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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________
FORM 10-Q
______________________________________________________
(Mark One) | | | | | |
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2024
OR | | | | | |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 000-54687
______________________________________________________
KBS REAL ESTATE INVESTMENT TRUST III, INC.
(Exact Name of Registrant as Specified in Its Charter)
______________________________________________________
| | | | | | | | | | | |
| Maryland | | 27-1627696 |
(State or Other Jurisdiction of
Incorporation or Organization) | | (I.R.S. Employer
Identification No.) |
| 800 Newport Center Drive, Suite 700 | | |
| Newport Beach, | California | | 92660 |
| (Address of Principal Executive Offices) | | (Zip Code) |
(949) 417-6500
(Registrant’s Telephone Number, Including Area Code)
_______________________________________
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
| Title of Each Class | | Name of Each Exchange on Which Registered |
| None | | None |
Trading Symbol(s)
____________________________________________________
None
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. | | | | | | | | | | | | | | | | | | | | |
| Large Accelerated Filer | | ☐ | | Accelerated Filer | | ☐ |
| Non-Accelerated Filer | | ☒ | | Smaller reporting company | | ☐ |
| | | | Emerging growth company | | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 12, 2024, there were 148,516,246 outstanding shares of common stock of KBS Real Estate Investment Trust III, Inc.
KBS REAL ESTATE INVESTMENT TRUST III, INC.
FORM 10-Q
September 30, 2024
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
| | | | | | | | | | | | | | |
| | | September 30, 2024 | | December 31, 2023 |
| | | (unaudited) | | |
| Assets | | | | |
| Real estate: | | | | |
| Land | | $ | 243,294 | | | $ | 268,715 | |
| Buildings and improvements | | 2,114,494 | | | 2,209,503 | |
| Tenant origination and absorption costs | | 27,558 | | | 34,574 | |
| Total real estate held for investment, cost | | 2,385,346 | | | 2,512,792 | |
| Less accumulated depreciation and amortization | | (703,806) | | | (701,661) | |
| Total real estate held for investment, net | | 1,681,540 | | | 1,811,131 | |
| Real estate held for sale, net | | — | | | 28,347 | |
| Total real estate, net | | 1,681,540 | | | 1,839,478 | |
| Real estate equity securities | | 44,399 | | | 51,802 | |
| Total real estate and real estate-related investments, net | | 1,725,939 | | | 1,891,280 | |
| Cash and cash equivalents | | 31,516 | | | 36,836 | |
| Restricted cash | | 14,539 | | | 14,086 | |
| | | | |
| Rents and other receivables, net | | 104,006 | | | 96,056 | |
| Above-market leases, net | | 137 | | | 189 | |
| | | | |
| Assets related to real estate held for sale, net | | — | | | 4,635 | |
| Prepaid expenses and other assets | | 82,782 | | | 96,303 | |
| Total assets | | $ | 1,958,919 | | | $ | 2,139,385 | |
| Liabilities and equity | | | | |
| Notes payable: | | | | |
| Notes payable, net | | $ | 1,589,507 | | | $ | 1,689,719 | |
| Notes payable related to real estate held for sale, net | | — | | | 46,177 | |
| Notes payable, net | | 1,589,507 | | | 1,735,896 | |
| Accounts payable and accrued liabilities | | 47,646 | | | 49,646 | |
| Due to affiliate | | 18,948 | | | 17,408 | |
| | | | |
| Below-market leases, net | | 658 | | | 1,069 | |
| Liabilities related to real estate held for sale, net | | — | | | 515 | |
| Other liabilities | | 64,339 | | | 67,439 | |
| | | | |
| Total liabilities | | 1,721,098 | | | 1,871,973 | |
Commitments and contingencies (Note 12) | | | | |
| Redeemable common stock | | — | | | — | |
| Stockholders’ equity: | | | | |
Preferred stock, $.01 par value per share; 10,000,000 shares authorized, no shares issued and outstanding | | — | | | — | |
Common stock, $.01 par value per share; 1,000,000,000 shares authorized, 148,516,246 and 148,516,246 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | | 1,485 | | | 1,485 | |
| Additional paid-in capital | | 1,313,297 | | | 1,313,299 | |
| Cumulative distributions in excess of net income | | (1,076,961) | | | (1,047,372) | |
| Total stockholders’ equity | | 237,821 | | | 267,412 | |
| | | | |
| | | | |
| Total liabilities and equity | | $ | 1,958,919 | | | $ | 2,139,385 | |
See accompanying condensed notes to consolidated financial statements.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except share and per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Revenues: | | | | | | | | |
| Rental income | | $ | 63,538 | | | $ | 69,489 | | | $ | 193,576 | | | $ | 200,859 | |
| | | | | | | | |
| Dividend income from real estate equity securities | | 427 | | | 5,310 | | | 967 | | | 11,850 | |
| Other operating income | | 4,642 | | | 4,748 | | | 13,688 | | | 13,857 | |
| Total revenues | | 68,607 | | | 79,547 | | | 208,231 | | | 226,566 | |
| Expenses: | | | | | | | | |
| Operating, maintenance and management | | 18,751 | | | 19,789 | | | 53,852 | | | 55,728 | |
| Real estate taxes and insurance | | 12,736 | | | 12,542 | | | 37,807 | | | 39,994 | |
| Asset management fees to affiliate | | 4,942 | | | 5,268 | | | 14,762 | | | 15,542 | |
| General and administrative expenses | | 6,292 | | | 1,630 | | | 14,155 | | | 4,766 | |
| Depreciation and amortization | | 27,539 | | | 29,154 | | | 83,559 | | | 86,263 | |
| Interest expense | | 32,055 | | | 31,059 | | | 97,716 | | | 87,137 | |
| Net loss (gain) on derivative instruments | | 14,918 | | | (12,180) | | | (6,137) | | | (32,110) | |
| Impairment charges on real estate | | 6,847 | | | — | | | 6,847 | | | 45,459 | |
| Total expenses | | 124,080 | | | 87,262 | | | 302,561 | | | 302,779 | |
| Other income (loss): | | | | | | | | |
| Unrealized gain (loss) on real estate equity securities | | 16,620 | | | (15,541) | | | (7,403) | | | (57,630) | |
| | | | | | | | |
| | | | | | | | |
| Gain from extinguishment of debt | | — | | | — | | | 56,372 | | | — | |
| Gain on sale of real estate, net | | — | | | — | | | 14,781 | | | — | |
| | | | | | | | |
| Other interest income | | 309 | | | 140 | | | 991 | | | 250 | |
| Total other income (loss), net | | 16,929 | | | (15,401) | | | 64,741 | | | (57,380) | |
| Net loss | | $ | (38,544) | | | $ | (23,116) | | | $ | (29,589) | | | $ | (133,593) | |
| | | | | | | | |
| | | | | | | | |
| Net loss per common share, basic and diluted | | $ | (0.26) | | | $ | (0.16) | | | $ | (0.20) | | | $ | (0.90) | |
| Weighted-average number of common shares outstanding, basic and diluted | | 148,516,246 | | | 149,007,610 | | | 148,516,246 | | | 148,775,325 | |
See accompanying condensed notes to consolidated financial statements.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the Three Months Ended September 30, 2024 and 2023 (unaudited)
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Common Stock | | Additional Paid-in Capital | | Cumulative Distributions in Excess of Net Income | | | | Total Stockholders’ Equity | | | | |
| | | Shares | | Amounts | | | | | |
| Balance, June 30, 2024 | | 148,516,246 | | | $ | 1,485 | | | $ | 1,313,297 | | | $ | (1,038,417) | | | | | $ | 276,365 | | | | | |
| Net loss | | — | | | — | | | — | | | (38,544) | | | | | (38,544) | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Balance, September 30, 2024 | | 148,516,246 | | | $ | 1,485 | | | $ | 1,313,297 | | | $ | (1,076,961) | | | | | $ | 237,821 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Common Stock | | Additional Paid-in Capital | | Cumulative Distributions in Excess of Net Income | | | | Total Stockholders’ Equity | | | | |
| | | Shares | | Amounts | | | | | |
| Balance, June 30, 2023 | | 148,864,885 | | | $ | 1,489 | | | $ | 1,275,814 | | | $ | (1,000,316) | | | | | $ | 276,987 | | | | | |
| Net loss | | — | | | — | | | — | | | (23,116) | | | | | (23,116) | | | | | |
| Issuance of common stock | | 255,509 | | | 3 | | | 2,180 | | | — | | | | | 2,183 | | | | | |
| Transfers from redeemable common stock | | — | | | — | | | 1,123 | | | — | | | | | 1,123 | | | | | |
| Redemptions of common stock | | (367,467) | | | (5) | | | (3,302) | | | — | | | | | (3,307) | | | | | |
| | | | | | | | | | | | | | | | |
| Other offering costs | | — | | | — | | | (3) | | | — | | | | | (3) | | | | | |
Balance, September 30, 2023 | | 148,752,927 | | | $ | 1,487 | | | $ | 1,275,812 | | | $ | (1,023,432) | | | | | $ | 253,867 | | | | | |
See accompanying condensed notes to consolidated financial statements.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the Nine Months Ended September 30, 2024 and 2023 (unaudited)
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Common Stock | | Additional Paid-in Capital | | Cumulative Distributions in Excess of
Net Income | | Total Stockholders’ Equity | | | | |
| | | Shares | | Amounts | | | | |
Balance, December 31, 2023 | | 148,516,246 | | | $ | 1,485 | | | $ | 1,313,299 | | | $ | (1,047,372) | | | $ | 267,412 | | | | | |
| Net loss | | — | | | — | | | — | | | (29,589) | | | (29,589) | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Other offering costs | | — | | | — | | | (2) | | | — | | | (2) | | | | | |
Balance, September 30, 2024 | | 148,516,246 | | | $ | 1,485 | | | $ | 1,313,297 | | | $ | (1,076,961) | | | $ | 237,821 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Common Stock | | Additional Paid-in Capital | | Cumulative Distributions in Excess of
Net Income | | Total Stockholders’ Equity | | | | |
| | | Shares | | Amounts | | | | |
Balance, December 31, 2022 | | 147,964,954 | | | $ | 1,480 | | | $ | 1,275,833 | | | $ | (855,645) | | | $ | 421,668 | | | | | |
| Net loss | | — | | | — | | | — | | | (133,593) | | | (133,593) | | | | | |
| Issuance of common stock | | 1,900,374 | | | 19 | | | 16,229 | | | — | | | 16,248 | | | | | |
| Transfers to redeemable common stock | | — | | | — | | | (6,241) | | | — | | | (6,241) | | | | | |
| Redemptions of common stock | | (1,112,401) | | | (12) | | | (10,000) | | | — | | | (10,012) | | | | | |
| Distributions declared | | — | | | — | | | — | | | (34,194) | | | (34,194) | | | | | |
| Other offering costs | | — | | | — | | | (9) | | | — | | | (9) | | | | | |
| | | | | | | | | | | | | | |
Balance, September 30, 2023 | | 148,752,927 | | | $ | 1,487 | | | $ | 1,275,812 | | | $ | (1,023,432) | | | $ | 253,867 | | | | | |
See accompanying condensed notes to consolidated financial statements.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
| | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
| | 2024 | | 2023 |
| Cash Flows from Operating Activities: | | | | |
| Net loss | | $ | (29,589) | | | $ | (133,593) | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | | | | |
| Depreciation and amortization | | 83,559 | | | 86,263 | |
| Impairment charges on real estate | | 6,847 | | | 45,459 | |
| | | | |
| | | | |
| | | | |
| Unrealized loss on real estate equity securities | | 7,403 | | | 57,630 | |
| | | | |
| Deferred rents | | (7,724) | | | (5,842) | |
| Amortization of above- and below-market leases, net | | (359) | | | (593) | |
| Amortization of deferred financing costs | | 7,790 | | | 3,085 | |
| Unrealized loss (gain) on derivative instruments | | 13,728 | | | (9,248) | |
| Gains related to swap terminations | | (178) | | | — | |
| Interest rate swap settlement for early terminated swaps | | 6,552 | | | — | |
| Gain from extinguishment of debt | | (56,372) | | | — | |
| Gain on sale of real estate | | (14,781) | | | — | |
| | | | |
| Interest rate swap settlements for off-market swap instruments | | — | | | (8,104) | |
| Changes in operating assets and liabilities: | | | | |
| Rents and other receivables | | (4,763) | | | (2,674) | |
| Due from affiliate | | — | | | 10 | |
| Prepaid expenses and other assets | | (16,525) | | | (12,416) | |
| Accounts payable and accrued liabilities | | 8,898 | | | 3,926 | |
| Due to affiliate | | 1,540 | | | 5,312 | |
| Other liabilities | | 802 | | | 7,977 | |
| Net cash provided by operating activities | | 6,828 | | | 37,192 | |
| Cash Flows from Investing Activities: | | | | |
| Improvements to real estate | | (28,591) | | | (63,188) | |
| Purchase of interest rate cap | | — | | | (25) | |
| Proceeds from sale of real estate, net | | 46,929 | | | — | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Net cash provided by (used in) investing activities | | 18,338 | | | (63,213) | |
| Cash Flows from Financing Activities: | | | | |
| Proceeds from notes payable | | 33,940 | | | 46,820 | |
| Principal payments on notes payable | | (56,342) | | | (1,356) | |
| Payments of deferred financing costs | | (5,743) | | | (628) | |
| Interest rate swap settlements for off-market swap instruments | | — | | | 7,820 | |
| | | | |
| Restricted cash surrendered from deed-in-lieu of foreclosure | | (1,886) | | | — | |
| Payments to redeem common stock | | — | | | (10,012) | |
| | | | |
| Payments of other offering costs | | (2) | | | (9) | |
| | | | |
| Distributions paid to common stockholders | | — | | | (25,320) | |
| Net cash (used in) provided by financing activities | | (30,033) | | | 17,315 | |
| Net decrease in cash, cash equivalents and restricted cash | | (4,867) | | | (8,706) | |
| Cash, cash equivalents and restricted cash, beginning of period | | 50,922 | | | 53,837 | |
| Cash, cash equivalents and restricted cash, end of period | | $ | 46,055 | | | $ | 45,131 | |
| Supplemental Disclosure of Cash Flow Information: | | | | |
Interest paid | | $ | 69,438 | | | $ | 67,995 | |
| Supplemental Disclosure of Noncash Investing and Financing Activities: | | | | |
| Mortgage loan extinguished in connection with deed-in-lieu of foreclosure | | $ | 125,000 | | | $ | — | |
| Real estate transferred in connection with deed-in-lieu of foreclosure | | $ | 69,028 | | | $ | — | |
| Net liabilities transferred in connection with deed-in-lieu of foreclosure | | $ | 2,286 | | | $ | — | |
| | | | |
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan | | $ | — | | | $ | 16,248 | |
| | | | |
| | | | |
| | | | |
| Accrued improvements to real estate | | $ | 6,233 | | | $ | 15,650 | |
| Accrued interest rate swap settlements related to off-market swap instruments | | $ | — | | | $ | (999) | |
See accompanying condensed notes to consolidated financial statements.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2024
(unaudited)
1. ORGANIZATION
KBS Real Estate Investment Trust III, Inc. (the “Company”) was formed on December 22, 2009 as a Maryland corporation that elected to be taxed as a real estate investment trust (“REIT”) beginning with the taxable year ended December 31, 2011 and it intends to continue to operate in such manner. Substantially all of the Company’s business is conducted through KBS Limited Partnership III (the “Operating Partnership”), a Delaware limited partnership. The Company is the sole general partner of and owns a 0.1% partnership interest in the Operating Partnership. KBS REIT Holdings III LLC (“REIT Holdings III”), the limited partner of the Operating Partnership, owns the remaining 99.9% interest in the Operating Partnership and is its sole limited partner. The Company is the sole member and manager of REIT Holdings III.
Subject to certain restrictions and limitations, the business of the Company is externally managed by KBS Capital Advisors LLC (the “Advisor”), an affiliate of the Company, pursuant to an advisory agreement the Company entered into with the Advisor (as amended, the “Advisory Agreement”). On January 26, 2010, the Company issued 20,000 shares of its common stock to the Advisor at a purchase price of $10.00 per share. As of September 30, 2024, the Advisor owned 20,857 shares of the Company’s common stock.
The Company owns a diverse portfolio of real estate investments. As of September 30, 2024, the Company owned 14 office properties, one mixed-use office/retail property and an investment in the equity securities of Prime US REIT, a Singapore real estate investment trust (the “SREIT”).
The Company commenced its initial public offering (the “Offering”) on October 26, 2010. Upon commencing the Offering, the Company retained KBS Capital Markets Group LLC (the “Dealer Manager”), an affiliate of the Company, to serve as the dealer manager of the Offering pursuant to a dealer manager agreement, as amended and restated (the “Dealer Manager Agreement”). The Company ceased offering shares of common stock in the primary Offering on May 29, 2015 and terminated the primary Offering on July 28, 2015.
The Company sold 169,006,162 shares of common stock in the primary Offering for gross proceeds of $1.7 billion. The Company sold 46,154,757 shares of common stock under its dividend reinvestment plan for gross offering proceeds of $471.3 million. The Company has redeemed or repurchased 74,644,349 shares sold in the Offering for $789.2 million. On March 15, 2024, the Company terminated its dividend reinvestment plan and its share redemption program.
Additionally, on October 3, 2014, the Company issued 258,462 shares of common stock for $2.4 million in private transactions exempt from the registration requirements pursuant to Section 4(a)(2) of the Securities Act of 1933.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
2. GOING CONCERN
The Company generally finances its real estate investments using notes payable that are typically structured as non-recourse secured mortgages with maturities of approximately three to five years, with short-term extension options available upon the Company meeting certain debt covenants. Each reporting period, management evaluates the Company’s ability to continue as a going concern by evaluating conditions and events, including assessing the Company’s liquidity needs in order to satisfy upcoming debt obligations and the Company’s ability to satisfy debt covenant requirements. Through the normal course of operations, the Company has $1.0 billion of notes payable maturing during the 12-month period from the issuance of these financial statements. In order to refinance, restructure or extend the Company’s maturing debt obligations, the Company has been required to reduce the loan commitments and/or make paydowns on certain loans, and the Company may be required to make additional reductions to loan commitments and paydowns on the loans maturing during the next 12 months in order to refinance, restructure or extend those loans. As a result of reductions in loan commitments and paydowns and the ongoing liquidity needs in the Company’s real estate portfolio, the Company may consider selling assets into a challenged real estate market in an effort to manage its liquidity needs. Selling real estate assets in the current market would likely adversely impact the ultimate sale price. In addition, the Company continues to evaluate raising capital through the issuance of new equity or debt. The Company may also defer noncontractual expenditures. However, there can be no assurances as to the certainty or timing of management’s plans to be effectively implemented within one year from the date the financial statements are issued, as certain elements of management’s plans are outside the control of the Company, including its ability to successfully refinance, restructure or extend certain of its debt instruments, sell assets or raise capital. As a result of the Company’s upcoming loan maturities, reductions in loan commitments and loan paydowns, the challenging commercial real estate lending environment, the current interest rate environment, leasing challenges in certain markets where the Company owns properties, reduction in the Company’s cash flows due to elevated interest rates and the lack of transaction volume in the U.S. office market as well as general market instability, management’s plans cannot be considered probable and thus do not alleviate substantial doubt about the Company’s ability to continue as a going concern. See Note 8, “Notes Payable” for further information regarding the Company’s notes payable.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2023. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”).
Principles of Consolidation and Basis of Presentation
The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
The consolidated financial statements include the accounts of the Company, REIT Holdings III, the Operating Partnership and their direct and indirect wholly owned subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Use of Estimates
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.
Reclassifications
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 nine months ended September 30, 2024, the Company sold an office property. As a result, certain assets and liabilities related to this property were reclassified to held for sale on the consolidated balance sheets for all periods presented.
Comprehensive Income (Loss)
Comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023 was equal to net income (loss) for these respective periods.
Derivative Instruments
Cash Flow Classification of Derivative Settlements
The Company classifies proceeds received or amounts paid related to early terminations or settlements of its derivative instruments not designated as hedges for accounting purposes in cash flows from operating activities in the statement of cash flows. During the nine months ended September 30, 2024, the Company terminated two interest rate swap agreements and received aggregate settlement proceeds of $6.6 million which was included in net cash flow provided by operating activities in the accompanying consolidated statement of cash flows.
Per Share Data
Basic net income (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted net income (loss) per share of common stock equals basic net income (loss) per share of common stock as there were no potentially dilutive securities outstanding during the three and nine months ended September 30, 2024 and 2023, respectively.
Distributions declared per common share were $0.230 in the aggregate for the nine months ended September 30, 2023. No distributions were declared for the three months ended September 30, 2023. Distributions declared per common share assumes each share was issued and outstanding each day that was a record date for distributions and were based on a monthly record date for each month during the period commencing January 2023 through June 2023. For each monthly record date for distributions during the period from January 1, 2023 through June 30, 2023, distributions were calculated at a rate of $0.03833333 per share. No distributions were declared for the nine months ended September 30, 2024.
Square Footage, Occupancy and Other Measures
Square footage, occupancy, number of tenants and other measures, including annualized base rent and annualized base rent per square foot, used to describe real estate investments included in these condensed notes to the consolidated financial statements are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Segments
The Company has invested in core real estate properties and real estate-related investments with the goal of acquiring a portfolio of income-producing investments. The Company’s real estate properties exhibit similar long-term financial performance and have similar economic characteristics to each other. Accordingly, the Company aggregated its investments in real estate properties into one reportable business segment.
Recently Issued Accounting Standards Update
In November 2023, the FASB issued accounting standards update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses, as well as disclosure of the title and position of the chief operating decision maker (“CODM”) and how the CODM uses the reported measure(s) of segment profit or loss in assessing performance. Public entities with a single reportable segment are required to provide the new disclosures under ASU 2023-07 and all disclosures under Topic 280 on an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the adoption of ASU 2023-07 on its consolidated financial statements and future disclosures but does not expect the adoption of ASU 2023-07 to have a material impact on its consolidated financial statements.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
4. REAL ESTATE
Real Estate Held for Investment
As of September 30, 2024, the Company’s real estate portfolio was composed of 14 office properties and one mixed-use office/retail property encompassing in the aggregate approximately 6.9 million rentable square feet. As of September 30, 2024, the Company’s real estate portfolio was collectively 80.9% occupied. The following table summarizes the Company’s investments in real estate as of September 30, 2024 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Property | | Date Acquired | | City | | State | | Property Type | | Total Real Estate, at Cost (1) | | Accumulated Depreciation and Amortization (1) | | Total Real Estate, Net (1) |
| | | | | | | | | | | | | | |
| Town Center | | 03/27/2012 | | Plano | | TX | | Office | | $ | 142,702 | | | $ | (56,907) | | | $ | 85,795 | |
| | | | | | | | | | | | | | |
| Gateway Tech Center | | 05/09/2012 | | Salt Lake City | | UT | | Office | | 37,128 | | | (13,620) | | | 23,508 | |
60 South Sixth | | 01/31/2013 | | Minneapolis | | MN | | Office | | 115,500 | | | — | | | 115,500 | |
| Preston Commons | | 06/19/2013 | | Dallas | | TX | | Office | | 146,861 | | | (46,204) | | | 100,657 | |
| Sterling Plaza | | 06/19/2013 | | Dallas | | TX | | Office | | 96,755 | | | (33,837) | | | 62,918 | |
| | | | | | | | | | | | | | |
Accenture Tower | | 12/16/2013 | | Chicago | | IL | | Office | | 573,545 | | | (178,631) | | | 394,914 | |
| Ten Almaden | | 12/05/2014 | | San Jose | | CA | | Office | | 131,599 | | | (44,254) | | | 87,345 | |
Towers at Emeryville | | 12/23/2014 | | Emeryville | | CA | | Office | | 223,309 | | | (71,701) | | | 151,608 | |
| 3003 Washington Boulevard | | 12/30/2014 | | Arlington | | VA | | Office | | 154,345 | | | (48,302) | | | 106,043 | |
| Park Place Village | | 06/18/2015 | | Leawood | | KS | | Office/Retail | | 87,836 | | | (16,378) | | | 71,458 | |
| 201 17th Street | | 06/23/2015 | | Atlanta | | GA | | Office | | 105,498 | | | (36,858) | | | 68,640 | |
| 515 Congress | | 08/31/2015 | | Austin | | TX | | Office | | 137,460 | | | (39,342) | | | 98,118 | |
| The Almaden | | 09/23/2015 | | San Jose | | CA | | Office | | 193,102 | | | (54,309) | | | 138,793 | |
| 3001 Washington Boulevard | | 11/06/2015 | | Arlington | | VA | | Office | | 60,999 | | | (16,167) | | | 44,832 | |
| Carillon | | 01/15/2016 | | Charlotte | | NC | | Office | | 178,707 | | | (47,296) | | | 131,411 | |
| | | | | | | | | | $ | 2,385,346 | | | $ | (703,806) | | | $ | 1,681,540 | |
_____________________
(1) Amounts presented are net of impairment charges and write-offs of fully depreciated/amortized assets.
As of September 30, 2024, the following property represented more than 10% of the Company’s total assets:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Property | | Location | | Rentable Square Feet | | Total Real Estate, Net
(in thousands) | | Percentage of Total Assets | | Annualized Base Rent (in thousands) (1) | | Average Annualized Base Rent per sq. ft. | | Occupancy |
| Accenture Tower | | Chicago, IL | | 1,457,724 | | | $ | 394,914 | | | 20.2 | % | | $ | 37,535 | | | $ | 28.59 | | | 90.1 | % |
___________________
(1) Annualized base rent represents annualized contractual base rental income as of September 30, 2024, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
4. REAL ESTATE (CONTINUED)
Operating Leases
The Company’s office and office/retail properties are leased to tenants under operating leases for which the terms and expirations vary. As of September 30, 2024, the leases, including leases that have been executed but not yet commenced, had remaining terms, excluding options to extend, of up to 14.8 years with a weighted-average remaining term of 5.6 years. Some of the leases have provisions to extend the term of the leases, options for early termination for all or a part of the leased premises after paying a specified penalty, and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires a security deposit from the tenant in the form of a cash deposit and/or a letter of credit. The amount required as a security deposit varies depending upon the terms of the respective lease and the creditworthiness of the tenant, but generally is not a significant amount. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash related to tenant leases are included in other liabilities in the accompanying consolidated balance sheets and totaled $9.1 million and $10.0 million as of September 30, 2024 and December 31, 2023, respectively.
During the nine months ended September 30, 2024 and 2023, the Company recognized deferred rent from tenants of $7.7 million and $5.8 million, respectively. As of September 30, 2024 and December 31, 2023, the cumulative deferred rent balance was $99.8 million and $91.8 million, respectively, and is included in rents and other receivables on the accompanying balance sheets. The cumulative deferred rent balance included $18.9 million and $16.0 million of unamortized lease incentives as of September 30, 2024 and December 31, 2023, respectively.
As of September 30, 2024, the future minimum rental income from the Company’s properties under its non-cancelable operating leases was as follows (in thousands):
| | | | | |
| October 1, 2024 through December 31, 2024 | $ | 46,851 | |
| 2025 | 184,806 | |
| 2026 | 174,438 | |
| 2027 | 152,150 | |
| 2028 | 131,619 | |
| Thereafter | 484,448 | |
| $ | 1,174,312 | |
As of September 30, 2024, the Company’s office and office/retail properties were leased to approximately 520 tenants over a diverse range of industries and geographic areas. The Company’s highest tenant industry concentrations (greater than 10% of annualized base rent) were as follows:
| | | | | | | | | | | | | | | | | | | | |
| Industry | | Number of Tenants | | Annualized Base Rent (1) (in thousands) | | Percentage of
Annualized Base Rent |
| Finance | | 105 | | $ | 35,235 | | | 18.5 | % |
| Legal Services | | 52 | | 25,241 | | | 13.2 | % |
| | | | | | |
| | | | $ | 60,476 | | | 31.7 | % |
_____________________
(1) Annualized base rent represents annualized contractual base rental income as of September 30, 2024, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
4. REAL ESTATE (CONTINUED)
As of September 30, 2024, no other tenant industries accounted for more than 10% of annualized base rent and no tenant accounted for more than 10% of annualized base rent.
Geographic Concentration Risk
As of September 30, 2024, the Company’s net investments in real estate in Illinois, California and Texas represented 20.2%, 19.3% and 17.7% of the Company’s total assets, respectively. As a result, the geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the Illinois, California and Texas real estate markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, industry slowdowns, relocations of businesses, changing demographics and other factors, or any decrease in demand for office space resulting from the local business climate, could adversely affect the Company’s operating results.
Impairment of Real Estate
During the three and nine months ended September 30, 2024, the Company recorded non-cash impairment charges of $6.8 million to write down the carrying value of 60 South Sixth (located in Minneapolis, Minnesota) to its estimated fair value as a result of changes in cash flow estimates which resulted in the future estimated undiscounted cash flows being lower than the net carrying value of the property. The decrease in cash flow projections was primarily due to the continued challenges in the leasing environment.
During the nine months ended September 30, 2023, the Company recorded non-cash impairment charges of $45.5 million to write down the carrying value of 201 Spear Street (located in San Francisco, California) to its estimated fair value as a result of continued market uncertainty due to rising interest rates, increased vacancy rates as a result of slow return to office in San Francisco, additional projected vacancy due to anticipated tenant turnover and further declining values of comparable sales in the market, all of which impacted ongoing cash flow estimates and leasing projections, which resulted in the future estimated undiscounted cash flows being lower than the net carrying value of the property. As a result, 201 Spear Street was valued at substantially less than the outstanding mortgage debt. During the year ended December 31, 2023, the borrower under the 201 Spear Street Mortgage Loan (the “Spear Street Borrower”) entered into a deed-in-lieu of foreclosure transaction (the “Deed-in-Lieu Transaction”) with the lender of the 201 Spear Street Mortgage Loan (the “Spear Street Lender”). On January 9, 2024, the Spear Street Lender transferred the title of the 201 Spear Street property to a third-party buyer of the 201 Spear Street Mortgage Loan. See below, “— Disposition Through Deed-in-Lieu of Foreclosure Transaction.”
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
4. REAL ESTATE (CONTINUED)
Disposition Through Deed-in-Lieu of Foreclosure Transaction
During the nine months ended September 30, 2024, the Company disposed of the 201 Spear Street property in connection with the Deed-in-Lieu Transaction and recognized a $56.4 million gain from extinguishment of debt for the nine months ended September 30, 2024. As of December 31, 2023, the 201 Spear Street property was held for non-sale disposition. The results of operations for 201 Spear Street are included in continuing operations on the Company’s consolidated statements of operations. The following table summarizes the revenue and expenses related to 201 Spear Street for the three and nine months ended September 30, 2024 and 2023, respectively (in thousands).
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the Three Months Ended
September 30, | | For the Nine Months Ended
September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Revenues | | | | | | | | |
Rental income (1) | | $ | — | | | $ | 3,023 | | | $ | 197 | | | $ | 5,979 | |
| Other operating income | | — | | | 141 | | | 9 | | | 390 | |
| Total revenues | | $ | — | | | $ | 3,164 | | | $ | 206 | | | $ | 6,369 | |
| Expenses | | | | | | | | |
| Operating, maintenance, and management | | $ | — | | | $ | 930 | | | $ | 52 | | | $ | 2,786 | |
| Real estate taxes and insurance | | — | | | 676 | | | 69 | | | 2,104 | |
| Asset management fees to affiliate | | — | | | 295 | | | 26 | | | 874 | |
| General and administrative expenses | | — | | | 14 | | | 22 | | | 70 | |
| Depreciation and amortization | | — | | | 937 | | | — | | | 3,148 | |
| Interest expense | | — | | | 2,292 | | | 419 | | | 6,397 | |
| Impairment charge | | — | | | — | | | — | | | 45,459 | |
| Total expenses | | $ | — | | | $ | 5,144 | | | $ | 588 | | | $ | 60,838 | |
_____________________
(1) For the three and nine months ended September 30, 2023, rental income includes a reserve for straight-line rent for a lease at 201 Spear Street.
The following table summarizes the assets and liabilities related to 201 Spear Street, which was held for non-sale disposition as of December 31, 2023 (in thousands):
| | | | | | | | |
| | December 31, 2023 |
| Assets related to real estate held for non-sale disposition | | |
| Total real estate, at cost and net of impairment charges | | $ | 70,571 | |
| Accumulated depreciation and amortization | | (1,543) | |
| Real estate held for non-sale disposition, net | | 69,028 | |
| | |
| Restricted cash | | 3,103 | |
| | |
| Rent and other receivables, net | | 1,142 | |
| Prepaid expenses and other assets | | 1,421 | |
| Total assets | | $ | 74,694 | |
| Liabilities related to real estate held for non-sale disposition | | |
| Notes payable, net | | $ | 125,000 | |
| Accounts payable and accrued liabilities | | 3,927 | |
| Due to affiliate | | 16 | |
| | |
| Other liabilities | | 1,816 | |
| Total liabilities | | $ | 130,759 | |
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
5. REAL ESTATE DISPOSITIONS
During the nine months ended September 30, 2024, the Company sold one office property to a purchaser unaffiliated with the Company or the Advisor for $48.8 million, before third-party closing costs and disposition fees payable to the Advisor.
As of September 30, 2024, the Company did not have any real estate properties held for sale.
The results of operations for the office property sold during the nine months ended September 30, 2024 are included in continuing operations on the Company’s consolidated statements of operations. The following table summarizes certain revenues and expenses related to the office property sold for the three and nine months ended September 30, 2024 and 2023, respectively (in thousands).
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the Three Months Ended
September 30, | | For the Nine Months Ended
September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Revenues | | | | | | | | |
| Rental income | | $ | 5 | | | $ | 1,424 | | | $ | 838 | | | $ | 4,109 | |
| Other operating income | | — | | | 18 | | | 6 | | | 53 | |
| Total revenues | | $ | 5 | | | $ | 1,442 | | | $ | 844 | | | $ | 4,162 | |
| Expenses | | | | | | | | |
| Operating, maintenance, and management | | $ | (153) | | | $ | 330 | | | $ | (55) | | | $ | 923 | |
| Real estate taxes and insurance | | — | | | 157 | | | 90 | | | 466 | |
| Asset management fees to affiliate | | — | | | 87 | | | 48 | | | 256 | |
| | | | | | | | |
| Depreciation and amortization | | — | | | 436 | | | — | | | 1,239 | |
| | | | | | | | |
| | | | | | | | |
| Total expenses | | $ | (153) | | | $ | 1,010 | | | $ | 83 | | | $ | 2,884 | |
The following summary presents the major components of assets and liabilities related to real estate held for sale as of December 31, 2023 (in thousands).
| | | | | | | | |
| | | December 31, 2023 |
| Real estate held for sale, net: | | |
| Total real estate, at cost | | $ | 40,187 | |
| Accumulated depreciation and amortization | | (11,840) | |
| Real estate held for sale, net | | 28,347 | |
| Other assets | | 4,635 | |
| Total assets related to real estate held for sale | | $ | 32,982 | |
| Liabilities related to real estate held for sale: | | |
| Notes payable related to real estate held for sale, net | | $ | 46,177 | |
| Other liabilities | | 515 | |
| Total liabilities related to real estate held for sale | | $ | 46,692 | |
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
6. TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-
MARKET LEASE LIABILITIES
As of September 30, 2024 and December 31, 2023, the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Tenant Origination and
Absorption Costs | | Above-Market
Lease Assets | | Below-Market
Lease Liabilities |
| | September 30, 2024 | | December 31, 2023 | | September 30, 2024 | | December 31, 2023 | | September 30, 2024 | | December 31, 2023 |
| Cost | $ | 27,558 | | | $ | 34,574 | | | $ | 873 | | | $ | 904 | | | $ | (4,679) | | | $ | (7,216) | |
| Accumulated Amortization | (20,566) | | | (25,450) | | | (736) | | | (715) | | | 4,021 | | | 6,147 | |
| Net Amount | $ | 6,992 | | | $ | 9,124 | | | $ | 137 | | | $ | 189 | | | $ | (658) | | | $ | (1,069) | |
Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Tenant Origination and
Absorption Costs | | Above-Market
Lease Assets | | Below-Market
Lease Liabilities |
| For the Three Months Ended
September 30, | | For the Three Months Ended
September 30, | | For the Three Months Ended
September 30, |
| 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 |
| Amortization | $ | (626) | | | $ | (947) | | | $ | (17) | | | $ | (18) | | | $ | 115 | | | $ | 201 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Tenant Origination and
Absorption Costs | | Above-Market
Lease Assets | | Below-Market
Lease Liabilities |
| For the Nine Months Ended
September 30, | | For the Nine Months Ended
September 30, | | For the Nine Months Ended
September 30, |
| 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 |
| Amortization | $ | (2,132) | | | $ | (2,996) | | | $ | (52) | | | $ | (55) | | | $ | 411 | | | $ | 648 | |
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
7. REAL ESTATE EQUITY SECURITIES
Investment in Prime US REIT
In connection with the Company’s sale of 11 properties to the SREIT on July 18, 2019 (the “Singapore Portfolio”), on July 19, 2019, the Company, through an indirect wholly owned subsidiary (“REIT Properties III”), acquired 307,953,999 units in the SREIT at a price of $271.0 million, or $0.88 per unit, representing a 33.3% ownership interest in the SREIT (such transactions, the “Singapore Transaction”). On August 21, 2019, REIT Properties III sold 18,392,100 of its units in the SREIT for $16.2 million pursuant to an over-allotment option granted to the underwriters of the SREIT’s offering, reducing REIT Properties III’s ownership in the SREIT to 31.3% of the outstanding units of the SREIT as of that date. On November 9, 2021, REIT Properties III sold 73,720,000 of its units in the SREIT for $58.9 million, net of fees and costs, reducing REIT Properties III’s ownership in the SREIT to 18.5% of the outstanding units of the SREIT as of that date. On March 28, 2024, the SREIT issued an additional unit for every 10 existing units held by its unitholders as of March 4, 2024, increasing REIT Properties III’s investment in the units of the SREIT to 237,426,088 units. As of September 30, 2024, REIT Properties III held 237,426,088 units of the SREIT which represented 18.2% of the outstanding units of the SREIT. As of September 30, 2024, the aggregate book value and fair value of the Company’s investment in the units of the SREIT was $44.4 million, which was based on the closing price of the SREIT units on the SGX-ST of $0.187 per unit as of September 30, 2024.
During the three and nine months ended September 30, 2024, the Company recognized $0.4 million and $1.0 million of dividend income from its investment in the SREIT, respectively. During the three and nine months ended September 30, 2023, the Company recognized $5.3 million and $11.9 million of dividend income from its investment in the SREIT, respectively. During the three and nine months ended September 30, 2024, the Company recorded an unrealized gain on real estate equity securities of $16.6 million and unrealized loss on real estate equity securities of $7.4 million, respectively. During the three and nine months ended September 30, 2023, the Company recorded an unrealized loss on real estate equity securities of $15.5 million and $57.6 million, respectively.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
8. NOTES PAYABLE
As of September 30, 2024 and December 31, 2023, the Company’s notes payable, including notes payable related to real estate held for sale, consisted of the following (dollars in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Book Value as of September 30, 2024 | | Book Value as of December 31, 2023 | | Contractual Interest Rate as of September 30, 2024 (1) | | Effective Interest Rate as of September 30, 2024 (1) | | Payment Type | | Maturity Date (2) |
The Almaden Mortgage Loan (3) | | $ | 118,830 | | | $ | 119,870 | | | 7.45% | | 7.45% | | Principal & Interest | | 02/01/2026 |
201 Spear Street Mortgage Loan (4) | | — | | | 125,000 | | | (4) | | (4) | | (4) | | (4) |
Carillon Mortgage Loan (5) | | 88,476 | | | 94,400 | | | One-month Term SOFR (6) +1.50% | | 6.34% | | Principal & Interest | | 04/11/2026 |
Modified Portfolio Revolving Loan Facility (7) | | 209,794 | | | 249,145 | | | One-month Term SOFR + 3.00% | | 7.84% | | Principal & Interest | | 03/01/2026 |
3001 & 3003 Washington Mortgage Loan (8) | | 138,971 | | | 140,410 | | | One-month Term SOFR + 0.10% + 1.45% | | 6.39% | | Principal & Interest | | 11/06/2024 |
Accenture Tower Revolving Loan (9) | | 306,000 | | | 306,000 | | | One-month Term SOFR + 2.35% | | 7.19% | | Interest Only | | 11/02/2024 |
Credit Facility (10) | | 62,852 | | | 37,500 | | | One-month Term SOFR + 3.00% | | 7.84% | | Interest Only | | 11/06/2024 |
Amended and Restated Portfolio Loan Facility (11) | | 601,288 | | | 601,288 | | | One-month Term SOFR + 0.10% + 1.80% | | 6.74% | | Interest Only | | 11/06/2024 |
Park Place Village Mortgage Loan (12) | | 65,000 | | | 65,000 | | | One-month Term SOFR + 1.95% | | 6.79% | | Interest Only | | 08/31/2025 |
| Total notes payable principal outstanding | | $ | 1,591,211 | | | $ | 1,738,613 | | | | | | | | | |
| Deferred financing costs, net | | (1,704) | | | (2,717) | | | | | | | | | |
| Total Notes Payable, net | | $ | 1,589,507 | | | $ | 1,735,896 | | | | | | | | | |
_____________________
(1) Contractual interest rate represents the interest rate in effect under the loan as of September 30, 2024. Effective interest rate is calculated as the actual interest rate in effect as of September 30, 2024, consisting of the contractual interest rate and using interest rate indices as of September 30, 2024, where applicable. For information regarding the Company’s derivative instruments, see Note 9, “Derivative Instruments.”
(2) Represents the maturity date as of September 30, 2024; subject to certain conditions, the maturity dates of certain loans may be extended beyond the dates shown. See below.
(3) Beginning January 1, 2024, the borrower under the Almaden Mortgage Loan is required to make a monthly principal payment in the amount of $130,000.
(4) The Spear Street Borrower defaulted on the 201 Spear Street Mortgage Loan as a result of failure to pay in full the entire November 2023 monthly interest payment, resulting in an event of default on the loan on November 14, 2023. On December 29, 2023, the Spear Street Borrower and the Spear Street Lender entered a deed-in-lieu of foreclosure transaction and the Spear Street Lender transferred the title of the 201 Spear Street property to a third-party buyer of the 201 Spear Street Mortgage Loan on January 9, 2024.
(5) On April 11, 2024, the borrower under the Carillon Mortgage Loan entered into a loan modification agreement (the “Carillon Second Modification Agreement”) with the lender and extended the maturity date of the Carillon Mortgage Loan to June 10, 2024. One 24-month extension option remained available from the original maturity date of April 11, 2024, subject to certain terms and conditions contained in the loan documents. In connection with the Carillon Second Modification Agreement, the borrowing capacity under the Carillon Mortgage Loan was reduced to $94.4 million. The revolving debt outstanding was converted to term debt and the remaining unadvanced portion of the commitment of $16.6 million was permanently cancelled pursuant to the Carillon Second Modification Agreement. In June 2024, the borrower exercised the 24-month extension option, which extended the maturity date of the Carillon Mortgage Loan to April 11, 2026. In connection with the extension, the borrower made a $5.6 million principal payment. Beginning June 1, 2024, the borrower under the Carillon Mortgage Loan is required to make a monthly principal payment in the amount of $112,000.
(6) Secured Overnight Financing Rate (“Term SOFR”).
(7) See below, “– Recent Financing Transactions – Modified Portfolio Revolving Loan Facility.”
(8) See below, “– Recent Financing Transactions – 3001 & 3003 Washington Mortgage Loan.” Subsequent to September 30, 2024, the borrowers under the 3001 & 3003 Washington Mortgage Loan entered into a loan modification agreement with the lender and extended the maturity date of the 3001 & 3003 Washington Mortgage Loan to May 6, 2026. See Note 13, “Subsequent Events – Fifth Modification and Extension of the 3001 & 3003 Washington Mortgage Loan.”
(9) As of September 30, 2024, the outstanding balance under the Accenture Tower Revolving Loan consisted of $229.5 million of term debt and $76.5 million of revolving debt. Subsequent to September 30, 2024, the borrower under the Accenture Tower Revolving Loan entered into a modification agreement with the lender and extended the maturity date of the Accenture Tower Revolving Loan to December 10, 2024. The modification agreement removed any prior right of the borrower to exercise an additional 12-month extension option. See Note 13, “Subsequent Events – Third Modification of the Accenture Tower Revolving Loan.”
(10) See below, “– Recent Financing Transactions – Modifications of Credit Facility” and Note 13, “Subsequent Events – Fourth Modification of Credit Facility.”
(11) See below, “– Recent Financing Transactions – Amended and Restated Portfolio Loan Facility” and Note 13, “Subsequent Events – Sixth Modification of the Amended and Restated Portfolio Loan Facility.”
(12) As of September 30, 2024, the Park Place Village Mortgage Loan has two 12-month extension options, subject to certain terms, conditions and fees as described in the loan documents. Monthly payments are interest only during the initial term and the first extension option. During the second extension option, certain future monthly payments due under the Park Place Village Mortgage Loan also include amortizing principal payments.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
8. NOTES PAYABLE (CONTINUED)
Through the normal course of operations, the Company has $1.0 billion of notes payable maturing over the 12-month period from the issuance of these financial statements. Considering the current commercial real estate lending environment, this raises substantial doubt as to the Company’s ability to continue as a going concern for at least a year from the date of the issuance of these financial statements. In order to refinance, restructure or extend the Company’s maturing debt obligations, the Company has been required to reduce the loan commitments and/or make paydowns on certain loans, and the Company may be required to make additional reductions to loan commitments and paydowns on the loans maturing during the next 12 months in order to refinance, restructure or extend those loans. As a result of reductions in loan commitments and paydowns and the ongoing liquidity needs in the Company’s real estate portfolio, the Company may consider selling assets into a challenged real estate market in an effort to manage its liquidity needs. Selling real estate assets in the current market would likely adversely impact the ultimate sale price. In addition, the Company continues to evaluate raising capital through the issuance of new equity or debt. The Company may also defer noncontractual expenditures. Additionally, high interest rates, reductions in real estate values and future tenant turnover in the portfolio will have a further impact on the Company’s ability to meet loan compliance tests and may further reduce the available liquidity under the Company’s loan agreements. See also, Note 2, “Going Concern.”
During the three and nine months ended September 30, 2024, the Company’s interest expense related to notes payable was $32.1 million and $97.7 million, respectively, and during the three and nine months ended September 30, 2023, the Company’s interest expense related to notes payable was $31.1 million and $87.1 million, respectively, which excludes the impact of interest rate swaps and caps put in place to mitigate the Company’s exposure to rising interest rates on its variable rate notes payable. See Note 9, “Derivative Instruments.” Included in interest expense was the amortization of deferred financing costs of $1.8 million and $7.8 million for the three and nine months ended September 30, 2024, respectively, and $1.0 million and $3.1 million for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024 and December 31, 2023, $9.6 million and $9.9 million of interest expense were payable, respectively.
