Change 4.28% 5.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $67.05M $72.00M
Total Long-Term Liabilities $1.805B $1.782B
Total Liabilities $1.872B $1.854B
YoY Change 3.73% 4.79%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.485M $1.487M
YoY Change 0.34% 0.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $267.4M $253.9M
YoY Change
Total Liabilities & Shareholders Equity $2.139B $2.147B
YoY Change -5.29% -5.41%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$23.94M -$23.12M
YoY Change -42.12% 49.17%
Depreciation, Depletion And Amortization $28.97M $29.15M
YoY Change 3.11% -2.51%
Cash From Operating Activities $4.442M $25.49M
YoY Change -74.18% -27.66%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$18.03M -$14.02M
YoY Change -52.97% -51.3%
Cash From Investing Activities -$18.03M -$14.02M
YoY Change -52.97% -51.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 19.38M 140.0K
YoY Change -36.86% -119.77%
NET CHANGE
Cash From Operating Activities 4.442M 25.49M
Cash From Investing Activities -18.03M -14.02M
Cash From Financing Activities 19.38M 140.0K
Net Change In Cash 5.791M 11.61M
YoY Change -39.41% 102.28%
FREE CASH FLOW
Cash From Operating Activities $4.442M $25.49M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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DividendIncomeEquitySecuritiesOperating
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us-gaap Real Estate Taxes And Insurance
RealEstateTaxesAndInsurance
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us-gaap Real Estate Taxes And Insurance
RealEstateTaxesAndInsurance
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us-gaap Costs And Expenses
CostsAndExpenses
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us-gaap Costs And Expenses
CostsAndExpenses
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CY2022Q3 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
-29138000 usd
us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
-57630000 usd
us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
-63673000 usd
CY2023Q3 kbsriii Write Off Of Prepaid Offering Costs
WriteOffOfPrepaidOfferingCosts
0 usd
CY2022Q3 kbsriii Write Off Of Prepaid Offering Costs
WriteOffOfPrepaidOfferingCosts
0 usd
kbsriii Write Off Of Prepaid Offering Costs
WriteOffOfPrepaidOfferingCosts
0 usd
us-gaap Investment Income Interest
InvestmentIncomeInterest
35000 usd
CY2023Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-15401000 usd
CY2022Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-29126000 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-57380000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-23116000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-15496000 usd
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
149007610 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
147247890 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
149647042 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
149647042 shares
CY2023Q3 kbsriii Adjustments To Additional Paid In Capital Transfers From Redeemable Common Stock
AdjustmentsToAdditionalPaidInCapitalTransfersFromRedeemableCommonStock
1123000 usd
CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
3000 usd
CY2022Q3 kbsriii Adjustments To Additional Paid In Capital Transfers From Redeemable Common Stock
AdjustmentsToAdditionalPaidInCapitalTransfersFromRedeemableCommonStock
1388000 usd
us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
9000 usd
CY2023Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
253867000 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
us-gaap Profit Loss
ProfitLoss
-133593000 usd
us-gaap Profit Loss
ProfitLoss
-21099000 usd
kbsriii Write Off Of Prepaid Offering Costs
WriteOffOfPrepaidOfferingCosts
2728000 usd
kbsriii Interest Rate Swap Settlements For Off Market Swap Instruments Operating Activities
InterestRateSwapSettlementsForOffMarketSwapInstrumentsOperatingActivities
-8104000 usd
kbsriii Interest Rate Swap Settlements For Off Market Swap Instruments Operating Activities
InterestRateSwapSettlementsForOffMarketSwapInstrumentsOperatingActivities
248000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2674000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1218000 usd
us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
-10000 usd
us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
-343000 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
9000 usd
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
25320000 usd
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
43150000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
17315000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
22311000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-8706000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2156000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
53837000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46436000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
45131000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
44280000 usd
us-gaap Interest Paid Net
InterestPaidNet
67995000 usd
us-gaap Interest Paid Net
InterestPaidNet
37814000 usd
kbsriii Noncash Increases Decrease In Distributions Payable
NoncashIncreasesDecreaseInDistributionsPayable
0 usd
kbsriii Noncash Increases Decrease In Distributions Payable
NoncashIncreasesDecreaseInDistributionsPayable
7336000 usd
kbsriii Noncash Increase In Redeemable Common Stock
NoncashIncreaseInRedeemableCommonStock
0 usd
kbsriii Noncash Increase In Redeemable Common Stock
NoncashIncreaseInRedeemableCommonStock
11109000 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.