The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of September 30, 2024 (in thousands):
| | | | | | | | |
| October 1, 2024 through December 31, 2024 | | $ | 1,110,717 | |
| 2025 | | 71,428 | |
| 2026 | | 409,066 | |
| 2027 | | — | |
| 2028 | | — | |
| Thereafter | | — | |
| | $ | 1,591,211 | |
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
8. NOTES PAYABLE (CONTINUED)
The Company’s notes payable contain financial debt covenants. As discussed below under “– Recent Financing Transactions,” in connection with short-term extensions of certain loans, the Company’s lenders have waived certain financial debt covenants. As of September 30, 2024, the Company believes it was in compliance with the debt covenants under its notes payable to the extent those covenants were not waived by the lenders. The Company’s loan agreements contain cross default provisions, including that the failure of one or more of the Company’s subsidiaries to pay debt as it matures under one debt facility may trigger the acceleration of the Company’s indebtedness under other debt facilities. As of September 30, 2024, the Almaden Mortgage Loan, the Modified Portfolio Revolving Loan Facility and the Amended and Restated Portfolio Loan Facility are subject to cash sweep arrangements, whereby each month the excess cash flow from the properties securing the loan is deposited into a cash management account held for the benefit of the Company’s lenders. Generally, excess cash flow means an amount equal to (a) gross revenues from the properties securing the facility less (b) an amount equal to principal and interest paid with respect to the associated debt facility, operating expenses of the properties securing the facility and in certain cases a limited amount of REIT-level expenses. In certain cases, the Company may request disbursements from the cash management accounts. Amounts held in the cash management accounts at each reporting period are included in restricted cash in the accompanying consolidated balance sheets.
Recent Financing Transactions
Amended and Restated Portfolio Loan Facility
On November 3, 2021, certain of the Company’s indirect wholly owned subsidiaries (the “Amended and Restated Portfolio Loan Facility Borrowers”), entered into a loan agreement with Bank of America, N.A., as administrative agent (the “Agent”); BofA Securities, Inc., Wells Fargo Securities, LLC and Capital One, National Association as joint lead arrangers and joint book runners; Wells Fargo Bank, N.A., as syndication agent; and each of the financial institutions signatory thereto as lenders (as subsequently modified and amended, the “Amended and Restated Portfolio Loan Facility”). The current lenders under the Amended and Restated Portfolio Loan Facility are Bank of America, N.A.; Wells Fargo Bank, National Association; U.S. Bank, National Association; Capital One, National Association; PNC Bank, National Association; Regions Bank; and Zions Bankcorporation, N.A., DBA California Bank & Trust (together, the “Portfolio Loan Lenders”). The Amended and Restated Portfolio Loan Facility is secured by 60 South Sixth, Preston Commons, Sterling Plaza, Towers at Emeryville, Ten Almaden and Town Center (the “Portfolio Loan Properties”).
On February 6, 2024, the Amended and Restated Portfolio Loan Facility Borrowers entered into a fourth loan modification and extension agreement with the Agent and the Portfolio Loan Lenders (the “Fourth Extension Agreement”). Pursuant to the Fourth Extension Agreement, the Agent and Portfolio Loan Lenders agreed to extend the maturity date of the Amended and Restated Portfolio Loan Facility to August 6, 2024.
On July 15, 2024, the Amended and Restated Portfolio Loan Facility Borrowers entered into a fifth loan modification and extension agreement with the Agent and the Portfolio Loan Lenders (the “Fifth Extension Agreement”). Pursuant to the Fifth Extension Agreement, the Agent and Portfolio Loan Lenders agreed to extend the maturity of the Amended and Restated Portfolio Loan Facility to November 6, 2024. Additionally, pursuant to the Fifth Extension Agreement, the interest rate which was based on the Bloomberg Short-Term Bank Yield Index (“BSBY”) was replaced with SOFR. Effective August 1, 2024, the Amended and Restated Portfolio Loan Facility bears interest at one-month Term SOFR plus 180 basis points plus a SOFR margin adjustment of 10 basis points.
On October 11, 2024, the Amended and Restated Portfolio Loan Facility Borrowers entered into a sixth loan modification and extension agreement with the Agent and the Portfolio Loan Lenders (the “Sixth Extension Agreement”). See Note 13, “Subsequent Events – Sixth Modification of the Amended and Restated Portfolio Loan Facility,” for information regarding the Sixth Extension Agreement, which extended the maturity date of the Amended and Restated Portfolio Loan Facility to November 20, 2024, among other modifications.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
8. NOTES PAYABLE (CONTINUED)
Under the Fourth and Fifth Extension Agreements, the Agent and the Portfolio Loan Lenders waived the requirement for the Portfolio Loan Properties to satisfy the minimum required ongoing debt service coverage ratio as of the December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024 test dates and waived the requirement for REIT Properties III as guarantor to satisfy a net worth covenant for the period between February 6, 2024 and November 6, 2024. See Note 13, “Subsequent Events – Sixth Modification of the Amended and Restated Portfolio Loan Facility,” which also waived the requirement for the Portfolio Loan Properties to satisfy the minimum required ongoing debt service coverage ratio and waived the requirement for REIT Properties III as guarantor to satisfy a net worth covenant through the then current maturity date under the loan documents.
The Fourth Extension Agreement also included, among other requirements, a requirement for the Company to raise not less than $100,000,000 in new equity, debt or a combination of both on or prior to July 15, 2024. The Fifth Extension Agreement extended the capital raise milestone to October 15, 2024 and added additional milestones. See Note 13, “Subsequent Events – Sixth Modification of the Amended and Restated Portfolio Loan Facility,” which waived certain milestones initially included in the Fourth and Fifth Extension Agreements, including the requirement for the Company to raise not less than $100,000,000 in new equity, debt or a combination of both, and requires the Company to satisfy other conditions.
The Fourth Extension Agreement provides that 100% of excess cash flow from the Portfolio Loan Properties continues to be deposited monthly into a cash collateral account (the “Cash Sweep Collateral Account”). Funds may not be withdrawn from the Cash Sweep Collateral Account without the prior written consent of the Agent, and upon certain events, the Agent has the right to withdraw funds from the Cash Sweep Collateral Account.
The Fourth Extension Agreement provides that, subject to the requirements contained therein, the Amended and Restated Portfolio Loan Facility Borrowers will be permitted to withdraw funds from the Cash Sweep Collateral Account to pay or reimburse the Amended and Restated Portfolio Loan Facility Borrowers for approved tenant improvements, leasing commissions and capital improvements and for operating shortfalls related to the Portfolio Loan Properties to the extent they occur in any month.
Additionally, the Fourth Extension Agreement provides that a default will occur under the Amended and Restated Portfolio Loan Facility if a written demand for payment following a default under the following loans is delivered to REIT Properties III by U.S. Bank, National Association under (a) the Company’s Credit Facility, (b) the payment guaranty agreement of the Company’s Modified Portfolio Revolving Loan Facility or (c) any other indebtedness of REIT Properties III where the demand made or amount guaranteed is greater than $5.0 million. The Fifth Extension Agreement further provides a default will occur under the Amended and Restated Portfolio Loan Facility if a written demand for payment following a default is delivered to REIT Properties III by the lenders under the Company’s Almaden Mortgage Loan or the Company’s Park Place Village Mortgage Loan, in each case where the demand made or amount guaranteed is greater than $5.0 million.
Pursuant to the Fourth Extension Agreement, the Amended and Restated Portfolio Loan Facility Borrowers also agreed to pay the Portfolio Loan Lenders a non-refundable fee in the amount of $0.9 million, to deposit $5.0 million into the Cash Sweep Collateral Account (which will generally be used to fund capital expenditures and operating cash flow needs of the Portfolio Loan Properties), and to pay the Portfolio Loan Lenders an exit fee in the amount of $1.0 million, which is due on the earliest to occur of the maturity date, the repayment of the loan in full and the occurrence of a default under the loan. Pursuant to the Fifth Extension Agreement, the Amended and Restated Portfolio Loan Facility Borrowers also agreed to pay the Portfolio Loan Lenders a non-refundable fee in the amount of $0.6 million, to deposit an additional $5.0 million into the Cash Sweep Collateral Account (which will generally be used to fund capital expenditures and operating cash flow needs of the Portfolio Loan Properties), and to extend the timing of the payment of the exit fee in the amount of $1.0 million due to the Portfolio Loan Lenders to the earliest to occur of the maturity date, the repayment of the loan in full and the occurrence of a default under the loan.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
8. NOTES PAYABLE (CONTINUED)
Modified Portfolio Revolving Loan Facility
On October 17, 2018, certain of the Company’s indirect wholly owned subsidiaries (the “Modified Portfolio Revolving Loan Borrowers”) entered into a loan facility (as subsequently modified and amended, the “Modified Portfolio Revolving Loan Facility”) with U.S. Bank National Association, as administrative agent (the “Modified Portfolio Revolving Loan Agent”). The current lenders under the Modified Portfolio Revolving Loan Facility are U.S. Bank National Association, Regions Bank, Citizens Bank, City National Bank and Associated Bank, National Association (the “Modified Portfolio Revolving Loan Lenders”).
On February 21, 2024, in connection with the disposition of the McEwen Building and pursuant to the Third Modification Agreement (defined below), the Modified Portfolio Revolving Loan Borrowers paid the Modified Portfolio Revolving Loan Agent the net sales proceeds from the sale of the McEwen Building (“Required McEwen Payment”) of $46.2 million, which amount was applied to reduce the outstanding principal amount of the Modified Portfolio Revolving Loan Facility to $203.0 million, and the McEwen Building was released as security for the Modified Portfolio Revolving Loan Facility. Notwithstanding the Required McEwen Payment, the Third Modification Agreement allows the Company to draw back a portion of the loan payment through the holdbacks described below, providing additional liquidity to the Company to fund capital needs in the portfolio. Following the release of the McEwen Building, the Modified Portfolio Revolving Loan Facility is secured by 515 Congress, Gateway Tech Center and 201 17th Street (the “Modified Portfolio Revolving Loan Properties”).
On February 9, 2024, the Company, through the Modified Portfolio Revolving Loan Borrowers, entered into an additional advance and third modification agreement (the “Third Modification Agreement”) with the Modified Portfolio Revolving Loan Agent and the Modified Portfolio Revolving Loan Lenders. In connection with the Required McEwen Payment and the release of the McEwen Building, the Third Modification Agreement provides that the following terms apply to the Modified Portfolio Revolving Loan Facility:
(i) the maturity date is extended to March 1, 2026,
(ii) the interest rate resets to one-month Term SOFR plus 300 basis points and the loan requires quarterly payments of principal in the amount of $880,900,
(iii) the revolving portion of the facility is converted into non-revolving debt, the accordion option is eliminated (whereby the Modified Portfolio Revolving Loan Borrowers previously had the ability to request that the commitment be increased subject to the Modified Portfolio Revolving Loan Lenders’ consent and certain additional conditions), and the revolving portion of the Modified Portfolio Revolving Loan Facility and the rights of the Modified Portfolio Revolving Loan Borrowers to reborrow debt under the loan once it has been paid is eliminated,
(iv) holdbacks of a portion of the Modified Portfolio Revolving Loan Facility are established, which holdbacks may be disbursed subject to the satisfaction of certain terms and conditions, as described below,
(v) the Company is restricted from paying dividends or distributions to its stockholders or redeeming shares of its stock without the Modified Portfolio Revolving Loan Agent’s prior written consent, except for any amounts that the Company is required to distribute to its stockholders to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and
(vi) certain cash management sweeps are established, as described below.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
8. NOTES PAYABLE (CONTINUED)
As a result of the release of the McEwen Building, the Third Modification Agreement allows the Company to draw back a portion of the amount of the loan paydown from the McEwen Building sale proceeds through holdbacks on the Modified Portfolio Revolving Loan Facility, consisting of (i) a holdback for the payment of, or reimbursement of the Modified Portfolio Revolving Loan Borrowers’ payment of, tenant improvements, leasing commissions and capital expenditures related to the Modified Portfolio Revolving Loan Properties equal to $10.0 million and (ii) a holdback for the payment of, or reimbursement of REIT Properties III’s (the “Guarantor”) and/or its subsidiaries’ payment of, tenant improvements, leasing commissions and capital expenditures for real property and related improvements owned directly or indirectly by the Guarantor in an amount equal to $6.2 million. Disbursements of the holdback amounts are subject to the conditions of the Third Modification Agreement. In the event of disbursements of the holdback amounts, such advances by the Modified Portfolio Revolving Loan Lenders will increase the aggregate principal commitment under the Modified Portfolio Revolving Loan Facility. As of September 30, 2024, $7.6 million of the holdbacks on the Modified Portfolio Revolving Loan Facility are available for future disbursement, subject to the conditions of the Third Modification Agreement.
Also as a result of the release of the McEwen Building, the Third Modification Agreement provides that excess cash flow from the Modified Portfolio Revolving Loan Properties be deposited monthly into an interest-bearing account held by the Modified Portfolio Revolving Loan Agent for the benefit of the Modified Portfolio Revolving Loan Lenders (“Cash Management Account”). So long as no default exists under the Modified Portfolio Revolving Loan Facility and subject to the terms and conditions in the Third Modification Agreement, the Modified Portfolio Revolving Loan Borrowers may request disbursement from the Cash Management Account for the payment of debt service payments (including the quarterly principal payments) and other payments due under the loan, for tenant improvements, leasing commissions, capital expenditures and other operating shortfalls and for certain REIT-level expenses. The Modified Portfolio Revolving Loan Agent has the sole right to make withdrawals from the Cash Management Account.
In connection with the Third Modification Agreement, the Guarantor and the Modified Portfolio Revolving Loan Lenders also agreed to amendments to the Guarantor’s financial covenants (increasing the allowed leverage ratio and reducing the required earnings to fixed charges ratios). The Third Modification Agreement provides that disbursements of the holdback amounts and withdrawals from the Cash Management Account are subject to compliance with the above referenced amended Guarantor financial covenants and other covenants that require the Modified Portfolio Revolving Loan Properties to satisfy certain leverage and debt service coverage ratios and that the Modified Portfolio Revolving Loan Agent may demand a pay down of the outstanding principal balance of the loan to the extent of noncompliance with such covenants.
Modifications of Credit Facility
On July 30, 2021, REIT Properties III, the Company’s indirect wholly owned subsidiary, entered into an unsecured credit facility (as subsequently modified and amended, the “Credit Facility”) with U.S. Bank National Association, as administrative agent (the “Credit Facility Agent”). The current lenders under the Credit Facility are U.S. Bank National Association and Bank of America, N.A. (the “Credit Facility Lenders”).
On May 10, 2024, REIT Properties III entered into the second modification of Credit Facility (the “Second Modification Agreement”) with the Credit Facility Agent and Credit Facility Lenders. On July 30, 2024, REIT Properties III entered into the third modification of the Credit Facility (the “Credit Facility Third Modification Agreement”) with the Credit Facility Agent and Credit Facility Lenders.
The Second Modification Agreement permanently reduced the aggregate commitment under the Credit Facility to $62.9 million, which was fully drawn as of September 30, 2024. The Second Modification Agreement also eliminated the revolving portion of the facility and converted the facility to a non-revolving term loan, such that no amounts repaid may be subsequently reborrowed.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
8. NOTES PAYABLE (CONTINUED)
Pursuant to the Second Modification Agreement and Credit Facility Third Modification Agreement, the Credit Facility Agent and Credit Facility Lenders waived the requirement for REIT Properties III to comply with the maximum leverage ratio, minimum consolidated net worth requirement, minimum fixed charges coverage ratio and minimum liquidity requirement from December 31, 2023 through and including the then current maturity date.
The Second Modification Agreement provides that REIT Properties III, which indirectly owns all of the Company’s properties and holds the Company’s investment in units of the SREIT, will not make any distributions, dividends or redemptions without the consent of the Credit Facility Lenders, except for (i) amounts necessary for the Company to maintain its REIT status under the Internal Revenue Code of 1986, as amended, and to avoid liability for federal and state income or excise taxes, (ii) certain REIT-level general and administrative expenses and (iii) asset management fees allocated to the Company’s properties.
The Second Modification Agreement amended the maturity date of the loan to the earliest to occur of (i) July 31, 2024, (ii) the date on which the Company raises new equity, debt or a combination of both in an amount equal to or not less than $100,000,000 and (iii) the date on which the aggregate commitment under the facility is reduced to zero or is otherwise terminated. The Credit Facility Third Modification Agreement further amended the maturity date of the loan to the earliest to occur of (i) November 6, 2024 and (ii) the date on which the aggregate commitment under the facility is reduced to zero or is otherwise terminated. See Note 13, “ Subsequent Events – Fourth Modification of Credit Facility,” for information regarding the fourth modification of the Credit Facility.
Additionally, the Second Modification Agreement provides that an event of default will occur under the Credit Facility upon the occurrence of an event of default under any credit facility for which REIT Properties III is a guarantor (other than non-recourse carveouts).
The Second Modification Agreement required the Company to cause the equity interests of the Company’s subsidiaries that own 515 Congress, 201 17th Street and Gateway Tech Center to be pledged to the Credit Facility Lenders as security for REIT Properties III’s obligations with respect to the following advances under the Credit Facility: $19.8 million that had been advanced under the Credit Facility as of the closing of the Second Modification Agreement and $5.6 million that was advanced under the Credit Facility for the sole purpose of remargining the Carillon Mortgage Loan. The Credit Facility Third Modification Agreement further modified the pledge agreement and required the Company to cause the equity interests of the Company’s subsidiaries that own 515 Congress, 201 17th Street and Gateway Tech Center to be pledged to the Credit Facility Lenders as security for all of REIT Properties III’s obligations under the Credit Facility.
Pursuant to the Credit Facility Third Modification Agreement, effective July 30, 2024, the Credit Facility bears interest at one-month Term SOFR plus 300 basis points.
The Credit Facility Third Modification Agreement also included, among other requirements, a requirement for the Company to raise not less than $100,000,000 in new equity, debt or a combination of both on or prior to October 15, 2024. In October 2024, the Credit Facility Agent and Credit Facility Lenders waived certain requirements initially included in the Credit Facility Third Modification Agreement, including the requirement for the Company to raise not less than $100,000,000 in new equity, debt or a combination of both, and requires the Company to satisfy other conditions.
3001 & 3003 Washington Mortgage Loan
On May 21, 2019, the Company, through indirect wholly owned subsidiaries (the “3001 & 3003 Washington Borrowers”), entered into a mortgage loan (as subsequently modified and amended, the “3001 & 3003 Washington Mortgage Loan”) with Bank of America, N.A., as administrative agent and lender (the “3001 & 3003 Washington Lender”).
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
8. NOTES PAYABLE (CONTINUED)
On August 23, 2024, the 3001 & 3003 Washington Borrowers and REIT Properties III entered into the fourth modification and extension agreement of the 3001 & 3003 Washington Mortgage Loan with the 3001 & 3003 Washington Lender (the “3001 & 3003 Washington Fourth Extension Agreement”). Pursuant to the 3001 & 3003 Washington Fourth Extension Agreement, the 3001 & 3003 Washington Lender agreed to extend the maturity date of the 3001 & 3003 Washington Mortgage Loan to November 6, 2024. The 3001 & 3003 Washington Fourth Extension Agreement also included, among other requirements, a requirement for the Company to raise not less than $100,000,000 in new equity, debt or a combination of both on or prior to October 15, 2024.
In October 2024, the 3001 & 3003 Washington Lender waived certain requirements initially included in the 3001 & 3003 Washington Fourth Extension Agreement, including the requirement for the Company to raise not less than $100,000,000 in new equity, debt or a combination of both, and requires the Company to satisfy other conditions.
On November 6, 2024, the 3001 & 3003 Washington Borrower entered into the fifth modification and extension agreement with the 3001 & 3003 Washington Lender and extended the maturity date of the 3001 & 3003 Washington Mortgage Loan to May 6, 2026, among other modifications. See Note 13, “Subsequent Events – Fifth Modification and Extension of the 3001 & 3003 Washington Mortgage Loan.”
9. DERIVATIVE INSTRUMENTS
The Company enters into derivative instruments for risk management purposes to hedge its exposure to cash flow variability caused by changing interest rates. The primary goal of the Company’s risk management practices related to interest rate risk is to prevent changes in interest rates from adversely impacting the Company’s ability to achieve its investment return objectives. The Company does not enter into derivatives for speculative purposes.
The Company enters into interest rate swaps as a fixed rate payer to mitigate its exposure to rising interest rates on its variable rate notes payable. The value of interest rate swaps is primarily impacted by interest rates, market expectations about interest rates, and the remaining life of the instrument. In general, increases in interest rates, or anticipated increases in interest rates, will increase the value of the fixed rate payer position and decrease the value of the variable rate payer position. As the remaining life of the interest rate swap decreases, the value of both positions will generally move towards zero.
The Company enters into interest rate caps to mitigate its exposure to rising interest rates on its variable rate notes payable. The values of interest rate caps are primarily impacted by interest rates, market expectations about interest rates, and the remaining life of the instrument. In general, increases in interest rates, or anticipated increases in interest rates, will increase the value of interest rate caps. As the remaining life of an interest rate cap decreases, the value of the instrument will generally decrease towards zero.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
9. DERIVATIVE INSTRUMENTS (CONTINUED)
As of September 30, 2024, the Company has entered into 14 interest rate swaps, which were not designated as hedging instruments. The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of September 30, 2024 and December 31, 2023. The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | September 30, 2024 | | December 31, 2023 | | | | Weighted-Average Fix Pay Rate | | Weighted-Average Remaining Term in Years |
| Derivative Instruments | | Number of Instruments | | Notional Amount | | Number of Instruments | | Notional Amount | | Reference Rate as of September 30, 2024 | | |
| Derivative instruments not designated as hedging instruments | | | | | | | | |
Interest rate swaps (1) | | 14 | | $ | 1,100,000 | | | 16 | | $ | 1,300,000 | | | Fallback SOFR (2)/ Fixed at 1.08% - 1.28% One-month Term SOFR/ Fixed at 2.38% - 3.92% | | 3.1% | | 1.6 |
Interest rate cap (3) | | — | | $ | — | | | 1 | | $ | 125,000 | | | (3) | | (3) | | (3) |
_____________________
(1) In February 2024, the Company terminated two interest rate swap agreements and received aggregate settlement payments of $6.6 million.
(2) Upon cessation of one-month LIBOR on June 30, 2023, eight of the Company’s interest rate swaps which bore interest at one-month LIBOR were automatically converted to a fallback rate (“Fallback SOFR”) plus a 11.448 basis point adjustment. As of September 30, 2024, the Company had two remaining interest rate swaps which had been converted to Fallback SOFR, each with a maturity date of January 1, 2025.
(3) The interest rate cap expired in January 2024.
The following table sets forth the fair value of the Company’s derivative instruments as well as their classification on the consolidated balance sheets as of September 30, 2024 and December 31, 2023 (dollars in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | September 30, 2024 | | December 31, 2023 |
| Derivative Instruments | | Balance Sheet Location | | Number of Instruments | | Fair Value | | Number of Instruments | | Fair Value |
| Derivative instruments not designated as hedging instruments | | | | |
Interest rate swaps | | Prepaid expenses and other assets, at fair value | | 8 | | $ | 5,716 | | | 15 | | $ | 23,891 | |
Interest rate swaps | | Other liabilities, at fair value | | 6 | | $ | (2,102) | | | 1 | | $ | (175) | |
| Interest rate cap | | Prepaid expenses and other assets, at fair value | | — | | $ | — | | | 1 | | $ | — | |
| | | | | | | | | | |
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
9. DERIVATIVE INSTRUMENTS (CONTINUED)
The following table summarizes the effects of derivative instruments on the Company’s consolidated statements of operations (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the Three Months Ended
September 30, | | For the Nine Months Ended
September 30, |
| | | 2024 | | 2023 | | 2024 | | 2023 |
| Derivatives not designated as hedging instruments | | | | | | | | |
| | | | | | | | |
| Realized gain recognized on interest rate swaps | | $ | (6,311) | | | $ | (8,551) | | | $ | (19,687) | | | $ | (22,862) | |
Unrealized loss (gain) on interest rate swaps (1) | | 21,229 | | | (3,630) | | | 13,728 | | | (9,273) | |
| Gains related to swap terminations | | — | | | — | | | (178) | | | — | |
| Unrealized loss on interest rate cap | | — | | | 1 | | | — | | | 25 | |
| Net loss (gain) on derivative instruments | | $ | 14,918 | | | $ | (12,180) | | | $ | (6,137) | | | $ | (32,110) | |
_____________________
(1) For the three and nine months ended September 30, 2023, unrealized gain on interest rate swaps included a $3.0 million and $7.6 million unrealized loss, respectively, related to the change in fair value of two off-market interest rate swaps (which expired on November 2, 2023) determined to be hybrid financial instruments for which the Company elected to apply the fair value option.
10. FAIR VALUE DISCLOSURES
Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other non-financial and financial assets at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories:
•Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;
•Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and
•Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable.
The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and for which markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments for which markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The following is a summary of the methods and assumptions used by management in estimating the fair value of each class of assets and liabilities for which it is practicable to estimate the fair value:
Cash and cash equivalents, restricted cash, rent and other receivables, and accounts payable and accrued liabilities: These balances approximate their fair values due to the short maturities of these items.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
10. FAIR VALUE DISCLOSURES (CONTINUED)
Real estate equity securities: At September 30, 2024, the Company’s investment in the units of the SREIT was presented at fair value on the accompanying consolidated balance sheet. The fair value of the units of the SREIT was based on a quoted price in an active market on a major stock exchange. The Company classifies these inputs as Level 1 inputs.
Derivative instruments: The Company’s derivative instruments are presented at fair value on the accompanying consolidated balance sheets. The valuation of these instruments is determined using a proprietary model that utilizes observable inputs. As such, the Company classifies these inputs as Level 2 inputs. The proprietary model uses the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and volatility. The fair values of interest rate swaps are estimated using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit risks to the contracts, are incorporated in the fair values to account for potential nonperformance risk.
Notes payable: The fair values of the Company’s notes payable are estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. Additionally, when determining the fair value of a liability in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. The Company classifies these inputs as Level 3 inputs.
The following were the face values, carrying amounts and fair values of the Company’s notes payable as of September 30, 2024 and December 31, 2023, which carrying amounts generally do not approximate the fair values (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | September 30, 2024 | | December 31, 2023 |
| | | Face Value | | Carrying Amount | | Fair Value | | Face Value | | Carrying Amount | | Fair Value |
| Financial liabilities: | | | | | | | | | | | | |
| Notes payable | | $ | 1,591,211 | | | $ | 1,589,507 | | | $ | 1,586,982 | | | $ | 1,738,613 | | | $ | 1,735,896 | | | $ | 1,679,259 | |
Disclosure of the fair values of financial instruments is based on pertinent information available to the Company as of the period end and requires a significant amount of judgment. Low levels of transaction volume for certain financial instruments have made the estimation of fair values difficult and, therefore, both the actual results and the Company’s estimate of value at a future date could be materially different.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
10. FAIR VALUE DISCLOSURES (CONTINUED)
As of September 30, 2024, the Company measured the following assets and liabilities at fair value (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Fair Value Measurements Using |
| | | Total | | Quoted Prices in
Active Markets
for Identical Assets
(Level 1) | | Significant Other
Observable Inputs
(Level 2) | | Significant
Unobservable Inputs
(Level 3) |
| Recurring Basis: | | | | | | | | |
| Real estate equity securities | | $ | 44,399 | | | $ | 44,399 | | | $ | — | | | $ | — | |
| Asset derivatives - interest rate swaps | | $ | 5,716 | | | $ | — | | | $ | 5,716 | | | $ | — | |
| | | | | | | | |
| Liability derivatives - interest rate swaps | | $ | (2,102) | | | $ | — | | | $ | (2,102) | | | $ | — | |
| | | | | | | | |
During the nine months ended September 30, 2024, the Company measured the following asset at fair value on a nonrecurring basis (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Fair Value Measurements Using |
| | | Total | | Quoted Prices in
Active Markets
for Identical Assets
(Level 1) | | Significant Other
Observable Inputs
(Level 2) | | Significant
Unobservable Inputs
(Level 3) |
| Nonrecurring Basis: | | | | | | | | |
Impaired real estate (1) | | $ | 124,770 | | | $ | — | | | $ | — | | | $ | 124,770 | |
_____________________(1) Amount represents the fair value for a real estate asset impacted by an impairment charge during the nine months ended September 30, 2024, as of the date that the fair value measurement was made, which was September 30, 2024.
At September 30, 2024, one of the Company’s real estate properties was measured at its estimated fair value based on a discounted cash flow approach. The significant unobservable inputs the Company used in measuring the estimated fair value of this property included a discount rate of 9.25% and a terminal cap rate of 8.00%. See Note 4, “Real Estate – Impairment of Real Estate” for further discussion of the impaired real estate property.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
11. RELATED PARTY TRANSACTIONS
The Company has entered into the Advisory Agreement with the Advisor. The Company’s Dealer Manager Agreement with the Dealer Manager terminated on March 15, 2024 upon termination of the Company’s dividend reinvestment plan. These agreements entitled the Advisor and/or the Dealer Manager to specified fees upon the provision of certain services with regard to the Offering and reimbursement of organization and offering costs incurred by the Advisor and the Dealer Manager on behalf of the Company and entitle the Advisor to specified fees upon the provision of certain services with regard to the investment of funds in real estate investments, the management of those investments, among other services, and the disposition of investments, and entitle the Advisor to reimbursement of certain costs incurred by the Advisor in providing services to the Company. In addition, the Advisor is entitled to certain other fees, including an incentive fee upon achieving certain performance goals, as detailed in the Advisory Agreement. The Company has also entered into a fee reimbursement agreement with the Dealer Manager pursuant to which the Company agreed to reimburse the Dealer Manager for certain fees and expenses it incurs for administering the Company’s participation in the DTCC Alternative Investment Product Platform with respect to certain accounts of the Company’s investors serviced through the platform. The Advisor and Dealer Manager also served as the advisor and dealer manager, respectively, for KBS Real Estate Investment Trust II, Inc. (“KBS REIT II”) (liquidated May 2023) and KBS Growth & Income REIT, Inc. (“KBS Growth & Income REIT”) (liquidated August 2024).
As of January 1, 2023, the Company, together with KBS Growth & Income REIT, the Dealer Manager, the Advisor and other KBS-affiliated entities, had entered into an errors and omissions and directors and officers liability insurance program where the lower tiers of such insurance coverage were shared. The cost of these lower tiers is allocated by the Advisor and its insurance broker among each of the various entities covered by the program, and is billed directly to each entity. At renewal in June 2023, due to its liquidation, KBS Growth & Income REIT elected to cease participation in the program and obtained separate insurance coverage. In June 2024, the Company renewed its participation in the program, and the program is effective through June 30, 2025.
Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and nine months ended September 30, 2024 and 2023, respectively, and any related amounts payable as of September 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Incurred | | Incurred | | | | Payable as of |
| Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | | September 30, | | December 31, |
| | 2024 | | 2023 | | 2024 | | 2023 | | | | | | 2024 | | 2023 |
| Expensed | | | | | | | | | | | | | | | |
Asset management fees (1) | $ | 4,942 | | | $ | 5,268 | | | $ | 14,762 | | | $ | 15,542 | | | | | | | $ | 18,605 | | | $ | 16,992 | |
Reimbursement of operating expenses (2) | 135 | | | 79 | | | 317 | | | 273 | | | | | | | 343 | | | 416 | |
Disposition fees (3) | — | | | — | | | 414 | | | — | | | | | | | — | | | — | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| $ | 5,077 | | | $ | 5,347 | | | $ | 15,493 | | | $ | 15,815 | | | | | | | $ | 18,948 | | | $ | 17,408 | |
_____________________
(1) See below “–Asset Management Fees.”
(2) Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software costs and cybersecurity related expenses incurred by the Advisor under the Advisory Agreement. The Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $22,000 and $86,000 for the three and nine months ended September 30, 2024, respectively, and $30,000 and $86,000 for the three and nine months ended September 30, 2023, respectively, and were the only type of employee costs reimbursed under the Advisory Agreement for the three and nine months ended September 30, 2024 and 2023. The Company currently does not reimburse for employee costs in connection with services for which the Advisor earns acquisition or origination fees or disposition fees (other than reimbursement of travel and communication expenses), and other than future payments pursuant to the Bonus Retention Fund (see below, “–Asset Management Fees”), the Company does not reimburse the Advisor for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers and affiliated directors. In addition to the amounts above, the Company reimburses the Advisor for certain of the Company’s direct costs incurred from third parties that were initially paid by the Advisor on behalf of the Company.
(3) Disposition fees with respect to real estate sold are included in the gain on sale of real estate, net, in the accompanying consolidated statements of operations.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
11. RELATED PARTY TRANSACTIONS (CONTINUED)
In connection with the Offering, Messrs. Bren, Hall, McMillan and Schreiber agreed to provide additional indemnification to one of the participating broker-dealers. The Company agreed to add supplemental coverage to its directors’ and officers’ insurance coverage to insure Messrs. Bren, Hall, McMillan and Schreiber’s obligations under this indemnification agreement in exchange for reimbursement by Messrs. Bren, Hall, McMillan and Schreiber to the Company for all costs, expenses and premiums related to this supplemental coverage. During the three and nine months ended September 30, 2024 and 2023, the Advisor incurred $101,000 and $72,000, respectively, for the costs of the supplemental coverage obtained by the Company.
Asset Management Fees
For asset management services, the Company pays the Advisor a monthly fee. With respect to investments in real property, the asset management fee is a monthly fee equal to one-twelfth of 0.75% of the amount paid or allocated to acquire the investment, plus the cost of any subsequent development, construction or improvements to the property. This amount includes any portion of the investment that was debt financed and is inclusive of acquisition expenses related thereto (but excludes acquisition fees paid to the Advisor). In the case of investments made through joint ventures, the asset management fee is determined based on the Company’s proportionate share of the underlying investment (but excluding acquisition fees paid to the Advisor). With respect to investments in loans and any investments other than real property, the asset management fee is a monthly fee calculated, each month, as one-twelfth of 0.75% of the lesser of (i) the amount actually paid or allocated to acquire or fund the loan or other investment (which amount includes any portion of the investment that was debt financed and is inclusive of acquisition or origination expenses related thereto, but is exclusive of acquisition or origination fees paid to the Advisor) and (ii) the outstanding principal amount of such loan or other investment, plus the acquisition or origination expenses related to the acquisition or funding of such investment (excluding acquisition or origination fees paid to the Advisor), as of the time of calculation. The Company currently does not pay any asset management fees in connection with the Company’s investment in the equity securities of the SREIT.
Notwithstanding the foregoing, on November 8, 2022, the Company and the Advisor amended the advisory agreement and commencing with asset management fees accruing from October 1, 2022, the Company paid $1.15 million of the monthly asset management fee to the Advisor in cash and the Company deposited the remainder of the monthly asset management fee into an interest bearing account in the Company’s name, which amounts will be paid to the Advisor from such account solely as reimbursement for payments made by the Advisor pursuant to the Advisor’s employee retention program (such account, the “Bonus Retention Fund”). The Bonus Retention Fund was established in order to incentivize and retain key employees of the Advisor. The Bonus Retention Fund was fully funded in December 2023 when the Company had deposited $8.5 million in cash into such account. Following such time, the monthly asset management fee became fully payable in cash to the Advisor. The Advisor has acknowledged and agreed that payments by the Advisor to employees under the Advisor’s employee retention program that are reimbursed by the Company from the Bonus Retention Fund will be conditioned on (a) the Company’s liquidation and dissolution; (b) a transaction involving the acquisition, merger, conversion or consolidation, either directly or indirectly, of the Company in which (i) the Company is not the surviving entity and (ii) the Advisor is no longer serving as an advisor or asset manager to the surviving entity in such transaction; (c) the sale or other disposition of all or substantially all of the Company’s assets; (d) the non-renewal or termination of the Advisory Agreement without cause; or (e) the termination of the employee without cause. To the extent the Bonus Retention Fund is not fully paid out to employees as set forth above, the Advisory Agreement provides that the residual amount will be deemed additional Deferred Asset Management Fees (defined below) and be treated in accordance with the provisions for payment of Deferred Asset Management Fees. Two of the Company’s executive officers, Jeff Waldvogel and Stacie Yamane, and one of the Company’s directors, Marc DeLuca, participate in and have been allocated awards under the Advisor’s employee retention program, which awards would only be paid as set forth above. As of September 30, 2024, the Company had deposited $8.5 million of restricted cash into the Bonus Retention Fund and the Company had not made any payments to the Advisor from the Bonus Retention Fund.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
11. RELATED PARTY TRANSACTIONS (CONTINUED)
Prior to amending the Advisory Agreement in November 2022, the prior advisory agreement had provided that with respect to asset management fees accruing from March 1, 2014, the Advisor would defer, without interest, the Company’s obligation to pay asset management fees for any month in which the Company’s modified funds from operations (“MFFO”) for such month, as such term is defined in the practice guideline issued by the Institute for Portfolio Alternatives (“IPA”) in November 2010 and interpreted by the Company, excluding asset management fees, did not exceed the amount of distributions declared by the Company for record dates of that month. The Company remained obligated to pay the Advisor an asset management fee in any month in which the Company’s MFFO, excluding asset management fees, for such month exceeded the amount of distributions declared for the record dates of that month (such excess amount, an “MFFO Surplus”); however, any amount of such asset management fee in excess of the MFFO Surplus was deferred under the prior advisory agreement. If the MFFO Surplus for any month exceeded the amount of the asset management fee payable for such month, any remaining MFFO Surplus was applied to pay any asset management fee amounts previously deferred in accordance with the prior advisory agreement.
Pursuant to the current Advisory Agreement, asset management fees accruing from October 1, 2022 are no longer subject to the deferral provision described above. Asset management fees that remained deferred as of September 30, 2022 are “Deferred Asset Management Fees.” As of September 30, 2022, Deferred Asset Management Fees totaled $8.5 million and the Company had not made any payments to the Advisor related to the Deferred Asset Management Fees for the period from October 1, 2022 to September 30, 2024. The Advisory Agreement also provides that the Company remains obligated to pay the Advisor outstanding Deferred Asset Management Fees in any month to the extent that MFFO for such month exceeds the amount of distributions declared for the record dates of that month (such excess amount, a “RMFFO Surplus”); provided however, that any amount of outstanding Deferred Asset Management Fees in excess of the RMFFO Surplus will continue to be deferred.
As of September 30, 2024 and December 31, 2023, the Company had accrued $18.6 million and $17.0 million of asset management fees, respectively, of which $8.5 million were Deferred Asset Management Fees as of September 30, 2024 and December 31, 2023, and $8.5 million were related to asset management fees that were restricted for payment and deposited in the Bonus Retention Fund as of September 30, 2024 and December 31, 2023.
Consistent with the prior advisory agreement, the current Advisory Agreement provides that notwithstanding the foregoing, any and all Deferred Asset Management Fees that are unpaid will become immediately due and payable at such time as the Company’s stockholders have received, together as a collective group, aggregate distributions (including distributions that may constitute a return of capital for federal income tax purposes) sufficient to provide (i) an 8.0% per year cumulative, noncompounded return on such net invested capital (the “Stockholders’ 8% Return”) and (ii) a return of their net invested capital, or the amount calculated by multiplying the total number of shares purchased by stockholders by the issue price, reduced by any amounts to repurchase shares pursuant to the Company’s share redemption program. The Stockholders’ 8% Return is not based on the return provided to any individual stockholder. Accordingly, it is not necessary for each of the Company’s stockholders to have received any minimum return in order for the Advisor to receive Deferred Asset Management Fees.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
11. RELATED PARTY TRANSACTIONS (CONTINUED)
In addition, the current Advisory Agreement provides that any and all Deferred Asset Management Fees that are unpaid will also be immediately due and payable upon the earlier of:
(i) a listing of the Company’s shares of common stock on a national securities exchange;
(ii) the Company’s liquidation and dissolution;
(iii) a transaction involving the acquisition, merger, conversion or consolidation, either directly or indirectly, of the Company in which (y) the Company is not the surviving entity and (z) the Advisor is no longer serving as an advisor or asset manager to the surviving entity in such transaction; and
(iv) the sale or other disposition of all or substantially all of the Company’s assets.
The Advisory Agreement has a term expiring on September 27, 2025 but may be renewed for an unlimited number of successive one-year periods upon the mutual consent of the Company and the Advisor. The Advisory Agreement may be terminated (i) upon 60 days written notice without cause or penalty by either the Company (acting through the conflicts committee) or the Advisor or (ii) immediately by the Company for cause or upon the bankruptcy of the Advisor. If the Advisory Agreement is terminated without cause, then the Advisor will be entitled to receive from the Company any residual amount of the Bonus Retention Fund deemed to be additional Deferred Asset Management Fees, provided that upon such non-renewal or termination the Company does not retain an advisor in which the Advisor or its affiliates have a majority interest. Upon termination of the Advisory Agreement, all unpaid Deferred Asset Management Fees will automatically be forfeited by the Advisor, and if the Advisory Agreement is terminated for cause, any residual amount of the Bonus Retention Fund deemed to be additional Deferred Asset Management Fees will also automatically be forfeited by the Advisor.
Lease to Affiliate
On May 29, 2015, the indirect wholly owned subsidiary (the “Lessor”) of the Company that owns 3003 Washington Boulevard entered into a lease with an affiliate of the Advisor (the “Lessee”) for 5,046 rentable square feet, or approximately 2.4% of the total rentable square feet, at 3003 Washington Boulevard. The lease commenced on October 1, 2015 and was amended on March 14, 2019 (the “Amended Lease”) to extend the lease period commencing on September 1, 2019 and terminating on August 31, 2024 and set the annual base rent during the extension period. The annualized base rent from the commencement of the Amended Lease is approximately $0.3 million, and the average annual rental rate (net of rental abatements) over the term of the Amended Lease through its termination is $62.55 per square foot.
On August 12, 2024, the Lessor entered into a Second Amendment to Deed of Office Lease with the Lessee to extend the lease period commencing on September 1, 2024 and expiring on November 30, 2029, unless terminated earlier in accordance with certain terms and conditions contained therein (the “ Second Amended Lease”), and set the annual base rent during the extension period. The annualized base rent for the Second Amended Lease is approximately $0.3 million, and the average annual rental rate (net of rental abatements) over the term of the Second Amended Lease is $53.75 per square foot.
During the three and nine months ended September 30, 2024, the Company recognized $78,000 and $244,000 of revenue related to this lease, respectively. During the three and nine months ended September 30, 2023, the Company recognized $83,000 and $248,000 of revenue related to this lease, respectively.
Prior to their approval of the lease, the Amended Lease and the Second Amended Lease, the Company’s conflicts committee and board of directors determined the lease to be fair and reasonable to the Company.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
11. RELATED PARTY TRANSACTIONS (CONTINUED)
Portfolio Sale
On July 18, 2019, the Company sold the Singapore Portfolio to the SREIT, which is affiliated with Charles J. Schreiber, Jr., a director and executive officer of the Company. See Note 7, “Real Estate Equity Securities” for information related to the Company’s investment in the SREIT. The SREIT is externally managed by an entity (the “Manager”) in which Charles J. Schreiber, Jr. currently holds an indirect ownership interest. Mr. Schreiber is also a former director of the Manager. The SREIT pays the Manager an annual base fee of 10% of annual distributable income and an annual performance fee of 25% of the increase in distributions per unit of the SREIT from the preceding year. For acquisitions other than the Singapore Portfolio, the SREIT pays the Manager an acquisition fee of 1% of the acquisition price. The SREIT will also pay the Manager a divestment fee of 0.5% of the sale price of any real estate sold and a development management fee of 3% of the total project costs incurred for development projects. A portion of the fees paid to the Manager are paid to KBS Realty Advisors LLC, an entity controlled by Mr. Schreiber, for sub-advisory services. The Schreiber Trust, a trust whose beneficiaries are Charles J. Schreiber, Jr. and his family members, and the Linda Bren 2017 Trust also acquired units in the SREIT. The Schreiber Trust agreed it will not sell any portion of its units in the SREIT unless it has received the consent of the Company’s conflicts committee. The Linda Bren 2017 Trust has agreed it will not sell $5.0 million of its investment in the SREIT unless it has received the consent of the Company’s conflicts committee.
During the three and nine months ended September 30, 2024 and 2023, no other business transactions occurred between the Company and KBS REIT II, KBS Growth & Income REIT, the Advisor, the Dealer Manager or other KBS-affiliated entities.
12. COMMITMENTS AND CONTINGENCIES
Economic Dependency
The Company is dependent on the Advisor for certain services that are essential to the Company, including the disposition of investments; management of the daily operations of the Company’s investment portfolio; and other general and administrative responsibilities. In the event that the Advisor is unable to provide the respective services, the Company will be required to obtain such services from other sources.
Legal Matters
From time to time, the Company may be party to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on the Company’s results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote.
Environmental
As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. Compliance with existing environmental laws is not expected to have a material adverse effect on the Company’s financial condition and results of operations as of September 30, 2024.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
13. SUBSEQUENT EVENTS
The Company evaluates subsequent events up until the date the consolidated financial statements are issued.
Purchase and Sale Agreement for Sale of Preston Commons
On June 19, 2013, the Company, through an indirect wholly owned subsidiary, acquired three office buildings containing 427,799 rentable square feet located on approximately 6.3 acres of land in Dallas, Texas (“Preston Commons”). On October 9, 2024, the Company, through an indirect wholly owned subsidiary, entered into a purchase and sale agreement and escrow instructions (the “Preston Commons Agreement”) for the sale of Preston Commons to a purchaser unaffiliated with the Company or the Advisor (the “Purchaser”). Pursuant to the Preston Commons Agreement, the sale price for Preston Commons is $151.0 million, subject to prorations and adjustments as provided in the Preston Commons Agreement.
The closing date is expected to occur on or before November 25, 2024. There can be no assurance that the Company will complete the sale of Preston Commons. The Purchaser would be obligated to purchase Preston Commons only after satisfaction of agreed upon closing conditions. In some circumstances, if the Purchaser fails to complete the acquisition, it may forfeit up to $3.0 million of earnest money.
Sixth Modification of the Amended and Restated Portfolio Loan Facility
On October 11, 2024, the Company, through the Amended and Restated Portfolio Loan Facility Borrowers, entered into a sixth loan modification and extension agreement with the Agent and the Portfolio Loan Lenders (the “Sixth Extension Agreement”). Pursuant to the Sixth Extension Agreement, the maturity date of the facility was extended to November 20, 2024. The Sixth Extension Agreement requires the Company to satisfy certain conditions, some of which conditions are not in the sole control of the Company, including the Company taking identified actions relating to its portfolio. The failure of the Company to satisfy certain of these conditions will result in an immediate event of default under the loan documents.
The aggregate outstanding principal balance of the Amended and Restated Portfolio Loan Facility was approximately $601.3 million as of October 11, 2024.
The Sixth Extension Agreement waived certain milestones initially included in the Fourth and Fifth Extension Agreements, including the requirement for the Company to raise not less than $100,000,000 in new equity, debt or a combination of both.
Under the Sixth Extension Agreement, the Agent and the Portfolio Loan Lenders waived the requirement for the Portfolio Loan Properties to satisfy the minimum required ongoing debt service coverage ratio through the then current maturity date under the loan documents and waived the requirement for REIT Properties III, as guarantor, to satisfy a net worth covenant through the then current maturity date under the loan documents.
Pursuant to the Sixth Extension Agreement, the Amended and Restated Portfolio Loan Facility Borrowers also agreed (a) to pay the Portfolio Loan Lenders a non-refundable fee in the amount of $250,000, and (b) to pay the Agent certain costs and expenses incurred by the Agent in connection with the Sixth Extension Agreement. In addition, pursuant to the Sixth Extension Agreement, the Portfolio Loan Lenders agreed to modify the timing of the payment of the exit fee in the amount of $1.0 million due to the Portfolio Loan Lenders to the earliest to occur of the maturity date, the occurrence of certain triggering events under the loan documents and the repayment of the loan in full.
Amendment to the Advisory Agreement
As required by the Sixth Extension Agreement, on October 11, 2024, the Company and the Advisor entered into an amendment to the Advisory Agreement to reduce and defer until December 1, 2025 certain transaction-based compensation in an amount of approximately $0.5 million that may be payable to the Advisor.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
13. SUBSEQUENT EVENTS (CONTINUED)
Third Modification of the Accenture Tower Revolving Loan
On November 2, 2020, the Company, through an indirect wholly owned subsidiary (the “Accenture Tower Borrower”), entered into a loan facility with U.S. Bank, National Association, as administrative agent (the “Agent”), joint lead arranger and co-book runner; Bank of America, N.A., as syndication agent, joint lead arranger and co-book runner; and each of the financial institutions signatory thereto as lenders (as amended and modified, the “Accenture Tower Revolving Loan”). The current lenders under the Accenture Tower Revolving Loan are U.S. Bank, National Association, Bank of America, N.A., Deutsche Pfandbriefbank AG and the National Bank of Kuwait S.A.K.P. Grand Caymans Branch (the “Accenture Tower Lenders”). The Accenture Tower Revolving Loan is secured by Accenture Tower.
On November 1, 2024, the Company, through the Accenture Tower Borrower, entered into a third modification agreement with the Accenture Tower Lenders (the “Third Modification Agreement”) to (i) extend the maturity date of the Accenture Tower Revolving Loan to December 10, 2024 and (ii) remove any prior right of the Accenture Tower Borrower to exercise an additional 12-month extension option. Under the Third Modification Agreement, the Agent and the Accenture Tower Lenders waived the requirement for REIT Properties III as guarantor to satisfy the net worth covenant, the leverage ratio covenant and the EBITDA to fixed charges ratio covenant for all periods following November 1, 2024 through the extended maturity date of December 10, 2024. As of November 1, 2024, the outstanding principal balance of the Accenture Tower Revolving Loan was $306.0 million, which consisted of $229.5 million of term debt and $76.5 million of revolving debt.
Fourth Modification of Credit Facility
On November 5, 2024, REIT Properties III entered into the fourth modification of the Credit Facility (the “Credit Facility Fourth Modification Agreement”) with the Credit Facility Agent and Credit Facility Lenders.
The Credit Facility Fourth Modification Agreement amends the maturity date of the loan to the earliest to occur of (i) November 15, 2024 and (ii) the date on which the aggregate commitment under the facility is reduced to zero or is otherwise terminated. Pursuant to the Credit Facility Fourth Modification Agreement, the Credit Facility Agent and Credit Facility Lenders waived the requirement for REIT Properties III to comply with the maximum leverage ratio, minimum consolidated net worth requirement, minimum fixed charges coverage ratio and minimum liquidity requirement from December 31, 2023 through and including the current maturity date.
Fifth Modification and Extension of the 3001 & 3003 Washington Mortgage Loan
On November 6, 2024, the 3001 & 3003 Washington Borrowers and REIT Properties III entered into the fifth modification and extension agreement of the 3001 & 3003 Washington Mortgage Loan with the 3001 & 3003 Washington Lender (the “3001 & 3003 Washington Mortgage Loan Fifth Modification”). Pursuant to the 3001 & 3003 Washington Mortgage Loan Fifth Modification, the 3001 & 3003 Washington Lender agreed to extend the maturity date of the 3001 & 3003 Washington Mortgage Loan to May 6, 2026. Additionally, pursuant to the 3001 & 3003 Washington Mortgage Loan Fifth Modification, effective November 6, 2024, the 3001 & 3003 Washington Mortgage Loan bears interest at one-month Term SOFR plus 290 basis points plus a SOFR margin adjustment of 10 basis points and monthly payments are interest only. The aggregate outstanding principal balance of the 3001 & 3003 Washington Mortgage Loan was approximately $138.8 million as of November 6, 2024.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 1. Financial Statements (continued)
KBS REAL ESTATE INVESTMENT TRUST III, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2024
(unaudited)
13. SUBSEQUENT EVENTS (CONTINUED)
The 3001 & 3003 Washington Mortgage Loan Fifth Modification requires that 100% of excess cash flow from 3001 Washington Boulevard and 3003 Washington Boulevard be deposited monthly into a cash collateral account (the “3001 & 3003 Washington Cash Sweep Collateral Account”). Funds may not be withdrawn from the 3001 & 3003 Washington Cash Sweep Collateral Account without the prior written consent of the 3001 & 3003 Washington Lender. The 3001 & 3003 Washington Mortgage Loan Fifth Modification provides that, subject to the requirements contained therein, the 3001 & 3003 Washington Borrowers will be permitted to withdraw funds from the 3001 & 3003 Washington Cash Sweep Collateral Account to pay or reimburse the 3001 & 3003 Washington Borrowers for approved tenant improvements, leasing commissions and capital improvements and for operating shortfalls related to the Washington Properties to the extent they occur in any month. Additionally, to the extent the 3001 & 3003 Washington Borrowers do not meet certain conditions, the 3001 & 3003 Washington Lender has the right to withdraw funds from the 3001 & 3003 Washington Cash Sweep Collateral Account and apply such funds to any due and payable obligations of the 3001 & 3003 Washington Borrowers.
The 3001 & 3003 Washington Mortgage Loan Fifth Modification provides that on or prior to November 15, 2024 (unless extended by the 3001 & 3003 Washington Lender), the Company will cause certain of the equity interests of the Company’s subsidiaries that own the Carillon property to be pledged to the 3001 & 3003 Washington Lender as security for all of the 3001 & 3003 Washington Borrowers’ obligations under the 3001 & 3003 Washington Mortgage Loan and the failure to do so constitutes an immediate default under the loan documents. Further, in the event of the sale of the Carillon property, certain excess proceeds from such sale must be used to repay the 3001 & 3003 Washington Mortgage Loan.
The 3001 & 3003 Washington Mortgage Loan Fifth Modification also provides that, among other conditions, if elected by the 3001 & 3003 Washington Lender, a default will occur under the 3001 & 3003 Washington Mortgage Loan if (i) an event of default occurs under the Carillon Mortgage Loan or (ii) a written demand for payment following a default is delivered to REIT Properties III under the terms of any indebtedness of REIT Properties III, where the demand made or amount guaranteed is greater than $5.0 million.
Pursuant to the 3001 & 3003 Washington Mortgage Loan Fifth Modification, a loan fee of $0.4 million is owed to the 3001 & 3003 Washington Lender, which loan fee is deferred and will be due upon the earliest to occur of the maturity date and the repayment of the loan in full. Additionally, the 3001 & 3003 Washington Borrowers agreed to pay the 3001 & 3003 Washington Lender an exit fee in the amount of $1.0 million, which is due on the earliest to occur of the maturity date and the repayment of the loan in full, provided that the exit fee is automatically waived if the 3001 & 3003 Washington Borrowers repay the loan on or before December 15, 2025.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with the accompanying financial statements of KBS Real Estate Investment Trust III, Inc. and the notes thereto. As used herein, the terms “Company,” “we,” “our” and “us” refer to KBS Real Estate Investment Trust III, Inc., a Maryland corporation, and, as required by context, KBS Limited Partnership III, a Delaware limited partnership, which we refer to as the “Operating Partnership,” and to their subsidiaries.
Forward-Looking Statements
Certain statements included in this Quarterly Report on Form 10-Q are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of KBS Real Estate Investment Trust III, Inc. and members of our management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should” or similar expressions. These include statements about our plans, strategies and prospects and these statements are subject to known and unknown risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those contemplated by such forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law. Moreover, you should interpret many of the risks identified in this report, as well as the risks set forth below, as being heightened as a result of the continued disruptions in the financial markets impacting the U.S. commercial real estate industry, especially as it pertains to commercial office buildings.
The following are some of the risks and uncertainties, although not all of the risks and uncertainties, that could cause our actual results to differ materially from those presented in our forward-looking statements:
•The ongoing challenges affecting the U.S. commercial real estate industry, especially as it pertains to commercial office buildings, continues to be one of the most significant risks and uncertainties we face. The combination of high interest rates and persistent inflation (or the perception that any of these events may continue), as well as a lack of lending activity in the debt markets, have contributed to considerable weakness in the commercial real estate markets. The usage and leasing activity of our assets in several markets remains lower than pre-pandemic levels in those markets. Upcoming and recent tenant lease expirations and leasing challenges in certain markets amidst the aforementioned headwinds coupled with slower than expected return-to-office, most notably in the greater San Francisco Bay Area where we own several assets, have had direct and material impacts to property appraisal values used by our lenders and have impacted our ability to access certain credit facilities and our ongoing cash flow.
•As of November 14, 2024, we have $1.0 billion of loan maturities in the next 12 months. Considering the current commercial real estate lending environment, this raises substantial doubt as to our ability to continue as a going concern for at least a year from the date of the issuance of our financial statements. In order to refinance, restructure or extend our maturing debt obligations, we have been required to reduce the loan commitments and/or make paydowns on certain loans, and we may be required to make additional reductions to loan commitments and paydowns on the loans maturing during the next 12 months in order to refinance, restructure or extend those loans. As a result of reductions in loan commitments and paydowns and the ongoing liquidity needs in our real estate portfolio, we may consider selling assets into a challenged real estate market in an effort to manage our liquidity needs. Selling real estate assets in the current market would likely adversely impact the ultimate sale price. In addition, we continue to evaluate raising capital through the issuance of new equity or debt. We may also defer noncontractual expenditures. Moreover, our loan agreements contain cross default provisions, including that the failure of one or more of our subsidiaries to pay debt as it matures under one debt facility may trigger the acceleration of our indebtedness under other debt facilities. If we are unable to successfully refinance or restructure certain of our debt instruments, we may seek the protection of the bankruptcy court to implement a restructuring plan, which would constitute an event of default under other indebtedness of our subsidiaries. As a result of our upcoming loan maturities, reductions in loan commitments and loan paydowns, the challenging commercial real estate lending environment, the current interest rate environment, leasing challenges in certain markets where we own properties, reduction in our cash flows due to elevated interest rates and the lack of transaction volume in the U.S. office market as well as general market instability, management’s plans cannot be considered probable and thus do not alleviate substantial doubt about our ability to continue as a going concern.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
•We have entered into loan modification and extension agreements with the lenders under the Amended and Restated Portfolio Facility, the outstanding principal balance of which is approximately $601.3 million. The extension agreements require us to satisfy certain conditions, some of which conditions are not in our sole control, including our taking identified actions relating to our portfolio. Our failure to satisfy certain of these conditions will result in an immediate event of default under the loan documents.
•Continued disruptions in the financial markets and economic uncertainty impacting the U.S. commercial real estate industry could further impact our ability to implement our business strategy and continue as a going concern. Overall, there remains significant uncertainty regarding the timing and duration of the economic recovery, which precludes any prediction as to the ultimate adverse impact the current disruptions in the markets may have on our business. Potential long-term changes in customer behavior, such as continued work-from-home arrangements, could materially and negatively impact the future demand for office space, further adversely impacting our operations.
•We are unable to predict when or if we will be in a position to pay distributions to our stockholders. Due to certain restrictions and covenants included in one of our loan agreements, we do not expect to pay any dividends or distributions on our common stock during the term of the loan agreement, which matures on March 1, 2026. We have not declared any distributions since June 2023. If and when we pay distributions, we may fund distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds. We have no limits on the amounts we may pay from such sources.
•Stockholders may have to hold their shares an indefinite period of time. We can provide no assurance that we will be able to provide additional liquidity to stockholders. Due to certain restrictions and covenants included in one of our loan agreements, we do not expect to redeem any shares of our common stock during the term of the loan agreement, which matures on March 1, 2026. As a result, we terminated our share redemption program on March 15, 2024.
•Our charter does not require us to liquidate our assets and dissolve by a specified date, nor does our charter require our directors to list our shares for trading by a specified date. No public market currently exists for our shares of common stock. There are limits on the ownership and transferability of our shares. Our shares cannot be readily sold and, if our stockholders are able to sell their shares, they would likely have to sell them at a substantial discount.
•We are dependent on KBS Capital Advisors LLC (“KBS Capital Advisors”), our advisor, to conduct our operations.
•All of our executive officers, our affiliated directors and other key professionals are also officers, affiliated directors, managers, key professionals and/or holders of a direct or indirect controlling interest in our advisor and/or its affiliates. These individuals, our advisor and its affiliates face conflicts of interest, including conflicts created by our advisor’s and its affiliates’ compensation arrangements with us and other programs and investors and conflicts in allocating time among us and other programs and investors. These conflicts could result in action or inaction that is not in the best interests of our stakeholders.
•Our advisor and its affiliates currently receive fees in connection with transactions involving the management and disposition of our investments. Asset management fees are based on the cost of the investment, and not based on the quality of the investment or the quality of the services rendered to us. We may also pay significant fees during our listing/liquidation stage. Although most of the fees payable during our listing/liquidation stage are contingent on our stockholders first enjoying agreed-upon investment returns, the investment return thresholds may be reduced subject to approval by our conflicts committee and our charter limitations. These payments increase the risk of loss to our stakeholders.
•We may incur debt until our total liabilities would exceed 75% of the cost of our tangible assets (before deducting depreciation and other non-cash reserves), and we may exceed this limit with the approval of the conflicts committee of our board of directors. High debt levels would impact our net revenues and could cause our financial condition to suffer.
•We depend on tenants for the revenue generated by our real estate investments. Revenues from our properties could decrease due to a reduction in occupancy (caused by factors including, but not limited to, tenant defaults, tenant insolvency, early termination of tenant leases and non-renewal of existing tenant leases), rent deferrals or abatements, tenants becoming unable to pay their rent, lower rental rates and/or potential changes in customer behavior, such as continued work from home arrangements, making it more difficult for us to meet our debt service obligations and causing our operations to suffer.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
•Our significant investment in the equity securities of Prime US REIT (the “SREIT”), a traded Singapore real estate investment trust, is subject to the risks associated with real estate investments as well as the risks inherent in investing in traded securities, including, in this instance, risks related to the quantity of units held by us relative to the trading volume of the units. Due to the disruptions in the financial markets, the trading price of the common units of the SREIT has experienced substantial volatility and has been significantly impacted by the market sentiment for stock with significant investment in U.S. office buildings.
All forward-looking statements should be read in light of the risks identified in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (the “SEC”).
Overview
We were formed on December 22, 2009 as a Maryland corporation that elected to be taxed as a real estate investment trust (“REIT”) beginning with the taxable year ended December 31, 2011 and we intend to continue to operate in such a manner. We conduct our business primarily through our Operating Partnership, of which we are the sole general partner. Subject to certain restrictions and limitations, our business is managed by our advisor pursuant to an advisory agreement and our advisor conducts our operations and manages our portfolio of real estate investments. Our advisor owns 20,857 shares of our common stock. We have no paid employees.
We have invested in a diverse portfolio of real estate investments. As of September 30, 2024, we owned 14 office properties, one mixed-use office/retail property and an investment in the equity securities of the SREIT.
On February 4, 2010, we filed a registration statement on Form S-11 with the SEC to offer a minimum of 250,000 shares and a maximum of up to 280,000,000 shares, or up to $2,760,000,000 of shares, of common stock for sale to the public, of which up to 200,000,000 shares, or up to $2,000,000,000 of shares, were registered in our primary offering and up to 80,000,000 shares, or up to $760,000,000 of shares, were registered under our dividend reinvestment plan. We ceased offering shares of common stock in our primary offering on May 29, 2015 and terminated the primary offering on July 28, 2015.
We sold 169,006,162 shares of common stock in our now-terminated primary initial public offering for gross offering proceeds of $1.7 billion. We sold 46,154,757 shares of common stock under our dividend reinvestment plan for gross offering proceeds of $471.3 million. We have redeemed or repurchased 74,644,349 shares for $789.2 million. On March 15, 2024, we terminated our dividend reinvestment plan and our share redemption program.
Additionally, on October 3, 2014, we issued 258,462 shares of common stock, for $2.4 million, in private transactions exempt from the registration requirements pursuant to Section 4(a)(2) of the Securities Act of 1933.
Section 5.11 of our charter requires that we seek stockholder approval of our liquidation if our shares of common stock are not listed on a national securities exchange by September 30, 2020, unless a majority of the conflicts committee of our board of directors, composed solely of all of our independent directors, determines that liquidation is not then in the best interest of our stockholders. Pursuant to our charter requirement, the conflicts committee considered the ongoing challenges affecting the U.S. commercial real estate industry, especially as it pertains to commercial office properties, the challenging interest rate environment and lack of activity in the debt markets, the limited availability in the debt markets for commercial real estate transactions in the office sector, and the lack of transaction volume in the U.S. office market for assets similar in size to those of ours, and on August 12, 2024, our conflicts committee unanimously determined to postpone approval of our liquidation. Section 5.11 of our charter requires that the conflicts committee revisit the issue of liquidation at least annually.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Going Concern Considerations
The accompanying consolidated financial statements and condensed notes in this Quarterly Report have been prepared assuming we will continue as a going concern. The ongoing challenges affecting the U.S. commercial real estate industry, especially as it pertains to commercial office buildings, continues to be one of the most significant risks and uncertainties we face. The combination of high interest rates and persistent inflation (or the perception that any of these events may continue), as well as a lack of lending activity in the debt markets, have contributed to considerable weakness in the commercial real estate markets. The usage and leasing activity of our assets in several markets remains lower than pre-pandemic levels, and we cannot predict when economic activity and demand for office space will return to pre-pandemic levels in those markets. Both upcoming and recent tenant lease expirations and leasing challenges in certain markets amidst the aforementioned headwinds coupled with slower than expected return-to-office, most notably in the greater San Francisco Bay Area where we own several assets, have had direct and material impacts to property appraisal values used by our lenders and have impacted our ability to access certain credit facilities and our ongoing cash flow, which, in large part, provide liquidity for capital expenditures needed to manage our real estate assets.
Due to disruptions in the financial markets, it is difficult to refinance maturing debt obligations as lenders are hesitant to make new loans in the current market environment with so many uncertainties surrounding asset valuations, especially in the office real estate market. As of November 14, 2024, we have $1.0 billion of loan maturities in the next 12 months. Considering the current commercial real estate lending environment, this raises substantial doubt as to our ability to continue as a going concern for at least a year from the date of the issuance of our financial statements.
On February 12, 2024, after running an interview process with several investment banks, we engaged Moelis & Company LLC, a global investment bank with expertise in real estate, capital raising and restructuring, to assist us in developing, evaluating and pursuing a comprehensive plan to maximize the value of our assets in a manner that would be beneficial to all of our stakeholders.
We are proactively and productively engaged in discussions with our lenders for the modification and extension of our maturing debt obligations, including the Amended and Restated Portfolio Loan Facility with an outstanding principal balance of $601.3 million as of November 14, 2024. We have entered into short-term extension and modification agreements for this facility, which has a current maturity date of November 20, 2024. The extension and modification agreements require us to satisfy certain conditions, certain of which are not in our sole control, including our taking identified actions relating to our portfolio. Our failure to satisfy certain of these conditions will result in an immediate event of default under the loan documents. The extension and modification agreements also provide a default will occur under the Amended and Restated Portfolio Loan Facility if a written demand for payment is delivered to KBS REIT Properties III LLC, our indirect wholly owned subsidiary, by U.S. Bank, National Association following a default under the following loans (a) our Credit Facility, (b) the payment guaranty agreement of our Modified Portfolio Revolving Loan Facility or (c) any other indebtedness of KBS REIT Properties III LLC where the demand made or amount guaranteed is greater than $5.0 million. In addition, the loan modification and extension agreements provide a default will occur under the Amended and Restated Portfolio Loan Facility if a written demand for payment following a default is delivered to KBS REIT Properties III LLC by the lenders under our Almaden Mortgage Loan or our Park Place Village Mortgage Loan, in each case where the demand made or amount guaranteed is greater than $5.0 million.
In order to refinance, restructure or extend our maturing debt obligations, we have been required to reduce the loan commitments and/or make paydowns on certain loans, and we may be required to make additional reductions to loan commitments and paydowns on the loans maturing during the next 12 months in order to refinance, restructure or extend those loans. As a result of reductions in loan commitments and paydowns and the ongoing liquidity needs in our real estate portfolio, we may consider selling assets into a challenged real estate market in an effort to manage our liquidity needs. Selling real estate assets in the current market would likely adversely impact the ultimate sale price. In addition, we continue to evaluate raising capital through the issuance of new equity or debt. We may also defer noncontractual expenditures.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
There can be no assurances as to the certainty or timing of management’s plans in regards to the matters above, as certain elements of management’s plans are outside our control, including our ability to successfully refinance, restructure or extend certain of our debt instruments, our ability to sell assets and our ability to raise new equity or debt. Moreover, our loan agreements contain cross default provisions, including that the failure of one or more of our subsidiaries to pay debt as it matures under one debt facility may trigger the acceleration of our indebtedness under other debt facilities. If we are unable to successfully refinance or restructure certain of our debt instruments, we may seek the protection of the bankruptcy court to implement a restructuring plan, which would constitute an event of default under other indebtedness of our subsidiaries. As a result of our upcoming loan maturities, reductions in loan commitments and loan paydowns, the challenging commercial real estate lending environment, the current interest rate environment, leasing challenges in certain markets where we own properties, reduction in our cash flows due to elevated interest rates and the lack of transaction volume in the U.S. office market as well as general market instability, management’s plans cannot be considered probable and thus do not alleviate substantial doubt about our ability to continue as a going concern.
Continued disruptions in the financial markets and economic uncertainty impacting the U.S. commercial real estate industry could further impact our ability to implement our business strategy and continue as a going concern. Overall, there remains significant uncertainty regarding the timing and duration of the economic recovery, which precludes any prediction as to the ultimate adverse impact the current disruptions in the markets may have on our business. Potential long-term changes in customer behavior, such as continued work-from-home arrangements, which increased as a result of the COVID-19 pandemic, could materially and negatively impact the future demand for office space, further adversely impacting our operations.
Market Outlook – Real Estate and Real Estate Finance Markets
Volatility in global financial markets and changing political environments can cause fluctuations in the performance of the U.S. commercial real estate markets. Declines in rental rates, slower or potentially negative net absorption of leased space, increased rental concessions, including free rent to renew tenants early, to retain tenants who are up for renewal or to attract new tenants, may result in decreases in cash flows from investment properties. Further, revenues from our properties have decreased and could continue to decrease due to a reduction in occupancy (caused by factors including, but not limited to, tenant defaults, tenant insolvency, early termination of tenant leases and non-renewal of existing tenant leases), increased rent deferrals or abatements, tenants being unable to pay their rent and/or lower rental rates. Increases in the cost of financing due to higher interest rates and higher market interest rate spreads has prevented us from refinancing debt obligations at terms as favorable as the terms of the debt we are refinancing and we expect this to continue with upcoming loan maturities. Further, increases in interest rates increase the amount of our debt payments on our variable rate debt to the extent the interest rates on such debt are not fixed through interest rate swap agreements or limited by interest rate caps. Market conditions can change quickly, potentially negatively impacting the value of real estate investments. The current challenging interest rate environment and lack of financing available in the current environment have had a downward impact on real estate values, especially for commercial office buildings, and these factors have significantly impacted the amount of transaction activity in the commercial real estate market and made valuing such assets increasingly difficult. Management continuously reviews our investment and debt financing strategies to optimize our portfolio and the cost of our debt exposure in this challenging environment.
Liquidity and Capital Resources
As described above under “—Going Concern Considerations,” our management determined that substantial doubt exists about our ability to continue as a going concern for at least a year from the date of the issuance of our financial statements. Our principal demands for funds during the short and long-term are and will be for payments (including maturity payments) under debt obligations and operating expenses, capital expenditures and general and administrative expenses. As discussed below, due to certain restrictions and covenants on distributions and redemptions included in one of our loan agreements, we do not expect to pay any dividends or distributions or redeem any shares of our common stock during the term of the loan agreement, which matures on March 1, 2026. Our primary sources of capital for meeting our cash requirements are as follows:
•Cash flow generated by our real estate and real estate-related investments;
•Debt financings (including any amounts currently available under existing loan facilities); and
•Proceeds from the sale of our real estate properties and real estate-related investments.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Our real estate properties generate cash flow in the form of rental revenues and tenant reimbursements, which are reduced by operating expenditures, capital expenditures, debt service payments, the payment of asset management fees and corporate general and administrative expenses. Cash flow from operations from our real estate properties is primarily dependent upon the occupancy level of our portfolio, the net effective rental rates on our leases, the collectability of rent and operating recoveries from our tenants and how well we manage our expenditures. Due to uncertainties in the U.S. office real estate market, most notably in the greater San Francisco Bay Area where we own certain assets, our cash flows have been and we anticipate that our future cash flows from operations may be impacted due to lease rollover and reduced demand for office space.
We have also made a significant investment in the common units of the SREIT. Our investment in the equity securities of the SREIT generates cash flow in the form of dividend income, and dividends are typically declared and paid on a semi-annual basis, though dividends are not guaranteed. As of September 30, 2024, we held 237,426,088 units of the SREIT which represented 18.2% of the outstanding units of the SREIT as of that date. Due to the disruptions in the financial markets discussed above, since early March 2020, the trading price of the common units of the SREIT has experienced substantial volatility. The trading price of the common units of the SREIT has been significantly impacted by the market sentiment for stock with significant investment in U.S. commercial office buildings. As of November 14, 2024, the aggregate value of our investment in the units of the SREIT was $36.6 million, which was based solely on the closing price of the units on the SGX-ST of $0.154 per unit as of November 14, 2024, and did not take into account any potential discount for the holding period risk due to the quantity of units we hold. This is a decrease of $0.726 per unit from our initial acquisition of SREIT units at $0.880 per unit on July 19, 2019.
As of September 30, 2024, we had mortgage debt obligations in the aggregate principal amount of $1.6 billion, with a weighted-average remaining term of 0.5 years. As of September 30, 2024, we had $1.2 billion of notes payable maturing during the 12 months ending September 30, 2025. Considering the current commercial real estate lending environment, this raises substantial doubt as to our ability to continue as a going concern for at least a year from the date of issuance of these financial statements. As of September 30, 2024, our debt obligations consisted of $118.8 million of fixed rate notes payable and $1.5 billion of variable rate notes payable. As of September 30, 2024, the interest rates on $1.1 billion of our variable rate notes payable were effectively fixed through interest rate swap agreements.
We are proactively and productively engaged in discussions with our lenders for the modification and extension of our maturing debt obligations, including the Amended and Restated Portfolio Loan Facility with an outstanding principal balance of $601.3 million as of November 14, 2024. We have entered into short-term extension and modification agreements for this facility, which has a current maturity date of November 20, 2024. The extension and modification agreements require us to satisfy certain conditions, some of which conditions are not in our sole control, including our taking identified actions relating to our portfolio. Our failure to satisfy certain of these conditions will result in an immediate event of default under the loan documents. The extension and modification agreements also provide a default will occur under the Amended and Restated Portfolio Loan Facility if a written demand for payment is delivered to KBS REIT Properties III LLC, our indirect wholly owned subsidiary, by U.S. Bank, National Association following a default under the following loans (a) our Credit Facility, (b) the payment guaranty agreement of our Modified Portfolio Revolving Loan Facility or (c) any other indebtedness of KBS REIT Properties III LLC where the demand made or amount guaranteed is greater than $5.0 million. In addition, the loan modification and extension agreements provide a default will occur under the Amended and Restated Portfolio Loan Facility if a written demand for payment following a default is delivered to KBS REIT Properties III LLC by the lenders under our Almaden Mortgage Loan or our Park Place Village Mortgage Loan, in each case where the demand made or amount guaranteed is greater than $5.0 million.
In order to refinance, restructure or extend our maturing debt obligations, we have been required to reduce the loan commitments and/or make paydowns on certain loans, and we may be required to make additional reductions to loan commitments and paydowns on the loans maturing during the next 12 months in order to refinance, restructure or extend those loans. As a result of reductions in loan commitments and paydowns and the ongoing liquidity needs in our real estate portfolio, we may consider selling assets into a challenged real estate market in an effort to manage our liquidity needs. Selling real estate assets in the current market would likely adversely impact the ultimate sale price. In addition, we continue to evaluate raising capital through the issuance of new equity or debt. We may also defer noncontractual expenditures.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
There can be no assurances as to the certainty or timing of management’s plans in regards to the matters above, as certain elements of management’s plans are outside our control, including our ability to successfully refinance, restructure or extend certain of our debt instruments, our ability to sell assets and our ability to raise new equity or debt. Moreover, our loan agreements contain cross default provisions, including that the failure of one or more of our subsidiaries to pay debt as it matures under one debt facility may trigger the acceleration of our indebtedness under other debt facilities. If we are unable to successfully refinance or restructure certain of our debt instruments, we may seek the protection of the bankruptcy court to implement a restructuring plan, which would constitute an event of default under other indebtedness of our subsidiaries. As a result of our upcoming loan maturities, reductions in loan commitments and loan paydowns, the challenging commercial real estate lending environment, the current interest rate environment, leasing challenges in certain markets where we own properties, reduction in our cash flows due to elevated interest rates and the lack of transaction volume in the U.S. office market as well as general market instability, management’s plans cannot be considered probable and thus do not alleviate substantial doubt about our ability to continue as a going concern.
In addition, four of our debt facilities (representing $1.1 billion of our borrowings and 12 of our properties as of November 14, 2024) are subject to cash sweep arrangements, whereby each month the excess cash flow from the properties securing the loan is deposited into a cash management account held for the benefit of our lenders. Generally, excess cash flow means an amount equal to (a) gross revenues from the properties securing the facility less (b) an amount equal to principal and interest paid with respect to the associated debt facility, operating expenses of the properties securing the facility and in certain cases a limited amount of REIT-level expenses. In certain cases, we may request disbursements from the cash management accounts. However, such cash management accounts decrease our operating flexibility.
As a result of the current interest rate environment, the recent extensions and refinancings of certain of our loans have reduced our available liquidity and we anticipate that future loan refinancings may further impact our liquidity position due to potential required loan paydowns at extension and increased interest rate spreads. Additionally, we have entered into various interest rate swap agreements that are currently below market and as those swaps expire, our interest expense will increase and further impact our liquidity position and ongoing cash flows.
We expect that our debt financing and other liabilities will be between 45% and 65% of the cost of our tangible assets (before deducting depreciation and other non-cash reserves). There is no limitation on the amount we may borrow for the purchase of any single asset. We limit our total liabilities to 75% of the cost of our tangible assets (before deducting depreciation and other non-cash reserves), meaning that our borrowings and other liabilities may exceed our maximum target leverage of 65% of the cost of our tangible assets without violating these borrowing restrictions. We may exceed the 75% limit only if a majority of the conflicts committee approves each borrowing in excess of this limitation and we disclose such borrowings to our stockholders in our next quarterly report with an explanation from the conflicts committee of the justification for the excess borrowing. To the extent financing in excess of this limit is available on attractive terms, our conflicts committee may approve debt in excess of this limit. From time to time, our total liabilities could also be below 45% of the cost of our tangible assets due to the lack of availability of debt financing. As of September 30, 2024, our borrowings and other liabilities were approximately 57% of the cost (before deducting depreciation and other noncash reserves) and 60% of the book value (before deducting depreciation) of our tangible assets, respectively. This leverage limitation is based on cost and not fair value, and our leverage may exceed 75% of the fair value of our tangible assets.
We have not declared any distributions since June 2023. We have experienced a reduction in our net cash flows from operations in recent periods primarily due to higher interest expense and a decrease in dividend income received from the SREIT. We are unable to predict when or if we will be in a position to pay distributions to our stockholders. Due to certain restrictions and covenants included in one of our loan agreements, we do not expect to pay any dividends or distributions on our common stock during the term of the loan agreement, which matures on March 1, 2026. As a result, on March 15, 2024, we terminated our dividend reinvestment plan. See “—Going Concern Considerations” and “—Market Outlook—Real Estate and Real Estate Finance Markets” herein and Part I, Item 1A, “Risk Factors” and Part II, Item 5, “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities – Distribution Information” in our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC.
We did not redeem any shares of our common stock during the nine months ended September 30, 2024. Due to certain restrictions and covenants included in one of our loan agreements, we do not expect to redeem any shares of our common stock during the term of the loan agreement, which matures on March 1, 2026. As a result, we terminated our share redemption program on March 15, 2024.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Under our charter, we are required to limit our total operating expenses to the greater of 2% of our average invested assets or 25% of our net income for the four most recently completed fiscal quarters, as these terms are defined in our charter, unless the conflicts committee has determined that such excess expenses were justified based on unusual and non-recurring factors. Operating expenses for the four fiscal quarters ended September 30, 2024 did not exceed the charter-imposed limitation.
Cash Flows from Operating Activities
During the nine months ended September 30, 2024 and 2023, net cash provided by operating activities was $6.8 million and $37.2 million, respectively. Net cash provided by operating activities was lower during the nine months ended September 30, 2024 primarily as a result of higher interest expense, a decrease in dividend income received from the SREIT, the sale of a real estate property in February 2024, an increase in legal fees and financial and advisory consulting fees related to our development and pursuit of our debt restructuring plan and capital raising efforts, and the timing of payments and cash receipts, offset by $6.6 million of interest rate swap settlement proceeds received in 2024 for early terminated swaps.
Cash Flows from Investing Activities
Net cash provided by investing activities was $18.3 million for the nine months ended September 30, 2024 due to $46.9 million of net proceeds from the sale of the McEwen Building, offset by $28.6 million used in improvements to real estate.
Cash Flows from Financing Activities
During the nine months ended September 30, 2024, net cash used in financing activities was $30.0 million and primarily consisted of the following:
•$28.1 million of net cash used in debt financing as a result of principal payments on notes payable of $56.3 million and payments of deferred financing costs of $5.7 million, partially offset by proceeds from notes payable of $33.9 million; and
•$1.9 million of restricted cash surrendered in connection with the deed-in-lieu of foreclosure transaction related to 201 Spear Street.
We also expect to use our capital resources to make certain payments to our advisor. We currently make payments to our advisor in connection with the management of our investments and costs incurred by our advisor in providing services to us. We also pay fees to our advisor in connection with the disposition of investments. We reimburse our advisor and dealer manager for certain stockholder services. In addition, our advisor is entitled to an incentive fee upon achieving certain performance goals.
Among the fees payable to our advisor is an asset management fee. With respect to investments in real property, the asset management fee is a monthly fee equal to one-twelfth of 0.75% of the amount paid or allocated to acquire the investment, plus the cost of any subsequent development, construction or improvements to the property. This amount includes any portion of the investment that was debt financed and is inclusive of acquisition expenses related thereto (but excludes acquisition fees paid to our advisor). In the case of investments made through joint ventures, the asset management fee is determined based on our proportionate share of the underlying investment (but excluding acquisition fees paid to our advisor). With respect to investments in loans and any investments other than real property, the asset management fee is a monthly fee calculated, each month, as one-twelfth of 0.75% of the lesser of (i) the amount actually paid or allocated to acquire or fund the loan or other investment (which amount includes any portion of the investment that was debt financed and is inclusive of acquisition or origination expenses related thereto but is exclusive of acquisition or origination fees paid to our advisor) and (ii) the outstanding principal amount of such loan or other investment, plus the acquisition or origination expenses related to the acquisition or funding of such investment (excluding acquisition or origination fees paid to our advisor), as of the time of calculation. We currently do not pay asset management fees to our advisor on our investment in units of the SREIT.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Notwithstanding the foregoing, on November 8, 2022, we and our advisor amended the advisory agreement and commencing with asset management fees accruing from October 1, 2022, we paid $1.15 million of the monthly asset management fee to our advisor in cash and we deposited the remainder of the monthly asset management fee into an interest bearing account in our name, which amounts will be paid to our advisor from such account solely as reimbursement for payments made by our advisor pursuant to our advisor’s employee retention program (such account, the “Bonus Retention Fund”). The Bonus Retention Fund was established in order to incentivize and retain key employees of our advisor. The Bonus Retention Fund was fully funded in December 2023, when we had deposited $8.5 million in cash into such account. Following such time the monthly asset management fee became fully payable in cash to our advisor. Our advisor has acknowledged and agreed that payments by our advisor to employees under our advisor’s employee retention program that are reimbursed by us from the Bonus Retention Fund will be conditioned on (a) our liquidation and dissolution; (b) a transaction involving the acquisition, merger, conversion or consolidation, either directly or indirectly, of us in which (i) we are not the surviving entity and (ii) our advisor is no longer serving as an advisor or asset manager to the surviving entity in such transaction; (c) the sale or other disposition of all or substantially all of our assets; (d) the non-renewal or termination of the advisory agreement without cause; or (e) the termination of the employee without cause. To the extent the Bonus Retention Fund is not fully paid out to employees as set forth above, the advisory agreement provides that the residual amount will be deemed additional Deferred Asset Management Fees (defined below) and be treated in accordance with the provisions for payment of Deferred Asset Management Fees. Two of our executive officers, Mr. Waldvogel and Ms. Yamane, and one of our directors, Mr. DeLuca, participate in and have been allocated awards under our advisor’s employee retention program, which awards would only be paid as set forth above.
Prior to amending the advisory agreement in November 2022, the prior advisory agreement had provided that with respect to asset management fees accruing from March 1, 2014, our advisor would defer, without interest, our obligation to pay asset management fees for any month in which our modified funds from operations (“MFFO”) for such month, as such term is defined in the practice guideline issued by the Institute for Portfolio Alternatives (“IPA”) in November 2010 and interpreted by us, excluding asset management fees, did not exceed the amount of distributions declared by us for record dates of that month. We remained obligated to pay our advisor an asset management fee in any month in which our MFFO, excluding asset management fees, for such month exceeded the amount of distributions declared for the record dates of that month (such excess amount, an “MFFO Surplus”); however, any amount of such asset management fee in excess of the MFFO Surplus was deferred under the prior advisory agreement. If the MFFO Surplus for any month exceeded the amount of the asset management fee payable for such month, any remaining MFFO Surplus was applied to pay any asset management fee amounts previously deferred in accordance with the prior advisory agreement.
Pursuant to the current advisory agreement, asset management fees accruing from October 1, 2022 are no longer subject to the deferral provision described above. Asset management fees that remained deferred as of September 30, 2022 are “Deferred Asset Management Fees.” As of September 30, 2022, Deferred Asset Management Fees totaled $8.5 million. The advisory agreement also provides that we remain obligated to pay our advisor outstanding Deferred Asset Management Fees in any month to the extent that MFFO for such month exceeds the amount of distributions declared for the record dates of that month (such excess amount, a “RMFFO Surplus”); provided however, that any amount of outstanding Deferred Asset Management Fees in excess of the RMFFO Surplus will continue to be deferred. We have not made any payments to our advisor related to the Deferred Asset Management Fees for the period from October 1, 2022 to September 30, 2024.
Consistent with the prior advisory agreement, the current advisory agreement provides that notwithstanding the foregoing, any and all Deferred Asset Management Fees that are unpaid will become immediately due and payable at such time as our stockholders have received, together as a collective group, aggregate distributions (including distributions that may constitute a return of capital for federal income tax purposes) sufficient to provide (i) an 8.0% per year cumulative, noncompounded return on such net invested capital (the “Stockholders’ 8% Return”) and (ii) a return of their net invested capital, or the amount calculated by multiplying the total number of shares purchased by stockholders by the issue price, reduced by any amounts to repurchase shares pursuant to our share redemption program. The Stockholders’ 8% Return is not based on the return provided to any individual stockholder. Accordingly, it is not necessary for each of our stockholders to have received any minimum return in order for our advisor to receive Deferred Asset Management Fees.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
In addition, the current advisory agreement provides that any and all Deferred Asset Management Fees that are unpaid will also be immediately due and payable upon the earlier of:
(i) a listing of our shares of common stock on a national securities exchange;
(ii) our liquidation and dissolution;
(iii) a transaction involving the acquisition, merger, conversion or consolidation, either directly or indirectly, of us in which (y) we are not the surviving entity and (z) our advisor is no longer serving as an advisor or asset manager to the surviving entity in such transaction; and
(iv) the sale or other disposition of all or substantially all of our assets.
The advisory agreement may be terminated (i) upon 60 days written notice without cause or penalty by either us (acting through the conflicts committee) or our advisor or (ii) immediately by us for cause or upon the bankruptcy of our advisor. If the advisory agreement is terminated without cause, then our advisor will be entitled to receive from us any residual amount of the Bonus Retention Fund deemed to be additional Deferred Asset Management Fees, provided that upon such non-renewal or termination we do not retain an advisor in which our advisor or its affiliates have a majority interest. Upon termination of the advisory agreement, all unpaid Deferred Asset Management Fees will automatically be forfeited by our advisor, and if the advisory agreement is terminated for cause, any residual amount of the Bonus Retention Fund deemed to be additional Deferred Asset Management Fees will also automatically be forfeited by our advisor.
As of September 30, 2024, we had accrued $18.6 million of asset management fees, of which $8.5 million were Deferred Asset Management Fees. Also, included in accrued asset management fees as of September 30, 2024 is $8.5 million of restricted cash deposited into the Bonus Retention Fund. We had not made any payments to our advisor from the Bonus Retention Fund as of September 30, 2024.
Debt Obligations
The following is a summary of our debt obligations as of September 30, 2024 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Payments Due During the Years Ended December 31, |
| Debt Obligations | | Total | | Remainder of 2024 | | 2025-2026 | | 2027-2028 | | Thereafter |
Outstanding debt obligations (1) | | $ | 1,591,211 | | | $ | 1,110,717 | | | $ | 480,494 | | | $ | — | | | $ | — | |
Interest payments on outstanding debt obligations (2) | | 55,253 | | | 16,920 | | | 38,333 | | | — | | | — | |
Interest payments on interest rate swaps (3) (4) | | — | | | — | | | — | | | — | | | — | |
_____________________
(1) Amounts include principal payments only based on maturity dates as of September 30, 2024. The maturity dates of certain loans may be extended beyond their current maturity dates; however, the extension options are subject to certain terms and conditions contained in the loan documents some of which are more stringent than our current loan compliance tests. In order to refinance, restructure or extend our maturing debt obligations, we have been required to reduce the loan commitments and/or make paydowns on certain loans, and we may be required to make additional reductions to loan commitments and paydowns on the loans maturing during the next 12 months in order to refinance, restructure or extend those loans. See the above discussion under “—Liquidity and Capital Resources” and “—Going Concern Considerations.”
(2) Projected interest payments are based on the outstanding principal amounts, maturity dates and interest rates in effect as of September 30, 2024 (consisting of the contractual interest rate and using interest rate indices as of September 30, 2024, where applicable). We incurred interest expense related to notes payable of $89.9 million, excluding amortization of deferred financing costs totaling $7.8 million, during the nine months ended September 30, 2024. We have continued to have discussions with our lenders regarding potential modifications to certain debt obligations, including the Amended and Restated Portfolio Loan Facility, the Credit Facility and the Accenture Tower Revolving Loan. Given the challenges affecting the U.S. commercial real estate industry and the challenging interest rate environment, in order to refinance or extend loans, we expect lenders to demand higher interest rate spreads compared to the existing terms in our current loan agreements as was the case with the modification of the Modified Portfolio Revolving Loan Facility executed during the nine months ended September 30, 2024 and modification of the 3001 & 3003 Washington Mortgage Loan executed subsequent to September 30, 2024.
(3) Projected interest payments on interest rate swaps are calculated based on the notional amount, effective term of the swap contract, and fixed rate net of the swapped floating rate in effect as of September 30, 2024. In the case where the swapped floating rate (Fallback SOFR or one-month Term SOFR) at September 30, 2024 is higher than the fixed rate in the swap agreement, interest payments on interest rate swaps in the above debt obligations table would reflect zero as we would not be obligated to make any interest payments on those swaps and instead expect to receive payments from our swap counter-parties.
(4) We recognized net realized gains related to interest rate swaps of $19.7 million, excluding unrealized loss on derivative instruments of $13.7 million and gains related to swap terminations of $0.2 million, during the nine months ended September 30, 2024.
For additional information regarding our debt obligations and loan maturities, see “—Going Concern Considerations,” “—Market Outlook—Real Estate and Real Estate Finance Markets” and “—Liquidity and Capital Resources.”
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Results of Operations
Overview
As of September 30, 2023, we owned 16 office properties, one mixed-use office/retail property and an investment in the equity securities of the SREIT. Subsequent to September 30, 2023, we disposed of one office property in connection with a deed-in-lieu of foreclosure transaction and sold one office property. As a result, as of September 30, 2024, we owned 14 office properties, one mixed-use office/retail property and an investment in the equity securities of the SREIT. Therefore, the results of operations presented for the three and nine months ended September 30, 2024 and 2023 are not directly comparable. The following table provides summary information about our results of operations for the three and nine months ended September 30, 2024 and 2023 (dollar amounts in thousands):
Comparison of the three months ended September 30, 2024 versus the three months ended September 30, 2023
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
September 30, | | Increase
(Decrease) | | Percentage Change | | $ Changes Due to Dispositions of Properties (1) | | $ Change Due to Properties Held Throughout Both Periods (2) |
| | | 2024 | | 2023 | | | | |
| Rental income | | $ | 63,538 | | | $ | 69,489 | | | $ | (5,951) | | | (9) | % | | $ | (4,442) | | | $ | (1,509) | |
| Dividend income from real estate equity securities | | 427 | | | 5,310 | | | (4,883) | | | (92) | % | | — | | | (4,883) | |
| Other operating income | | 4,642 | | | 4,748 | | | (106) | | | (2) | % | | (159) | | | 53 | |
| Operating, maintenance and management | | 18,751 | | | 19,789 | | | (1,038) | | | (5) | % | | (1,413) | | | 375 | |
| Real estate taxes and insurance | | 12,736 | | | 12,542 | | | 194 | | | 2 | % | | (833) | | | 1,027 | |
| Asset management fees to affiliate | | 4,942 | | | 5,268 | | | (326) | | | (6) | % | | (382) | | | 56 | |
| General and administrative expenses | | 6,292 | | | 1,630 | | | 4,662 | | | 286 | % | | n/a | | n/a |
| Depreciation and amortization | | 27,539 | | | 29,154 | | | (1,615) | | | (6) | % | | (1,373) | | | (242) | |
| Interest expense | | 32,055 | | | 31,059 | | | 996 | | | 3 | % | | (2,292) | | | 3,288 | |
| Net loss (gain) on derivative instruments | | 14,918 | | | (12,180) | | | 27,098 | | | (222) | % | | — | | | 27,098 | |
| Impairment charges on real estate | | 6,847 | | | — | | | 6,847 | | | 100 | % | | — | | | 6,847 | |
| Unrealized gain (loss) on real estate equity securities | | 16,620 | | | (15,541) | | | 32,161 | | | (207) | % | | — | | | 32,161 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| Other interest income | | 309 | | | 140 | | | 169 | | | 121 | % | | n/a | | n/a |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
_____________________
(1) Represents the dollar amount increase (decrease) for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 related to the dispositions of properties after July 1, 2023.
(2) Represents the dollar amount increase (decrease) for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 related to real estate investments owned by us throughout both periods presented.
Rental income from our real estate properties decreased from $69.5 million for the three months ended September 30, 2023 to $63.5 million for the three months ended September 30, 2024, primarily due to lease expirations at a property held throughout both periods, the disposition of an office property in connection with a deed-in-lieu of foreclosure transaction in January 2024 and the sale of a real property in February 2024. We expect rental income to decrease in future periods as a result of the disposition of these two properties and to the extent we dispose of additional properties, to vary based on occupancy rates and rental rates of our real estate investments and to the extent of continued uncertainty in the real estate and financial markets and to increase due to tenant reimbursements related to operating expenses to the extent physical occupancy increases as employees return to the office. See “—Going Concern Considerations,” “—Market Outlook – Real Estate and Real Estate Finance Markets” and “—Liquidity and Capital Resources.”