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
199479000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
185827000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
168313000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
142329000 usd
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.230
CY2023Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
CY2022Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.150
kbsriii Common Share Distribution Rate For Share Per Month Declared
CommonShareDistributionRateForSharePerMonthDeclared
0.04983333
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2023Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
2540471000 usd
CY2023Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
691602000 usd
CY2023Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1848869000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
51426000 usd
CY2023Q3 kbsriii Lessor Operating Lease Payment To Be Received After Year Four
LessorOperatingLeasePaymentToBeReceivedAfterYearFour
559908000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
1307282000 usd
CY2023Q3 kbsriii Number Of Tenants
NumberOfTenants
530 tenant
kbsriii Lessor Operating Lease Annualized Base Rent
LessorOperatingLeaseAnnualizedBaseRent
62140000 usd
CY2023Q3 kbsriii Real Estate Occupancy Of Property
RealEstateOccupancyOfProperty
0.645
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 usd
CY2022Q3 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 usd
CY2023Q3 kbsriii Tenant Origination And Absorption Costs Gross
TenantOriginationAndAbsorptionCostsGross
38670000 usd
CY2022Q4 kbsriii Tenant Origination And Absorption Costs Gross
TenantOriginationAndAbsorptionCostsGross
42555000 usd
CY2023Q3 kbsriii Above Market Leases Gross
AboveMarketLeasesGross
904000 usd
CY2022Q4 kbsriii Above Market Leases Gross
AboveMarketLeasesGross
983000 usd
CY2023Q3 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
7534000 usd
CY2022Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
8384000 usd
CY2023Q3 kbsriii Tenant Origination And Absorption Costs Accumulated Amortization
TenantOriginationAndAbsorptionCostsAccumulatedAmortization
28635000 usd
CY2022Q4 kbsriii Tenant Origination And Absorption Costs Accumulated Amortization
TenantOriginationAndAbsorptionCostsAccumulatedAmortization
29524000 usd
CY2023Q3 kbsriii Above Market Leases Accumulated Amortization
AboveMarketLeasesAccumulatedAmortization
697000 usd
CY2022Q4 kbsriii Above Market Leases Accumulated Amortization
AboveMarketLeasesAccumulatedAmortization
721000 usd
CY2023Q3 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
6271000 usd
CY2022Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
6473000 usd
CY2023Q3 kbsriii Tenant Origination And Absorption Costs Net
TenantOriginationAndAbsorptionCostsNet
10035000 usd
CY2022Q4 kbsriii Tenant Origination And Absorption Costs Net
TenantOriginationAndAbsorptionCostsNet
13031000 usd
CY2023Q3 kbsriii Above Market Leases Net
AboveMarketLeasesNet
207000 usd
CY2022Q4 kbsriii Above Market Leases Net
AboveMarketLeasesNet
262000 usd
CY2023Q3 us-gaap Below Market Lease Net
BelowMarketLeaseNet
1263000 usd
CY2022Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
1911000 usd
CY2023Q3 kbsriii Tenant Origination And Absorption Costs Amortization Expense
TenantOriginationAndAbsorptionCostsAmortizationExpense
947000 usd
CY2022Q3 kbsriii Tenant Origination And Absorption Costs Amortization Expense
TenantOriginationAndAbsorptionCostsAmortizationExpense
1332000 usd
CY2023Q3 kbsriii Above Market Leases Amortization Expense
AboveMarketLeasesAmortizationExpense
18000 usd
CY2022Q3 kbsriii Above Market Leases Amortization Expense
AboveMarketLeasesAmortizationExpense
21000 usd
CY2023Q3 kbsriii Off Market Lease Unfavorable Amortization Expense
OffMarketLeaseUnfavorableAmortizationExpense
201000 usd
CY2022Q3 kbsriii Off Market Lease Unfavorable Amortization Expense
OffMarketLeaseUnfavorableAmortizationExpense
284000 usd
kbsriii Tenant Origination And Absorption Costs Amortization Expense
TenantOriginationAndAbsorptionCostsAmortizationExpense
2996000 usd
kbsriii Tenant Origination And Absorption Costs Amortization Expense
TenantOriginationAndAbsorptionCostsAmortizationExpense
4570000 usd
kbsriii Above Market Leases Amortization Expense
AboveMarketLeasesAmortizationExpense
55000 usd
kbsriii Above Market Leases Amortization Expense
AboveMarketLeasesAmortizationExpense
66000 usd
kbsriii Off Market Lease Unfavorable Amortization Expense
OffMarketLeaseUnfavorableAmortizationExpense
648000 usd
kbsriii Off Market Lease Unfavorable Amortization Expense
OffMarketLeaseUnfavorableAmortizationExpense
1116000 usd
CY2023Q3 kbsriii Long Term Debt Obligation Due Over Next12 Month Period
LongTermDebtObligationDueOverNext12MonthPeriod
1700000000 usd
CY2023Q3 us-gaap Interest Expense
InterestExpense
31100000 usd
us-gaap Interest Expense
InterestExpense
87100000 usd
CY2022Q3 us-gaap Interest Expense
InterestExpense
17200000 usd
CY2023Q3 us-gaap Interest Payable Current
InterestPayableCurrent
9800000 usd
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
8000000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1011004000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
640855000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
65000000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
0 usd
CY2023Q3 kbsriii Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
0 usd
CY2023Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1716859000 usd
CY2023Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
1716859000 usd
CY2022Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
1671395000 usd

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