Dividend income from our real estate equity securities decreased from $5.3 million for the three months ended September 30, 2023 to $0.4 million for the three months ended September 30, 2024 due to a decrease in the dividend rate per unit declared by the SREIT. We expect dividend income from our real estate equity securities to vary in future periods based on the occupancy and rental rates of the SREIT’s portfolio, movements in interest rates and the underlying liquidity needs of the SREIT.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Other operating income decreased slightly from $4.7 million for the three months ended September 30, 2023 to $4.6 million for the three months ended September 30, 2024, primarily due to the disposition of an office property in connection with a deed-in-lieu of foreclosure transaction in January 2024 and the sale of a real property in February 2024, partially offset by an increase in parking revenues at properties held throughout both periods as employees return to the office. We expect other operating income to vary in future periods based on occupancy rates and parking rates at our real estate properties and to the extent of continued uncertainty in the real estate and financial markets and to decrease to the extent we dispose of properties.
Operating, maintenance and management costs decreased from $19.8 million for the three months ended September 30, 2023 to $18.8 million for the three months ended September 30, 2024, primarily due to the disposition of an office property in connection with a deed-in-lieu of foreclosure transaction in January 2024 and the sale of a real property in February 2024, partially offset by an overall increase in repairs and maintenance costs as a result of general inflation and an increase in physical occupancy at properties held throughout both periods. We expect operating, maintenance and management costs to increase in future periods as a result of general inflation and to the extent physical occupancy increases as employees return to the office and to decrease to the extent we dispose of properties.
Real estate taxes and insurance increased slightly from $12.5 million for the three months ended September 30, 2023 to $12.7 million for the three months ended September 30, 2024, primarily due to the increased assessed property value of a real estate property held throughout both periods, offset by the disposition of an office property in connection with a deed-in-lieu of foreclosure transaction in January 2024 and the sale of a real property in February 2024. We expect real estate taxes and insurance to vary based on future property tax reassessments for properties that we continue to own and to decrease to the extent we dispose of properties.
Asset management fees with respect to our real estate investments decreased from $5.3 million for the three months ended September 30, 2023 to $4.9 million for the three months ended September 30, 2024, primarily due to the disposition of an office property in connection with a deed-in-lieu of foreclosure transaction in January 2024 and the sale of a real property in February 2024. We expect asset management fees to increase in future periods as a result of any improvements we make to our properties and to decrease to the extent we dispose of properties. As of September 30, 2024, there were $18.6 million of accrued asset management fees, of which $8.5 million were Deferred Asset Management Fees and $8.5 million were related to asset management fees that were restricted for payment and deposited in the Bonus Retention Fund. For a discussion of Deferred Asset Management Fees and the Bonus Retention Fund, see “– Liquidity and Capital Resources” herein.
General and administrative expenses increased from $1.6 million for the three months ended September 30, 2023 to $6.3 million for the three months ended September 30, 2024, primarily due to legal fees and financial and advisory consulting fees related to our development and pursuit of our debt restructuring plan and capital raising efforts. General and administrative costs consisted primarily of portfolio legal fees, board of directors fees, third party transfer agent fees, financial and advisory consulting fees and audit costs. We expect general and administrative expenses to remain elevated in the future due to higher portfolio legal fees and consulting fees we expect to incur in 2024.
Depreciation and amortization decreased from $29.2 million for the three months ended September 30, 2023 to $27.5 million for the three months ended September 30, 2024, primarily due to the disposition of an office property in connection with a deed-in-lieu of foreclosure transaction in January 2024 and the sale of a real property in February 2024. We expect depreciation and amortization to increase in future periods as a result of additional capital improvements, offset by a decrease in amortization related to fully amortized tenant origination and absorption costs and to the extent we dispose of properties.
Interest expense increased from $31.1 million for the three months ended September 30, 2023 to $32.1 million for the three months ended September 30, 2024. Included in interest expense was (i) $30.1 million and $30.3 million of interest expense payments for the three months ended September 30, 2023 and 2024, respectively, and (ii) the amortization of deferred financing costs of $1.0 million and $1.8 million for the three months ended September 30, 2023 and 2024, respectively. The increase in interest expense was primarily due to higher one-month BSBY and one-month Term SOFR during the three months ended September 30, 2024 and the impact on interest expense related to our variable rate debt, a higher fixed interest rate on the Almaden Mortgage Loan, which became effective in December 2023, additional revolver draws and recent loan modifications which have resulted in additional loan fees being amortized to interest expense in 2024, partially offset by less interest expense incurred as a result of the disposition of an office property and related forgiveness of debt in connection with a deed-in-lieu of foreclosure transaction in January 2024 and the sale of a real property in February 2024. In general, we expect interest expense to vary based on fluctuations in interest rates (for our variable rate debt) and the amount of future borrowings or loan paydowns and to increase if interest rate spreads are higher when we refinance our existing loans.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
We recorded net loss on derivative instruments of $14.9 million for the three months ended September 30, 2024. Included in net loss on derivative instruments was unrealized loss on interest rate swaps of $21.2 million, offset by realized gain on interest rate swaps of $6.3 million for the three months ended September 30, 2024. We recorded net gain on derivative instruments of $12.2 million for the three months ended September 30, 2023. Included in net gain on derivative instruments was unrealized gain on interest rate swaps of $3.6 million and realized gain on interest rate swaps of $8.6 million for the three months ended September 30, 2023. The change in net loss (gain) on derivative instruments was primarily due to changes in fair values with respect to our interest rate swaps that are not accounted for as cash flow hedges during the three months ended September 30, 2024. In general, we expect net gains or losses on derivative instruments to vary based on fair value changes with respect to our interest rate swaps that are not accounted for as cash flow hedges. In addition, as the remaining lives of our interest rate swaps that are not accounted for as cash flow hedges decrease, we expect the fair values of these interest rate swaps to move towards zero, decreasing the net gains or losses on derivative instruments.
During the three months ended September 30, 2024, we recorded non-cash impairment charges of $6.8 million to write down the carrying value of 60 South Sixth (located in Minneapolis, Minnesota) to its estimated fair value as a result of changes in cash flow estimates which resulted in the future estimated undiscounted cash flows being lower than the net carrying value of the property. The decrease in cash flow projections was primarily due to the continued challenges in the leasing environment. We did not record any non-cash impairment charges during the three months ended September 30, 2023.
During the three months ended September 30, 2024 and 2023, we recorded an unrealized gain on real estate equity securities of $16.6 million and unrealized loss on real estate equity securities of $15.5 million, respectively, as a result of the change in the closing price of the units of the SREIT on the SGX-ST.
Comparison of the nine months ended September 30, 2024 versus the nine months ended September 30, 2023
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended
September 30, | | Increase
(Decrease) | | Percentage Change | | $ Changes Due to Dispositions of Properties (1) | | $ Change Due to Properties Held Throughout Both Periods (2) |
| | | 2024 | | 2023 | | | | |
| Rental income | | $ | 193,576 | | | $ | 200,859 | | | $ | (7,283) | | | (4) | % | | $ | (9,053) | | | $ | 1,770 | |
| Dividend income from real estate equity securities | | 967 | | | 11,850 | | | (10,883) | | | (92) | % | | — | | | (10,883) | |
| Other operating income | | 13,688 | | | 13,857 | | | (169) | | | (1) | % | | (428) | | | 259 | |
| Operating, maintenance and management | | 53,852 | | | 55,728 | | | (1,876) | | | (3) | % | | (3,712) | | | 1,836 | |
| Real estate taxes and insurance | | 37,807 | | | 39,994 | | | (2,187) | | | (5) | % | | (2,411) | | | 224 | |
| Asset management fees to affiliate | | 14,762 | | | 15,542 | | | (780) | | | (5) | % | | (1,056) | | | 276 | |
| General and administrative expenses | | 14,155 | | | 4,766 | | | 9,389 | | | 197 | % | | n/a | | n/a |
| Depreciation and amortization | | 83,559 | | | 86,263 | | | (2,704) | | | (3) | % | | (4,387) | | | 1,683 | |
| Interest expense | | 97,716 | | | 87,137 | | | 10,579 | | | 12 | % | | (5,978) | | | 16,557 | |
| Net gain on derivative instruments | | (6,137) | | | (32,110) | | | 25,973 | | | (81) | % | | — | | | 25,973 | |
| Impairment charges on real estate | | 6,847 | | | 45,459 | | | (38,612) | | | (85) | % | | (45,459) | | | 6,847 | |
| Unrealized loss on real estate equity securities | | (7,403) | | | (57,630) | | | 50,227 | | | (87) | % | | — | | | 50,227 | |
| | | | | | | | | | | | |
| Gain from extinguishment of debt | | 56,372 | | | — | | | 56,372 | | | 100 | % | | 56,372 | | | — | |
| Gain on sale of real estate, net | | 14,781 | | | — | | | 14,781 | | | 100 | % | | 14,781 | | | — | |
| | | | | | | | | | | | |
| Other interest income | | 991 | | | 250 | | | 741 | | | 296 | % | | n/a | | n/a |
| | | | | | | | | | | | |
_____________________
(1) Represents the dollar amount increase (decrease) for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 related to the dispositions of properties after January 1, 2023.
(2) Represents the dollar amount increase (decrease) for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 related to real estate investments owned by us throughout both periods presented.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Rental income from our real estate properties decreased from $200.9 million for the nine months ended September 30, 2023 to $193.6 million for the nine months ended September 30, 2024, primarily due to the disposition of an office property in connection with a deed-in-lieu of foreclosure transaction in January 2024, the sale of a real property in February 2024 and lease expirations at a property held throughout both periods, partially offset by lease commencements and the reversal of previously reserved accounts receivable that are no longer doubtful of collection at properties held throughout both periods. We expect rental income to decrease in future periods as a result of the disposition of these two properties and to the extent we dispose of additional properties, to vary based on occupancy rates and rental rates of our real estate investments and to the extent of continued uncertainty in the real estate and financial markets and to increase due to tenant reimbursements related to operating expenses to the extent physical occupancy increases as employees return to the office. See “—Going Concern Considerations,” “—Market Outlook – Real Estate and Real Estate Finance Markets” and “—Liquidity and Capital Resources.”
Dividend income from our real estate equity securities decreased from $11.9 million for the nine months ended September 30, 2023 to $1.0 million for the nine months ended September 30, 2024 due to a decrease in the dividend rate per unit declared by the SREIT. We expect dividend income from our real estate equity securities to vary in future periods based on the occupancy and rental rates of the SREIT’s portfolio, movements in interest rates and the underlying liquidity needs of the SREIT.
Other operating income decreased slightly from $13.9 million for the nine months ended September 30, 2023 to $13.7 million for the nine months ended September 30, 2024, primarily due to the disposition of an office property in connection with a deed-in-lieu of foreclosure transaction in January 2024 and the sale of a real property in February 2024, partially offset by an increase in parking revenues at properties held throughout both periods as employees return to the office. We expect other operating income to vary in future periods based on occupancy rates and parking rates at our real estate properties and to the extent of continued uncertainty in the real estate and financial markets and to decrease to the extent we dispose of properties.
Operating, maintenance and management costs decreased from $55.7 million for the nine months ended September 30, 2023 to $53.9 million for the nine months ended September 30, 2024, primarily due to the disposition of an office property in connection with a deed-in-lieu of foreclosure transaction in January 2024 and the sale of a real property in February 2024, partially offset by an overall increase in repairs and maintenance costs and operating costs, including janitorial and utilities, as a result of general inflation and an increase in physical occupancy at properties held throughout both periods. We expect operating, maintenance and management costs to increase in future periods as a result of general inflation and to the extent physical occupancy increases as employees return to the office and to decrease to the extent we dispose of properties.
Real estate taxes and insurance decreased from $40.0 million for the nine months ended September 30, 2023 to $37.8 million for the nine months ended September 30, 2024, primarily due to the disposition of an office property in connection with a deed-in-lieu of foreclosure transaction in January 2024, the sale of a real property in February 2024 and a decrease in real estate taxes as a result of property tax refunds received and successful property tax appeals related to properties held throughout both periods, partially offset by the increased assessed property value of a real estate property held throughout both periods. We expect real estate taxes and insurance to vary based on future property tax reassessments for properties that we continue to own and to decrease to the extent we dispose of properties.
Asset management fees decreased from $15.5 million for the nine months ended September 30, 2023 to $14.8 million for the nine months ended September 30, 2024, primarily due to the disposition of an office property in connection with a deed-in-lieu of foreclosure transaction in January 2024 and the sale of a real property in February 2024, partially offset by an increase due to capital improvements at our real estate properties. We expect asset management fees to increase in future periods as a result of any improvements we make to our properties and to decrease to the extent we dispose of properties. As of September 30, 2024, there were $18.6 million of accrued asset management fees, of which $8.5 million were Deferred Asset Management Fees and $8.5 million were related to asset management fees that were restricted for payment and deposited in the Bonus Retention Fund. For a discussion of Deferred Asset Management Fees and the Bonus Retention Fund, see “— Liquidity and Capital Resources” herein.
General and administrative expenses increased from $4.8 million for the nine months ended September 30, 2023 to $14.2 million for the nine months ended September 30, 2024, primarily due to legal fees and financial and advisory consulting fees related to our development and pursuit of our debt restructuring plan and capital raising efforts. General and administrative costs consisted primarily of portfolio legal fees, board of directors fees, third party transfer agent fees, financial and advisory consulting fees and audit costs. We expect general and administrative expenses to remain elevated in the future due to higher portfolio legal fees and consulting fees we expect to incur in 2024.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Depreciation and amortization decreased from $86.3 million for the nine months ended September 30, 2023 to $83.6 million for the nine months ended September 30, 2024, primarily due to the disposition of an office property in connection with a deed-in-lieu of foreclosure transaction in January 2024 and the sale of a real property in February 2024, partially offset by the acceleration of amortization for an early lease termination and an increase in capital improvements as a result of lease commencements at a property held throughout both periods. We expect depreciation and amortization to increase in future periods as a result of additional capital improvements, offset by a decrease in amortization related to fully amortized tenant origination and absorption costs and to the extent we dispose of properties.
Interest expense increased from $87.1 million for the nine months ended September 30, 2023 to $97.7 million for the nine months ended September 30, 2024. Included in interest expense was (i) $84.0 million and $89.9 million of interest expense payments for the nine months ended September 30, 2023 and 2024, respectively, and (ii) the amortization of deferred financing costs of $3.1 million and $7.8 million for the nine months ended September 30, 2023 and 2024, respectively. The increase in interest expense was primarily due to higher one-month BSBY and one-month Term SOFR during the nine months ended September 30, 2024 and the impact on interest expense related to our variable rate debt, a higher fixed interest rate on the Almaden Mortgage Loan, which became effective in December 2023, additional revolver draws and recent loan modifications which have resulted in additional loan fees being amortized to interest expense in 2024, partially offset by less interest expense incurred as a result of the disposition of an office property and related forgiveness of debt in connection with a deed-in-lieu of foreclosure transaction in January 2024 and the sale of a real property in February 2024. In general, we expect interest expense to vary based on fluctuations in interest rates (for our variable rate debt) and the amount of future borrowings or loan paydowns and to increase if interest rate spreads are higher when we refinance our existing loans.
We recorded net gain on derivative instruments of $6.1 million for the nine months ended September 30, 2024. Included in net gain on derivative instruments was (i) realized gain on interest rate swaps of $19.7 million, (ii) gains related to swap terminations of $0.2 million, and offset by (iii) unrealized loss on interest rate swaps of $13.7 million for the nine months ended September 30, 2024. We recorded net gain on derivative instruments of $32.1 million for the nine months ended September 30, 2023. Included in net gain on derivative instruments was (i) realized gain on interest rate swaps of $22.9 million, (ii) unrealized gain on interest rate swaps of $9.3 million, and offset by (iii) fair value loss on interest rate cap of $25,000 for the nine months ended September 30, 2023. The change in net gain on derivative instruments was primarily due to changes in fair values with respect to our interest rate swaps that are not accounted for as cash flow hedges during the nine months ended September 30, 2024. In general, we expect net gains or losses on derivative instruments to vary based on fair value changes with respect to our interest rate swaps that are not accounted for as cash flow hedges. In addition, as the remaining lives of our interest rate swaps that are not accounted for as cash flow hedges decrease, we expect the fair values of these interest rate swaps to move towards zero, decreasing the net gains or losses on derivative instruments.
During the nine months ended September 30, 2024, we recorded non-cash impairment charges of $6.8 million to write down the carrying value of 60 South Sixth (located in Minneapolis, Minnesota) to its estimated fair value as a result of changes in cash flow estimates which resulted in the future estimated undiscounted cash flows being lower than the net carrying value of the property. During the nine months ended September 30, 2023, we recorded non-cash impairment charges of $45.5 million to write down the carrying value of 201 Spear Street (located in San Francisco, California) to its estimated fair value as a result of continued market uncertainty due to rising interest rates, increased vacancy rates as a result of slow return to office in San Francisco, additional projected vacancy due to anticipated tenant turnover and further declining values of comparable sales in the market, all of which impacted ongoing cash flow estimates and leasing projections, which resulted in the future estimated undiscounted cash flows being lower than the net carrying value of the property. As a result, 201 Spear Street was valued at substantially less than the outstanding mortgage debt. Subsequent to September 30, 2023, the borrower under the 201 Spear Street Mortgage Loan (the “Spear Street Borrower”) entered into a deed-in-lieu of foreclosure transaction with the lender of the 201 Spear Street Mortgage Loan (the “Spear Street Lender”). On January 9, 2024, the Spear Street Lender transferred the title of the 201 Spear Street property to a third-party buyer of the 201 Spear Street Mortgage Loan.
During the nine months ended September 30, 2024 and 2023, we recorded an unrealized loss on real estate equity securities of $7.4 million and $57.6 million, respectively, as a result of the change in the closing price of the units of the SREIT on the SGX-ST.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
During the nine months ended September 30, 2024, we recognized a gain on extinguishment of debt of $56.4 million in connection with the deed-in-lieu of foreclosure transaction related to the 201 Spear Street Mortgage Loan. The gain on extinguishment of debt related to the 201 Spear Street Mortgage Loan represents the difference between the carrying amount of the outstanding debt and other liabilities of approximately $128.7 million and the carrying value of the real estate property and other assets of approximately $72.3 million, at the time of the transfer of the 201 Spear Street property and other assets in satisfaction of the loan. We did not record any gain on extinguishment of debt during the nine months ended September 30, 2023.
We recognized a gain on sale of real estate of $14.8 million during the nine months ended September 30, 2024 related to the disposition of the McEwen Building in February 2024. We did not dispose of any real estate during the nine months ended September 30, 2023.
Funds from Operations and Modified Funds from Operations
We believe that funds from operations (“FFO”) is a beneficial indicator of the performance of an equity REIT. We compute FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition. FFO represents net income, excluding gains and losses from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), gains and losses from change in control, impairment losses on real estate assets, depreciation and amortization of real estate assets, and adjustments for unconsolidated partnerships and joint ventures. In addition, we elected the option to exclude mark-to-market changes in value recognized on real estate equity securities in the calculation of FFO. We believe FFO facilitates comparisons of operating performance between periods and among other REITs. However, our computation of FFO may not be comparable to other REITs that do not define FFO in accordance with the NAREIT definition or that interpret the current NAREIT definition differently than we do. Our management believes that historical cost accounting for real estate assets in accordance with U.S. generally accepted accounting principles (“GAAP”) implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered the presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. As a result, we believe that the use of FFO, together with the required GAAP presentations, provides a more complete understanding of our performance relative to our competitors and provides a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities.
Changes in accounting rules have resulted in a substantial increase in the number of non-operating and non-cash items included in the calculation of FFO. As a result, our management also uses MFFO as an indicator of our ongoing performance. MFFO excludes from FFO: acquisition fees and expenses (to the extent that such fees and expenses have been recorded as operating expenses); adjustments related to contingent purchase price obligations; amounts relating to straight-line rents and amortization of above and below market intangible lease assets and liabilities; accretion of discounts and amortization of premiums on debt investments; amortization of closing costs relating to debt investments; impairments of real estate-related investments; mark-to-market adjustments included in net income; and gains or losses included in net income for the extinguishment or sale of debt or hedges. We compute MFFO in accordance with the definition of MFFO included in the practice guideline issued by the IPA in November 2010 as interpreted by management. Our computation of MFFO may not be comparable to other REITs that do not compute MFFO in accordance with the current IPA definition or that interpret the current IPA definition differently than we do.
We believe that MFFO is helpful as a measure of ongoing operating performance because it excludes other non-operating items included in FFO. MFFO excludes non-cash items such as straight-line rental revenue. Additionally, we believe that MFFO provides investors with supplemental performance information that is consistent with the performance indicators and analysis used by management, in addition to net income and cash flows from operating activities as defined by GAAP, to evaluate the sustainability of our operating performance. MFFO provides comparability in evaluating the operating performance of our portfolio with other non-traded REITs. MFFO, or an equivalent measure, is routinely reported by non-traded REITs, and we believe often used by analysts and investors for comparison purposes.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
FFO and MFFO are non-GAAP financial measures and do not represent net income as defined by GAAP. Net income as defined by GAAP is the most relevant measure in determining our operating performance because FFO and MFFO include adjustments that investors may deem subjective, such as adding back expenses such as depreciation and amortization and the other items described above. Accordingly, FFO and MFFO should not be considered as alternatives to net income as an indicator of our current and historical operating performance. In addition, FFO and MFFO do not represent cash flows from operating activities determined in accordance with GAAP and should not be considered an indication of our liquidity. We believe FFO and MFFO, in addition to net income and cash flows from operating activities as defined by GAAP, are meaningful supplemental performance measures. See also “—Going Concern Considerations,” “—Market Outlook—Real Estate and Real Estate Finance Markets” and “—Liquidity and Capital Resources.”
During periods of significant disposition activity, FFO and MFFO are much more limited measures of future performance as neither FFO nor MFFO reflects adjustments for the operations of properties sold or under contract to sale during the periods presented.
Although MFFO includes other adjustments, the exclusion of adjustments for straight-line rent, the amortization of above- and below-market leases, gain from extinguishment of debt, unrealized losses (gains) on derivative instruments and gains related to swap terminations are the most significant adjustments for the periods presented. We have excluded these items based on the following economic considerations:
•Adjustments for straight-line rent. These are adjustments to rental revenue as required by GAAP to recognize contractual lease payments on a straight-line basis over the life of the respective lease. We have excluded these adjustments in our calculation of MFFO to more appropriately reflect the current economic impact of our in-place leases, while also providing investors with a useful supplemental metric that addresses core operating performance by removing rent we expect to receive in a future period or rent that was received in a prior period;
•Amortization of above- and below-market leases. Similar to depreciation and amortization of real estate assets and lease related costs that are excluded from FFO, GAAP implicitly assumes that the value of intangible lease assets and liabilities diminishes predictably over time and requires that these charges be recognized currently in revenue. Since market lease rates in the aggregate have historically risen or fallen with local market conditions, management believes that by excluding these charges, MFFO provides useful supplemental information on the realized economics of the real estate;
•Gain from extinguishment of debt. A gain from extinguishment of debt represents the difference between the carrying value of any consideration transferred to the lender in return for the extinguishment of a debt and the net carrying value of the debt at the time of settlement. We have excluded the gain from extinguishment of debt in our calculation of MFFO because these gains do not impact the current operating performance of our investments and do not provide an indication of future operating performance;
•Unrealized loss (gain) on derivative instruments. These adjustments include unrealized losses (gains) from mark-to-market adjustments on interest rate swaps and the interest rate cap. The change in fair value of interest rate swaps and the interest rate cap not designated as a hedge are non-cash adjustments recognized directly in earnings and are included in interest expense. We have excluded these adjustments in our calculation of MFFO to more appropriately reflect the economic impact of our interest rate swap agreements and interest rate cap; and
•Gains related to swap terminations. Gains related to swap terminations represent the difference between the settlement fees received and the value of interest rate swaps terminated, which are included in net (gain) loss on derivative instruments. Although these amounts increase net income, we exclude them from MFFO to more appropriately reflect the ongoing impact of our interest rate swap agreements.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Our calculation of FFO, which we believe is consistent with the calculation of FFO as defined by NAREIT, is presented in the following table, along with our calculation of MFFO, for the three and nine months ended September 30, 2024 and 2023 (in thousands). No conclusions or comparisons should be made from the presentation of these periods.
| | | | | | | | | | | | | | | | | | | | | | | |
| For the Three Months Ended
September 30, | | For the Nine Months Ended
September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Net loss | $ | (38,544) | | | $ | (23,116) | | | $ | (29,589) | | | $ | (133,593) | |
| Depreciation of real estate assets | 23,679 | | | 24,706 | | | 70,980 | | | 72,749 | |
| Amortization of lease-related costs | 3,860 | | | 4,448 | | | 12,579 | | | 13,514 | |
| Impairment charges on real estate | 6,847 | | | — | | | 6,847 | | | 45,459 | |
| Unrealized (gain) loss on real estate equity securities | (16,620) | | | 15,541 | | | 7,403 | | | 57,630 | |
| Gain on sale of real estate, net | — | | | — | | | (14,781) | | | — | |
| | | | | | | |
FFO (1) | (20,778) | | | 21,579 | | | 53,439 | | | 55,759 | |
| Straight-line rent and amortization of above- and below-market leases, net | (2,126) | | | (3,750) | | | (8,083) | | | (6,435) | |
| | | | | | | |
| Gain from extinguishment of debt | — | | | — | | | (56,372) | | | — | |
| Unrealized loss (gain) on derivative instruments | 21,229 | | | (3,629) | | | 13,728 | | | (9,248) | |
| Gains related to swap terminations | — | | | — | | | (178) | | | — | |
| | | | | | | |
| | | | | | | |
MFFO (1) | $ | (1,675) | | | $ | 14,200 | | | $ | 2,534 | | | $ | 40,076 | |
| | | | | | | |
| | | | | | | |
_____________________
(1) FFO and MFFO for the three and nine months ended September 30, 2024 include expenses of $3.3 million and $8.2 million, respectively, related to legal fees and financial and advisory consulting fees related to our development and pursuit of our debt restructuring plan and capital raising efforts.
FFO and MFFO may also be used to fund all or a portion of certain capitalizable items that are excluded from FFO and MFFO, such as tenant improvements, building improvements and deferred leasing costs.
Critical Accounting Policies and Estimates
Our consolidated interim financial statements have been prepared in accordance with GAAP and in conjunction with the rules and regulations of the SEC. The preparation of our financial statements requires significant management judgments, assumptions and estimates about matters that are inherently uncertain. These judgments affect the reported amounts of assets and liabilities and our disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in our financial statements. Additionally, other companies may utilize different estimates that may impact the comparability of our results of operations to those of companies in similar businesses. A discussion of the accounting policies that management considers critical in that they involve significant management judgments, assumptions and estimates is included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC. There have been no significant changes to our policies during 2024.
Subsequent Events
We evaluate subsequent events up until the date the consolidated financial statements are issued.
Purchase and Sale Agreement for Sale of Preston Commons
On June 19, 2013, we, through an indirect wholly owned subsidiary, acquired three office buildings containing 427,799 rentable square feet located on approximately 6.3 acres of land in Dallas, Texas (“Preston Commons”). On October 9, 2024, we, through an indirect wholly owned subsidiary, entered into a purchase and sale agreement and escrow instructions (the “Preston Commons Agreement”) for the sale of Preston Commons to a purchaser unaffiliated with us or our advisor (the “Purchaser”). Pursuant to the Preston Commons Agreement, the sale price for Preston Commons is $151.0 million, subject to prorations and adjustments as provided in the Preston Commons Agreement.
The closing date is expected to occur on or before November 25, 2024. There can be no assurance that we will complete the sale of Preston Commons. The Purchaser would be obligated to purchase Preston Commons only after satisfaction of agreed upon closing conditions. In some circumstances, if the Purchaser fails to complete the acquisition, it may forfeit up to $3.0 million of earnest money.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Sixth Modification of the Amended and Restated Portfolio Loan Facility
On October 11, 2024, we, through certain of our indirect wholly owned subsidiaries (the “Amended and Restated Portfolio Loan Facility Borrowers”), entered into a sixth loan modification and extension agreement (the “Sixth Extension Agreement”) with Bank of America, N.A., as administrative agent (the “Agent”) and the current lenders under the Amended and Restated Portfolio Loan Facility, which are Bank of America, N.A.; Wells Fargo Bank, National Association; U.S. Bank, National Association; Capital One, National Association; PNC Bank, National Association; Regions Bank; and Zions Bankcorporation, N.A., DBA California Bank & Trust (together, the “Portfolio Loan Lenders”). The Amended and Restated Portfolio Loan Facility is secured by 60 South Sixth, Preston Commons, Sterling Plaza, Towers at Emeryville, Ten Almaden and Town Center (the “Portfolio Loan Properties”).
Pursuant to the Sixth Extension Agreement, the maturity date of the facility was extended to November 20, 2024. The Sixth Extension Agreement requires us to satisfy certain conditions, some of which conditions are not in our sole control, including our taking identified actions relating to our portfolio. The failure of us to satisfy certain of these conditions will result in an immediate event of default under the loan documents.
The aggregate outstanding principal balance of the Amended and Restated Portfolio Loan Facility was approximately $601.3 million as of October 11, 2024.
The Sixth Extension Agreement waived certain milestones initially included in the fourth and fifth extension agreements, including the requirement for us to raise not less than $100,000,000 in new equity, debt or a combination of both.
Under the Sixth Extension Agreement, the Agent and the Portfolio Loan Lenders waived the requirement for the Portfolio Loan Properties to satisfy the minimum required ongoing debt service coverage ratio through the then current maturity date under the loan documents and waived the requirement for KBS REIT Properties III LLC, as guarantor, to satisfy a net worth covenant through the then current maturity date under the loan documents.
Pursuant to the Sixth Extension Agreement, the Amended and Restated Portfolio Loan Facility Borrowers also agreed (a) to pay the Portfolio Loan Lenders a non-refundable fee in the amount of $250,000, and (b) to pay the Agent certain costs and expenses incurred by the Agent in connection with the Sixth Extension Agreement. In addition, pursuant to the Sixth Extension Agreement, the Portfolio Loan Lenders agreed to modify the timing of the payment of the exit fee in the amount of $1.0 million due to the Portfolio Loan Lenders to the earliest to occur of the maturity date, the occurrence of certain triggering events under the loan documents and the repayment of the loan in full.
Amendment to the Advisory Agreement
As required by the Sixth Extension Agreement, on October 11, 2024, we and our advisor entered into an amendment to the advisory agreement between the parties to reduce and defer until December 1, 2025 certain transaction-based compensation in an amount of approximately $0.5 million that may be payable to our advisor.
Third Modification of the Accenture Tower Revolving Loan
On November 2, 2020, we, through an indirect wholly owned subsidiary (the “Accenture Tower Borrower”), entered into a loan facility with U.S. Bank, National Association, as administrative agent (the “Agent”), joint lead arranger and co-book runner; Bank of America, N.A., as syndication agent, joint lead arranger and co-book runner; and each of the financial institutions signatory thereto as lenders (as amended and modified, the “Accenture Tower Revolving Loan”). The current lenders under the Accenture Tower Revolving Loan are U.S. Bank, National Association, Bank of America, N.A., Deutsche Pfandbriefbank AG and the National Bank of Kuwait S.A.K.P. Grand Caymans Branch (the “Accenture Tower Lenders”). The Accenture Tower Revolving Loan is secured by Accenture Tower.
On November 1, 2024, we, through the Accenture Tower Borrower, entered into a third modification agreement with the Accenture Tower Lenders (the “Third Modification Agreement”) to (i) extend the maturity date of the Accenture Tower Revolving Loan to December 10, 2024 and (ii) remove any prior right of the Accenture Tower Borrower to exercise an additional 12-month extension option. Under the Third Modification Agreement, the Agent and the Accenture Tower Lenders waived the requirement for KBS REIT Properties III LLC as guarantor to satisfy the net worth covenant, the leverage ratio covenant and the EBITDA to fixed charges ratio covenant for all periods following November 1, 2024 through the extended maturity date of December 10, 2024. As of November 1, 2024, the outstanding principal balance of the Accenture Tower Revolving Loan was $306.0 million, which consisted of $229.5 million of term debt and $76.5 million of revolving debt. We continue to work with the Accenture Tower Lenders to reach a longer-term extension of the Accenture Tower Revolving Loan, though there can be no assurance as to the certainty or timing of our plans.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Fourth Modification of Credit Facility
On November 5, 2024, KBS REIT Properties III LLC entered into the fourth modification of the Credit Facility (the “Credit Facility Fourth Modification Agreement”) with U.S. Bank National Association, as administrative agent (the “Credit Facility Agent”). The current lenders under the Credit Facility are U.S. Bank National Association and Bank of America, N.A. (the “Credit Facility Lenders”).
The Credit Facility Fourth Modification Agreement amends the maturity date of the loan to the earliest to occur of (i) November 15, 2024 and (ii) the date on which the aggregate commitment under the facility is reduced to zero or is otherwise terminated. Pursuant to the Credit Facility Fourth Modification Agreement, the Credit Facility Agent and Credit Facility Lenders waived the requirement for KBS REIT Properties III LLC to comply with the maximum leverage ratio, minimum consolidated net worth requirement, minimum fixed charges coverage ratio and minimum liquidity requirement from December 31, 2023 through and including the current maturity date.
Fifth Modification and Extension of the 3001 & 3003 Washington Mortgage Loan
On November 6, 2024, we, through certain of our indirect wholly owned subsidiaries (the “3001 & 3003 Washington Borrowers”) and KBS REIT Properties III LLC entered into the fifth modification and extension agreement of the 3001 & 3003 Washington Mortgage Loan (the “3001 & 3003 Washington Mortgage Loan Fifth Modification”) with Bank of America, N.A., as administrative agent and lender (the “3001 & 3003 Washington Lender”). Pursuant to the 3001 & 3003 Washington Mortgage Loan Fifth Modification, the 3001 & 3003 Washington Lender agreed to extend the maturity date of the 3001 & 3003 Washington Mortgage Loan to May 6, 2026. Additionally, pursuant to the 3001 & 3003 Washington Mortgage Loan Fifth Modification, effective November 6, 2024, the 3001 & 3003 Washington Mortgage Loan bears interest at one-month Term SOFR plus 290 basis points plus a SOFR margin adjustment of 10 basis points and monthly payments are interest only. The aggregate outstanding principal balance of the 3001 & 3003 Washington Mortgage Loan was approximately $138.8 million as of November 6, 2024.
The 3001 & 3003 Washington Mortgage Loan Fifth Modification requires that 100% of excess cash flow from 3001 Washington Boulevard and 3003 Washington Boulevard be deposited monthly into a cash collateral account (the “3001 & 3003 Washington Cash Sweep Collateral Account”). Funds may not be withdrawn from the 3001 & 3003 Washington Cash Sweep Collateral Account without the prior written consent of the 3001 & 3003 Washington Lender. The 3001 & 3003 Washington Mortgage Loan Fifth Modification provides that, subject to the requirements contained therein, the 3001 & 3003 Washington Borrowers will be permitted to withdraw funds from the 3001 & 3003 Washington Cash Sweep Collateral Account to pay or reimburse the 3001 & 3003 Washington Borrowers for approved tenant improvements, leasing commissions and capital improvements and for operating shortfalls related to the Washington Properties to the extent they occur in any month. Additionally, to the extent the 3001 & 3003 Washington Borrowers do not meet certain conditions, the 3001 & 3003 Washington Lender has the right to withdraw funds from the 3001 & 3003 Washington Cash Sweep Collateral Account and apply such funds to any due and payable obligations of the 3001 & 3003 Washington Borrowers.
The 3001 & 3003 Washington Mortgage Loan Fifth Modification provides that on or prior to November 15, 2024 (unless extended by the 3001 & 3003 Washington Lender), we will cause certain of the equity interests of our subsidiaries that own the Carillon property to be pledged to the 3001 & 3003 Washington Lender as security for all of the 3001 & 3003 Washington Borrowers’ obligations under the 3001 & 3003 Washington Mortgage Loan and the failure to do so constitutes an immediate default under the loan documents. Further, in the event of the sale of the Carillon property, certain excess proceeds from such sale must be used to repay the 3001 & 3003 Washington Mortgage Loan.
The 3001 & 3003 Washington Mortgage Loan Fifth Modification also provides that, among other conditions, if elected by the 3001 & 3003 Washington Lender, a default will occur under the 3001 & 3003 Washington Mortgage Loan if (i) an event of default occurs under the Carillon Mortgage Loan or (ii) a written demand for payment following a default is delivered to REIT Properties III under the terms of any indebtedness of REIT Properties III, where the demand made or amount guaranteed is greater than $5.0 million.
Pursuant to the 3001 & 3003 Washington Mortgage Loan Fifth Modification, a loan fee of $0.4 million is owed to the 3001 & 3003 Washington Lender, which loan fee is deferred and will be due upon the earliest to occur of the maturity date and the repayment of the loan in full. Additionally, the 3001 & 3003 Washington Borrowers agreed to pay the 3001 & 3003 Washington Lender an exit fee in the amount of $1.0 million, which is due on the earliest to occur of the maturity date and the repayment of the loan in full, provided that the exit fee is automatically waived if the 3001 & 3003 Washington Borrowers repay the loan on or before December 15, 2025.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 3. Quantitative and Qualitative Disclosures about Market Risk
We are exposed to the effects of interest rate changes as a result of borrowings used to maintain liquidity and to fund property improvements, repairs and tenant build-outs to properties, to pay for other capital needs, to refinance existing indebtedness and to provide working capital. We have also funded distributions to stockholders and redemptions of common stock with borrowings. Our profitability and the value of our real estate investment portfolio may be adversely affected during any period as a result of interest rate changes. Our interest rate risk management objectives are to limit the impact of interest rate changes on earnings, prepayment penalties and cash flows and to lower overall borrowing costs. We may manage interest rate risk by utilizing a variety of financial instruments, including interest rate caps, floors, and swap agreements, in order to limit the effects of changes in interest rates on our operations. When we use these types of derivatives to hedge the risk of interest-earning assets or interest-bearing liabilities, we may be subject to certain risks, including the risk that losses on a hedge position will reduce the funds available for other capital needs and that the losses may exceed the amount we invested in the instruments.
We borrow funds at a combination of fixed and variable rates. Interest rate fluctuations will generally not affect our future earnings or cash flows on our fixed rate debt, unless such instruments mature or are otherwise terminated. However, interest rate changes will affect the fair value of our fixed rate instruments. As of September 30, 2024, the fair value of our fixed rate debt was $119.3 million and the outstanding principal balance of our fixed rate debt was $118.8 million. The fair value estimate of our fixed rate debt is calculated using a discounted cash flow analysis utilizing rates we would expect to pay for debt of a similar type and remaining maturity if the loan was originated as of September 30, 2024. As we expect to hold our fixed rate instruments to maturity (unless the property securing the debt is sold and the loan is repaid) and the amounts due under such instruments would be limited to the outstanding principal balance and any accrued and unpaid interest, we do not expect that fluctuations in interest rates, and the resulting change in fair value of our fixed rate instruments, would have a significant impact on our operations.
Conversely, movements in interest rates on our variable rate debt would change our future earnings and cash flows, but not significantly affect the fair value of those instruments. However, changes in required risk premiums would result in changes in the fair value of variable rate instruments. As of September 30, 2024, we were exposed to market risks related to fluctuations in interest rates on $372.4 million of variable rate debt outstanding after giving consideration to the impact of interest rate swap agreements on approximately $1.1 billion of our variable rate debt. Based on interest rates as of September 30, 2024, if interest rates were 100 basis points higher or lower during the 12 months ending September 30, 2025, interest expense on our variable rate debt would increase or decrease by $3.7 million.
The interest rate and weighted-average effective interest rate of our fixed rate debt and variable rate debt as of September 30, 2024 were 7.5% and 5.6%, respectively. The weighted-average effective interest rate represents the actual interest rate in effect as of September 30, 2024 (consisting of the contractual interest rate and the effect of interest rate swaps, if applicable), using interest rate indices as of September 30, 2024 where applicable.
We continue to have discussions with our lenders regarding potential modifications to certain debt obligations, including the Amended and Restated Portfolio Loan Facility, the Credit Facility and the Accenture Tower Revolving Loan. Given the challenges affecting the U.S. commercial real estate industry and the challenging interest rate environment, in order to refinance or extend loans, we expect lenders to demand higher interest rate spreads compared to the existing terms in our current loan agreements as was the case with the modification of the Modified Portfolio Revolving Loan Facility executed during the nine months ended September 30, 2024 and modification of the 3001 & 3003 Washington Mortgage Loan subsequent to September 30, 2024. We utilize interest rate swaps to manage interest rate risk, and in particular fluctuations in the variable rate, namely SOFR, but these interest rate swaps will not mitigate any risk related to higher interest rate spreads. Additionally, we have entered into various interest rate swap agreements that are currently below market and as those swaps expire, our interest expense will increase and further impact our liquidity position and ongoing cash flows. As a result, we expect interest expense and our weighted-average effective interest rate to increase in the future as a result of recent extensions and as we continue to refinance our maturing debt. For a discussion of the interest rate risks related to the current capital and credit markets, see Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Market Outlook – Real Estate and Real Estate Finance Markets” and the risks discussed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC.
PART I. FINANCIAL INFORMATION (CONTINUED)
Item 3. Quantitative and Qualitative Disclosures about Market Risk (continued)
We are exposed to financial market risk with respect to our investment in the SREIT (SGX-ST Ticker: OXMU). Financial market risk is the risk that we will incur economic losses due to adverse changes in our investment’s security price. Our exposure to changes in security prices is a result of our investment in these types of securities. Market prices are subject to fluctuation and, therefore, the amount realized in the subsequent sale of an investment may significantly differ from our carrying value. Fluctuation in the market prices of a security may result from any number of factors, including perceived changes in the underlying fundamental characteristics of the issuer, the relative price of alternative investments, interest rates, default rates and general market conditions. The SREIT’s units were first listed for trading on the SGX-ST on July 19, 2019. If an active trading market for the units does not develop or is not sustained, it may be difficult to sell our units. The market for Singapore REITs may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of our investment in the SREIT difficult. Even if an active trading market develops or we are able to negotiate block trades, if we or other significant investors sell or are perceived as intending to sell a substantial amount of units in a short period of time, the market price of our remaining units could be adversely affected. In addition, as a foreign equity investment, the trading price of units of the SREIT may be affected by political, economic, financial and social factors in the Singapore and Asian markets, including changes in government, economic and fiscal policies. Furthermore, we may be limited in our ability to sell our investment in the SREIT if our advisor and/or its affiliates are deemed to have material, non-public information regarding the SREIT. Charles J. Schreiber, Jr., our Chief Executive Officer, our President and our affiliated director, is a former director of the external manager of the SREIT, and Mr. Schreiber currently holds an indirect ownership interest in the external manager of the SREIT. An affiliate of our advisor serves as the U.S. asset manager to the SREIT. We do not currently engage in derivative or other hedging transactions to manage our investment’s security price risk.
As of September 30, 2024, we held 237,426,088 units of the SREIT which represented 18.2% of the outstanding units of the SREIT as of that date. As of September 30, 2024, the aggregate value of our investment in the units of the SREIT was $44.4 million, which was based solely on the closing price of the SREIT units on the SGX-ST of $0.187 per unit as of September 30, 2024, and did not take into account any potential discount for the holding period risk due to the quantity of units held by us relative to the normal level of trading volume in the units. This is a decrease of $0.693 per unit from our initial acquisition of SREIT units at $0.880 per unit on July 19, 2019. Due to the disruptions in the financial markets, since early March 2020, the trading price of the common units of the SREIT has experienced substantial volatility. The trading price of the common units of SREIT has been significantly impacted by the market sentiment for stock with significant investment in U.S. commercial office buildings. Based solely on the closing price per unit of the SREIT units as of September 30, 2024, if prices were to increase or decrease by 10%, our net income would increase or decrease by approximately $4.4 million.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
As of the end of the period covered by this report, management, including our principal executive officer and principal financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures. Based upon, and as of the date of, the evaluation, our principal executive officer and principal financial officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report to ensure that information required to be disclosed in the reports we file and submit under the Exchange Act is recorded, processed, summarized and reported as and when required. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports we file and submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and our principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
Internal Control Over Financial Reporting
There have been no changes in our internal control over financial reporting that occurred during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 1A. Risk Factors
Please see the risks discussed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
a).During the period covered by this Form 10-Q, we did not sell any equity securities that were not registered under the Securities Act of 1933.
b).Not applicable.
c).Due to certain restrictions and covenants included in one of our credit facilities, we do not expect to redeem any shares of our common stock during the term of the loan agreement, which has a maturity date of March 1, 2026. As a result, on March 15, 2024, our board of directors terminated our share redemption program. We did not redeem or repurchase any shares of our common stock during the nine months ended September 30, 2024.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
None.
Item 5. Other Information
None.
PART II. OTHER INFORMATION (CONTINUED)
Item 6. Exhibits
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| Ex. | | Description |
| | |
| 3.1 | | |
| | |
| 3.2 | | |
| | |
| 4.1 | | |
| | |
| 10.1 | | Fifth Loan Modification and Extension Agreement, by and among KBSIII 60 South Sixth Street, LLC, KBSIII Preston Commons, LLC, KBSIII Sterling Plaza, LLC, KBSIII Towers at Emeryville, LLC, KBSIII Ten Almaden, LLC, and KBSIII Legacy Town Center, LLC, KBS REIT Properties III, LLC, Bank of America, N.A. and the Lenders, effective as of July 15, 2024 |
| | |
| 10.2 | | |
| | |
| 10.3 | | |
| | |
| 31.1 | | |
| | |
| 31.2 | | |
| | |
| 32.1 | | |
| | |
| 32.2 | | |
| | |
| 101.INS | | Inline XBRL Instance Document |
| | |
| 101.SCH | | Inline XBRL Taxonomy Extension Schema |
| | |
| 101.CAL | | Inline XBRL Taxonomy Extension Calculation Linkbase |
| | |
| 101.DEF | | Inline XBRL Taxonomy Extension Definition Linkbase |
| | |
| 101.LAB | | Inline XBRL Taxonomy Extension Label Linkbase |
| | |
| 101.PRE | | Inline XBRL Taxonomy Extension Presentation Linkbase |
| | |
| 104 | | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | | | | | | | |
| | | |
| | KBS REAL ESTATE INVESTMENT TRUST III, INC. |
| | | |
| Date: | November 14, 2024 | By: | /S/ CHARLES J. SCHREIBER, JR. |
| | | Charles J. Schreiber, Jr. |
| | | Chief Executive Officer, President and Director |
| | | (principal executive officer) |
| | | |
| Date: | November 14, 2024 | By: | /S/ JEFFREY K. WALDVOGEL |
| | | Jeffrey K. Waldvogel |
| | | Chief Financial Officer, Treasurer and Secretary |
| | | (principal financial officer) |
Exhibit 10.1
FIFTH LOAN MODIFICATION AND EXTENSION AGREEMENT
THIS FIFTH LOAN MODIFICATION AND EXTENSION AGREEMENT (this “Agreement”) is effective as of July 15, 2024 (the “Effective Date”), by and among KBSIII 60 SOUTH SIXTH STREET, LLC, a Delaware limited liability company (“RBC Plaza Borrower”), KBSIII PRESTON COMMONS, LLC, a Delaware limited liability company (“Preston Commons Borrower”), KBSIII STERLING PLAZA, LLC, a Delaware limited liability company (“Sterling Plaza Borrower”), KBSIII TOWERS AT EMERYVILLE, LLC, a Delaware limited liability company (“Towers at Emeryville Borrower”), KBSIII TEN ALMADEN, LLC, a Delaware limited liability company (“Ten Almaden Borrower”), and KBSIII LEGACY TOWN CENTER, LLC, a Delaware limited liability company (“Legacy Town Center Borrower”; RBC Plaza Borrower, Preston Common Borrower, Sterling Plaza Borrower, Towers at Emeryville Borrower, Ten Almaden Borrower, and Legacy Town Center Borrower shall be hereinafter referred to, individually, as a “Borrower” and, collectively, jointly and severally, as “Borrowers”), KBS REIT PROPERTIES III, LLC, a Delaware limited liability company (the “Guarantor,” and together with the Borrowers, the “Obligors”), and BANK OF AMERICA, N.A., a national banking association, as Administrative Agent for the Lenders (as hereinafter defined) (the “Administrative Agent”), and each “Lender” set forth on the signature pages to this Agreement.
RECITALS:
WHEREAS, pursuant to the terms and conditions of that certain Amended and Restated Loan Agreement dated as of November 3, 2021, as amended by that certain Loan Modification and Extension Agreement dated as of November 8, 2023 and made effective as of November 3, 2023, as amended by that certain Second Loan Modification and Extension Agreement made effective as of November 17, 2023, as amended by that certain Third Loan Modification and Extension Agreement (the “Third Modification”) executed as of December 29, 2023 and made effective as of December 22, 2023, and as amended by that certain Fourth Loan Modification and Extension Agreement effective as of February 6, 2024 (the “Fourth Modification”) (as amended, modified, supplemented or restated from time to time, the “Loan Agreement), by and among Administrative Agent, each of the lenders from time to time party thereto (each, a “Lender” and collectively, “Lenders”), and Borrowers, Lenders made a loan (the “Loan”) to Borrowers in the original maximum principal amount of $613,200,000;
WHEREAS, the Loan is evidenced by, among other things, one or more promissory notes executed by Borrowers and payable to the order of each Lender in the amount of each Lender’s Commitment and collectively in the maximum principal amount of the Loan (such promissory notes, as increased, extended, consolidated, amended, restated, replaced, substituted, supplemented or otherwise modified from time to time, collectively, the “Note”);
WHEREAS, pursuant to the terms of the Loan Agreement, the Loan matures on August 6, 2024;
WHEREAS, Borrowers’ obligations under the Loan Agreement, the Note and the other Loan Documents (as hereinafter defined) are secured by, among other things, the Security Instruments covering certain real property and improvements thereon, more particularly described in the Security Instruments (collectively, the “Property”);
WHEREAS, Borrowers’ obligations under the Loan Agreement, the Note and the other Loan Documents are guaranteed by Guarantor pursuant to an Amended and Restated Guaranty Agreement dated November 3, 2021 (as amended, supplemented, modified, restated or renewed from time to time, the “Guaranty”); and
WHEREAS, Borrowers’ obligations under the Loan Agreement, the Note and the other Loan Documents are hereinafter collectively called the “Obligations;” the Note, the Security Instruments, the Loan Agreement, the Guaranty, and all other documents previously, now or hereafter executed and delivered to evidence, secure, guarantee, or in connection with, the Obligations, as the same may from time to time be renewed, extended, amended, supplemented or restated, are hereinafter collectively called the “Loan Documents;” and all liens, security interests, assignments, superior titles, rights, remedies, powers, equities and priorities securing the Note or providing recourse to Administrative Agent and/or Lenders with respect thereto are hereinafter collectively called the “Liens.”
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrowers, Administrative Agent and Lenders now agree to extend the maturity date of the Loan, and to make certain other modifications to the Loan Documents, all as more specifically set forth below.
1.Recitals. The parties hereto acknowledge and agree that the recitals set forth above are true and correct and are incorporated herein by this reference; provided, however, that such recitals shall not be deemed to modify the express provisions hereinafter set forth. Capitalized terms used herein but not defined shall have the meanings given to them in the Loan Agreement.
2.Maturity Date. All of the Obligations, including (without limitation) all outstanding principal, accrued and unpaid interest, outstanding late charges, unpaid fees, and all other amounts outstanding under the Note and the other Loan Documents, shall be due and payable in full on November 6, 2024, as it may be earlier accelerated in accordance with the terms of the Loan Agreement (the “Maturity Date”). Any reference to “Maturity Date” in the Loan Agreement and other Loan Documents shall be deemed to mean November 6, 2024. Borrowers have no further options to extend the Maturity Date (and any prior extension options have been terminated).
3.BSBY Transition to SOFR. The parties are in mutual agreement that BSBY should be replaced with a successor rate based on the Secured Overnight Financing Rate, commencing on the Effective Date (the “Benchmark Conversion Date”). Notwithstanding the foregoing, if, as of the Benchmark Conversion Date, any portion of the unpaid principal balance of the Loan bears interest based on BSBY for a fixed interest period which extends beyond the Benchmark Conversion Date, such portion of the Loan shall continue to bear interest at such BSBY rate until the end of the current interest period. The modifications set forth on Exhibit A attached hereto and made a part hereof are hereby incorporated by this reference.
4.Exit Fee. Section 3 of the Fourth Modification is hereby amended and restated in its entirety as follows:
“3. Exit Fee. Borrowers shall pay to Administrative Agent, for the benefit of Lenders, an exit fee in the amount of $1,000,000 (the “Exit Fee”), which Exit Fee shall be earned as of February 6, 2024, but shall be due on the earliest to occur of (a) the Maturity Date, (b) the occurrence of a Default or (c) repayment of the Loan in full.”
5.Waiver of Financial Covenants; Reporting. Section 7 of the Fourth Modification is hereby amended and restated in its entirety as follows:
“7. Waiver of Financial Covenants; Reporting. Administrative Agent and Lenders hereby waive (i) the requirement for the Properties to maintain an Ongoing Debt Service Coverage Ratio of not less than the Minimum Required Debt Service Coverage Ratio pursuant to Section 4.22 of the Loan Agreement as of the December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024 Test Dates only, and (ii) the requirement for Guarantor to satisfy the Net Worth covenant in Section 18 of the Guaranty for the period
between the Effective Date and November 6, 2024. Notwithstanding the foregoing, Borrowers shall continue to provide quarterly compliance certificates as and when required by Section 4.8(f) of the Loan Agreement and Guarantor shall continue to provide Guarantor Covenant Compliance Certificates as and when required by Section 4.8(b) of the Loan Agreement; provided, however, the form of such compliance certificates may be modified to take into account the waivers provided for in this Section.”
6.Milestone Dates. Sections 8(a), (c), (d), and (e) of the Fourth Modification are hereby amended and restated in their entirety as follows:
“(a) On or prior to September 16, 2024 (the “REIT III Plan Deadline”), Borrowers shall deliver to Administrative Agent an updated and revised reasonably comprehensive restructuring plan (the “Restructuring Plan”) for KBS Real Estate Investment Trust III, Inc., a Maryland corporation (“REIT III”), which Restructuring Plan shall include, without limitation, a comprehensive cash flow analysis and plan for repayment of all indebtedness (including the Loan) of REIT III and its direct and indirect subsidiaries, which shall be in a format consistent with the Restructuring Plan that has been previously submitted to the Administrative Agent.”
“(c) Equity Contribution.
(i) On or prior to August 15, 2024 (the “REIT III Contribution Term Sheet Deadline”), Borrowers shall deliver to Administrative Agent a fully executed term sheet detailing the terms upon which a third-party investor is willing to contribute new equity, debt or a combination of both, in an amount not less than $100,000,000, to REIT III.
(ii) On or prior to October 15, 2024 (the “REIT III Contribution Deadline”), not less than $100,000,000 in new equity, debt or a combination of both, shall have been raised by REIT III.
(d) If a Default then exists due to Borrowers’ failure to satisfy the milestone in subsection (c)(ii) above on or before the REIT III Contribution Deadline, then on or prior to October 22, 2024 (the “REIT III In-Court Implementation Deadline”), Borrowers shall deliver to Administrative Agent (i) draft documents (i.e., a plan, disclosure statement, confirmation order and other applicable ancillary documents) for the implementation of the Restructuring Plan by means of a prepackaged or otherwise consensual proceeding under chapter 11 of the United States Bankruptcy Code, and (ii) a request (including a cash flow budget for the anticipated duration of such proceeding and other applicable information) for a proposal for the Administrative Agent and the Lenders to provide debtor-in-possession financing in support of such proceeding.
(e) Failure to satisfy the applicable milestones in subsections (a), (b), (c) or (d) on or prior to the REIT III Plan Deadline, REIT III Engagement Deadline, REIT III Contribution Term Sheet Deadline, REIT III Contribution Deadline and/or REIT III In-Court Implementation Deadline, as applicable, shall constitute an immediate Default under the Loan Agreement, without any requirement of notice or opportunity to cure. Without limiting the foregoing, if Borrowers deliver to Administrative Agent a written request for confirmation that the milestones in subsection (a), (b), (c) or (d) above have been satisfied, then within seven (7) Business Days of Administrative Agent’s receipt of such written request, Administrative Agent will confirm in a written response to Borrowers whether or not the applicable milestone has been satisfied.”
7.Defaults. The following are hereby added to the Loan Agreement as new Sections 7.1(u) and (v) of the Loan Agreement:
“(u) A written demand for payment following default is delivered to Guarantor by Equitable Financial Life Insurance Company (“Almaden Plaza Lender”) under the terms and conditions of that certain Note, dated as of November 18, 2020, executed by KBSIII Almaden Financial Plaza, LLC for the benefit of the Almaden Plaza Lender, as amended, restated, supplemented or otherwise modified from time to time, where the demand made or amount guarantied is greater than $5,000,000.
(v) A written demand for payment following default is delivered to Guarantor by Fifth Third Bank, National Association (“Fifth Third”) under the terms and conditions of that certain Loan Agreement, dated as of September 1, 2022, by and among KBSIII Park Place Village, LLC, the lenders party thereto from time to time and Fifth Third, as agent for the lenders, as amended, restated, supplemented or otherwise modified from time to time, where the demand made or amount guarantied is greater than $5,000,000.”
8.Margin Stock. Borrowers and Guarantor shall not, whether directly or indirectly, and whether immediately, incidentally or ultimately, use any proceeds of the Loan to purchase or carry margin stock (within the meaning of Regulation U) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose. It is hereby acknowledged that Administrative Agents and Lenders have no Lien on margin stocks under the Security Instruments or otherwise.
9.Conditions Precedent to Closing. The obligation of Administrative Agent and Lenders to enter into this Agreement is subject to the satisfaction of the following conditions precedent:
(a)Administrative Agent’s receipt of this Agreement duly executed by all Lenders, Borrowers and Guarantor;
(b)Borrowers shall have paid Administrative Agent, for the ratable benefit of the Lenders, a non-refundable extension fee in the amount of $450,966.00;
(c)Borrowers shall have deposited, or caused to have been deposited, an additional $5,000,000 into the Cash Sweep Collateral Account, which amount shall be funded with additional equity from Guarantor; and
(d)Borrowers shall have paid Administrative Agent all fees, commissions, costs, charges, taxes and other expenses incurred by Administrative Agent and its counsel in connection with this Agreement (including, but not limited to, reasonable fees and expenses of Administrative Agent’s counsel and all recording fees, taxes and charges) for which Administrative Agent has requested payment in writing (including by email) on or prior to the date hereof.
10.Balance. As of the Effective Date, the aggregate outstanding principal balance of the Note is $601,288,000.00.
11.Borrowers’ Representations and Warranties. Each Borrower hereby reaffirms all of the representations and warranties set forth in the Loan Documents to be true, accurate and correct in all material respects as of the date of this Agreement to the extent such representations and warranties are not matters which, by their nature, can no longer be true and correct as a result of the passage of time, and except for changes in circumstances arising from actions or events occurring after the date of the Loan Agreement that do not otherwise constitute a Default thereunder, including, without limitation, the execution of new Leases or new contracts that are not prohibited by the terms of the Loan Agreement or any other Loan Document. Each Borrower further represents and warrants that as of the Effective Date (a)
the information included in the Beneficial Ownership Certification, if applicable, is true and correct in all respects; (b) to each Borrower’s knowledge, no Default or Potential Default has occurred and is continuing; (c) each Borrower is a limited liability company which is duly organized and validly existing under the laws of the State of Delaware; (d) there have been no material changes in formation documents of any Borrower since the inception of the Loan; (e) the execution and delivery of this Agreement do not contravene, result in a breach of, or constitute a default under, any mortgage, loan agreement, indenture or other contract or agreement to which any Borrower is a party or by which any Borrower or any of its properties may be bound (nor would such execution and delivery constitute such a default with the passage of time or the giving of notice or both), and do not violate or contravene any law, order, decree, rule, regulation or restriction to which any Borrower or any Property is subject; (f) this Agreement constitutes the legal, valid and binding obligations of each Borrower enforceable in accordance with its terms; (g) the execution and delivery of, and performance under, this Agreement are within each Borrower’s power and authority without the joinder or consent of any other party and have been duly authorized by all requisite action, and are not in contravention of any law, or of any Borrower’s articles of organization or operating agreement or of any indenture, agreement or undertaking to which any Borrower is a party or by which it is bound.
12.Release.
(a)Borrowers and Guarantor, for themselves and for each of their respective heirs, personal representatives, successors and assigns, hereby release and waive all claims and/or defenses they now may have against Administrative Agent, Lenders and their respective successors and assigns (collectively, the “Released Parties”) on account of any occurrence relating to the Loan, the Loan Documents and/or the property encumbered by the Security Instruments which accrued prior to the date hereof, including, but not limited to, any claim that Administrative Agent or any Lender (i) breached any obligation to Borrowers and/or Guarantor in connection with the Loan, (ii) was or is in any way involved with Borrowers and/or Guarantor as a partner, joint venturer, or in any other capacity whatsoever other than as a lender, (iii) failed to fund any portion of the Loan or any other sums as required under any document or agreement in reference thereto, or (iv) failed to timely respond to any offers to cure any defaults under any document or agreement executed by Borrowers, Guarantor or any third party or parties in favor of Administrative Agent or any Lender (collectively, the “Released Claims”). This release and waiver shall be effective as of the date of this Agreement and shall be binding upon Borrowers and Guarantor and each of their respective heirs, personal representatives, successors and assigns, and shall inure to the benefit of Administrative Agent, Lenders and their respective successors and assigns. The term “Released Parties” as used herein shall include, but shall not be limited to, the present and former officers, directors, employees, agents and attorneys of Administrative Agent and each Lender.
(b)Borrowers and Guarantor each agree and acknowledge that it may hereafter discover facts different from or in addition to those now known or believed to be true regarding the Released Claims and agree that the foregoing releases shall remain in full force and effect, notwithstanding the existence or nature of any such different or additional facts.
(c)Borrowers and Guarantor, each having consulted with counsel, is aware of the contents of Section 1542 of the Civil Code of the State of California. Section 1542 reads as follows:
Section 1542. (General Release – Claims Extinguished.) A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.
Borrowers and Guarantor each expressly waive and relinquish all rights and benefits under that section and any law or legal principle of similar effect in any jurisdiction, with respect to the Released Claims. Borrowers and Guarantor have executed this Agreement voluntarily, with full knowledge of its significance, and with the express intention of effecting the legal consequences provided by a waiver of California Civil Code Section 1542.
13.Course of Dealing. Administrative Agent, Lenders and Borrowers hereby acknowledge and agree that at no time shall any prior or subsequent course of conduct by Borrowers, Administrative Agent or any Lender directly or indirectly limit, impair or otherwise adversely affect any of Administrative Agent’s or any Lender’s rights, interests or remedies in connection with the Loan and the Loan Documents or obligate Administrative Agent or any Lender to agree to, or to negotiate or consider an agreement to, any waiver of any obligation or default by Borrowers under any Loan Document or any amendment to any term or condition of any Loan Document. Without limiting the generality of the preceding sentence, the Obligors acknowledge and agree that the existence of the Cash Sweep Collateral Account and Borrower’s obligation to deposit funds therein at a time or at times after the Maturity Date shall not imply that the term of the Loan is or will be extended beyond the Maturity Date. Administrative Agent and Lenders have no obligation to, and may not, extend the term of the Loan beyond the Maturity Date. The Obligors will not take any action or decline to or forbear from taking any action in reliance on an extension or modification of the Maturity Date that may not occur.
14.Renewal; Lien Continuation; No Novation. Borrowers hereby reaffirm the Obligations and promise to pay and perform all Obligations in accordance with the Loan Documents (as expressly modified by this Agreement). The Liens are hereby ratified and confirmed as valid, subsisting and continuing to secure the Obligations. Nothing herein shall in any manner diminish, impair, waive or extinguish the Note, the Loan Documents, the Obligations or the Liens. The execution and delivery of this Agreement shall not constitute a novation of the debt evidenced and secured by the Loan Documents.
15.Default. A default under this Agreement shall constitute a default under the Note and other Loan Documents, subject to any applicable notice and cure or grace period expressly set forth in the Loan Documents. For avoidance of doubt, this Agreement is a Loan Document.
16.Miscellaneous. To the extent of any conflict between the Loan Documents and this Agreement, this Agreement shall control. Unless specifically modified hereby, all terms of the Loan Documents shall remain in full force and effect. This Agreement (a) shall bind and benefit the parties hereto and their respective heirs, beneficiaries, administrators, executors, receivers, trustees, successors and assigns; (b) shall be governed by the laws of the State of California and United States federal law; and (c) may be executed in several counterparts, and by the parties hereto on separate counterparts, and each counterpart, when executed and delivered, shall constitute an original agreement enforceable against all who signed it without production of or accounting for any other counterpart, and all separate counterparts shall constitute the same agreement.
17.Reaffirmation of Guaranty. Guarantor, by signature below as such, for valuable consideration, the receipt and adequacy of which are hereby acknowledged, hereby consents to and joins in this Agreement and hereby declares to and agrees with Administrative Agent and Lenders that the Guaranty is and shall continue in full force and effect for the benefit of Administrative Agent and Lenders with respect to the Obligations, as amended by this Agreement, that there are no offsets, claims, counterclaims, cross-claims or defenses of Guarantor with respect to the Guaranty nor, to Guarantor’s knowledge, with respect to the Obligations, that the Guaranty is not released, diminished or impaired in any way by this Agreement or the transactions contemplated hereby, and that the Guaranty is hereby ratified and confirmed in all respects. Guarantor hereby reaffirms all of the representations and warranties set forth in the Guaranty, except to the extent such representations and warranties are matters which, by their nature, can no longer be true and correct as a result of the passage of time, and except for changes in circumstances arising from actions or
events occurring after the date of the Guaranty that do not otherwise constitute a Default thereunder. Guarantor acknowledges that without this consent and reaffirmation, Administrative Agent and Lenders would not execute this Agreement or otherwise consent to its terms.
18.Electronic Signatures. This Agreement may be in the form of an Electronic Record and may be executed using Electronic Signatures (including, without limitation, facsimile and .pdf) and shall be considered an original, and shall have the same legal effect, validity and enforceability as a paper record. For purposes hereof, “Electronic Record” and “Electronic Signature” shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time. Borrowers and Guarantor hereby agree that as soon as reasonably possible, Borrowers and Guarantor will provide an original of this Agreement to Administrative Agent that will include the wet signatures of Borrowers and Guarantor next to any Electronic Signatures.
19.Limited Recourse Provision. Neither Administrative Agent nor any Lender shall have any recourse against, nor shall there be any personal liability to, the members, shareholders, partners, beneficial interest holders or any other entity or person in the ownership (directly or indirectly) of any Borrower with respect to the obligations of any Borrower and Guarantor under the Loan. For purposes of clarification, in no event shall the above language limit, reduce or otherwise affect any Borrower’s liability or obligations under the Loan Documents, Guarantor’s liability or obligations under the Guaranty, or Administrative Agent’s and each Lender’s right to exercise any rights or remedies against any collateral securing the Loan.
[Remainder of page intentionally left blank.]
IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have executed this Agreement as of the day and year first hereinabove written.
ADMINISTRATIVE AGENT:
BANK OF AMERICA, N.A.,
a national banking association,
as Administrative Agent
By: /s/ Paul Kim
Paul Kim
Senior Vice President
Signature Page – Fifth Loan Modification and Extension Agreement
BORROWERS:
KBSIII 60 SOUTH SIXTH STREET, LLC,
a Delaware limited liability company
By: KBSIII REIT ACQUISITION VII, LLC,
a Delaware limited liability company,
its sole member
By: KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company,
its sole member
By: KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member
By: KBS REAL ESTATE INVESTMENT TRUST III, INC.,
a Maryland corporation,
its general partner
By: /s/ Charles J. Schreiber, Jr.
Charles J. Schreiber, Jr.,
Chief Executive Officer
Signature Page – Fifth Loan Modification and Extension Agreement
KBSIII PRESTON COMMONS, LLC,
a Delaware limited liability company
By: KBSIII REIT ACQUISITION IX, LLC,
a Delaware limited liability company,
its sole member
By: KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company,
its sole member
By: KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member
By: KBS REAL ESTATE INVESTMENT TRUST III, INC.,
a Maryland corporation,
its general partner
By: /s/ Charles J. Schreiber, Jr.
Charles J. Schreiber, Jr.,
Chief Executive Officer
Signature Page – Fifth Loan Modification and Extension Agreement
KBSIII STERLING PLAZA, LLC,
a Delaware limited liability company
By: KBSIII REIT ACQUISITION VIII, LLC,
a Delaware limited liability company,
its sole member
By: KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company,
its sole member
By: KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member
By: KBS REAL ESTATE INVESTMENT TRUST III, INC.,
a Maryland corporation,
its general partner
By: /s/ Charles J. Schreiber, Jr.
Charles J. Schreiber, Jr.,
Chief Executive Officer
Signature Page – Fifth Loan Modification and Extension Agreement
KBSIII TOWERS AT EMERYVILLE, LLC,
a Delaware limited liability company
By: KBSIII REIT ACQUISITION XXI, LLC,
a Delaware limited liability company,
its sole member
By: KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company,
its sole member
By: KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member
By: KBS REAL ESTATE INVESTMENT TRUST III, INC.,
a Maryland corporation,
its general partner
By: /s/ Charles J. Schreiber, Jr.
Charles J. Schreiber, Jr.,
Chief Executive Officer
Signature Page – Fifth Loan Modification and Extension Agreement
KBSIII TEN ALMADEN, LLC,
a Delaware limited liability company
By: KBSIII REIT ACQUISITION XIX, LLC,
a Delaware limited liability company,
its sole member
By: KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company,
its sole member
By: KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member
By: KBS REAL ESTATE INVESTMENT TRUST III, INC.,
a Maryland corporation,
its general partner
By: /s/ Charles J. Schreiber, Jr.
Charles J. Schreiber, Jr.,
Chief Executive Officer
Signature Page – Fifth Loan Modification and Extension Agreement
KBSIII LEGACY TOWN CENTER, LLC,
a Delaware limited liability company
By: KBSIII REIT ACQUISITION III, LLC,
a Delaware limited liability company,
its sole member
By: KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company,
its sole member
By: KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member
By: KBS REAL ESTATE INVESTMENT TRUST III, INC.,
a Maryland corporation,
its general partner
By: /s/ Charles J. Schreiber, Jr.
Charles J. Schreiber, Jr.,
Chief Executive Officer
Signature Page – Fifth Loan Modification and Extension Agreement
GUARANTOR:
KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company
By: KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member
By: KBS REAL ESTATE INVESTMENT TRUST III, INC.,
a Maryland corporation,
its general partner
By: /s/ Charles J. Schreiber, Jr.
Charles J. Schreiber, Jr.,
Chief Executive Officer
Signature Page – Fifth Loan Modification and Extension Agreement
LENDER(S):
BANK OF AMERICA, N.A.,
a national banking association
By: /s/ Paul Kim
Name: Paul Kim
Title: Senior Vice President
Signature Page – Fifth Loan Modification and Extension Agreement
WELLS FARGO BANK, NATIONAL ASSOCIATION
By: /s/ Joshua Brinkenhoff
Name: Joshua Brinkenhoff
Title: Senior Credit Resolution Specialist
Signature Page – Fifth Loan Modification and Extension Agreement
U.S. BANK, NATIONAL ASSOCIATION,
A national banking association
By: /s/ Claudia Marciniak
Name: Claudia Marciniak
Title: Senior Vice President
Signature Page – Fifth Loan Modification and Extension Agreement
CAPITAL ONE, NATIONAL ASSOCIATION,
a national banking association
By: /s/ Howard M. Guidry
Name: Howard M. Guidry
Title: Senior Vice President
Signature Page – Fifth Loan Modification and Extension Agreement
PNC BANK, NATIONAL ASSOCIATION,
a national banking association
By: /s/ Damon Smith
Name: Damon Smith
Title: Senior Vice President
Signature Page – Fifth Loan Modification and Extension Agreement
REGIONS BANK,
an Alabama banking corporation
By: /s/ Mark A. Mushinski
Name: Mark A. Mushinski
Title: Senior Vice President
Signature Page – Fifth Loan Modification and Extension Agreement
ZIONS BANCORPORATION, N.A.,
DBA CALIFORNIA BANK & TRUST
By: /s/ Sean Reilly
Name: Sean Reilly
Title: Vice President
Signature Page – Fifth Loan Modification and Extension Agreement
EXHIBIT A
BSBY Transition to SOFR
1.Removal of Definitions. The following definitions are hereby deleted from Section 1 of Exhibit B to the Loan Agreement, as applicable: “BSBY,” “BSBY Daily Floating Rate,” “BSBY Monthly Floating Rate,” “BSBY Margin,” “BSBY Rate,” “BSBY Rate Advance,” “BSBY Rate Principal,” “BSBY Replacement Date,” “BSBY Screen Rate.”
2.Addition and Replacement of Definitions. The following definitions are hereby added to Section 1 of Exhibit B to the Loan Agreement in alphabetical order or, to the extent the definitions already appear in Section 1 of Exhibit B to the Loan Agreement, are hereby amended and restated in their entirety as follows:
“Applicable Authority” means (a) with respect to SOFR, the SOFR Administrator or any Governmental Authority having jurisdiction over Administrative Agent or the SOFR Administrator with respect to its publication of SOFR, in each case, acting in such capacity and (b) with respect to Monthly SOFR, CME or any successor administrator of the Term SOFR Screen Rate or a Governmental Authority having jurisdiction over Administrative Agent or such administrator with respect to its publication of Monthly SOFR, in each case, acting in such capacity.
“Applicable Law” means, as to any Person, all applicable Laws and Requirements binding upon such Person or to which such Person is subject.
“Base Rate Principal” means, at any time, the Principal Debt minus the portion, if any, of such Principal Debt which is Monthly SOFR Principal.
“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where Administrative Agent’s Office is located.
“CME” means CME Group Benchmark Administration Limited.
“Conforming Changes” means, with respect to the use, administration of or any conventions associated with SOFR or any proposed Successor Rate, or Monthly SOFR, as applicable, any conforming changes to the definitions of “Monthly SOFR”, “SOFR,” or “Interest Rate Change Date,” the timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters (including, for the avoidance of doubt, the definition of “Business Day,” the definition of “U.S. Government Securities Business Day,” the timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) as may be appropriate, in the discretion of Administrative Agent, to reflect the adoption and implementation of such applicable rate(s), and to permit the administration thereof by Administrative Agent in a manner substantially consistent with market practice (or, if Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such rate exists, in such other manner of administration as Administrative Agent determines is reasonably necessary in connection with the administration of this Agreement and any other Loan Document).
“Daily Simple SOFR” with respect to any applicable determination date means the SOFR published on the fifth (5th) U.S. Government Securities Business Day preceding such date on the Federal Reserve Bank of New York’s website (or any successor source); provided, however, that if such determination date is not a U.S. Government Securities Business Day, then Daily Simple SOFR means such rate that applied on the first (1st) U.S. Government Securities Business Day immediately prior thereto.
EXHIBIT A (SOFR) - PAGE 1
“Maximum Rate” means the maximum non-usurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the Loan and as provided for herein or the other Loan Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan.
“Monthly SOFR” means, for any day, the rate per annum equal to the Term SOFR Screen Rate two (2) U.S. Government Securities Business Days prior to the most recent Interest Rate Change Date for a term equivalent to one (1) month commencing on such Interest Rate Change Date; provided that if the rate is not published prior to 11:00 a.m. Eastern Time on such determination date then Monthly SOFR means such Term SOFR Screen Rate on the first (1st) U.S. Government Securities Business Day immediately prior thereto, in each case, plus the SOFR Adjustment; provided, further, if Monthly SOFR shall be less than zero percent (0.00%), such rate shall be deemed to equal zero percent (0.00%) for purposes of this Agreement.
“Monthly SOFR Advance” means an advance of the Loan by Lenders to Borrower or any portion of the Loan held by a Lender which bears interest at an applicable Monthly SOFR Rate at the time in question.
“Monthly SOFR Principal” means any portion of the Principal Debt which bears interest at an applicable Monthly SOFR Rate at the time in question.
“Monthly SOFR Rate” means a simple rate per annum equal to the sum of the SOFR Margin plus Monthly SOFR.
“Monthly SOFR Replacement Date” has the meaning set forth in Section 2.4.
“SOFR” means the Secured Overnight Financing Rate as administered by the SOFR Administrator.
“SOFR Adjustment” with respect to Monthly SOFR or Daily Simple SOFR means 0.10% (10 basis points).
“SOFR Administrator” means the Federal Reserve Bank of New York, as the administrator of SOFR, or any successor administrator of SOFR designated by the Federal Reserve Bank of New York or other Person acting as the SOFR Administrator at such time that is satisfactory to Administrative Agent.
“SOFR Margin” means one hundred eighty (180) basis points per annum.
“Successor Rate” has the meaning set forth in Section 2.4.
“Term SOFR Screen Rate” means the forward-looking SOFR term rate administered by CME (or any successor administrator satisfactory to Administrative Agent) and published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by Administrative Agent from time to time).
“U.S. Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.
3.Reference to Deleted Definitions. The reference to “BSBY Rate Principal” in Section 1.3.4 of the Loan Agreement is hereby amended to refer to “Monthly SOFR Principal” and the reference to
EXHIBIT A (SOFR) - PAGE 2
“BSBY Rate Advances” in Section 2.5 of the Loan Agreement is hereby amended to refer to “Monthly SOFR Advances.”
4.Interest Rate. Section 1.4 of the Loan Agreement is hereby amended and restated in its entirety as follows:
1.4Interest Rate. The unpaid principal balance of the Loan from day to day outstanding which is not past due, shall bear interest at a rate of interest per annum equal to the Monthly SOFR Rate, computed as provided in Section 1.4.3 below. The Monthly SOFR Rate shall be adjusted on each Interest Rate Change Date. The Monthly SOFR Rate shall remain fixed until the next Interest Rate Change Date.
1.4.1 [Intentionally Omitted.]
1.4.2 [Intentionally Omitted.]
1.4.3 Computations and Determinations; Conforming Changes. All computations of interest for the Base Rate (to the extent applicable) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each advance of the Loan for the day on which the advance is made, and shall not accrue on an advance, or any portion thereof, for the day on which the advance or such portion is paid, provided that any advance that is repaid on the same day on which it is made shall bear interest for one day. Each determination by Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. The books and records of Administrative Agent shall be conclusive evidence, in the absence of manifest error, of all sums owing to Lenders from time to time under the Loan Documents, but the failure to record any such information shall not limit or affect the obligations of Borrowers under the Loan Documents. With respect to SOFR or Monthly SOFR or any Successor Rate, Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document; provided that, with respect to any such amendment effected, Administrative Agent shall post each such amendment implementing such Conforming Changes to Borrowers and the Lenders reasonably promptly after such amendment becomes effective. Administrative Agent does not warrant, nor accept responsibility, nor shall Administrative Agent have any liability with respect to the administration, submission or any other matter related to any reference rate referred to herein or with respect to any rate (including, for the avoidance of doubt, the selection of such rate and any related spread or other adjustment) that is an alternative or replacement for or successor to any such rate (including any Successor Rate) (or any component of any of the foregoing) or the effect of any of the foregoing, or of any Conforming Changes. Administrative Agent and its affiliates or other related entities may engage in transactions or other activities that affect any reference rate referred to herein, or any alternative, successor or replacement rate (including any Successor Rate) (or any component of any of the foregoing) or any related spread or other adjustments thereto, in each case, in a manner adverse to Borrowers. Administrative Agent may select information sources or services in its reasonable discretion to ascertain any reference rate referred to herein or any alternative, successor or replacement rate (including any Successor Rate) (or any component of any of the foregoing), in each case pursuant to the terms of this Agreement, and shall have no liability to Borrowers, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or other action or omission related to or affecting the
EXHIBIT A (SOFR) - PAGE 3
selection, determination, or calculation of any rate (or component thereof) provided by any such information source or service.
1.4.4 Late Charge. If Borrowers shall fail to make any payment due hereunder or under the terms of any Note (other than the Principal Debt due on the Maturity Date) within fifteen (15) days after the date such payment is due, Borrowers shall pay to Administrative Agent on demand a late charge equal to four percent (4%) of such payment. Such fifteen (15) day period shall not be construed as in any way extending the due date of any payment. The “late charge” is imposed for the purpose of defraying the expenses of a Lender incident to handling such defaulting payment. This charge shall be in addition to, and not in lieu of, any other amount that Lenders may be entitled to receive or action that Administrative Agent and Lenders may be authorized to take as a result of such late payment, including any other remedy Lenders may have and any fees and charges of any agents or attorneys which Administrative Agent or, subject to the provisions of Section 4.15, Lenders may employ upon the occurrence of a Default, whether authorized herein or by Law.
1.4.5 Default Rate. After the occurrence and during the continuance of a Default (including the expiration of any applicable cure period), upon the request of the Required Lenders, Administrative Agent, without notice or demand, may raise the rate of interest accruing on the Principal Debt under any Loan Document to the lesser of (i) the maximum non-usurious rate of interest allowed under applicable law, or (ii) three hundred (300) basis points above the rate of interest otherwise applicable (“Default Rate”), independent of whether Administrative Agent accelerates the Principal Debt under any Loan Document.
5.Prepayment. Section 1.5 of the Loan Agreement is hereby amended and restated in its entirety as follows:
1.5Prepayment.
(a) Borrowers may, upon notice to Administrative Agent, at any time or from time to time, voluntarily prepay the outstanding Principal Debt, in whole or in part without premium or penalty, but subject to compliance with Section 1.5(c) and 2.6, provided that: (i) such notice must be in a form acceptable to Administrative Agent and be received by Administrative Agent not later than 11:00 a.m. Administrative Agent’s Time (A) two (2) Business Days prior to any date of prepayment of Monthly SOFR Principal, (B) and on the date of prepayment of any Base Rate Principal, if any; and (ii) any prepayment of Monthly SOFR Principal shall be in a principal amount of $2,000,000 or a whole multiple of $1,000,000 in excess thereof or, in each case, if less, the entire principal amount of the Loan then outstanding. Each such notice shall specify the date and amount of such prepayment. Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Pro Rata Share of such prepayment. If such notice is given by Borrowers, Borrowers shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of the Loan shall be accompanied by all accrued interest on the amount prepaid, together with any other sums which have become due to Administrative Agent and Lenders under the Loan Documents on or before the date of prepayment but have not been paid. Subject to Section 8.13, each such prepayment shall be applied to the Loan obligations owing to the Lenders in accordance with their respective Pro Rata Shares. Notwithstanding anything to the contrary in this Agreement or any Loan Document, if an Event of Default shall have occurred and be continuing as of the date that any prepayment is made, Administrative Agent may apply such prepayment to all or such portions of the Indebtedness as Administrative Agent determines in its sole discretion.
(b) No yield maintenance premium or other premium or penalty shall be due in connection with any prepayment made pursuant to this Section 1.5, provided that Borrowers shall pay to Administrative Agent, concurrently with such prepayment, all Consequential Losses, and all other sums due pursuant to the Loan Documents in connection with such prepayment.
EXHIBIT A (SOFR) - PAGE 4
(c) Any principal prepayment made pursuant to this Agreement shall be applied (i) first, to the outstanding principal balance of the Revolving Loan until such outstanding principal balance has been repaid in full, and (ii) second, to the outstanding principal balance of the Term Loan; provided, any prepayment of the Term Loan shall be specified by Borrowers in writing.
6.Payment Schedule and Maturity Date. Section 1.6 of the Loan Agreement is hereby amended and restated in its entirety as follows:
1.6 Payment Schedule and Maturity Date. The entire principal balance of the Loan then unpaid, together with all accrued and unpaid interest and all other amounts payable hereunder and under the other Loan Documents, shall be due and payable in full on the Maturity Date. Prior to maturity, accrued and unpaid interest shall be due and payable in arrears on the first (1st) Business Day of each month, subject to a ten (10) calendar day grace period in each instance. For the avoidance of doubt, an interest payment will not be considered delinquent or in default, so long as it is received by Administrative Agent on or before the earlier of the Maturity Date or the tenth (10th) calendar day after it is due and payable. No late charge, default interest or similar charge will apply during such grace period. No grace period shall apply to any amounts due and payable on the Maturity Date.
7.Illegality. Section 2.2 of the Loan Agreement is hereby amended and restated in its entirety as follows:
2.2 Illegality. If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loan advances whose interest is determined by reference to SOFR or Monthly SOFR, or to determine or charge interest rates based upon SOFR or Monthly SOFR, then, upon notice thereof by such Lender to Borrowers (through Administrative Agent), any obligation of such Lender to maintain Monthly SOFR Principal shall be suspended, in each case until such Lender notifies Administrative Agent and Borrowers that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice and demand from such Lender (with a copy to Administrative Agent), Borrowers at their option shall either prepay or convert all Monthly SOFR Principal owed to such Lender to Base Rate Principal; provided, however, if and to the extent such Lender has determined that a Law has made it unlawful to convert all such Monthly SOFR Principal to Base Rate Principal, or any Governmental Authority has asserted that such a conversion is unlawful, Borrowers shall, upon demand from such Lender (with a copy to Administrative Agent), prepay all such Monthly SOFR Principal owed to such Lender. Upon any such prepayment or conversion, Borrowers shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts, if any, required pursuant to Section 2.6.
8.Inability to Determine Rates. Section 2.3 of the Loan Agreement is hereby amended and restated in its entirety as follows:
2.3 Inability to Determine Rates. If (a) Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) no Successor Rate for Monthly SOFR has been determined in accordance with Section 2.4, and the circumstances under Section 2.4(a) or the Scheduled Unavailability Date has occurred (as applicable) with respect to SOFR or Monthly SOFR, or (ii) adequate and reasonable means do not exist for determining SOFR or Monthly SOFR for any determination date(s) or requested payment period, as applicable, with respect to any proposed or existing advance of the Loan; or (b) Administrative Agent or Required Lenders determine that for any reason that Monthly SOFR for any determination date(s) does not adequately and fairly reflect the cost to such Lenders of funding or maintaining any proposed or existing advance of the Loan, Administrative Agent will promptly so notify Borrowers and each Lender. Thereafter, the obligation of Lenders to maintain Monthly SOFR Principal shall be suspended, in each case until Administrative Agent, or, in the case of a determination by Required
EXHIBIT A (SOFR) - PAGE 5
Lenders described in clause (b) above, until Administrative Agent, upon instruction of Required Lenders, revokes such notice. Upon receipt of such notice, (1) Borrowers may revoke any pending request for a borrowing at the Monthly SOFR Rate (to the extent of the affected Loan advances) or, failing that, will be deemed to have converted such request into a request to borrow at the Base Rate if no election is made by Borrowers by the date that is three (3) Business Days after receipt of such notice and (2) all amounts from day to day outstanding which are not past due shall bear interest at the Base Rate.
9.Successor Rate. Section 2.4 of the Loan Agreement is hereby amended and restated in its entirety as follows:
2.4 Replacement of Monthly SOFR or Successor Rate.
Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if Administrative Agent determines (which determination shall be conclusive absent manifest error), or Borrowers or Required Lenders notify Administrative Agent (with, in the case of Required Lenders, a copy to Borrowers) that Borrowers or Required Lenders (as applicable) have determined, that:
(a) adequate and reasonable means do not exist for ascertaining Monthly SOFR, including, without limitation, because one (1) month interest periods of the Term SOFR Screen Rate are not available or published on a current basis and such circumstances are unlikely to be temporary; or
(b) the Applicable Authority has made a public statement identifying a specific date after which one (1) month interest periods of term SOFR or the Term SOFR Screen Rate shall or will no longer be representative or made available, or permitted to be used for determining the interest rate of U.S. Dollar-denominated syndicated loans, or shall or will otherwise cease, provided that, at the time of such statement, there is no successor administrator that is satisfactory to Administrative Agent, that will continue to provide such representative one (1) month interest periods of term SOFR after such specific date (the latest date on which one (1) month interest periods of term SOFR or the Term SOFR Screen Rate are no longer representative or available permanently or indefinitely, the “Scheduled Unavailability Date”);
then, on a date and time determined by Administrative Agent (any such date, the “Monthly SOFR Replacement Date”), which date shall be on an Interest Rate Change Date or on the relevant interest payment date for interest calculated, as applicable, and, solely with respect to clause (b) above, no later than the Scheduled Unavailability Date, Monthly SOFR will be replaced hereunder and under any Loan Document with Daily Simple SOFR plus the SOFR Adjustment for any payment period for interest calculated that can be determined by Administrative Agent, in each case, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document (the “Successor Rate”).
If the Successor Rate is Daily Simple SOFR plus the SOFR Adjustment, all interest payments will be payable on a monthly basis.
Notwithstanding anything to the contrary herein, (i) if Administrative Agent determines that Daily Simple SOFR is not available on or prior to the Monthly SOFR Replacement Date, or (ii) if the events or circumstances of the type described in clauses (a) or (b) above have occurred with respect to the Successor Rate then in effect, then in each case, Administrative Agent and Borrowers may amend this Agreement and the other Loan Documents solely for the purpose of replacing Monthly SOFR or any then current Successor Rate in accordance with this Section 2.4 on an Interest Rate Change Date or on the relevant interest payment date for interest calculated, as applicable, with an alternative benchmark rate giving due consideration to any evolving or then
EXHIBIT A (SOFR) - PAGE 6
existing convention for similar U.S. Dollar-denominated credit facilities syndicated and agented in the United States for such alternative benchmark and, in each case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for similar U.S. Dollar-denominated credit facilities syndicated and agented in the United States for such benchmark. For the avoidance of doubt, any such proposed rate and adjustments, shall constitute a “Successor Rate”. Any such amendment shall become effective at 5:00 p.m. Administrative Agent’s Time on the fifth (5th) Business Day after Administrative Agent shall have posted such proposed amendment to all Lenders and Borrowers unless, prior to such time, Lenders comprising the Required Lenders have delivered to Administrative Agent written notice that such Required Lenders object to such amendment.
Administrative Agent will promptly (in one or more notices) notify Borrowers and each Lender of the implementation of any Successor Rate.
Any Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent such market practice is not administratively feasible for Administrative Agent, such Successor Rate shall be applied in a manner as otherwise reasonably determined by Administrative Agent.
Notwithstanding anything else herein, if at any time any Successor Rate as so determined would otherwise be less than zero percent (0.00%), the Successor Rate will be deemed to be zero percent (0.00%) for the purposes of this Agreement and the other Loan Documents.
In connection with the implementation of a Successor Rate, Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement; provided that, with respect to any such amendment effected, Administrative Agent shall post each such amendment implementing such Conforming Changes to Borrowers and the Lenders reasonably promptly after such amendment becomes effective.
It is expressly stipulated and agreed to be the intent of Borrowers, Administrative Agent and Lenders at all times to comply with applicable state Law or applicable United States federal Law (to the extent that it permits a Lender to contract for, charge, take, reserve, or receive a greater amount of interest than under state Law) and that this Section shall control every other covenant and agreement in this Agreement, the Note and the other Loan Documents. If applicable state or federal Law should at any time be judicially interpreted so as to render usurious any amount called for under any of the Loan Documents, or contracted for, charged, taken, reserved, or received with respect to the Loan, or if Administrative Agent’s exercise of the option to accelerate the Maturity Date, or if any prepayment by Borrowers results in Borrowers having paid any interest in excess of that permitted by Applicable Law, then it is Administrative Agent’s and each Lender’s express intent that all excess amounts theretofore collected by Administrative Agent or any Lender shall be credited on the Principal Debt and all other Indebtedness and the provisions of the Loan Documents shall immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new documents, so as to comply with the Applicable Law, but so as to permit the recovery of the fullest amount otherwise called for hereunder or thereunder. All sums paid or agreed to be paid to Lenders for the use, forbearance, or detention of the Loan shall, to the extent permitted by Applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Rate from time to time in effect and applicable to the Loan for so long as the Loan is outstanding. Without limitation of the foregoing, if Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the Principal Debt or, if it exceeds such unpaid Principal Debt, refunded to Borrowers.
EXHIBIT A (SOFR) - PAGE 7
10.Compensation for Losses. Section 2.6 of the Loan Agreement is hereby amended and restated in its entirety as follows:
2.6 Compensation for Losses. Within ten (10) days of written demand by any Lender (with a copy to Administrative Agent) from time to time (and at the time of any prepayment), Borrowers shall compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it (collectively, “Consequential Losses”) as a result of:
(a)any continuation, conversion, payment or prepayment of any Principal Debt bearing interest at a Monthly SOFR Rate or, if applicable, a Successor Rate on a day other than the last day of the interest period therefor (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise, including, but not limited to, acceleration upon any transfer or conveyance of any right, title or interest in the Property giving Administrative Agent on behalf of Lenders the right to accelerate the maturity of the Loan);
(b)any failure by Borrowers (for a reason other than the failure of such Lender to make an advance at a Monthly SOFR Rate or, if applicable, a Successor Rate) to prepay, continue or convert any Principal Debt bearing interest at a Monthly SOFR Rate or, if applicable, a Successor Rate on the date or in the amount notified by Borrowers in any rollover/conversion notice or otherwise; or
(c)any assignment of Principal Debt bearing interest at a Monthly SOFR Rate or, if applicable, a Successor Rate other than on the last day of the interest period therefor as a result of a request by Borrowers pursuant to Section 9.11,
including any loss of anticipated profits and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Principal Debt bearing interest at a Monthly SOFR Rate or, if applicable, a Successor Rate or from fees payable to terminate the deposits from which such funds were obtained. Borrowers shall also pay any customary administrative fees charged by such Lender in connection with the foregoing.
The amounts payable under this Section shall never be less than zero or greater than is permitted by applicable Law. For the avoidance of doubt, no amounts will be owing under this Section in connection with the prepayment of any Base Rate Principal, if applicable, or any Principal Debt bearing interest at a Daily Simple SOFR-related rate (if any).
By its signature below, each Borrower waives any right under California Civil Code Section 2954.10 or otherwise to prepay the Loan, in whole or in part, without payment of all amounts specified in this Section. Each Borrower acknowledges that prepayment of the Loan may result in Lenders incurring additional losses, costs, expenses and liabilities, including lost revenues and lost profits. Each Borrower therefore agrees to pay all amounts specified in this Section if any Monthly SOFR Principal is prepaid, whether voluntarily or by reason of acceleration, including acceleration upon any transfer or conveyance of any right, title or interest in the Property or Borrower giving Administrative Agent or Lenders the right to accelerate the maturity of the Loan as provided in the Loan Documents. Each Borrower agrees that Lenders’ willingness to offer the Monthly SOFR Rate to Borrowers is sufficient and independent consideration, given individual weight by Lenders, for this waiver. Each Borrower understands that Lenders would not offer the Monthly SOFR Rate to Borrowers absent this waiver.
Dated as of the date of this Agreement.
BORROWERS:
EXHIBIT A (SOFR) - PAGE 8
KBSIII 60 SOUTH SIXTH STREET, LLC,
a Delaware limited liability company
By: KBSIII REIT ACQUISITION VII, LLC,
a Delaware limited liability company,
its sole member
By: KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company,
its sole member
By: KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member
By: KBS REAL ESTATE INVESTMENT TRUST III, INC.,
a Maryland corporation,
its general partner
By: /s/ Charles J. Schreiber, Jr.
Charles J. Schreiber, Jr.,
Chief Executive Officer
EXHIBIT A (SOFR) - PAGE 9
KBSIII PRESTON COMMONS, LLC,
a Delaware limited liability company
By: KBSIII REIT ACQUISITION IX, LLC,
a Delaware limited liability company,
its sole member
By: KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company,
its sole member
By: KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member
By: KBS REAL ESTATE INVESTMENT TRUST III, INC.,
a Maryland corporation,
its general partner
By: /s/ Charles J. Schreiber, Jr.
Charles J. Schreiber, Jr.,
Chief Executive Officer
EXHIBIT A (SOFR) - PAGE 10
KBSIII STERLING PLAZA, LLC,
a Delaware limited liability company
By: KBSIII REIT ACQUISITION VIII, LLC,
a Delaware limited liability company,
its sole member
By: KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company,
its sole member
By: KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member
By: KBS REAL ESTATE INVESTMENT TRUST III, INC.,
a Maryland corporation,
its general partner
By: /s/ Charles J. Schreiber, Jr.
Charles J. Schreiber, Jr.,
Chief Executive Officer
EXHIBIT A (SOFR) - PAGE 11
KBSIII TOWERS AT EMERYVILLE, LLC,
a Delaware limited liability company
By: KBSIII REIT ACQUISITION XXI, LLC,
a Delaware limited liability company,
its sole member
By: KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company,
its sole member
By: KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member
By: KBS REAL ESTATE INVESTMENT TRUST III, INC.,
a Maryland corporation,
its general partner
By: /s/ Charles J. Schreiber, Jr.
Charles J. Schreiber, Jr.,
Chief Executive Officer
EXHIBIT A (SOFR) - PAGE 12
KBSIII TEN ALMADEN, LLC,
a Delaware limited liability company
By: KBSIII REIT ACQUISITION XIX, LLC,
a Delaware limited liability company,
its sole member
By: KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company,
its sole member
By: KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member
By: KBS REAL ESTATE INVESTMENT TRUST III, INC.,
a Maryland corporation,
its general partner
By: /s/ Charles J. Schreiber, Jr.
Charles J. Schreiber, Jr.,
Chief Executive Officer
EXHIBIT A (SOFR) - PAGE 13
KBSIII LEGACY TOWN CENTER, LLC,
a Delaware limited liability company
By: KBSIII REIT ACQUISITION III, LLC,
a Delaware limited liability company,
its sole member
By: KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company,
its sole member
By: KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member
By: KBS REAL ESTATE INVESTMENT TRUST III, INC.,
a Maryland corporation,
its general partner
By: /s/ Charles J. Schreiber, Jr.
Charles J. Schreiber, Jr.,
Chief Executive Officer
EXHIBIT A (SOFR) - PAGE 14
Exhibit 10.2
EXECUTION COPY
SECOND AMENDMENT TO DEED OF OFFICE LEASE
THIS SECOND AMENDMENT TO DEED OF OFFICE LEASE (this “Amendment”) is made as of August 12, 2024 (the “Effective Date”), by and between KBSIII 3003 WASHINGTON, LLC, a Delaware limited liability company (“Landlord”) and KBS REALTY ADVISORS, LLC, a Delaware limited liability company (“Tenant”).
RECITALS
A.Landlord and Tenant are parties to that certain Deed of Office Lease dated as of May 29, 2015 (the “Office Lease”), as amended by that certain First Amendment to Deed of Lease dated as of March 14, 2019 (the “First Amendment”, together with the Office Lease, the "Original Lease"), pursuant to which Tenant leases from Landlord approximately 5,046 rentable square feet of space (the “Premises”) located on the ninth (9th) floor of the building having a street address of 3003 Washington Boulevard, Arlington, Virginia 22201 (the "Building"), as more particularly described in the Original Lease.
B.The Term of the Original Lease (the “Original Term”) expires on August 31, 2024.
C.Tenant has requested an additional allowance to be used against the Construction Costs (as defined in Section 7.b of the First Amendment).
D.Landlord is willing to provide to Tenant the Additional Improvement Allowance (as defined herein) subject to and in accordance with the terms and conditions set forth in this Amendment
NOW, THEREFORE, in consideration of the mutual promises herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows:
1.Incorporation of Recitals; Definitions. The foregoing recitals are hereby incorporated in this Amendment and made a part hereof by this reference. All capitalized terms used in this Amendment shall have the meanings ascribed thereto in the Original Lease, unless otherwise defined herein. As used herein and in the Original Lease, the term "Lease" means the Original Lease, as amended by this Amendment.
2.Extension of Term. The Original Term is hereby extended for a period (the “Extension Period”) of sixty-three (63) full calendar months, commencing on September 1, 2024 (the “Extension Period Commencement Date”) and expiring on November 30, 2029, unless otherwise earlier terminated in accordance with the terms and conditions of the Lease. As used herein and in the Original Lease, the term "Term" shall mean the Original Term as extended by the Extension Period, and the term “Lease Expiration Date” shall mean November 30, 2029. Tenant shall lease the Premises for the Extension Period on all the terms and conditions of the Original Lease, subject to the terms of this Amendment. Landlord and Tenant acknowledge and agree Tenant has no options to renew or extend the Term of the Lease beyond the expiration of the Extension Period.
3.Extension Period Annual Base Rent.
A.Commencing on the Extension Period Commencement Date, and thereafter during the Extension Period, Tenant shall pay as Annual Base Rent the amounts set forth immediately below, which amounts shall be payable in the Monthly Base Rent installments as set forth immediately below:
| | | | | | | | | | | |
| Extension Period | Annual Base
Rent
Per Square Foot | Annual Base
Rent* | Monthly Base
Rent |
| September 1, 2024 – August 31, 2025 | $56.00 | $282,576.00 | $23,548.00 |
| September 1, 2025 – August 31, | $57.40 | $289,640.40 | $24,136.70 |
EXECUTION COPY
| | | | | | | | | | | |
| 2026 | | | |
| September 1, 2026 – August 31, 2027 | $58.84 | $296,906.64 | $24,742.22 |
| September 1, 2027 – August 31, 2028 | $60.31 | $304,324.32 | $25,360.36 |
| September 1, 2028 – August 31, 2029 | $61.82 | $311,943.72 | $25,995.31 |
| September 1, 2029 – November 30, 2029 | $63.37 | $319,765.08** | $26,647.09 |
*Calculated on an annual basis.
** Partial year through November 30, 2029; calculated on an annualized basis. |
All installments of Annual Base Rent shall (i) be payable in advance, on the first day of each calendar month during the Lease Term following the Extension Period Commencement Date, and (ii) shall be paid in accordance with the terms and conditions of the Original Lease.
B.Notwithstanding the terms of Section 3.A above to the contrary, provided no Event of Default shall have occurred, Landlord hereby agrees to abate one hundred percent (100%) of each installment of Monthly Base Rent payable by Tenant (the "Second Amendment Abatement") for the period comprising the first six (6) full calendar months of the Extension Period (the “Second Amendment Abatement Period”). On the day immediately following the expiration of the Second Amendment Abatement Period, and thereafter throughout the Extension Period, Tenant shall pay Landlord full Monthly Base Rent in the amounts set forth in this Amendment.
4.Tenant's Pro Rata Share. During the Extension Period, Tenant shall continue to pay to Landlord Tenant's Pro Rata Share (Operating Expenses) and Tenant's Pro Rata Share (Real Estate Taxes) in accordance with the terms of the Lease; provided, however that for purposes of calculating Tenant's Pro Rata Share (Operating Expenses) and Tenant's Pro Rata Share (Real Estate Taxes) first accruing following the Extension Period Commencement Date, "Base Year" shall mean "calendar year 2024."
5."As-is" Condition. Except as set forth in Section 6 below, Tenant agrees to accept and lease the Premises for the Extension Period in its "as is" condition and Landlord shall have no obligation to perform any alterations or improvements to the Premises, or to provide any allowance for same. Tenant acknowledges that Landlord has not made any representation or warranty with respect to the condition of the Premises or the Building, or with respect to the suitability or fitness of either for the conduct of Tenant's business therein or for any other purpose.
6.Additional Improvement Allowance. Landlord hereby agrees to provide to Tenant an additional improvement allowance (the "Additional Improvement Allowance") in the amount of Twenty-Five Thousand Two Hundred Thirty and Zero/100 Dollars ($25,230.00) solely to be applied to Construction Costs. The Additional Improvement Allowance shall be disbursed in accordance with the terms and conditions of the Original Lease regarding the disbursement of the Improvement Allowance, including without limitation Section 7.b of the First Amendment.
7.Termination by Tenant.
A.Tenant’s Termination Option. Tenant shall have the one time right (the “Termination Option”) to terminate the Lease effective as of February 29, 2028 (the “Termination Date”). Tenant shall only be entitled to exercise the Termination Option by (i) delivering written notice thereof (the “Termination Notice”) to Landlord no later than February 28, 2027, and (ii) paying to Landlord the Termination Payment (hereinafter defined) in immediately available funds. The “Termination Payment” shall equal $79,672.32. The Termination Payment shall be paid by Tenant to Landlord in two equal installments: the first installment equal to fifty percent (50%) of the Termination Payment shall be due and payable by Tenant to Landlord simultaneously with the delivery of the Termination Notice, and the second installment equal to fifty (50%) of the Termination Payment shall be due and payable by Tenant to Landlord on or prior to the Termination Date. The Termination Payment shall be in addition to, and not in lieu of, the payments of Base Rent, Additional Rent, and other charges due
EXECUTION COPY
and payable under the Lease through the Termination Date. In the event Tenant fails to provide the Termination Notice and Termination Payment and otherwise comply with the terms to exercise the Termination Option as required above, then all rights of Tenant under this Section 7 shall immediately lapse and be of no further force or effect. If the Termination Option is exercised in accordance herewith, then the Lease shall terminate on the Termination Date as if such date were the Lease Expiration Date originally set forth in this Lease and, accordingly, the Lease Expiration Date shall be amended to be the Termination Date. Time is of the essence with respect to Tenant’s obligations hereunder. If requested by Landlord, Tenant shall enter into a termination agreement, in a form reasonably prepared by Landlord, confirming the termination of the Lease in accordance with the terms of this Section 7. The Termination Option shall be personal to the Tenant originally named in this Amendment and cannot be exercised by any assignee, subtenant or any other person or entity.
B.Tenant’s Termination Right on Sale of the Building. Notwithstanding anything in the Lease to the contrary, in the event of any sale of the Building or transfer of the interests in Landlord to an unrelated third party (either, a “Landlord Sale”), Landlord shall immediately provide notice of same to Tenant (the “Sale Notice”). Tenant shall have the right to terminate the Lease (the “Early Termination Right”) without penalty or payment of any termination fee by delivering notice (the “Early Termination Notice”) of such election to terminate the Lease to Landlord within ninety (90) days following receipt of the Sale Notice, which termination will be effective at Tenant’s option as of (i) the ninetieth (90th) day after Landlord’s receipt of the Early Termination Notice, or (ii) the date of closing of the Landlord Sale, whichever is later. If the Early Termination Right is exercised in accordance herewith, then the Lease shall terminate on the termination date set forth in the Early Termination Notice (the “Early Termination Date”) as if such date were the Lease Expiration Date originally set forth in this Lease and, accordingly, the Lease Expiration Date shall be amended to be the Early Termination Date. If requested by Landlord, Tenant shall enter into a termination agreement, in a form reasonably prepared by Landlord, confirming the termination of the Lease in accordance with the terms of this Section 7. The Early Termination Right shall be personal to the Tenant originally named in this Amendment and cannot be exercised by any assignee, subtenant or any other person or entity.
8.Landlord’s Relocation Right. Landlord shall have the option during the Extension Period to relocate Tenant to alternative space in the Building (the "Relocation Premises"), which Relocation Premises shall be of comparable quality and comparable size or larger to the Premises, in accordance with this Section 8. Landlord shall give Tenant not less than ninety (90) days’ prior written notice of such relocation, which notice shall include the date on which Tenant shall be required to relocate or move and a description of the Relocation Premises to which Tenant will be relocated. In the event of such relocation, the Relocation Premises shall for all purposes be deemed the Premises hereunder and this Lease shall continue in full force and effect without any change in the other terms or conditions hereof.
9.Broker. Landlord and Tenant recognize Newmark as Landlord’s broker (the "Landlord’s Broker"), as the sole broker with respect to this Amendment and Landlord agrees to be responsible for the payment of any leasing commissions owed to Landlord’s Broker in accordance with the terms of a separate commission agreement entered into between Landlord and Landlord’s Broker.
10.Successors; Governing Law. This Amendment shall be (a) binding upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns, and (b) governed by and construed in accordance with the laws of the Commonwealth of Virginia.
11.Ratification; Entire Agreement. Except as expressly amended by this Amendment, all terms, conditions and provisions of the Original Lease are hereby ratified and confirmed and shall continue in full force and effect. This Amendment contains and embodies the entire agreement of the parties hereto with respect to the subject matter hereof. This Amendment may not be modified or changed in whole or in part in any manner other than by an instrument in writing duly signed by the parties hereto. In the event of any inconsistencies between the provisions of the Original Lease and this Amendment, the provisions of this Amendment shall control.
EXECUTION COPY
12.No Offer. The submission of this Amendment to Tenant does not constitute an offer to amend the Original Lease. This Amendment shall have no force and effect until it is executed and delivered by Tenant to Landlord and executed by Landlord.
13.Counterpart Copies. This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which together shall constitute but one and the same instrument. Photocopies and electronically scanned or faxed copies of original signature pages, and/or digital or electronic signature pages executed using “DocuSign” or any other method of electronic execution, shall be deemed originals in all respects and binding on the parties. At either party’s request, both parties hereto shall execute and deliver to each other originally-executed conforming duplicates of this Amendment.
[The rest of this page intentionally left blank. Signatures appear on the following page.]
IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment to Deed of Office Lease under seal as of the day and year first hereinabove written.
LANDLORD:
KBSIII 3003 WASHINGTON, LLC,
a Delaware limited liability company
By: /s/ Luke Hamagiwa
Name: Luke Hamagiwa
Title: Senior Vice President
TENANT:
KBS REALTY ADVISORS, LLC,
a Delaware limited liability company
By: /s/ Marc DeLuca
Name: Mark DeLuca
Title: CEO
Exhibit 31.1
Certification of Chief Executive Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
I, Charles J. Schreiber, Jr., certify that:
1.I have reviewed this quarterly report on Form 10-Q of KBS Real Estate Investment Trust III, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | | | | |
| Date: | November 14, 2024 | By: | /S/ CHARLES J. SCHREIBER, JR. |
| | | Charles J. Schreiber, Jr. |
| | | Chief Executive Officer, President and Director |
| | | (principal executive officer) |
Exhibit 31.2
Certification of Chief Financial Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
I, Jeffrey K. Waldvogel, certify that:
1.I have reviewed this quarterly report on Form 10-Q of KBS Real Estate Investment Trust III, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | | | | |
| Date: | November 14, 2024 | By: | /S/ JEFFREY K. WALDVOGEL |
| | | Jeffrey K. Waldvogel |
| | | Chief Financial Officer, Treasurer and Secretary |
| | | (principal financial officer) |
Exhibit 32.1
Certification pursuant to 18 U.S.C. Section 1350,
as Adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report on Form 10-Q of KBS Real Estate Investment Trust III, Inc. (the “Registrant”) for the quarter ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Charles J. Schreiber, Jr., Chief Executive Officer, President and Director of the Registrant, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge and belief:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
| | | | | | | | | | | |
| Date: | November 14, 2024 | By: | /S/ CHARLES J. SCHREIBER, JR. |
| | | Charles J. Schreiber, Jr. |
| | | Chief Executive Officer, President and Director |
| | | (principal executive officer) |
Exhibit 32.2
Certification pursuant to 18 U.S.C. Section 1350,
as Adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report on Form 10-Q of KBS Real Estate Investment Trust III, Inc. (the “Registrant”) for the quarter ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Jeffrey K. Waldvogel, the Chief Financial Officer, Treasurer and Secretary of the Registrant, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge and belief:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
| | | | | | | | | | | |
| Date: | November 14, 2024 | By: | /S/ JEFFREY K. WALDVOGEL |
| | | Jeffrey K. Waldvogel |
| | | Chief Financial Officer, Treasurer and Secretary |
| | | (principal financial officer) |
v3.24.3
Cover Page - shares
|
9 Months Ended |
|
Sep. 30, 2024 |
Nov. 12, 2024 |
| Cover [Abstract] |
|
|
| Document Type |
10-Q
|
|
| Document Quarterly Report |
true
|
|
| Document Period End Date |
Sep. 30, 2024
|
|
| Document Transition Report |
false
|
|
| Entity File Number |
000-54687
|
|
| Entity Registrant Name |
KBS REAL ESTATE INVESTMENT TRUST III, INC.
|
|
| Entity Incorporation, State or Country Code |
MD
|
|
| Entity Tax Identification Number |
27-1627696
|
|
| Entity Address, Address Line One |
800 Newport Center Drive, Suite 700
|
|
| Entity Address, City or Town |
Newport Beach,
|
|
| Entity Address, State or Province |
CA
|
|
| Entity Address, Postal Zip Code |
92660
|
|
| City Area Code |
949
|
|
| Local Phone Number |
417-6500
|
|
| Entity Current Reporting Status |
Yes
|
|
| Entity Interactive Data Current |
Yes
|
|
| Entity Filer Category |
Non-accelerated Filer
|
|
| Entity Small Business |
false
|
|
| Entity Emerging Growth Company |
false
|
|
| Entity Shell Company |
false
|
|
| Entity Common Stock, Shares Outstanding |
|
148,516,246
|
| Amendment flag |
false
|
|
| Document fiscal period focus |
Q3
|
|
| Entity Central Index Key |
0001482430
|
|
| Document Fiscal Year Focus |
2024
|
|
| Current Fiscal Year End Date |
--12-31
|
|
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|
v3.24.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Real estate: |
|
|
| Land |
$ 243,294
|
$ 268,715
|
| Buildings and improvements |
2,114,494
|
2,209,503
|
| Tenant origination and absorption costs |
27,558
|
34,574
|
| Total real estate held for investment, cost |
2,385,346
|
2,512,792
|
| Less accumulated depreciation and amortization |
(703,806)
|
(701,661)
|
| Total real estate held for investment, net |
1,681,540
|
1,811,131
|
| Real estate held for sale, net |
0
|
28,347
|
| Total real estate, net |
1,681,540
|
1,839,478
|
| Real estate equity securities |
44,399
|
51,802
|
| Total real estate and real estate-related investments, net |
1,725,939
|
1,891,280
|
| Cash and cash equivalents |
31,516
|
36,836
|
| Restricted cash |
14,539
|
14,086
|
| Rents and other receivables, net |
104,006
|
96,056
|
| Above-market leases, net |
137
|
189
|
| Assets related to real estate held for sale, net |
0
|
4,635
|
| Prepaid expenses and other assets |
82,782
|
96,303
|
| Total assets |
1,958,919
|
2,139,385
|
| Notes payable: |
|
|
| Notes payable, net |
1,589,507
|
1,689,719
|
| Notes payable related to real estate held for sale, net |
0
|
46,177
|
| Notes payable, net |
1,589,507
|
1,735,896
|
| Accounts payable and accrued liabilities |
47,646
|
49,646
|
| Due to affiliate |
18,948
|
17,408
|
| Below-market leases, net |
658
|
1,069
|
| Liabilities related to real estate held for sale, net |
0
|
515
|
| Other liabilities |
64,339
|
67,439
|
| Total liabilities |
1,721,098
|
1,871,973
|
| Commitments and contingencies (Note 12) |
|
|
| Redeemable common stock |
0
|
0
|
| Stockholders’ equity: |
|
|
| Preferred stock, $.01 par value per share; 10,000,000 shares authorized, no shares issued and outstanding |
0
|
0
|
| Common stock, $.01 par value per share; 1,000,000,000 shares authorized, 148,516,246 and 148,516,246 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively |
1,485
|
1,485
|
| Additional paid-in capital |
1,313,297
|
1,313,299
|
| Cumulative distributions in excess of net income |
(1,076,961)
|
(1,047,372)
|
| Total stockholders’ equity |
237,821
|
267,412
|
| Total liabilities and equity |
$ 1,958,919
|
$ 2,139,385
|
| X |
- DefinitionThis element represents an asset associated with the acquisition of an off-market lease when the terms of the lease are favorable to the market terms for the lease at the date of acquisition.
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|
| X |
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
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Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
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| X |
- DefinitionCarrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Subparagraph (SX 210.13-02(a)(4)(i))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
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v3.24.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
|
Sep. 30, 2024 |
Dec. 31, 2023 |
| Statement of Financial Position [Abstract] |
|
|
| Preferred stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
| Preferred stock, shares authorized (in shares) |
10,000,000
|
10,000,000
|
| Preferred stock, shares issued (in shares) |
0
|
0
|
| Preferred stock, shares outstanding (in shares) |
0
|
0
|
| Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
| Common stock, shares authorized (in shares) |
1,000,000,000
|
1,000,000,000
|
| Common stock, shares issued (in shares) |
148,516,246
|
148,516,246
|
| Common stock, shares outstanding (in shares) |
148,516,246
|
148,516,246
|
| X |
- DefinitionFace amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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| X |
- DefinitionThe maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
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| X |
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-Name Accounting Standards Codification
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-SubTopic 10
-Topic 505
-Publisher FASB
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Section S99
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Topic 210
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-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
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-Topic 210
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 210
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (a)
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-Topic 210
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
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v3.24.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Revenues: |
|
|
|
|
| Rental income |
$ 63,538
|
$ 69,489
|
$ 193,576
|
$ 200,859
|
| Dividend income from real estate equity securities |
427
|
5,310
|
967
|
11,850
|
| Other operating income |
4,642
|
4,748
|
13,688
|
13,857
|
| Total revenues |
68,607
|
79,547
|
208,231
|
226,566
|
| Expenses: |
|
|
|
|
| Operating, maintenance and management |
18,751
|
19,789
|
53,852
|
55,728
|
| Real estate taxes and insurance |
12,736
|
12,542
|
37,807
|
39,994
|
| Asset management fees to affiliate |
4,942
|
5,268
|
14,762
|
15,542
|
| General and administrative expenses |
6,292
|
1,630
|
14,155
|
4,766
|
| Depreciation and amortization |
27,539
|
29,154
|
83,559
|
86,263
|
| Interest expense |
32,055
|
31,059
|
97,716
|
87,137
|
| Net loss (gain) on derivative instruments |
14,918
|
(12,180)
|
(6,137)
|
(32,110)
|
| Impairment charges on real estate |
6,847
|
0
|
6,847
|
45,459
|
| Total expenses |
124,080
|
87,262
|
302,561
|
302,779
|
| Other income (loss): |
|
|
|
|
| Unrealized gain (loss) on real estate equity securities |
16,620
|
(15,541)
|
(7,403)
|
(57,630)
|
| Gain from extinguishment of debt |
0
|
0
|
56,372
|
0
|
| Gain on sale of real estate, net |
0
|
0
|
14,781
|
0
|
| Other interest income |
309
|
140
|
991
|
250
|
| Total other income (loss), net |
16,929
|
(15,401)
|
64,741
|
(57,380)
|
| Net loss |
$ (38,544)
|
$ (23,116)
|
$ (29,589)
|
$ (133,593)
|
| Net loss per common share, basic (in dollars per share) |
$ (0.26)
|
$ (0.16)
|
$ (0.20)
|
$ (0.90)
|
| Net loss per common share, diluted (in dollars per share) |
$ (0.26)
|
$ (0.16)
|
$ (0.20)
|
$ (0.90)
|
| Weighted-average number of common shares outstanding, basic (in shares) |
148,516,246
|
149,007,610
|
148,516,246
|
148,775,325
|
| Weighted-average number of common shares outstanding, diluted (in shares) |
148,516,246
|
149,007,610
|
148,516,246
|
148,775,325
|
| X |
- DefinitionCosts associated with revenues arising from an entity that is an affiliate of the reporting entity by means of direct or indirect ownership. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
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-Section S99
-Paragraph 2
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-Topic 220
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-Topic 220
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-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Section 55
-Paragraph 48
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Section 55
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
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-Section 50
-Paragraph 1
-Subparagraph (i)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1B
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands |
Total |
Total Stockholders’ Equity |
Common Stock |
Additional Paid-in Capital |
Cumulative Distributions in Excess of Net Income |
| Beginning balance (in shares) at Dec. 31, 2022 |
|
|
147,964,954
|
|
|
| Beginning balance at Dec. 31, 2022 |
|
$ 421,668
|
$ 1,480
|
$ 1,275,833
|
$ (855,645)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Net loss |
$ (133,593)
|
(133,593)
|
|
|
(133,593)
|
| Other offering costs |
|
(9)
|
|
(9)
|
|
| Issuance of common stock (in shares) |
|
|
1,900,374
|
|
|
| Issuance of common stock |
|
16,248
|
$ 19
|
16,229
|
|
| Transfers to redeemable common stock |
|
(6,241)
|
|
(6,241)
|
|
| Redemptions of common stock (in shares) |
|
|
(1,112,401)
|
|
|
| Redemptions of common stock |
|
(10,012)
|
$ (12)
|
(10,000)
|
|
| Distributions declared |
|
(34,194)
|
|
|
(34,194)
|
| Ending balance (in shares) at Sep. 30, 2023 |
|
|
148,752,927
|
|
|
| Ending balance at Sep. 30, 2023 |
|
253,867
|
$ 1,487
|
1,275,812
|
(1,023,432)
|
| Beginning balance (in shares) at Jun. 30, 2023 |
|
|
148,864,885
|
|
|
| Beginning balance at Jun. 30, 2023 |
|
276,987
|
$ 1,489
|
1,275,814
|
(1,000,316)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Net loss |
|
(23,116)
|
|
|
(23,116)
|
| Other offering costs |
|
(3)
|
|
(3)
|
|
| Issuance of common stock (in shares) |
|
|
255,509
|
|
|
| Issuance of common stock |
|
2,183
|
$ 3
|
2,180
|
|
| Transfers from redeemable common stock |
|
1,123
|
|
1,123
|
|
| Redemptions of common stock (in shares) |
|
|
(367,467)
|
|
|
| Redemptions of common stock |
|
(3,307)
|
$ (5)
|
(3,302)
|
|
| Ending balance (in shares) at Sep. 30, 2023 |
|
|
148,752,927
|
|
|
| Ending balance at Sep. 30, 2023 |
|
253,867
|
$ 1,487
|
1,275,812
|
(1,023,432)
|
| Beginning balance (in shares) at Dec. 31, 2023 |
148,516,246
|
|
148,516,246
|
|
|
| Beginning balance at Dec. 31, 2023 |
|
267,412
|
$ 1,485
|
1,313,299
|
(1,047,372)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Net loss |
$ (29,589)
|
(29,589)
|
|
|
(29,589)
|
| Other offering costs |
|
(2)
|
|
(2)
|
|
| Ending balance (in shares) at Sep. 30, 2024 |
148,516,246
|
|
148,516,246
|
|
|
| Ending balance at Sep. 30, 2024 |
|
237,821
|
$ 1,485
|
1,313,297
|
(1,076,961)
|
| Beginning balance (in shares) at Jun. 30, 2024 |
|
|
148,516,246
|
|
|
| Beginning balance at Jun. 30, 2024 |
|
276,365
|
$ 1,485
|
1,313,297
|
(1,038,417)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Net loss |
|
(38,544)
|
|
|
(38,544)
|
| Ending balance (in shares) at Sep. 30, 2024 |
148,516,246
|
|
148,516,246
|
|
|
| Ending balance at Sep. 30, 2024 |
|
$ 237,821
|
$ 1,485
|
$ 1,313,297
|
$ (1,076,961)
|
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Cash Flows from Operating Activities: |
|
|
| Net loss |
$ (29,589)
|
$ (133,593)
|
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
83,559
|
86,263
|
| Impairment charges on real estate |
6,847
|
45,459
|
| Unrealized loss on real estate equity securities |
7,403
|
57,630
|
| Deferred rents |
(7,724)
|
(5,842)
|
| Amortization of above- and below-market leases, net |
(359)
|
(593)
|
| Amortization of deferred financing costs |
7,790
|
3,085
|
| Unrealized loss (gain) on derivative instruments |
13,728
|
(9,248)
|
| Gains related to swap terminations |
(178)
|
0
|
| Interest rate swap settlement for early terminated swaps |
6,552
|
0
|
| Gain from extinguishment of debt |
(56,372)
|
0
|
| Gain on sale of real estate |
(14,781)
|
0
|
| Interest rate swap settlements for off-market swap instruments |
0
|
(8,104)
|
| Changes in operating assets and liabilities: |
|
|
| Rents and other receivables |
(4,763)
|
(2,674)
|
| Due from affiliate |
0
|
10
|
| Prepaid expenses and other assets |
(16,525)
|
(12,416)
|
| Accounts payable and accrued liabilities |
8,898
|
3,926
|
| Due to affiliate |
1,540
|
5,312
|
| Other liabilities |
802
|
7,977
|
| Net cash provided by operating activities |
6,828
|
37,192
|
| Cash Flows from Investing Activities: |
|
|
| Improvements to real estate |
(28,591)
|
(63,188)
|
| Purchase of interest rate cap |
0
|
(25)
|
| Proceeds from sale of real estate, net |
46,929
|
0
|
| Net cash provided by (used in) investing activities |
18,338
|
(63,213)
|
| Cash Flows from Financing Activities: |
|
|
| Proceeds from notes payable |
33,940
|
46,820
|
| Principal payments on notes payable |
(56,342)
|
(1,356)
|
| Payments of deferred financing costs |
(5,743)
|
(628)
|
| Interest rate swap settlements for off-market swap instruments |
0
|
7,820
|
| Restricted cash surrendered from deed-in-lieu of foreclosure |
(1,886)
|
0
|
| Payments to redeem common stock |
0
|
(10,012)
|
| Payments of other offering costs |
(2)
|
(9)
|
| Distributions paid to common stockholders |
0
|
(25,320)
|
| Net cash (used in) provided by financing activities |
(30,033)
|
17,315
|
| Net decrease in cash, cash equivalents and restricted cash |
(4,867)
|
(8,706)
|
| Cash, cash equivalents and restricted cash, beginning of period |
50,922
|
53,837
|
| Cash, cash equivalents and restricted cash, end of period |
46,055
|
45,131
|
| Supplemental Disclosure of Cash Flow Information: |
|
|
| Interest paid |
69,438
|
67,995
|
| Supplemental Disclosure of Noncash Investing and Financing Activities: |
|
|
| Mortgage loan extinguished in connection with deed-in-lieu of foreclosure |
125,000
|
0
|
| Real estate transferred in connection with deed-in-lieu of foreclosure |
69,028
|
0
|
| Net liabilities transferred in connection with deed-in-lieu of foreclosure |
2,286
|
0
|
| Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan |
0
|
16,248
|
| Accrued improvements to real estate |
6,233
|
15,650
|
| Accrued interest rate swap settlements related to off-market swap instruments |
$ 0
|
$ (999)
|
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v3.24.3
ORGANIZATION
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| ORGANIZATION |
ORGANIZATION KBS Real Estate Investment Trust III, Inc. (the “Company”) was formed on December 22, 2009 as a Maryland corporation that elected to be taxed as a real estate investment trust (“REIT”) beginning with the taxable year ended December 31, 2011 and it intends to continue to operate in such manner. Substantially all of the Company’s business is conducted through KBS Limited Partnership III (the “Operating Partnership”), a Delaware limited partnership. The Company is the sole general partner of and owns a 0.1% partnership interest in the Operating Partnership. KBS REIT Holdings III LLC (“REIT Holdings III”), the limited partner of the Operating Partnership, owns the remaining 99.9% interest in the Operating Partnership and is its sole limited partner. The Company is the sole member and manager of REIT Holdings III. Subject to certain restrictions and limitations, the business of the Company is externally managed by KBS Capital Advisors LLC (the “Advisor”), an affiliate of the Company, pursuant to an advisory agreement the Company entered into with the Advisor (as amended, the “Advisory Agreement”). On January 26, 2010, the Company issued 20,000 shares of its common stock to the Advisor at a purchase price of $10.00 per share. As of September 30, 2024, the Advisor owned 20,857 shares of the Company’s common stock. The Company owns a diverse portfolio of real estate investments. As of September 30, 2024, the Company owned 14 office properties, one mixed-use office/retail property and an investment in the equity securities of Prime US REIT, a Singapore real estate investment trust (the “SREIT”). The Company commenced its initial public offering (the “Offering”) on October 26, 2010. Upon commencing the Offering, the Company retained KBS Capital Markets Group LLC (the “Dealer Manager”), an affiliate of the Company, to serve as the dealer manager of the Offering pursuant to a dealer manager agreement, as amended and restated (the “Dealer Manager Agreement”). The Company ceased offering shares of common stock in the primary Offering on May 29, 2015 and terminated the primary Offering on July 28, 2015. The Company sold 169,006,162 shares of common stock in the primary Offering for gross proceeds of $1.7 billion. The Company sold 46,154,757 shares of common stock under its dividend reinvestment plan for gross offering proceeds of $471.3 million. The Company has redeemed or repurchased 74,644,349 shares sold in the Offering for $789.2 million. On March 15, 2024, the Company terminated its dividend reinvestment plan and its share redemption program. Additionally, on October 3, 2014, the Company issued 258,462 shares of common stock for $2.4 million in private transactions exempt from the registration requirements pursuant to Section 4(a)(2) of the Securities Act of 1933.
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- DefinitionThe entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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v3.24.3
GOING CONCERN
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| GOING CONCERN |
GOING CONCERNThe Company generally finances its real estate investments using notes payable that are typically structured as non-recourse secured mortgages with maturities of approximately three to five years, with short-term extension options available upon the Company meeting certain debt covenants. Each reporting period, management evaluates the Company’s ability to continue as a going concern by evaluating conditions and events, including assessing the Company’s liquidity needs in order to satisfy upcoming debt obligations and the Company’s ability to satisfy debt covenant requirements. Through the normal course of operations, the Company has $1.0 billion of notes payable maturing during the 12-month period from the issuance of these financial statements. In order to refinance, restructure or extend the Company’s maturing debt obligations, the Company has been required to reduce the loan commitments and/or make paydowns on certain loans, and the Company may be required to make additional reductions to loan commitments and paydowns on the loans maturing during the next 12 months in order to refinance, restructure or extend those loans. As a result of reductions in loan commitments and paydowns and the ongoing liquidity needs in the Company’s real estate portfolio, the Company may consider selling assets into a challenged real estate market in an effort to manage its liquidity needs. Selling real estate assets in the current market would likely adversely impact the ultimate sale price. In addition, the Company continues to evaluate raising capital through the issuance of new equity or debt. The Company may also defer noncontractual expenditures. However, there can be no assurances as to the certainty or timing of management’s plans to be effectively implemented within one year from the date the financial statements are issued, as certain elements of management’s plans are outside the control of the Company, including its ability to successfully refinance, restructure or extend certain of its debt instruments, sell assets or raise capital. As a result of the Company’s upcoming loan maturities, reductions in loan commitments and loan paydowns, the challenging commercial real estate lending environment, the current interest rate environment, leasing challenges in certain markets where the Company owns properties, reduction in the Company’s cash flows due to elevated interest rates and the lack of transaction volume in the U.S. office market as well as general market instability, management’s plans cannot be considered probable and thus do not alleviate substantial doubt about the Company’s ability to continue as a going concern. See Note 8, “Notes Payable” for further information regarding the Company’s notes payable.
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- DefinitionThe entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2023. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”). Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The consolidated financial statements include the accounts of the Company, REIT Holdings III, the Operating Partnership and their direct and indirect wholly owned subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. Use of Estimates 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. Reclassifications 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 nine months ended September 30, 2024, the Company sold an office property. As a result, certain assets and liabilities related to this property were reclassified to held for sale on the consolidated balance sheets for all periods presented. Comprehensive Income (Loss) Comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023 was equal to net income (loss) for these respective periods. Derivative Instruments Cash Flow Classification of Derivative Settlements The Company classifies proceeds received or amounts paid related to early terminations or settlements of its derivative instruments not designated as hedges for accounting purposes in cash flows from operating activities in the statement of cash flows. During the nine months ended September 30, 2024, the Company terminated two interest rate swap agreements and received aggregate settlement proceeds of $6.6 million which was included in net cash flow provided by operating activities in the accompanying consolidated statement of cash flows. Per Share Data Basic net income (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted net income (loss) per share of common stock equals basic net income (loss) per share of common stock as there were no potentially dilutive securities outstanding during the three and nine months ended September 30, 2024 and 2023, respectively. Distributions declared per common share were $0.230 in the aggregate for the nine months ended September 30, 2023. No distributions were declared for the three months ended September 30, 2023. Distributions declared per common share assumes each share was issued and outstanding each day that was a record date for distributions and were based on a monthly record date for each month during the period commencing January 2023 through June 2023. For each monthly record date for distributions during the period from January 1, 2023 through June 30, 2023, distributions were calculated at a rate of $0.03833333 per share. No distributions were declared for the nine months ended September 30, 2024. Square Footage, Occupancy and Other Measures Square footage, occupancy, number of tenants and other measures, including annualized base rent and annualized base rent per square foot, used to describe real estate investments included in these condensed notes to the consolidated financial statements are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. Segments The Company has invested in core real estate properties and real estate-related investments with the goal of acquiring a portfolio of income-producing investments. The Company’s real estate properties exhibit similar long-term financial performance and have similar economic characteristics to each other. Accordingly, the Company aggregated its investments in real estate properties into one reportable business segment. Recently Issued Accounting Standards Update In November 2023, the FASB issued accounting standards update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses, as well as disclosure of the title and position of the chief operating decision maker (“CODM”) and how the CODM uses the reported measure(s) of segment profit or loss in assessing performance. Public entities with a single reportable segment are required to provide the new disclosures under ASU 2023-07 and all disclosures under Topic 280 on an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the adoption of ASU 2023-07 on its consolidated financial statements and future disclosures but does not expect the adoption of ASU 2023-07 to have a material impact on its consolidated financial statements.
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v3.24.3
REAL ESTATE
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Real Estate [Abstract] |
|
| REAL ESTATE |
REAL ESTATE Real Estate Held for Investment As of September 30, 2024, the Company’s real estate portfolio was composed of 14 office properties and one mixed-use office/retail property encompassing in the aggregate approximately 6.9 million rentable square feet. As of September 30, 2024, the Company’s real estate portfolio was collectively 80.9% occupied. The following table summarizes the Company’s investments in real estate as of September 30, 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Property | | Date Acquired | | City | | State | | Property Type | | Total Real Estate, at Cost (1) | | Accumulated Depreciation and Amortization (1) | | Total Real Estate, Net (1) | | | | | | | | | | | | | | | | | Town Center | | 03/27/2012 | | Plano | | TX | | Office | | $ | 142,702 | | | $ | (56,907) | | | $ | 85,795 | | | | | | | | | | | | | | | | | | Gateway Tech Center | | 05/09/2012 | | Salt Lake City | | UT | | Office | | 37,128 | | | (13,620) | | | 23,508 | | 60 South Sixth | | 01/31/2013 | | Minneapolis | | MN | | Office | | 115,500 | | | — | | | 115,500 | | | Preston Commons | | 06/19/2013 | | Dallas | | TX | | Office | | 146,861 | | | (46,204) | | | 100,657 | | | Sterling Plaza | | 06/19/2013 | | Dallas | | TX | | Office | | 96,755 | | | (33,837) | | | 62,918 | | | | | | | | | | | | | | | | | Accenture Tower | | 12/16/2013 | | Chicago | | IL | | Office | | 573,545 | | | (178,631) | | | 394,914 | | | Ten Almaden | | 12/05/2014 | | San Jose | | CA | | Office | | 131,599 | | | (44,254) | | | 87,345 | | Towers at Emeryville | | 12/23/2014 | | Emeryville | | CA | | Office | | 223,309 | | | (71,701) | | | 151,608 | | | 3003 Washington Boulevard | | 12/30/2014 | | Arlington | | VA | | Office | | 154,345 | | | (48,302) | | | 106,043 | | | Park Place Village | | 06/18/2015 | | Leawood | | KS | | Office/Retail | | 87,836 | | | (16,378) | | | 71,458 | | | 201 17th Street | | 06/23/2015 | | Atlanta | | GA | | Office | | 105,498 | | | (36,858) | | | 68,640 | | | 515 Congress | | 08/31/2015 | | Austin | | TX | | Office | | 137,460 | | | (39,342) | | | 98,118 | | | The Almaden | | 09/23/2015 | | San Jose | | CA | | Office | | 193,102 | | | (54,309) | | | 138,793 | | | 3001 Washington Boulevard | | 11/06/2015 | | Arlington | | VA | | Office | | 60,999 | | | (16,167) | | | 44,832 | | | Carillon | | 01/15/2016 | | Charlotte | | NC | | Office | | 178,707 | | | (47,296) | | | 131,411 | | | | | | | | | | | | $ | 2,385,346 | | | $ | (703,806) | | | $ | 1,681,540 | |
_____________________ (1) Amounts presented are net of impairment charges and write-offs of fully depreciated/amortized assets. As of September 30, 2024, the following property represented more than 10% of the Company’s total assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Property | | Location | | Rentable Square Feet | | Total Real Estate, Net
(in thousands) | | Percentage of Total Assets | | Annualized Base Rent (in thousands) (1) | | Average Annualized Base Rent per sq. ft. | | Occupancy | | Accenture Tower | | Chicago, IL | | 1,457,724 | | | $ | 394,914 | | | 20.2 | % | | $ | 37,535 | | | $ | 28.59 | | | 90.1 | % |
___________________ (1) Annualized base rent represents annualized contractual base rental income as of September 30, 2024, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term. Operating Leases The Company’s office and office/retail properties are leased to tenants under operating leases for which the terms and expirations vary. As of September 30, 2024, the leases, including leases that have been executed but not yet commenced, had remaining terms, excluding options to extend, of up to 14.8 years with a weighted-average remaining term of 5.6 years. Some of the leases have provisions to extend the term of the leases, options for early termination for all or a part of the leased premises after paying a specified penalty, and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires a security deposit from the tenant in the form of a cash deposit and/or a letter of credit. The amount required as a security deposit varies depending upon the terms of the respective lease and the creditworthiness of the tenant, but generally is not a significant amount. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash related to tenant leases are included in other liabilities in the accompanying consolidated balance sheets and totaled $9.1 million and $10.0 million as of September 30, 2024 and December 31, 2023, respectively. During the nine months ended September 30, 2024 and 2023, the Company recognized deferred rent from tenants of $7.7 million and $5.8 million, respectively. As of September 30, 2024 and December 31, 2023, the cumulative deferred rent balance was $99.8 million and $91.8 million, respectively, and is included in rents and other receivables on the accompanying balance sheets. The cumulative deferred rent balance included $18.9 million and $16.0 million of unamortized lease incentives as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024, the future minimum rental income from the Company’s properties under its non-cancelable operating leases was as follows (in thousands): | | | | | | | October 1, 2024 through December 31, 2024 | $ | 46,851 | | | 2025 | 184,806 | | | 2026 | 174,438 | | | 2027 | 152,150 | | | 2028 | 131,619 | | | Thereafter | 484,448 | | | $ | 1,174,312 | |
As of September 30, 2024, the Company’s office and office/retail properties were leased to approximately 520 tenants over a diverse range of industries and geographic areas. The Company’s highest tenant industry concentrations (greater than 10% of annualized base rent) were as follows: | | | | | | | | | | | | | | | | | | | | | | Industry | | Number of Tenants | | Annualized Base Rent (1) (in thousands) | | Percentage of
Annualized Base Rent | | Finance | | 105 | | $ | 35,235 | | | 18.5 | % | | Legal Services | | 52 | | 25,241 | | | 13.2 | % | | | | | | | | | | | | $ | 60,476 | | | 31.7 | % |
_____________________ (1) Annualized base rent represents annualized contractual base rental income as of September 30, 2024, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term. As of September 30, 2024, no other tenant industries accounted for more than 10% of annualized base rent and no tenant accounted for more than 10% of annualized base rent. Geographic Concentration Risk As of September 30, 2024, the Company’s net investments in real estate in Illinois, California and Texas represented 20.2%, 19.3% and 17.7% of the Company’s total assets, respectively. As a result, the geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the Illinois, California and Texas real estate markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, industry slowdowns, relocations of businesses, changing demographics and other factors, or any decrease in demand for office space resulting from the local business climate, could adversely affect the Company’s operating results. Impairment of Real Estate During the three and nine months ended September 30, 2024, the Company recorded non-cash impairment charges of $6.8 million to write down the carrying value of 60 South Sixth (located in Minneapolis, Minnesota) to its estimated fair value as a result of changes in cash flow estimates which resulted in the future estimated undiscounted cash flows being lower than the net carrying value of the property. The decrease in cash flow projections was primarily due to the continued challenges in the leasing environment. During the nine months ended September 30, 2023, the Company recorded non-cash impairment charges of $45.5 million to write down the carrying value of 201 Spear Street (located in San Francisco, California) to its estimated fair value as a result of continued market uncertainty due to rising interest rates, increased vacancy rates as a result of slow return to office in San Francisco, additional projected vacancy due to anticipated tenant turnover and further declining values of comparable sales in the market, all of which impacted ongoing cash flow estimates and leasing projections, which resulted in the future estimated undiscounted cash flows being lower than the net carrying value of the property. As a result, 201 Spear Street was valued at substantially less than the outstanding mortgage debt. During the year ended December 31, 2023, the borrower under the 201 Spear Street Mortgage Loan (the “Spear Street Borrower”) entered into a deed-in-lieu of foreclosure transaction (the “Deed-in-Lieu Transaction”) with the lender of the 201 Spear Street Mortgage Loan (the “Spear Street Lender”). On January 9, 2024, the Spear Street Lender transferred the title of the 201 Spear Street property to a third-party buyer of the 201 Spear Street Mortgage Loan. See below, “— Disposition Through Deed-in-Lieu of Foreclosure Transaction.” Disposition Through Deed-in-Lieu of Foreclosure Transaction During the nine months ended September 30, 2024, the Company disposed of the 201 Spear Street property in connection with the Deed-in-Lieu Transaction and recognized a $56.4 million gain from extinguishment of debt for the nine months ended September 30, 2024. As of December 31, 2023, the 201 Spear Street property was held for non-sale disposition. The results of operations for 201 Spear Street are included in continuing operations on the Company’s consolidated statements of operations. The following table summarizes the revenue and expenses related to 201 Spear Street for the three and nine months ended September 30, 2024 and 2023, respectively (in thousands). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended
September 30, | | For the Nine Months Ended
September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Revenues | | | | | | | | | Rental income (1) | | $ | — | | | $ | 3,023 | | | $ | 197 | | | $ | 5,979 | | | Other operating income | | — | | | 141 | | | 9 | | | 390 | | | Total revenues | | $ | — | | | $ | 3,164 | | | $ | 206 | | | $ | 6,369 | | | Expenses | | | | | | | | | | Operating, maintenance, and management | | $ | — | | | $ | 930 | | | $ | 52 | | | $ | 2,786 | | | Real estate taxes and insurance | | — | | | 676 | | | 69 | | | 2,104 | | | Asset management fees to affiliate | | — | | | 295 | | | 26 | | | 874 | | | General and administrative expenses | | — | | | 14 | | | 22 | | | 70 | | | Depreciation and amortization | | — | | | 937 | | | — | | | 3,148 | | | Interest expense | | — | | | 2,292 | | | 419 | | | 6,397 | | | Impairment charge | | — | | | — | | | — | | | 45,459 | | | Total expenses | | $ | — | | | $ | 5,144 | | | $ | 588 | | | $ | 60,838 | |
_____________________ (1) For the three and nine months ended September 30, 2023, rental income includes a reserve for straight-line rent for a lease at 201 Spear Street. The following table summarizes the assets and liabilities related to 201 Spear Street, which was held for non-sale disposition as of December 31, 2023 (in thousands): | | | | | | | | | | | December 31, 2023 | | Assets related to real estate held for non-sale disposition | | | | Total real estate, at cost and net of impairment charges | | $ | 70,571 | | | Accumulated depreciation and amortization | | (1,543) | | | Real estate held for non-sale disposition, net | | 69,028 | | | | | | Restricted cash | | 3,103 | | | | | | Rent and other receivables, net | | 1,142 | | | Prepaid expenses and other assets | | 1,421 | | | Total assets | | $ | 74,694 | | | Liabilities related to real estate held for non-sale disposition | | | | Notes payable, net | | $ | 125,000 | | | Accounts payable and accrued liabilities | | 3,927 | | | Due to affiliate | | 16 | | | | | | Other liabilities | | 1,816 | | | Total liabilities | | $ | 130,759 | |
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v3.24.3
REAL ESTATE DISPOSITIONS
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
|
| REAL ESTATE DISPOSITIONS |
REAL ESTATE DISPOSITIONS During the nine months ended September 30, 2024, the Company sold one office property to a purchaser unaffiliated with the Company or the Advisor for $48.8 million, before third-party closing costs and disposition fees payable to the Advisor. As of September 30, 2024, the Company did not have any real estate properties held for sale. The results of operations for the office property sold during the nine months ended September 30, 2024 are included in continuing operations on the Company’s consolidated statements of operations. The following table summarizes certain revenues and expenses related to the office property sold for the three and nine months ended September 30, 2024 and 2023, respectively (in thousands). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended
September 30, | | For the Nine Months Ended
September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Revenues | | | | | | | | | | Rental income | | $ | 5 | | | $ | 1,424 | | | $ | 838 | | | $ | 4,109 | | | Other operating income | | — | | | 18 | | | 6 | | | 53 | | | Total revenues | | $ | 5 | | | $ | 1,442 | | | $ | 844 | | | $ | 4,162 | | | Expenses | | | | | | | | | | Operating, maintenance, and management | | $ | (153) | | | $ | 330 | | | $ | (55) | | | $ | 923 | | | Real estate taxes and insurance | | — | | | 157 | | | 90 | | | 466 | | | Asset management fees to affiliate | | — | | | 87 | | | 48 | | | 256 | | | | | | | | | | | | Depreciation and amortization | | — | | | 436 | | | — | | | 1,239 | | | | | | | | | | | | | | | | | | | | | Total expenses | | $ | (153) | | | $ | 1,010 | | | $ | 83 | | | $ | 2,884 | |
The following summary presents the major components of assets and liabilities related to real estate held for sale as of December 31, 2023 (in thousands). | | | | | | | | | | | | December 31, 2023 | | Real estate held for sale, net: | | | | Total real estate, at cost | | $ | 40,187 | | | Accumulated depreciation and amortization | | (11,840) | | | Real estate held for sale, net | | 28,347 | | | Other assets | | 4,635 | | | Total assets related to real estate held for sale | | $ | 32,982 | | | Liabilities related to real estate held for sale: | | | | Notes payable related to real estate held for sale, net | | $ | 46,177 | | | Other liabilities | | 515 | | | Total liabilities related to real estate held for sale | | $ | 46,692 | |
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v3.24.3
TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract] |
|
| TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES |
TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW- MARKET LEASE LIABILITIES As of September 30, 2024 and December 31, 2023, the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Tenant Origination and
Absorption Costs | | Above-Market
Lease Assets | | Below-Market
Lease Liabilities | | | September 30, 2024 | | December 31, 2023 | | September 30, 2024 | | December 31, 2023 | | September 30, 2024 | | December 31, 2023 | | Cost | $ | 27,558 | | | $ | 34,574 | | | $ | 873 | | | $ | 904 | | | $ | (4,679) | | | $ | (7,216) | | | Accumulated Amortization | (20,566) | | | (25,450) | | | (736) | | | (715) | | | 4,021 | | | 6,147 | | | Net Amount | $ | 6,992 | | | $ | 9,124 | | | $ | 137 | | | $ | 189 | | | $ | (658) | | | $ | (1,069) | |
Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Tenant Origination and
Absorption Costs | | Above-Market
Lease Assets | | Below-Market
Lease Liabilities | | For the Three Months Ended
September 30, | | For the Three Months Ended
September 30, | | For the Three Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 | | Amortization | $ | (626) | | | $ | (947) | | | $ | (17) | | | $ | (18) | | | $ | 115 | | | $ | 201 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Tenant Origination and
Absorption Costs | | Above-Market
Lease Assets | | Below-Market
Lease Liabilities | | For the Nine Months Ended
September 30, | | For the Nine Months Ended
September 30, | | For the Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 | | Amortization | $ | (2,132) | | | $ | (2,996) | | | $ | (52) | | | $ | (55) | | | $ | 411 | | | $ | 648 | |
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v3.24.3
REAL ESTATE EQUITY SECURITIES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| REAL ESTATE EQUITY SECURITIES |
REAL ESTATE EQUITY SECURITIES Investment in Prime US REIT In connection with the Company’s sale of 11 properties to the SREIT on July 18, 2019 (the “Singapore Portfolio”), on July 19, 2019, the Company, through an indirect wholly owned subsidiary (“REIT Properties III”), acquired 307,953,999 units in the SREIT at a price of $271.0 million, or $0.88 per unit, representing a 33.3% ownership interest in the SREIT (such transactions, the “Singapore Transaction”). On August 21, 2019, REIT Properties III sold 18,392,100 of its units in the SREIT for $16.2 million pursuant to an over-allotment option granted to the underwriters of the SREIT’s offering, reducing REIT Properties III’s ownership in the SREIT to 31.3% of the outstanding units of the SREIT as of that date. On November 9, 2021, REIT Properties III sold 73,720,000 of its units in the SREIT for $58.9 million, net of fees and costs, reducing REIT Properties III’s ownership in the SREIT to 18.5% of the outstanding units of the SREIT as of that date. On March 28, 2024, the SREIT issued an additional unit for every 10 existing units held by its unitholders as of March 4, 2024, increasing REIT Properties III’s investment in the units of the SREIT to 237,426,088 units. As of September 30, 2024, REIT Properties III held 237,426,088 units of the SREIT which represented 18.2% of the outstanding units of the SREIT. As of September 30, 2024, the aggregate book value and fair value of the Company’s investment in the units of the SREIT was $44.4 million, which was based on the closing price of the SREIT units on the SGX-ST of $0.187 per unit as of September 30, 2024. During the three and nine months ended September 30, 2024, the Company recognized $0.4 million and $1.0 million of dividend income from its investment in the SREIT, respectively. During the three and nine months ended September 30, 2023, the Company recognized $5.3 million and $11.9 million of dividend income from its investment in the SREIT, respectively. During the three and nine months ended September 30, 2024, the Company recorded an unrealized gain on real estate equity securities of $16.6 million and unrealized loss on real estate equity securities of $7.4 million, respectively. During the three and nine months ended September 30, 2023, the Company recorded an unrealized loss on real estate equity securities of $15.5 million and $57.6 million, respectively.
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- DefinitionThe entire disclosure for investments in certain debt and equity securities. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 940
-SubTopic 320
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-URI https://asc.fasb.org/940-320/tableOfContent
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-Number 229
-Section 1403
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-Paragraph 6B
-Subparagraph (b)
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-Paragraph 6B
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v3.24.3
NOTES PAYABLE
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Notes Payable [Abstract] |
|
| NOTES PAYABLE |
NOTES PAYABLE Modified Portfolio Revolving Loan Facility On October 17, 2018, certain of the Company’s indirect wholly owned subsidiaries (the “Modified Portfolio Revolving Loan Borrowers”) entered into a loan facility (as subsequently modified and amended, the “Modified Portfolio Revolving Loan Facility”) with U.S. Bank National Association, as administrative agent (the “Modified Portfolio Revolving Loan Agent”). The current lenders under the Modified Portfolio Revolving Loan Facility are U.S. Bank National Association, Regions Bank, Citizens Bank, City National Bank and Associated Bank, National Association (the “Modified Portfolio Revolving Loan Lenders”). On February 21, 2024, in connection with the disposition of the McEwen Building and pursuant to the Third Modification Agreement (defined below), the Modified Portfolio Revolving Loan Borrowers paid the Modified Portfolio Revolving Loan Agent the net sales proceeds from the sale of the McEwen Building (“Required McEwen Payment”) of $46.2 million, which amount was applied to reduce the outstanding principal amount of the Modified Portfolio Revolving Loan Facility to $203.0 million, and the McEwen Building was released as security for the Modified Portfolio Revolving Loan Facility. Notwithstanding the Required McEwen Payment, the Third Modification Agreement allows the Company to draw back a portion of the loan payment through the holdbacks described below, providing additional liquidity to the Company to fund capital needs in the portfolio. Following the release of the McEwen Building, the Modified Portfolio Revolving Loan Facility is secured by 515 Congress, Gateway Tech Center and 201 17th Street (the “Modified Portfolio Revolving Loan Properties”). On February 9, 2024, the Company, through the Modified Portfolio Revolving Loan Borrowers, entered into an additional advance and third modification agreement (the “Third Modification Agreement”) with the Modified Portfolio Revolving Loan Agent and the Modified Portfolio Revolving Loan Lenders. In connection with the Required McEwen Payment and the release of the McEwen Building, the Third Modification Agreement provides that the following terms apply to the Modified Portfolio Revolving Loan Facility: (i) the maturity date is extended to March 1, 2026, (ii) the interest rate resets to one-month Term SOFR plus 300 basis points and the loan requires quarterly payments of principal in the amount of $880,900, (iii) the revolving portion of the facility is converted into non-revolving debt, the accordion option is eliminated (whereby the Modified Portfolio Revolving Loan Borrowers previously had the ability to request that the commitment be increased subject to the Modified Portfolio Revolving Loan Lenders’ consent and certain additional conditions), and the revolving portion of the Modified Portfolio Revolving Loan Facility and the rights of the Modified Portfolio Revolving Loan Borrowers to reborrow debt under the loan once it has been paid is eliminated, (iv) holdbacks of a portion of the Modified Portfolio Revolving Loan Facility are established, which holdbacks may be disbursed subject to the satisfaction of certain terms and conditions, as described below, (v) the Company is restricted from paying dividends or distributions to its stockholders or redeeming shares of its stock without the Modified Portfolio Revolving Loan Agent’s prior written consent, except for any amounts that the Company is required to distribute to its stockholders to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and (vi) certain cash management sweeps are established, as described below. As a result of the release of the McEwen Building, the Third Modification Agreement allows the Company to draw back a portion of the amount of the loan paydown from the McEwen Building sale proceeds through holdbacks on the Modified Portfolio Revolving Loan Facility, consisting of (i) a holdback for the payment of, or reimbursement of the Modified Portfolio Revolving Loan Borrowers’ payment of, tenant improvements, leasing commissions and capital expenditures related to the Modified Portfolio Revolving Loan Properties equal to $10.0 million and (ii) a holdback for the payment of, or reimbursement of REIT Properties III’s (the “Guarantor”) and/or its subsidiaries’ payment of, tenant improvements, leasing commissions and capital expenditures for real property and related improvements owned directly or indirectly by the Guarantor in an amount equal to $6.2 million. Disbursements of the holdback amounts are subject to the conditions of the Third Modification Agreement. In the event of disbursements of the holdback amounts, such advances by the Modified Portfolio Revolving Loan Lenders will increase the aggregate principal commitment under the Modified Portfolio Revolving Loan Facility. As of September 30, 2024, $7.6 million of the holdbacks on the Modified Portfolio Revolving Loan Facility are available for future disbursement, subject to the conditions of the Third Modification Agreement. Also as a result of the release of the McEwen Building, the Third Modification Agreement provides that excess cash flow from the Modified Portfolio Revolving Loan Properties be deposited monthly into an interest-bearing account held by the Modified Portfolio Revolving Loan Agent for the benefit of the Modified Portfolio Revolving Loan Lenders (“Cash Management Account”). So long as no default exists under the Modified Portfolio Revolving Loan Facility and subject to the terms and conditions in the Third Modification Agreement, the Modified Portfolio Revolving Loan Borrowers may request disbursement from the Cash Management Account for the payment of debt service payments (including the quarterly principal payments) and other payments due under the loan, for tenant improvements, leasing commissions, capital expenditures and other operating shortfalls and for certain REIT-level expenses. The Modified Portfolio Revolving Loan Agent has the sole right to make withdrawals from the Cash Management Account. In connection with the Third Modification Agreement, the Guarantor and the Modified Portfolio Revolving Loan Lenders also agreed to amendments to the Guarantor’s financial covenants (increasing the allowed leverage ratio and reducing the required earnings to fixed charges ratios). The Third Modification Agreement provides that disbursements of the holdback amounts and withdrawals from the Cash Management Account are subject to compliance with the above referenced amended Guarantor financial covenants and other covenants that require the Modified Portfolio Revolving Loan Properties to satisfy certain leverage and debt service coverage ratios and that the Modified Portfolio Revolving Loan Agent may demand a pay down of the outstanding principal balance of the loan to the extent of noncompliance with such covenants. Modifications of Credit Facility On July 30, 2021, REIT Properties III, the Company’s indirect wholly owned subsidiary, entered into an unsecured credit facility (as subsequently modified and amended, the “Credit Facility”) with U.S. Bank National Association, as administrative agent (the “Credit Facility Agent”). The current lenders under the Credit Facility are U.S. Bank National Association and Bank of America, N.A. (the “Credit Facility Lenders”). On May 10, 2024, REIT Properties III entered into the second modification of Credit Facility (the “Second Modification Agreement”) with the Credit Facility Agent and Credit Facility Lenders. On July 30, 2024, REIT Properties III entered into the third modification of the Credit Facility (the “Credit Facility Third Modification Agreement”) with the Credit Facility Agent and Credit Facility Lenders. The Second Modification Agreement permanently reduced the aggregate commitment under the Credit Facility to $62.9 million, which was fully drawn as of September 30, 2024. The Second Modification Agreement also eliminated the revolving portion of the facility and converted the facility to a non-revolving term loan, such that no amounts repaid may be subsequently reborrowed. Pursuant to the Second Modification Agreement and Credit Facility Third Modification Agreement, the Credit Facility Agent and Credit Facility Lenders waived the requirement for REIT Properties III to comply with the maximum leverage ratio, minimum consolidated net worth requirement, minimum fixed charges coverage ratio and minimum liquidity requirement from December 31, 2023 through and including the then current maturity date. The Second Modification Agreement provides that REIT Properties III, which indirectly owns all of the Company’s properties and holds the Company’s investment in units of the SREIT, will not make any distributions, dividends or redemptions without the consent of the Credit Facility Lenders, except for (i) amounts necessary for the Company to maintain its REIT status under the Internal Revenue Code of 1986, as amended, and to avoid liability for federal and state income or excise taxes, (ii) certain REIT-level general and administrative expenses and (iii) asset management fees allocated to the Company’s properties. The Second Modification Agreement amended the maturity date of the loan to the earliest to occur of (i) July 31, 2024, (ii) the date on which the Company raises new equity, debt or a combination of both in an amount equal to or not less than $100,000,000 and (iii) the date on which the aggregate commitment under the facility is reduced to zero or is otherwise terminated. The Credit Facility Third Modification Agreement further amended the maturity date of the loan to the earliest to occur of (i) November 6, 2024 and (ii) the date on which the aggregate commitment under the facility is reduced to zero or is otherwise terminated. See Note 13, “ Subsequent Events – Fourth Modification of Credit Facility,” for information regarding the fourth modification of the Credit Facility. Additionally, the Second Modification Agreement provides that an event of default will occur under the Credit Facility upon the occurrence of an event of default under any credit facility for which REIT Properties III is a guarantor (other than non-recourse carveouts). The Second Modification Agreement required the Company to cause the equity interests of the Company’s subsidiaries that own 515 Congress, 201 17th Street and Gateway Tech Center to be pledged to the Credit Facility Lenders as security for REIT Properties III’s obligations with respect to the following advances under the Credit Facility: $19.8 million that had been advanced under the Credit Facility as of the closing of the Second Modification Agreement and $5.6 million that was advanced under the Credit Facility for the sole purpose of remargining the Carillon Mortgage Loan. The Credit Facility Third Modification Agreement further modified the pledge agreement and required the Company to cause the equity interests of the Company’s subsidiaries that own 515 Congress, 201 17th Street and Gateway Tech Center to be pledged to the Credit Facility Lenders as security for all of REIT Properties III’s obligations under the Credit Facility. Pursuant to the Credit Facility Third Modification Agreement, effective July 30, 2024, the Credit Facility bears interest at one-month Term SOFR plus 300 basis points. The Credit Facility Third Modification Agreement also included, among other requirements, a requirement for the Company to raise not less than $100,000,000 in new equity, debt or a combination of both on or prior to October 15, 2024. In October 2024, the Credit Facility Agent and Credit Facility Lenders waived certain requirements initially included in the Credit Facility Third Modification Agreement, including the requirement for the Company to raise not less than $100,000,000 in new equity, debt or a combination of both, and requires the Company to satisfy other conditions. 3001 & 3003 Washington Mortgage Loan On May 21, 2019, the Company, through indirect wholly owned subsidiaries (the “3001 & 3003 Washington Borrowers”), entered into a mortgage loan (as subsequently modified and amended, the “3001 & 3003 Washington Mortgage Loan”) with Bank of America, N.A., as administrative agent and lender (the “3001 & 3003 Washington Lender”). On August 23, 2024, the 3001 & 3003 Washington Borrowers and REIT Properties III entered into the fourth modification and extension agreement of the 3001 & 3003 Washington Mortgage Loan with the 3001 & 3003 Washington Lender (the “3001 & 3003 Washington Fourth Extension Agreement”). Pursuant to the 3001 & 3003 Washington Fourth Extension Agreement, the 3001 & 3003 Washington Lender agreed to extend the maturity date of the 3001 & 3003 Washington Mortgage Loan to November 6, 2024. The 3001 & 3003 Washington Fourth Extension Agreement also included, among other requirements, a requirement for the Company to raise not less than $100,000,000 in new equity, debt or a combination of both on or prior to October 15, 2024. In October 2024, the 3001 & 3003 Washington Lender waived certain requirements initially included in the 3001 & 3003 Washington Fourth Extension Agreement, including the requirement for the Company to raise not less than $100,000,000 in new equity, debt or a combination of both, and requires the Company to satisfy other conditions. On November 6, 2024, the 3001 & 3003 Washington Borrower entered into the fifth modification and extension agreement with the 3001 & 3003 Washington Lender and extended the maturity date of the 3001 & 3003 Washington Mortgage Loan to May 6, 2026, among other modifications. See Note 13, “Subsequent Events – Fifth Modification and Extension of the 3001 & 3003 Washington Mortgage Loan.”
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v3.24.3
DERIVATIVE INSTRUMENTS
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| DERIVATIVE INSTRUMENTS |
DERIVATIVE INSTRUMENTS The Company enters into derivative instruments for risk management purposes to hedge its exposure to cash flow variability caused by changing interest rates. The primary goal of the Company’s risk management practices related to interest rate risk is to prevent changes in interest rates from adversely impacting the Company’s ability to achieve its investment return objectives. The Company does not enter into derivatives for speculative purposes. The Company enters into interest rate swaps as a fixed rate payer to mitigate its exposure to rising interest rates on its variable rate notes payable. The value of interest rate swaps is primarily impacted by interest rates, market expectations about interest rates, and the remaining life of the instrument. In general, increases in interest rates, or anticipated increases in interest rates, will increase the value of the fixed rate payer position and decrease the value of the variable rate payer position. As the remaining life of the interest rate swap decreases, the value of both positions will generally move towards zero. The Company enters into interest rate caps to mitigate its exposure to rising interest rates on its variable rate notes payable. The values of interest rate caps are primarily impacted by interest rates, market expectations about interest rates, and the remaining life of the instrument. In general, increases in interest rates, or anticipated increases in interest rates, will increase the value of interest rate caps. As the remaining life of an interest rate cap decreases, the value of the instrument will generally decrease towards zero. As of September 30, 2024, the Company has entered into 14 interest rate swaps, which were not designated as hedging instruments. The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of September 30, 2024 and December 31, 2023. The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | | Weighted-Average Fix Pay Rate | | Weighted-Average Remaining Term in Years | | Derivative Instruments | | Number of Instruments | | Notional Amount | | Number of Instruments | | Notional Amount | | Reference Rate as of September 30, 2024 | | | | Derivative instruments not designated as hedging instruments | | | | | | | | | Interest rate swaps (1) | | 14 | | $ | 1,100,000 | | | 16 | | $ | 1,300,000 | | | Fallback SOFR (2)/ Fixed at 1.08% - 1.28% One-month Term SOFR/ Fixed at 2.38% - 3.92% | | 3.1% | | 1.6 | Interest rate cap (3) | | — | | $ | — | | | 1 | | $ | 125,000 | | | (3) | | (3) | | (3) |
_____________________ (1) In February 2024, the Company terminated two interest rate swap agreements and received aggregate settlement payments of $6.6 million. (2) Upon cessation of one-month LIBOR on June 30, 2023, eight of the Company’s interest rate swaps which bore interest at one-month LIBOR were automatically converted to a fallback rate (“Fallback SOFR”) plus a 11.448 basis point adjustment. As of September 30, 2024, the Company had two remaining interest rate swaps which had been converted to Fallback SOFR, each with a maturity date of January 1, 2025. (3) The interest rate cap expired in January 2024. The following table sets forth the fair value of the Company’s derivative instruments as well as their classification on the consolidated balance sheets as of September 30, 2024 and December 31, 2023 (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Derivative Instruments | | Balance Sheet Location | | Number of Instruments | | Fair Value | | Number of Instruments | | Fair Value | | Derivative instruments not designated as hedging instruments | | | | | Interest rate swaps | | Prepaid expenses and other assets, at fair value | | 8 | | $ | 5,716 | | | 15 | | $ | 23,891 | | Interest rate swaps | | Other liabilities, at fair value | | 6 | | $ | (2,102) | | | 1 | | $ | (175) | | | Interest rate cap | | Prepaid expenses and other assets, at fair value | | — | | $ | — | | | 1 | | $ | — | | | | | | | | | | | | |
The following table summarizes the effects of derivative instruments on the Company’s consolidated statements of operations (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended
September 30, | | For the Nine Months Ended
September 30, | | | | 2024 | | 2023 | | 2024 | | 2023 | | Derivatives not designated as hedging instruments | | | | | | | | | | | | | | | | | | | Realized gain recognized on interest rate swaps | | $ | (6,311) | | | $ | (8,551) | | | $ | (19,687) | | | $ | (22,862) | | Unrealized loss (gain) on interest rate swaps (1) | | 21,229 | | | (3,630) | | | 13,728 | | | (9,273) | | | Gains related to swap terminations | | — | | | — | | | (178) | | | — | | | Unrealized loss on interest rate cap | | — | | | 1 | | | — | | | 25 | | | Net loss (gain) on derivative instruments | | $ | 14,918 | | | $ | (12,180) | | | $ | (6,137) | | | $ | (32,110) | |
_____________________ (1) For the three and nine months ended September 30, 2023, unrealized gain on interest rate swaps included a $3.0 million and $7.6 million unrealized loss, respectively, related to the change in fair value of two off-market interest rate swaps (which expired on November 2, 2023) determined to be hybrid financial instruments for which the Company elected to apply the fair value option.
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- DefinitionThe entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
FAIR VALUE DISCLOSURES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| FAIR VALUE DISCLOSURES |
FAIR VALUE DISCLOSURES Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other non-financial and financial assets at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: •Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; •Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and •Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and for which markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments for which markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The following is a summary of the methods and assumptions used by management in estimating the fair value of each class of assets and liabilities for which it is practicable to estimate the fair value: Cash and cash equivalents, restricted cash, rent and other receivables, and accounts payable and accrued liabilities: These balances approximate their fair values due to the short maturities of these items. Real estate equity securities: At September 30, 2024, the Company’s investment in the units of the SREIT was presented at fair value on the accompanying consolidated balance sheet. The fair value of the units of the SREIT was based on a quoted price in an active market on a major stock exchange. The Company classifies these inputs as Level 1 inputs. Derivative instruments: The Company’s derivative instruments are presented at fair value on the accompanying consolidated balance sheets. The valuation of these instruments is determined using a proprietary model that utilizes observable inputs. As such, the Company classifies these inputs as Level 2 inputs. The proprietary model uses the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and volatility. The fair values of interest rate swaps are estimated using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit risks to the contracts, are incorporated in the fair values to account for potential nonperformance risk. Notes payable: The fair values of the Company’s notes payable are estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. Additionally, when determining the fair value of a liability in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. The Company classifies these inputs as Level 3 inputs. The following were the face values, carrying amounts and fair values of the Company’s notes payable as of September 30, 2024 and December 31, 2023, which carrying amounts generally do not approximate the fair values (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | | Face Value | | Carrying Amount | | Fair Value | | Face Value | | Carrying Amount | | Fair Value | | Financial liabilities: | | | | | | | | | | | | | | Notes payable | | $ | 1,591,211 | | | $ | 1,589,507 | | | $ | 1,586,982 | | | $ | 1,738,613 | | | $ | 1,735,896 | | | $ | 1,679,259 | |
Disclosure of the fair values of financial instruments is based on pertinent information available to the Company as of the period end and requires a significant amount of judgment. Low levels of transaction volume for certain financial instruments have made the estimation of fair values difficult and, therefore, both the actual results and the Company’s estimate of value at a future date could be materially different. As of September 30, 2024, the Company measured the following assets and liabilities at fair value (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using | | | | Total | | Quoted Prices in
Active Markets
for Identical Assets
(Level 1) | | Significant Other
Observable Inputs
(Level 2) | | Significant
Unobservable Inputs
(Level 3) | | Recurring Basis: | | | | | | | | | | Real estate equity securities | | $ | 44,399 | | | $ | 44,399 | | | $ | — | | | $ | — | | | Asset derivatives - interest rate swaps | | $ | 5,716 | | | $ | — | | | $ | 5,716 | | | $ | — | | | | | | | | | | | | Liability derivatives - interest rate swaps | | $ | (2,102) | | | $ | — | | | $ | (2,102) | | | $ | — | | | | | | | | | | |
During the nine months ended September 30, 2024, the Company measured the following asset at fair value on a nonrecurring basis (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using | | | | Total | | Quoted Prices in
Active Markets
for Identical Assets
(Level 1) | | Significant Other
Observable Inputs
(Level 2) | | Significant
Unobservable Inputs
(Level 3) | | Nonrecurring Basis: | | | | | | | | | Impaired real estate (1) | | $ | 124,770 | | | $ | — | | | $ | — | | | $ | 124,770 | |
_____________________(1) Amount represents the fair value for a real estate asset impacted by an impairment charge during the nine months ended September 30, 2024, as of the date that the fair value measurement was made, which was September 30, 2024. At September 30, 2024, one of the Company’s real estate properties was measured at its estimated fair value based on a discounted cash flow approach. The significant unobservable inputs the Company used in measuring the estimated fair value of this property included a discount rate of 9.25% and a terminal cap rate of 8.00%. See Note 4, “Real Estate – Impairment of Real Estate” for further discussion of the impaired real estate property.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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v3.24.3
RELATED PARTY TRANSACTIONS
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Related Party Transactions [Abstract] |
|
| RELATED PARTY TRANSACTIONS |
RELATED PARTY TRANSACTIONS The Company has entered into the Advisory Agreement with the Advisor. The Company’s Dealer Manager Agreement with the Dealer Manager terminated on March 15, 2024 upon termination of the Company’s dividend reinvestment plan. These agreements entitled the Advisor and/or the Dealer Manager to specified fees upon the provision of certain services with regard to the Offering and reimbursement of organization and offering costs incurred by the Advisor and the Dealer Manager on behalf of the Company and entitle the Advisor to specified fees upon the provision of certain services with regard to the investment of funds in real estate investments, the management of those investments, among other services, and the disposition of investments, and entitle the Advisor to reimbursement of certain costs incurred by the Advisor in providing services to the Company. In addition, the Advisor is entitled to certain other fees, including an incentive fee upon achieving certain performance goals, as detailed in the Advisory Agreement. The Company has also entered into a fee reimbursement agreement with the Dealer Manager pursuant to which the Company agreed to reimburse the Dealer Manager for certain fees and expenses it incurs for administering the Company’s participation in the DTCC Alternative Investment Product Platform with respect to certain accounts of the Company’s investors serviced through the platform. The Advisor and Dealer Manager also served as the advisor and dealer manager, respectively, for KBS Real Estate Investment Trust II, Inc. (“KBS REIT II”) (liquidated May 2023) and KBS Growth & Income REIT, Inc. (“KBS Growth & Income REIT”) (liquidated August 2024). As of January 1, 2023, the Company, together with KBS Growth & Income REIT, the Dealer Manager, the Advisor and other KBS-affiliated entities, had entered into an errors and omissions and directors and officers liability insurance program where the lower tiers of such insurance coverage were shared. The cost of these lower tiers is allocated by the Advisor and its insurance broker among each of the various entities covered by the program, and is billed directly to each entity. At renewal in June 2023, due to its liquidation, KBS Growth & Income REIT elected to cease participation in the program and obtained separate insurance coverage. In June 2024, the Company renewed its participation in the program, and the program is effective through June 30, 2025. Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and nine months ended September 30, 2024 and 2023, respectively, and any related amounts payable as of September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Incurred | | Incurred | | | | Payable as of | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | | September 30, | | December 31, | | | 2024 | | 2023 | | 2024 | | 2023 | | | | | | 2024 | | 2023 | | Expensed | | | | | | | | | | | | | | | | Asset management fees (1) | $ | 4,942 | | | $ | 5,268 | | | $ | 14,762 | | | $ | 15,542 | | | | | | | $ | 18,605 | | | $ | 16,992 | | Reimbursement of operating expenses (2) | 135 | | | 79 | | | 317 | | | 273 | | | | | | | 343 | | | 416 | | Disposition fees (3) | — | | | — | | | 414 | | | — | | | | | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 5,077 | | | $ | 5,347 | | | $ | 15,493 | | | $ | 15,815 | | | | | | | $ | 18,948 | | | $ | 17,408 | |
_____________________ (1) See below “–Asset Management Fees.” (2) Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software costs and cybersecurity related expenses incurred by the Advisor under the Advisory Agreement. The Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $22,000 and $86,000 for the three and nine months ended September 30, 2024, respectively, and $30,000 and $86,000 for the three and nine months ended September 30, 2023, respectively, and were the only type of employee costs reimbursed under the Advisory Agreement for the three and nine months ended September 30, 2024 and 2023. The Company currently does not reimburse for employee costs in connection with services for which the Advisor earns acquisition or origination fees or disposition fees (other than reimbursement of travel and communication expenses), and other than future payments pursuant to the Bonus Retention Fund (see below, “–Asset Management Fees”), the Company does not reimburse the Advisor for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers and affiliated directors. In addition to the amounts above, the Company reimburses the Advisor for certain of the Company’s direct costs incurred from third parties that were initially paid by the Advisor on behalf of the Company. (3) Disposition fees with respect to real estate sold are included in the gain on sale of real estate, net, in the accompanying consolidated statements of operations. In connection with the Offering, Messrs. Bren, Hall, McMillan and Schreiber agreed to provide additional indemnification to one of the participating broker-dealers. The Company agreed to add supplemental coverage to its directors’ and officers’ insurance coverage to insure Messrs. Bren, Hall, McMillan and Schreiber’s obligations under this indemnification agreement in exchange for reimbursement by Messrs. Bren, Hall, McMillan and Schreiber to the Company for all costs, expenses and premiums related to this supplemental coverage. During the three and nine months ended September 30, 2024 and 2023, the Advisor incurred $101,000 and $72,000, respectively, for the costs of the supplemental coverage obtained by the Company. Asset Management Fees For asset management services, the Company pays the Advisor a monthly fee. With respect to investments in real property, the asset management fee is a monthly fee equal to one-twelfth of 0.75% of the amount paid or allocated to acquire the investment, plus the cost of any subsequent development, construction or improvements to the property. This amount includes any portion of the investment that was debt financed and is inclusive of acquisition expenses related thereto (but excludes acquisition fees paid to the Advisor). In the case of investments made through joint ventures, the asset management fee is determined based on the Company’s proportionate share of the underlying investment (but excluding acquisition fees paid to the Advisor). With respect to investments in loans and any investments other than real property, the asset management fee is a monthly fee calculated, each month, as one-twelfth of 0.75% of the lesser of (i) the amount actually paid or allocated to acquire or fund the loan or other investment (which amount includes any portion of the investment that was debt financed and is inclusive of acquisition or origination expenses related thereto, but is exclusive of acquisition or origination fees paid to the Advisor) and (ii) the outstanding principal amount of such loan or other investment, plus the acquisition or origination expenses related to the acquisition or funding of such investment (excluding acquisition or origination fees paid to the Advisor), as of the time of calculation. The Company currently does not pay any asset management fees in connection with the Company’s investment in the equity securities of the SREIT. Notwithstanding the foregoing, on November 8, 2022, the Company and the Advisor amended the advisory agreement and commencing with asset management fees accruing from October 1, 2022, the Company paid $1.15 million of the monthly asset management fee to the Advisor in cash and the Company deposited the remainder of the monthly asset management fee into an interest bearing account in the Company’s name, which amounts will be paid to the Advisor from such account solely as reimbursement for payments made by the Advisor pursuant to the Advisor’s employee retention program (such account, the “Bonus Retention Fund”). The Bonus Retention Fund was established in order to incentivize and retain key employees of the Advisor. The Bonus Retention Fund was fully funded in December 2023 when the Company had deposited $8.5 million in cash into such account. Following such time, the monthly asset management fee became fully payable in cash to the Advisor. The Advisor has acknowledged and agreed that payments by the Advisor to employees under the Advisor’s employee retention program that are reimbursed by the Company from the Bonus Retention Fund will be conditioned on (a) the Company’s liquidation and dissolution; (b) a transaction involving the acquisition, merger, conversion or consolidation, either directly or indirectly, of the Company in which (i) the Company is not the surviving entity and (ii) the Advisor is no longer serving as an advisor or asset manager to the surviving entity in such transaction; (c) the sale or other disposition of all or substantially all of the Company’s assets; (d) the non-renewal or termination of the Advisory Agreement without cause; or (e) the termination of the employee without cause. To the extent the Bonus Retention Fund is not fully paid out to employees as set forth above, the Advisory Agreement provides that the residual amount will be deemed additional Deferred Asset Management Fees (defined below) and be treated in accordance with the provisions for payment of Deferred Asset Management Fees. Two of the Company’s executive officers, Jeff Waldvogel and Stacie Yamane, and one of the Company’s directors, Marc DeLuca, participate in and have been allocated awards under the Advisor’s employee retention program, which awards would only be paid as set forth above. As of September 30, 2024, the Company had deposited $8.5 million of restricted cash into the Bonus Retention Fund and the Company had not made any payments to the Advisor from the Bonus Retention Fund. Prior to amending the Advisory Agreement in November 2022, the prior advisory agreement had provided that with respect to asset management fees accruing from March 1, 2014, the Advisor would defer, without interest, the Company’s obligation to pay asset management fees for any month in which the Company’s modified funds from operations (“MFFO”) for such month, as such term is defined in the practice guideline issued by the Institute for Portfolio Alternatives (“IPA”) in November 2010 and interpreted by the Company, excluding asset management fees, did not exceed the amount of distributions declared by the Company for record dates of that month. The Company remained obligated to pay the Advisor an asset management fee in any month in which the Company’s MFFO, excluding asset management fees, for such month exceeded the amount of distributions declared for the record dates of that month (such excess amount, an “MFFO Surplus”); however, any amount of such asset management fee in excess of the MFFO Surplus was deferred under the prior advisory agreement. If the MFFO Surplus for any month exceeded the amount of the asset management fee payable for such month, any remaining MFFO Surplus was applied to pay any asset management fee amounts previously deferred in accordance with the prior advisory agreement. Pursuant to the current Advisory Agreement, asset management fees accruing from October 1, 2022 are no longer subject to the deferral provision described above. Asset management fees that remained deferred as of September 30, 2022 are “Deferred Asset Management Fees.” As of September 30, 2022, Deferred Asset Management Fees totaled $8.5 million and the Company had not made any payments to the Advisor related to the Deferred Asset Management Fees for the period from October 1, 2022 to September 30, 2024. The Advisory Agreement also provides that the Company remains obligated to pay the Advisor outstanding Deferred Asset Management Fees in any month to the extent that MFFO for such month exceeds the amount of distributions declared for the record dates of that month (such excess amount, a “RMFFO Surplus”); provided however, that any amount of outstanding Deferred Asset Management Fees in excess of the RMFFO Surplus will continue to be deferred. As of September 30, 2024 and December 31, 2023, the Company had accrued $18.6 million and $17.0 million of asset management fees, respectively, of which $8.5 million were Deferred Asset Management Fees as of September 30, 2024 and December 31, 2023, and $8.5 million were related to asset management fees that were restricted for payment and deposited in the Bonus Retention Fund as of September 30, 2024 and December 31, 2023. Consistent with the prior advisory agreement, the current Advisory Agreement provides that notwithstanding the foregoing, any and all Deferred Asset Management Fees that are unpaid will become immediately due and payable at such time as the Company’s stockholders have received, together as a collective group, aggregate distributions (including distributions that may constitute a return of capital for federal income tax purposes) sufficient to provide (i) an 8.0% per year cumulative, noncompounded return on such net invested capital (the “Stockholders’ 8% Return”) and (ii) a return of their net invested capital, or the amount calculated by multiplying the total number of shares purchased by stockholders by the issue price, reduced by any amounts to repurchase shares pursuant to the Company’s share redemption program. The Stockholders’ 8% Return is not based on the return provided to any individual stockholder. Accordingly, it is not necessary for each of the Company’s stockholders to have received any minimum return in order for the Advisor to receive Deferred Asset Management Fees. In addition, the current Advisory Agreement provides that any and all Deferred Asset Management Fees that are unpaid will also be immediately due and payable upon the earlier of: (i) a listing of the Company’s shares of common stock on a national securities exchange; (ii) the Company’s liquidation and dissolution; (iii) a transaction involving the acquisition, merger, conversion or consolidation, either directly or indirectly, of the Company in which (y) the Company is not the surviving entity and (z) the Advisor is no longer serving as an advisor or asset manager to the surviving entity in such transaction; and (iv) the sale or other disposition of all or substantially all of the Company’s assets. The Advisory Agreement has a term expiring on September 27, 2025 but may be renewed for an unlimited number of successive one-year periods upon the mutual consent of the Company and the Advisor. The Advisory Agreement may be terminated (i) upon 60 days written notice without cause or penalty by either the Company (acting through the conflicts committee) or the Advisor or (ii) immediately by the Company for cause or upon the bankruptcy of the Advisor. If the Advisory Agreement is terminated without cause, then the Advisor will be entitled to receive from the Company any residual amount of the Bonus Retention Fund deemed to be additional Deferred Asset Management Fees, provided that upon such non-renewal or termination the Company does not retain an advisor in which the Advisor or its affiliates have a majority interest. Upon termination of the Advisory Agreement, all unpaid Deferred Asset Management Fees will automatically be forfeited by the Advisor, and if the Advisory Agreement is terminated for cause, any residual amount of the Bonus Retention Fund deemed to be additional Deferred Asset Management Fees will also automatically be forfeited by the Advisor. Lease to Affiliate On May 29, 2015, the indirect wholly owned subsidiary (the “Lessor”) of the Company that owns 3003 Washington Boulevard entered into a lease with an affiliate of the Advisor (the “Lessee”) for 5,046 rentable square feet, or approximately 2.4% of the total rentable square feet, at 3003 Washington Boulevard. The lease commenced on October 1, 2015 and was amended on March 14, 2019 (the “Amended Lease”) to extend the lease period commencing on September 1, 2019 and terminating on August 31, 2024 and set the annual base rent during the extension period. The annualized base rent from the commencement of the Amended Lease is approximately $0.3 million, and the average annual rental rate (net of rental abatements) over the term of the Amended Lease through its termination is $62.55 per square foot. On August 12, 2024, the Lessor entered into a Second Amendment to Deed of Office Lease with the Lessee to extend the lease period commencing on September 1, 2024 and expiring on November 30, 2029, unless terminated earlier in accordance with certain terms and conditions contained therein (the “ Second Amended Lease”), and set the annual base rent during the extension period. The annualized base rent for the Second Amended Lease is approximately $0.3 million, and the average annual rental rate (net of rental abatements) over the term of the Second Amended Lease is $53.75 per square foot. During the three and nine months ended September 30, 2024, the Company recognized $78,000 and $244,000 of revenue related to this lease, respectively. During the three and nine months ended September 30, 2023, the Company recognized $83,000 and $248,000 of revenue related to this lease, respectively. Prior to their approval of the lease, the Amended Lease and the Second Amended Lease, the Company’s conflicts committee and board of directors determined the lease to be fair and reasonable to the Company. Portfolio Sale On July 18, 2019, the Company sold the Singapore Portfolio to the SREIT, which is affiliated with Charles J. Schreiber, Jr., a director and executive officer of the Company. See Note 7, “Real Estate Equity Securities” for information related to the Company’s investment in the SREIT. The SREIT is externally managed by an entity (the “Manager”) in which Charles J. Schreiber, Jr. currently holds an indirect ownership interest. Mr. Schreiber is also a former director of the Manager. The SREIT pays the Manager an annual base fee of 10% of annual distributable income and an annual performance fee of 25% of the increase in distributions per unit of the SREIT from the preceding year. For acquisitions other than the Singapore Portfolio, the SREIT pays the Manager an acquisition fee of 1% of the acquisition price. The SREIT will also pay the Manager a divestment fee of 0.5% of the sale price of any real estate sold and a development management fee of 3% of the total project costs incurred for development projects. A portion of the fees paid to the Manager are paid to KBS Realty Advisors LLC, an entity controlled by Mr. Schreiber, for sub-advisory services. The Schreiber Trust, a trust whose beneficiaries are Charles J. Schreiber, Jr. and his family members, and the Linda Bren 2017 Trust also acquired units in the SREIT. The Schreiber Trust agreed it will not sell any portion of its units in the SREIT unless it has received the consent of the Company’s conflicts committee. The Linda Bren 2017 Trust has agreed it will not sell $5.0 million of its investment in the SREIT unless it has received the consent of the Company’s conflicts committee. During the three and nine months ended September 30, 2024 and 2023, no other business transactions occurred between the Company and KBS REIT II, KBS Growth & Income REIT, the Advisor, the Dealer Manager or other KBS-affiliated entities.
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-Paragraph 2
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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v3.24.3
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
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| COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES Economic Dependency The Company is dependent on the Advisor for certain services that are essential to the Company, including the disposition of investments; management of the daily operations of the Company’s investment portfolio; and other general and administrative responsibilities. In the event that the Advisor is unable to provide the respective services, the Company will be required to obtain such services from other sources. Legal Matters From time to time, the Company may be party to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on the Company’s results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote. Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. Compliance with existing environmental laws is not expected to have a material adverse effect on the Company’s financial condition and results of operations as of September 30, 2024.
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-URI https://asc.fasb.org/405-30/tableOfContent
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v3.24.3
SUBSEQUENT EVENTS
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Subsequent Events [Abstract] |
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| SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the consolidated financial statements are issued. Purchase and Sale Agreement for Sale of Preston Commons On June 19, 2013, the Company, through an indirect wholly owned subsidiary, acquired three office buildings containing 427,799 rentable square feet located on approximately 6.3 acres of land in Dallas, Texas (“Preston Commons”). On October 9, 2024, the Company, through an indirect wholly owned subsidiary, entered into a purchase and sale agreement and escrow instructions (the “Preston Commons Agreement”) for the sale of Preston Commons to a purchaser unaffiliated with the Company or the Advisor (the “Purchaser”). Pursuant to the Preston Commons Agreement, the sale price for Preston Commons is $151.0 million, subject to prorations and adjustments as provided in the Preston Commons Agreement. The closing date is expected to occur on or before November 25, 2024. There can be no assurance that the Company will complete the sale of Preston Commons. The Purchaser would be obligated to purchase Preston Commons only after satisfaction of agreed upon closing conditions. In some circumstances, if the Purchaser fails to complete the acquisition, it may forfeit up to $3.0 million of earnest money. Sixth Modification of the Amended and Restated Portfolio Loan Facility On October 11, 2024, the Company, through the Amended and Restated Portfolio Loan Facility Borrowers, entered into a sixth loan modification and extension agreement with the Agent and the Portfolio Loan Lenders (the “Sixth Extension Agreement”). Pursuant to the Sixth Extension Agreement, the maturity date of the facility was extended to November 20, 2024. The Sixth Extension Agreement requires the Company to satisfy certain conditions, some of which conditions are not in the sole control of the Company, including the Company taking identified actions relating to its portfolio. The failure of the Company to satisfy certain of these conditions will result in an immediate event of default under the loan documents. The aggregate outstanding principal balance of the Amended and Restated Portfolio Loan Facility was approximately $601.3 million as of October 11, 2024. The Sixth Extension Agreement waived certain milestones initially included in the Fourth and Fifth Extension Agreements, including the requirement for the Company to raise not less than $100,000,000 in new equity, debt or a combination of both. Under the Sixth Extension Agreement, the Agent and the Portfolio Loan Lenders waived the requirement for the Portfolio Loan Properties to satisfy the minimum required ongoing debt service coverage ratio through the then current maturity date under the loan documents and waived the requirement for REIT Properties III, as guarantor, to satisfy a net worth covenant through the then current maturity date under the loan documents. Pursuant to the Sixth Extension Agreement, the Amended and Restated Portfolio Loan Facility Borrowers also agreed (a) to pay the Portfolio Loan Lenders a non-refundable fee in the amount of $250,000, and (b) to pay the Agent certain costs and expenses incurred by the Agent in connection with the Sixth Extension Agreement. In addition, pursuant to the Sixth Extension Agreement, the Portfolio Loan Lenders agreed to modify the timing of the payment of the exit fee in the amount of $1.0 million due to the Portfolio Loan Lenders to the earliest to occur of the maturity date, the occurrence of certain triggering events under the loan documents and the repayment of the loan in full. Amendment to the Advisory Agreement As required by the Sixth Extension Agreement, on October 11, 2024, the Company and the Advisor entered into an amendment to the Advisory Agreement to reduce and defer until December 1, 2025 certain transaction-based compensation in an amount of approximately $0.5 million that may be payable to the Advisor. Third Modification of the Accenture Tower Revolving Loan On November 2, 2020, the Company, through an indirect wholly owned subsidiary (the “Accenture Tower Borrower”), entered into a loan facility with U.S. Bank, National Association, as administrative agent (the “Agent”), joint lead arranger and co-book runner; Bank of America, N.A., as syndication agent, joint lead arranger and co-book runner; and each of the financial institutions signatory thereto as lenders (as amended and modified, the “Accenture Tower Revolving Loan”). The current lenders under the Accenture Tower Revolving Loan are U.S. Bank, National Association, Bank of America, N.A., Deutsche Pfandbriefbank AG and the National Bank of Kuwait S.A.K.P. Grand Caymans Branch (the “Accenture Tower Lenders”). The Accenture Tower Revolving Loan is secured by Accenture Tower. On November 1, 2024, the Company, through the Accenture Tower Borrower, entered into a third modification agreement with the Accenture Tower Lenders (the “Third Modification Agreement”) to (i) extend the maturity date of the Accenture Tower Revolving Loan to December 10, 2024 and (ii) remove any prior right of the Accenture Tower Borrower to exercise an additional 12-month extension option. Under the Third Modification Agreement, the Agent and the Accenture Tower Lenders waived the requirement for REIT Properties III as guarantor to satisfy the net worth covenant, the leverage ratio covenant and the EBITDA to fixed charges ratio covenant for all periods following November 1, 2024 through the extended maturity date of December 10, 2024. As of November 1, 2024, the outstanding principal balance of the Accenture Tower Revolving Loan was $306.0 million, which consisted of $229.5 million of term debt and $76.5 million of revolving debt. Fourth Modification of Credit Facility On November 5, 2024, REIT Properties III entered into the fourth modification of the Credit Facility (the “Credit Facility Fourth Modification Agreement”) with the Credit Facility Agent and Credit Facility Lenders. The Credit Facility Fourth Modification Agreement amends the maturity date of the loan to the earliest to occur of (i) November 15, 2024 and (ii) the date on which the aggregate commitment under the facility is reduced to zero or is otherwise terminated. Pursuant to the Credit Facility Fourth Modification Agreement, the Credit Facility Agent and Credit Facility Lenders waived the requirement for REIT Properties III to comply with the maximum leverage ratio, minimum consolidated net worth requirement, minimum fixed charges coverage ratio and minimum liquidity requirement from December 31, 2023 through and including the current maturity date. Fifth Modification and Extension of the 3001 & 3003 Washington Mortgage Loan On November 6, 2024, the 3001 & 3003 Washington Borrowers and REIT Properties III entered into the fifth modification and extension agreement of the 3001 & 3003 Washington Mortgage Loan with the 3001 & 3003 Washington Lender (the “3001 & 3003 Washington Mortgage Loan Fifth Modification”). Pursuant to the 3001 & 3003 Washington Mortgage Loan Fifth Modification, the 3001 & 3003 Washington Lender agreed to extend the maturity date of the 3001 & 3003 Washington Mortgage Loan to May 6, 2026. Additionally, pursuant to the 3001 & 3003 Washington Mortgage Loan Fifth Modification, effective November 6, 2024, the 3001 & 3003 Washington Mortgage Loan bears interest at one-month Term SOFR plus 290 basis points plus a SOFR margin adjustment of 10 basis points and monthly payments are interest only. The aggregate outstanding principal balance of the 3001 & 3003 Washington Mortgage Loan was approximately $138.8 million as of November 6, 2024. The 3001 & 3003 Washington Mortgage Loan Fifth Modification requires that 100% of excess cash flow from 3001 Washington Boulevard and 3003 Washington Boulevard be deposited monthly into a cash collateral account (the “3001 & 3003 Washington Cash Sweep Collateral Account”). Funds may not be withdrawn from the 3001 & 3003 Washington Cash Sweep Collateral Account without the prior written consent of the 3001 & 3003 Washington Lender. The 3001 & 3003 Washington Mortgage Loan Fifth Modification provides that, subject to the requirements contained therein, the 3001 & 3003 Washington Borrowers will be permitted to withdraw funds from the 3001 & 3003 Washington Cash Sweep Collateral Account to pay or reimburse the 3001 & 3003 Washington Borrowers for approved tenant improvements, leasing commissions and capital improvements and for operating shortfalls related to the Washington Properties to the extent they occur in any month. Additionally, to the extent the 3001 & 3003 Washington Borrowers do not meet certain conditions, the 3001 & 3003 Washington Lender has the right to withdraw funds from the 3001 & 3003 Washington Cash Sweep Collateral Account and apply such funds to any due and payable obligations of the 3001 & 3003 Washington Borrowers. The 3001 & 3003 Washington Mortgage Loan Fifth Modification provides that on or prior to November 15, 2024 (unless extended by the 3001 & 3003 Washington Lender), the Company will cause certain of the equity interests of the Company’s subsidiaries that own the Carillon property to be pledged to the 3001 & 3003 Washington Lender as security for all of the 3001 & 3003 Washington Borrowers’ obligations under the 3001 & 3003 Washington Mortgage Loan and the failure to do so constitutes an immediate default under the loan documents. Further, in the event of the sale of the Carillon property, certain excess proceeds from such sale must be used to repay the 3001 & 3003 Washington Mortgage Loan. The 3001 & 3003 Washington Mortgage Loan Fifth Modification also provides that, among other conditions, if elected by the 3001 & 3003 Washington Lender, a default will occur under the 3001 & 3003 Washington Mortgage Loan if (i) an event of default occurs under the Carillon Mortgage Loan or (ii) a written demand for payment following a default is delivered to REIT Properties III under the terms of any indebtedness of REIT Properties III, where the demand made or amount guaranteed is greater than $5.0 million. Pursuant to the 3001 & 3003 Washington Mortgage Loan Fifth Modification, a loan fee of $0.4 million is owed to the 3001 & 3003 Washington Lender, which loan fee is deferred and will be due upon the earliest to occur of the maturity date and the repayment of the loan in full. Additionally, the 3001 & 3003 Washington Borrowers agreed to pay the 3001 & 3003 Washington Lender an exit fee in the amount of $1.0 million, which is due on the earliest to occur of the maturity date and the repayment of the loan in full, provided that the exit fee is automatically waived if the 3001 & 3003 Washington Borrowers repay the loan on or before December 15, 2025.
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Principles of Consolidation and Basis of Presentation |
Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The consolidated financial statements include the accounts of the Company, REIT Holdings III, the Operating Partnership and their direct and indirect wholly owned subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation.
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| Use of Estimates |
Use of Estimates 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.
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| Reclassifications |
Reclassifications 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 nine months ended September 30, 2024, the Company sold an office property. As a result, certain assets and liabilities related to this property were reclassified to held for sale on the consolidated balance sheets for all periods presented.
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| Comprehensive Income (Loss) |
Comprehensive Income (Loss) Comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023 was equal to net income (loss) for these respective periods.
|
| Derivative Instruments |
Derivative Instruments Cash Flow Classification of Derivative Settlements The Company classifies proceeds received or amounts paid related to early terminations or settlements of its derivative instruments not designated as hedges for accounting purposes in cash flows from operating activities in the statement of cash flows. During the nine months ended September 30, 2024, the Company terminated two interest rate swap agreements and received aggregate settlement proceeds of $6.6 million which was included in net cash flow provided by operating activities in the accompanying consolidated statement of cash flows.
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| Per Share Data |
Per Share Data Basic net income (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock issued and outstanding during such period.
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| Segments |
Segments The Company has invested in core real estate properties and real estate-related investments with the goal of acquiring a portfolio of income-producing investments. The Company’s real estate properties exhibit similar long-term financial performance and have similar economic characteristics to each other.
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| Recently Issued Accounting Standards Update |
Recently Issued Accounting Standards Update In November 2023, the FASB issued accounting standards update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses, as well as disclosure of the title and position of the chief operating decision maker (“CODM”) and how the CODM uses the reported measure(s) of segment profit or loss in assessing performance. Public entities with a single reportable segment are required to provide the new disclosures under ASU 2023-07 and all disclosures under Topic 280 on an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the adoption of ASU 2023-07 on its consolidated financial statements and future disclosures but does not expect the adoption of ASU 2023-07 to have a material impact on its consolidated financial statements.
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| Fair Value Measurement |
Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other non-financial and financial assets at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: •Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; •Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and •Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable.
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v3.24.3
REAL ESTATE (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Real Estate [Abstract] |
|
| Schedule of Real Estate Investments |
The following table summarizes the Company’s investments in real estate as of September 30, 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Property | | Date Acquired | | City | | State | | Property Type | | Total Real Estate, at Cost (1) | | Accumulated Depreciation and Amortization (1) | | Total Real Estate, Net (1) | | | | | | | | | | | | | | | | | Town Center | | 03/27/2012 | | Plano | | TX | | Office | | $ | 142,702 | | | $ | (56,907) | | | $ | 85,795 | | | | | | | | | | | | | | | | | | Gateway Tech Center | | 05/09/2012 | | Salt Lake City | | UT | | Office | | 37,128 | | | (13,620) | | | 23,508 | | 60 South Sixth | | 01/31/2013 | | Minneapolis | | MN | | Office | | 115,500 | | | — | | | 115,500 | | | Preston Commons | | 06/19/2013 | | Dallas | | TX | | Office | | 146,861 | | | (46,204) | | | 100,657 | | | Sterling Plaza | | 06/19/2013 | | Dallas | | TX | | Office | | 96,755 | | | (33,837) | | | 62,918 | | | | | | | | | | | | | | | | | Accenture Tower | | 12/16/2013 | | Chicago | | IL | | Office | | 573,545 | | | (178,631) | | | 394,914 | | | Ten Almaden | | 12/05/2014 | | San Jose | | CA | | Office | | 131,599 | | | (44,254) | | | 87,345 | | Towers at Emeryville | | 12/23/2014 | | Emeryville | | CA | | Office | | 223,309 | | | (71,701) | | | 151,608 | | | 3003 Washington Boulevard | | 12/30/2014 | | Arlington | | VA | | Office | | 154,345 | | | (48,302) | | | 106,043 | | | Park Place Village | | 06/18/2015 | | Leawood | | KS | | Office/Retail | | 87,836 | | | (16,378) | | | 71,458 | | | 201 17th Street | | 06/23/2015 | | Atlanta | | GA | | Office | | 105,498 | | | (36,858) | | | 68,640 | | | 515 Congress | | 08/31/2015 | | Austin | | TX | | Office | | 137,460 | | | (39,342) | | | 98,118 | | | The Almaden | | 09/23/2015 | | San Jose | | CA | | Office | | 193,102 | | | (54,309) | | | 138,793 | | | 3001 Washington Boulevard | | 11/06/2015 | | Arlington | | VA | | Office | | 60,999 | | | (16,167) | | | 44,832 | | | Carillon | | 01/15/2016 | | Charlotte | | NC | | Office | | 178,707 | | | (47,296) | | | 131,411 | | | | | | | | | | | | $ | 2,385,346 | | | $ | (703,806) | | | $ | 1,681,540 | |
_____________________ (1) Amounts presented are net of impairment charges and write-offs of fully depreciated/amortized assets.
|
| Schedule of Concentration of Risk, by Risk Factor |
As of September 30, 2024, the following property represented more than 10% of the Company’s total assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Property | | Location | | Rentable Square Feet | | Total Real Estate, Net
(in thousands) | | Percentage of Total Assets | | Annualized Base Rent (in thousands) (1) | | Average Annualized Base Rent per sq. ft. | | Occupancy | | Accenture Tower | | Chicago, IL | | 1,457,724 | | | $ | 394,914 | | | 20.2 | % | | $ | 37,535 | | | $ | 28.59 | | | 90.1 | % |
___________________ (1) Annualized base rent represents annualized contractual base rental income as of September 30, 2024, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term.The Company’s highest tenant industry concentrations (greater than 10% of annualized base rent) were as follows: | | | | | | | | | | | | | | | | | | | | | | Industry | | Number of Tenants | | Annualized Base Rent (1) (in thousands) | | Percentage of
Annualized Base Rent | | Finance | | 105 | | $ | 35,235 | | | 18.5 | % | | Legal Services | | 52 | | 25,241 | | | 13.2 | % | | | | | | | | | | | | $ | 60,476 | | | 31.7 | % |
_____________________ (1) Annualized base rent represents annualized contractual base rental income as of September 30, 2024, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term.
|
| Schedule of Future Minimum Rental Income for Company's Properties |
As of September 30, 2024, the future minimum rental income from the Company’s properties under its non-cancelable operating leases was as follows (in thousands): | | | | | | | October 1, 2024 through December 31, 2024 | $ | 46,851 | | | 2025 | 184,806 | | | 2026 | 174,438 | | | 2027 | 152,150 | | | 2028 | 131,619 | | | Thereafter | 484,448 | | | $ | 1,174,312 | |
|
| Schedule Of Revenue And Expenses / Assets and Liabilities of Real Estate For Non Sale Disposition |
The following table summarizes the revenue and expenses related to 201 Spear Street for the three and nine months ended September 30, 2024 and 2023, respectively (in thousands). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended
September 30, | | For the Nine Months Ended
September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Revenues | | | | | | | | | Rental income (1) | | $ | — | | | $ | 3,023 | | | $ | 197 | | | $ | 5,979 | | | Other operating income | | — | | | 141 | | | 9 | | | 390 | | | Total revenues | | $ | — | | | $ | 3,164 | | | $ | 206 | | | $ | 6,369 | | | Expenses | | | | | | | | | | Operating, maintenance, and management | | $ | — | | | $ | 930 | | | $ | 52 | | | $ | 2,786 | | | Real estate taxes and insurance | | — | | | 676 | | | 69 | | | 2,104 | | | Asset management fees to affiliate | | — | | | 295 | | | 26 | | | 874 | | | General and administrative expenses | | — | | | 14 | | | 22 | | | 70 | | | Depreciation and amortization | | — | | | 937 | | | — | | | 3,148 | | | Interest expense | | — | | | 2,292 | | | 419 | | | 6,397 | | | Impairment charge | | — | | | — | | | — | | | 45,459 | | | Total expenses | | $ | — | | | $ | 5,144 | | | $ | 588 | | | $ | 60,838 | |
_____________________ (1) For the three and nine months ended September 30, 2023, rental income includes a reserve for straight-line rent for a lease at 201 Spear Street. The following table summarizes the assets and liabilities related to 201 Spear Street, which was held for non-sale disposition as of December 31, 2023 (in thousands): | | | | | | | | | | | December 31, 2023 | | Assets related to real estate held for non-sale disposition | | | | Total real estate, at cost and net of impairment charges | | $ | 70,571 | | | Accumulated depreciation and amortization | | (1,543) | | | Real estate held for non-sale disposition, net | | 69,028 | | | | | | Restricted cash | | 3,103 | | | | | | Rent and other receivables, net | | 1,142 | | | Prepaid expenses and other assets | | 1,421 | | | Total assets | | $ | 74,694 | | | Liabilities related to real estate held for non-sale disposition | | | | Notes payable, net | | $ | 125,000 | | | Accounts payable and accrued liabilities | | 3,927 | | | Due to affiliate | | 16 | | | | | | Other liabilities | | 1,816 | | | Total liabilities | | $ | 130,759 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended
September 30, | | For the Nine Months Ended
September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Revenues | | | | | | | | | | Rental income | | $ | 5 | | | $ | 1,424 | | | $ | 838 | | | $ | 4,109 | | | Other operating income | | — | | | 18 | | | 6 | | | 53 | | | Total revenues | | $ | 5 | | | $ | 1,442 | | | $ | 844 | | | $ | 4,162 | | | Expenses | | | | | | | | | | Operating, maintenance, and management | | $ | (153) | | | $ | 330 | | | $ | (55) | | | $ | 923 | | | Real estate taxes and insurance | | — | | | 157 | | | 90 | | | 466 | | | Asset management fees to affiliate | | — | | | 87 | | | 48 | | | 256 | | | | | | | | | | | | Depreciation and amortization | | — | | | 436 | | | — | | | 1,239 | | | | | | | | | | | | | | | | | | | | | Total expenses | | $ | (153) | | | $ | 1,010 | | | $ | 83 | | | $ | 2,884 | |
The following summary presents the major components of assets and liabilities related to real estate held for sale as of December 31, 2023 (in thousands). | | | | | | | | | | | | December 31, 2023 | | Real estate held for sale, net: | | | | Total real estate, at cost | | $ | 40,187 | | | Accumulated depreciation and amortization | | (11,840) | | | Real estate held for sale, net | | 28,347 | | | Other assets | | 4,635 | | | Total assets related to real estate held for sale | | $ | 32,982 | | | Liabilities related to real estate held for sale: | | | | Notes payable related to real estate held for sale, net | | $ | 46,177 | | | Other liabilities | | 515 | | | Total liabilities related to real estate held for sale | | $ | 46,692 | |
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v3.24.3
REAL ESTATE DISPOSITIONS (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
|
| Schedule Of Revenue And Expenses / Assets and Liabilities of Real Estate For Non Sale Disposition |
The following table summarizes the revenue and expenses related to 201 Spear Street for the three and nine months ended September 30, 2024 and 2023, respectively (in thousands). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended
September 30, | | For the Nine Months Ended
September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Revenues | | | | | | | | | Rental income (1) | | $ | — | | | $ | 3,023 | | | $ | 197 | | | $ | 5,979 | | | Other operating income | | — | | | 141 | | | 9 | | | 390 | | | Total revenues | | $ | — | | | $ | 3,164 | | | $ | 206 | | | $ | 6,369 | | | Expenses | | | | | | | | | | Operating, maintenance, and management | | $ | — | | | $ | 930 | | | $ | 52 | | | $ | 2,786 | | | Real estate taxes and insurance | | — | | | 676 | | | 69 | | | 2,104 | | | Asset management fees to affiliate | | — | | | 295 | | | 26 | | | 874 | | | General and administrative expenses | | — | | | 14 | | | 22 | | | 70 | | | Depreciation and amortization | | — | | | 937 | | | — | | | 3,148 | | | Interest expense | | — | | | 2,292 | | | 419 | | | 6,397 | | | Impairment charge | | — | | | — | | | — | | | 45,459 | | | Total expenses | | $ | — | | | $ | 5,144 | | | $ | 588 | | | $ | 60,838 | |
_____________________ (1) For the three and nine months ended September 30, 2023, rental income includes a reserve for straight-line rent for a lease at 201 Spear Street. The following table summarizes the assets and liabilities related to 201 Spear Street, which was held for non-sale disposition as of December 31, 2023 (in thousands): | | | | | | | | | | | December 31, 2023 | | Assets related to real estate held for non-sale disposition | | | | Total real estate, at cost and net of impairment charges | | $ | 70,571 | | | Accumulated depreciation and amortization | | (1,543) | | | Real estate held for non-sale disposition, net | | 69,028 | | | | | | Restricted cash | | 3,103 | | | | | | Rent and other receivables, net | | 1,142 | | | Prepaid expenses and other assets | | 1,421 | | | Total assets | | $ | 74,694 | | | Liabilities related to real estate held for non-sale disposition | | | | Notes payable, net | | $ | 125,000 | | | Accounts payable and accrued liabilities | | 3,927 | | | Due to affiliate | | 16 | | | | | | Other liabilities | | 1,816 | | | Total liabilities | | $ | 130,759 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended
September 30, | | For the Nine Months Ended
September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Revenues | | | | | | | | | | Rental income | | $ | 5 | | | $ | 1,424 | | | $ | 838 | | | $ | 4,109 | | | Other operating income | | — | | | 18 | | | 6 | | | 53 | | | Total revenues | | $ | 5 | | | $ | 1,442 | | | $ | 844 | | | $ | 4,162 | | | Expenses | | | | | | | | | | Operating, maintenance, and management | | $ | (153) | | | $ | 330 | | | $ | (55) | | | $ | 923 | | | Real estate taxes and insurance | | — | | | 157 | | | 90 | | | 466 | | | Asset management fees to affiliate | | — | | | 87 | | | 48 | | | 256 | | | | | | | | | | | | Depreciation and amortization | | — | | | 436 | | | — | | | 1,239 | | | | | | | | | | | | | | | | | | | | | Total expenses | | $ | (153) | | | $ | 1,010 | | | $ | 83 | | | $ | 2,884 | |
The following summary presents the major components of assets and liabilities related to real estate held for sale as of December 31, 2023 (in thousands). | | | | | | | | | | | | December 31, 2023 | | Real estate held for sale, net: | | | | Total real estate, at cost | | $ | 40,187 | | | Accumulated depreciation and amortization | | (11,840) | | | Real estate held for sale, net | | 28,347 | | | Other assets | | 4,635 | | | Total assets related to real estate held for sale | | $ | 32,982 | | | Liabilities related to real estate held for sale: | | | | Notes payable related to real estate held for sale, net | | $ | 46,177 | | | Other liabilities | | 515 | | | Total liabilities related to real estate held for sale | | $ | 46,692 | |
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v3.24.3
TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract] |
|
| Schedule of Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities |
As of September 30, 2024 and December 31, 2023, the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Tenant Origination and
Absorption Costs | | Above-Market
Lease Assets | | Below-Market
Lease Liabilities | | | September 30, 2024 | | December 31, 2023 | | September 30, 2024 | | December 31, 2023 | | September 30, 2024 | | December 31, 2023 | | Cost | $ | 27,558 | | | $ | 34,574 | | | $ | 873 | | | $ | 904 | | | $ | (4,679) | | | $ | (7,216) | | | Accumulated Amortization | (20,566) | | | (25,450) | | | (736) | | | (715) | | | 4,021 | | | 6,147 | | | Net Amount | $ | 6,992 | | | $ | 9,124 | | | $ | 137 | | | $ | 189 | | | $ | (658) | | | $ | (1,069) | |
|
| Schedule of Amortization of Tenant Origination and Absorption Costs, Above-Market Leases and Below-Market Lease Liabilities |
Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Tenant Origination and
Absorption Costs | | Above-Market
Lease Assets | | Below-Market
Lease Liabilities | | For the Three Months Ended
September 30, | | For the Three Months Ended
September 30, | | For the Three Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 | | Amortization | $ | (626) | | | $ | (947) | | | $ | (17) | | | $ | (18) | | | $ | 115 | | | $ | 201 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Tenant Origination and
Absorption Costs | | Above-Market
Lease Assets | | Below-Market
Lease Liabilities | | For the Nine Months Ended
September 30, | | For the Nine Months Ended
September 30, | | For the Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 | | Amortization | $ | (2,132) | | | $ | (2,996) | | | $ | (52) | | | $ | (55) | | | $ | 411 | | | $ | 648 | |
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v3.24.3
NOTES PAYABLE (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Notes Payable [Abstract] |
|
| Schedule of Long-term Debt Instruments |
As of September 30, 2024 and December 31, 2023, the Company’s notes payable, including notes payable related to real estate held for sale, consisted of the following (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Book Value as of September 30, 2024 | | Book Value as of December 31, 2023 | | Contractual Interest Rate as of September 30, 2024 (1) | | Effective Interest Rate as of September 30, 2024 (1) | | Payment Type | | Maturity Date (2) | The Almaden Mortgage Loan (3) | | $ | 118,830 | | | $ | 119,870 | | | 7.45% | | 7.45% | | Principal & Interest | | 02/01/2026 | 201 Spear Street Mortgage Loan (4) | | — | | | 125,000 | | | (4) | | (4) | | (4) | | (4) | Carillon Mortgage Loan (5) | | 88,476 | | | 94,400 | | | One-month Term SOFR (6) +1.50% | | 6.34% | | Principal & Interest | | 04/11/2026 | Modified Portfolio Revolving Loan Facility (7) | | 209,794 | | | 249,145 | | | One-month Term SOFR + 3.00% | | 7.84% | | Principal & Interest | | 03/01/2026 | 3001 & 3003 Washington Mortgage Loan (8) | | 138,971 | | | 140,410 | | | One-month Term SOFR + 0.10% + 1.45% | | 6.39% | | Principal & Interest | | 11/06/2024 | Accenture Tower Revolving Loan (9) | | 306,000 | | | 306,000 | | | One-month Term SOFR + 2.35% | | 7.19% | | Interest Only | | 11/02/2024 | Credit Facility (10) | | 62,852 | | | 37,500 | | | One-month Term SOFR + 3.00% | | 7.84% | | Interest Only | | 11/06/2024 | Amended and Restated Portfolio Loan Facility (11) | | 601,288 | | | 601,288 | | | One-month Term SOFR + 0.10% + 1.80% | | 6.74% | | Interest Only | | 11/06/2024 | Park Place Village Mortgage Loan (12) | | 65,000 | | | 65,000 | | | One-month Term SOFR + 1.95% | | 6.79% | | Interest Only | | 08/31/2025 | | Total notes payable principal outstanding | | $ | 1,591,211 | | | $ | 1,738,613 | | | | | | | | | | | Deferred financing costs, net | | (1,704) | | | (2,717) | | | | | | | | | | | Total Notes Payable, net | | $ | 1,589,507 | | | $ | 1,735,896 | | | | | | | | | |
_____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of September 30, 2024. Effective interest rate is calculated as the actual interest rate in effect as of September 30, 2024, consisting of the contractual interest rate and using interest rate indices as of September 30, 2024, where applicable. For information regarding the Company’s derivative instruments, see Note 9, “Derivative Instruments.” (2) Represents the maturity date as of September 30, 2024; subject to certain conditions, the maturity dates of certain loans may be extended beyond the dates shown. See below. (3) Beginning January 1, 2024, the borrower under the Almaden Mortgage Loan is required to make a monthly principal payment in the amount of $130,000. (4) The Spear Street Borrower defaulted on the 201 Spear Street Mortgage Loan as a result of failure to pay in full the entire November 2023 monthly interest payment, resulting in an event of default on the loan on November 14, 2023. On December 29, 2023, the Spear Street Borrower and the Spear Street Lender entered a deed-in-lieu of foreclosure transaction and the Spear Street Lender transferred the title of the 201 Spear Street property to a third-party buyer of the 201 Spear Street Mortgage Loan on January 9, 2024. (5) On April 11, 2024, the borrower under the Carillon Mortgage Loan entered into a loan modification agreement (the “Carillon Second Modification Agreement”) with the lender and extended the maturity date of the Carillon Mortgage Loan to June 10, 2024. One 24-month extension option remained available from the original maturity date of April 11, 2024, subject to certain terms and conditions contained in the loan documents. In connection with the Carillon Second Modification Agreement, the borrowing capacity under the Carillon Mortgage Loan was reduced to $94.4 million. The revolving debt outstanding was converted to term debt and the remaining unadvanced portion of the commitment of $16.6 million was permanently cancelled pursuant to the Carillon Second Modification Agreement. In June 2024, the borrower exercised the 24-month extension option, which extended the maturity date of the Carillon Mortgage Loan to April 11, 2026. In connection with the extension, the borrower made a $5.6 million principal payment. Beginning June 1, 2024, the borrower under the Carillon Mortgage Loan is required to make a monthly principal payment in the amount of $112,000. (6) Secured Overnight Financing Rate (“Term SOFR”). (7) See below, “– Recent Financing Transactions – Modified Portfolio Revolving Loan Facility.” (8) See below, “– Recent Financing Transactions – 3001 & 3003 Washington Mortgage Loan.” Subsequent to September 30, 2024, the borrowers under the 3001 & 3003 Washington Mortgage Loan entered into a loan modification agreement with the lender and extended the maturity date of the 3001 & 3003 Washington Mortgage Loan to May 6, 2026. See Note 13, “Subsequent Events – Fifth Modification and Extension of the 3001 & 3003 Washington Mortgage Loan.” (9) As of September 30, 2024, the outstanding balance under the Accenture Tower Revolving Loan consisted of $229.5 million of term debt and $76.5 million of revolving debt. Subsequent to September 30, 2024, the borrower under the Accenture Tower Revolving Loan entered into a modification agreement with the lender and extended the maturity date of the Accenture Tower Revolving Loan to December 10, 2024. The modification agreement removed any prior right of the borrower to exercise an additional 12-month extension option. See Note 13, “Subsequent Events – Third Modification of the Accenture Tower Revolving Loan.” (10) See below, “– Recent Financing Transactions – Modifications of Credit Facility” and Note 13, “Subsequent Events – Fourth Modification of Credit Facility.” (11) See below, “– Recent Financing Transactions – Amended and Restated Portfolio Loan Facility” and Note 13, “Subsequent Events – Sixth Modification of the Amended and Restated Portfolio Loan Facility.” (12) As of September 30, 2024, the Park Place Village Mortgage Loan has two 12-month extension options, subject to certain terms, conditions and fees as described in the loan documents. Monthly payments are interest only during the initial term and the first extension option. During the second extension option, certain future monthly payments due under the Park Place Village Mortgage Loan also include amortizing principal payments.
|
| Schedule of Maturities Including Principal Amortization Payments, for All Notes Payable Outstanding |
The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of September 30, 2024 (in thousands): | | | | | | | | | | October 1, 2024 through December 31, 2024 | | $ | 1,110,717 | | | 2025 | | 71,428 | | | 2026 | | 409,066 | | | 2027 | | — | | | 2028 | | — | | | Thereafter | | — | | | | $ | 1,591,211 | |
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v3.24.3
DERIVATIVE INSTRUMENTS (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Schedule of Notional Amount and Other Information Related to the Interest Rate Swaps and Interest Rate Cap |
The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of September 30, 2024 and December 31, 2023. The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | | Weighted-Average Fix Pay Rate | | Weighted-Average Remaining Term in Years | | Derivative Instruments | | Number of Instruments | | Notional Amount | | Number of Instruments | | Notional Amount | | Reference Rate as of September 30, 2024 | | | | Derivative instruments not designated as hedging instruments | | | | | | | | | Interest rate swaps (1) | | 14 | | $ | 1,100,000 | | | 16 | | $ | 1,300,000 | | | Fallback SOFR (2)/ Fixed at 1.08% - 1.28% One-month Term SOFR/ Fixed at 2.38% - 3.92% | | 3.1% | | 1.6 | Interest rate cap (3) | | — | | $ | — | | | 1 | | $ | 125,000 | | | (3) | | (3) | | (3) |
_____________________ (1) In February 2024, the Company terminated two interest rate swap agreements and received aggregate settlement payments of $6.6 million. (2) Upon cessation of one-month LIBOR on June 30, 2023, eight of the Company’s interest rate swaps which bore interest at one-month LIBOR were automatically converted to a fallback rate (“Fallback SOFR”) plus a 11.448 basis point adjustment. As of September 30, 2024, the Company had two remaining interest rate swaps which had been converted to Fallback SOFR, each with a maturity date of January 1, 2025. (3) The interest rate cap expired in January 2024.
|
| Schedule of Derivative Instruments as well as their Classification on the Consolidated Balance Sheets |
The following table sets forth the fair value of the Company’s derivative instruments as well as their classification on the consolidated balance sheets as of September 30, 2024 and December 31, 2023 (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Derivative Instruments | | Balance Sheet Location | | Number of Instruments | | Fair Value | | Number of Instruments | | Fair Value | | Derivative instruments not designated as hedging instruments | | | | | Interest rate swaps | | Prepaid expenses and other assets, at fair value | | 8 | | $ | 5,716 | | | 15 | | $ | 23,891 | | Interest rate swaps | | Other liabilities, at fair value | | 6 | | $ | (2,102) | | | 1 | | $ | (175) | | | Interest rate cap | | Prepaid expenses and other assets, at fair value | | — | | $ | — | | | 1 | | $ | — | | | | | | | | | | | | |
|
| Schedule of Derivative Instruments in Consolidated Statements of Operations |
The following table summarizes the effects of derivative instruments on the Company’s consolidated statements of operations (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended
September 30, | | For the Nine Months Ended
September 30, | | | | 2024 | | 2023 | | 2024 | | 2023 | | Derivatives not designated as hedging instruments | | | | | | | | | | | | | | | | | | | Realized gain recognized on interest rate swaps | | $ | (6,311) | | | $ | (8,551) | | | $ | (19,687) | | | $ | (22,862) | | Unrealized loss (gain) on interest rate swaps (1) | | 21,229 | | | (3,630) | | | 13,728 | | | (9,273) | | | Gains related to swap terminations | | — | | | — | | | (178) | | | — | | | Unrealized loss on interest rate cap | | — | | | 1 | | | — | | | 25 | | | Net loss (gain) on derivative instruments | | $ | 14,918 | | | $ | (12,180) | | | $ | (6,137) | | | $ | (32,110) | |
_____________________ (1) For the three and nine months ended September 30, 2023, unrealized gain on interest rate swaps included a $3.0 million and $7.6 million unrealized loss, respectively, related to the change in fair value of two off-market interest rate swaps (which expired on November 2, 2023) determined to be hybrid financial instruments for which the Company elected to apply the fair value option.
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v3.24.3
FAIR VALUE DISCLOSURES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of Face Value, Carrying Amounts and Fair Value |
The following were the face values, carrying amounts and fair values of the Company’s notes payable as of September 30, 2024 and December 31, 2023, which carrying amounts generally do not approximate the fair values (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | | Face Value | | Carrying Amount | | Fair Value | | Face Value | | Carrying Amount | | Fair Value | | Financial liabilities: | | | | | | | | | | | | | | Notes payable | | $ | 1,591,211 | | | $ | 1,589,507 | | | $ | 1,586,982 | | | $ | 1,738,613 | | | $ | 1,735,896 | | | $ | 1,679,259 | |
|
| Schedule of Fair Value, Assets Measured on Recurring and Nonrecurring Basis |
As of September 30, 2024, the Company measured the following assets and liabilities at fair value (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using | | | | Total | | Quoted Prices in
Active Markets
for Identical Assets
(Level 1) | | Significant Other
Observable Inputs
(Level 2) | | Significant
Unobservable Inputs
(Level 3) | | Recurring Basis: | | | | | | | | | | Real estate equity securities | | $ | 44,399 | | | $ | 44,399 | | | $ | — | | | $ | — | | | Asset derivatives - interest rate swaps | | $ | 5,716 | | | $ | — | | | $ | 5,716 | | | $ | — | | | | | | | | | | | | Liability derivatives - interest rate swaps | | $ | (2,102) | | | $ | — | | | $ | (2,102) | | | $ | — | | | | | | | | | | |
During the nine months ended September 30, 2024, the Company measured the following asset at fair value on a nonrecurring basis (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using | | | | Total | | Quoted Prices in
Active Markets
for Identical Assets
(Level 1) | | Significant Other
Observable Inputs
(Level 2) | | Significant
Unobservable Inputs
(Level 3) | | Nonrecurring Basis: | | | | | | | | | Impaired real estate (1) | | $ | 124,770 | | | $ | — | | | $ | — | | | $ | 124,770 | |
_____________________ |
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v3.24.3
RELATED PARTY TRANSACTIONS (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Related Party Transactions [Abstract] |
|
| Schedule of Related Party Costs |
Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and nine months ended September 30, 2024 and 2023, respectively, and any related amounts payable as of September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Incurred | | Incurred | | | | Payable as of | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | | September 30, | | December 31, | | | 2024 | | 2023 | | 2024 | | 2023 | | | | | | 2024 | | 2023 | | Expensed | | | | | | | | | | | | | | | | Asset management fees (1) | $ | 4,942 | | | $ | 5,268 | | | $ | 14,762 | | | $ | 15,542 | | | | | | | $ | 18,605 | | | $ | 16,992 | | Reimbursement of operating expenses (2) | 135 | | | 79 | | | 317 | | | 273 | | | | | | | 343 | | | 416 | | Disposition fees (3) | — | | | — | | | 414 | | | — | | | | | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 5,077 | | | $ | 5,347 | | | $ | 15,493 | | | $ | 15,815 | | | | | | | $ | 18,948 | | | $ | 17,408 | |
_____________________ (1) See below “–Asset Management Fees.” (2) Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software costs and cybersecurity related expenses incurred by the Advisor under the Advisory Agreement. The Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $22,000 and $86,000 for the three and nine months ended September 30, 2024, respectively, and $30,000 and $86,000 for the three and nine months ended September 30, 2023, respectively, and were the only type of employee costs reimbursed under the Advisory Agreement for the three and nine months ended September 30, 2024 and 2023. The Company currently does not reimburse for employee costs in connection with services for which the Advisor earns acquisition or origination fees or disposition fees (other than reimbursement of travel and communication expenses), and other than future payments pursuant to the Bonus Retention Fund (see below, “–Asset Management Fees”), the Company does not reimburse the Advisor for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers and affiliated directors. In addition to the amounts above, the Company reimburses the Advisor for certain of the Company’s direct costs incurred from third parties that were initially paid by the Advisor on behalf of the Company. (3) Disposition fees with respect to real estate sold are included in the gain on sale of real estate, net, in the accompanying consolidated statements of operations.
|
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v3.24.3
ORGANIZATION (Details)
$ / shares in Units, $ in Thousands |
|
3 Months Ended |
9 Months Ended |
55 Months Ended |
156 Months Ended |
|
|
|
Oct. 03, 2014
USD ($)
shares
|
Sep. 30, 2023
USD ($)
shares
|
Sep. 30, 2024
property
shares
|
Sep. 30, 2023
USD ($)
shares
|
May 29, 2015
USD ($)
shares
|
Mar. 14, 2024
USD ($)
shares
|
Dec. 31, 2023
shares
|
Jan. 26, 2010
$ / shares
shares
|
| Organizational Structure [Line Items] |
|
|
|
|
|
|
|
|
| Common stock, shares issued (in shares) |
|
|
148,516,246
|
|
|
|
148,516,246
|
|
| Private Placement |
|
|
|
|
|
|
|
|
| Organizational Structure [Line Items] |
|
|
|
|
|
|
|
|
| Issuance of common stock (in shares) |
258,462
|
|
|
|
|
|
|
|
| Issuance of common stock, value | $ |
$ 2,400
|
|
|
|
|
|
|
|
| Office |
|
|
|
|
|
|
|
|
| Organizational Structure [Line Items] |
|
|
|
|
|
|
|
|
| Number of real estate properties | property |
|
|
14
|
|
|
|
|
|
| Mixed-use Office/Retail Property |
|
|
|
|
|
|
|
|
| Organizational Structure [Line Items] |
|
|
|
|
|
|
|
|
| Number of real estate properties | property |
|
|
1
|
|
|
|
|
|
| Common Stock |
|
|
|
|
|
|
|
|
| Organizational Structure [Line Items] |
|
|
|
|
|
|
|
|
| Issuance of common stock (in shares) |
|
255,509
|
|
1,900,374
|
169,006,162
|
|
|
|
| Issuance of common stock, value | $ |
|
$ 3
|
|
$ 19
|
$ 1,700,000
|
|
|
|
| Shares of common stock sold under dividend reinvestment plan (in shares) |
|
|
|
|
|
46,154,757
|
|
|
| Shares of common stock sold under dividend reinvestment plan, value | $ |
|
|
|
|
|
$ 471,300
|
|
|
| Redemptions of common stock (in shares) |
|
367,467
|
|
1,112,401
|
|
74,644,349
|
|
|
| Redemptions of common stock, value | $ |
|
$ 5
|
|
$ 12
|
|
$ 789,200
|
|
|
| KBS Capital Advisors LLC |
|
|
|
|
|
|
|
|
| Organizational Structure [Line Items] |
|
|
|
|
|
|
|
|
| Common stock, shares issued (in shares) |
|
|
|
|
|
|
|
20,000
|
| Common stock, purchase price per share (in dollars per share) | $ / shares |
|
|
|
|
|
|
|
$ 10.00
|
| KBS Capital Advisors LLC | Common Stock |
|
|
|
|
|
|
|
|
| Organizational Structure [Line Items] |
|
|
|
|
|
|
|
|
| Shares held by affiliate (in shares) |
|
|
20,857
|
|
|
|
|
|
| Operating Partnership |
|
|
|
|
|
|
|
|
| Organizational Structure [Line Items] |
|
|
|
|
|
|
|
|
| Partnership interest in operating partnership |
|
|
0.10%
|
|
|
|
|
|
| Partnership interest in the operating partnership and is its sole limited partner |
|
|
99.90%
|
|
|
|
|
|
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478448/946-505-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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v3.24.3
GOING CONCERN (Details) - USD ($)
|
Sep. 30, 2024 |
Feb. 06, 2024 |
| Concentration Risk [Line Items] |
|
|
| Debt obligations coming due over the 12-month period |
$ 1,000,000,000.0
|
|
| Long term debt, remaining term |
12 months
|
|
| Long-term debt, extension term |
12 months
|
|
| Mortgages |
|
|
| Concentration Risk [Line Items] |
|
|
| Long term debt, remaining term |
12 months
|
|
| Secured Debt | Amended and Restated Portfolio Loan Facility |
|
|
| Concentration Risk [Line Items] |
|
|
| Minimum equity and debt raise |
|
$ 100,000,000
|
| Minimum | Mortgages |
|
|
| Concentration Risk [Line Items] |
|
|
| Long-term debt, term |
3 years
|
|
| Maximum | Mortgages |
|
|
| Concentration Risk [Line Items] |
|
|
| Long-term debt, term |
5 years
|
|
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-Topic 820
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Section 50
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
$ / shares in Units, $ in Thousands |
1 Months Ended |
3 Months Ended |
6 Months Ended |
9 Months Ended |
|
Feb. 29, 2024
USD ($)
investment_instrument
|
Sep. 30, 2024
shares
|
Sep. 30, 2023
$ / shares
shares
|
Jun. 30, 2023
$ / shares
|
Sep. 30, 2024
USD ($)
segment
investment_instrument
$ / shares
shares
|
Sep. 30, 2023
USD ($)
$ / shares
shares
|
| Derivative [Line Items] |
|
|
|
|
|
|
| Interest rate swap settlement for early terminated swaps | $ |
|
|
|
|
$ (6,552)
|
$ 0
|
| Potentially dilutive securities (in shares) | shares |
|
0
|
0
|
|
0
|
0
|
| Distributions declared per share (in dollars per share) | $ / shares |
|
|
$ 0
|
|
$ 0
|
$ 0.230
|
| Common share, distribution rate for share per month, declared (in dollars per share) | $ / shares |
|
|
|
$ 0.03833333
|
|
|
| Number of reportable segments | segment |
|
|
|
|
1
|
|
| Interest Rate Swaps | Derivative instruments not designated as hedging instruments |
|
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
|
| Derivative, number of instruments terminated | investment_instrument |
2
|
|
|
|
2
|
|
| Interest rate swap settlement for early terminated swaps | $ |
$ 6,600
|
|
|
|
$ 6,600
|
|
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| X |
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-Topic 260
-SubTopic 10
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-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1
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|
| X |
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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
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| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
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-Topic 280
-SubTopic 10
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-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
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-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
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v3.24.3
| X |
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|
| X |
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| X |
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| Period Type: |
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|
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| Period Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
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v3.24.3
REAL ESTATE - Schedule of Real Estate Investments (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Real Estate Properties [Line Items] |
|
|
| Total real estate held for investment, cost |
$ 2,385,346
|
$ 2,512,792
|
| Accumulated depreciation and amortization |
(703,806)
|
(701,661)
|
| Total real estate, net |
1,681,540
|
$ 1,839,478
|
| Town Center | Office |
|
|
| Real Estate Properties [Line Items] |
|
|
| Total real estate held for investment, cost |
142,702
|
|
| Accumulated depreciation and amortization |
(56,907)
|
|
| Total real estate, net |
85,795
|
|
| Gateway Tech Center | Office |
|
|
| Real Estate Properties [Line Items] |
|
|
| Total real estate held for investment, cost |
37,128
|
|
| Accumulated depreciation and amortization |
(13,620)
|
|
| Total real estate, net |
23,508
|
|
| 60 South Sixth | Office |
|
|
| Real Estate Properties [Line Items] |
|
|
| Total real estate held for investment, cost |
115,500
|
|
| Accumulated depreciation and amortization |
0
|
|
| Total real estate, net |
115,500
|
|
| Preston Commons | Office |
|
|
| Real Estate Properties [Line Items] |
|
|
| Total real estate held for investment, cost |
146,861
|
|
| Accumulated depreciation and amortization |
(46,204)
|
|
| Total real estate, net |
100,657
|
|
| Sterling Plaza | Office |
|
|
| Real Estate Properties [Line Items] |
|
|
| Total real estate held for investment, cost |
96,755
|
|
| Accumulated depreciation and amortization |
(33,837)
|
|
| Total real estate, net |
62,918
|
|
| Accenture Tower | Office |
|
|
| Real Estate Properties [Line Items] |
|
|
| Total real estate held for investment, cost |
573,545
|
|
| Accumulated depreciation and amortization |
(178,631)
|
|
| Total real estate, net |
394,914
|
|
| Ten Almaden | Office |
|
|
| Real Estate Properties [Line Items] |
|
|
| Total real estate held for investment, cost |
131,599
|
|
| Accumulated depreciation and amortization |
(44,254)
|
|
| Total real estate, net |
87,345
|
|
| Towers at Emeryville | Office |
|
|
| Real Estate Properties [Line Items] |
|
|
| Total real estate held for investment, cost |
223,309
|
|
| Accumulated depreciation and amortization |
(71,701)
|
|
| Total real estate, net |
151,608
|
|
| 3003 Washington Boulevard | Office |
|
|
| Real Estate Properties [Line Items] |
|
|
| Total real estate held for investment, cost |
154,345
|
|
| Accumulated depreciation and amortization |
(48,302)
|
|
| Total real estate, net |
106,043
|
|
| Park Place Village | Office/Retail |
|
|
| Real Estate Properties [Line Items] |
|
|
| Total real estate held for investment, cost |
87,836
|
|
| Accumulated depreciation and amortization |
(16,378)
|
|
| Total real estate, net |
71,458
|
|
| 201 17th Street | Office |
|
|
| Real Estate Properties [Line Items] |
|
|
| Total real estate held for investment, cost |
105,498
|
|
| Accumulated depreciation and amortization |
(36,858)
|
|
| Total real estate, net |
68,640
|
|
| 515 Congress | Office |
|
|
| Real Estate Properties [Line Items] |
|
|
| Total real estate held for investment, cost |
137,460
|
|
| Accumulated depreciation and amortization |
(39,342)
|
|
| Total real estate, net |
98,118
|
|
| The Almaden | Office |
|
|
| Real Estate Properties [Line Items] |
|
|
| Total real estate held for investment, cost |
193,102
|
|
| Accumulated depreciation and amortization |
(54,309)
|
|
| Total real estate, net |
138,793
|
|
| 3001 Washington Boulevard | Office |
|
|
| Real Estate Properties [Line Items] |
|
|
| Total real estate held for investment, cost |
60,999
|
|
| Accumulated depreciation and amortization |
(16,167)
|
|
| Total real estate, net |
44,832
|
|
| Carillon | Office |
|
|
| Real Estate Properties [Line Items] |
|
|
| Total real estate held for investment, cost |
178,707
|
|
| Accumulated depreciation and amortization |
(47,296)
|
|
| Total real estate, net |
$ 131,411
|
|
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-Topic 944
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-Topic 944
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.24.3
REAL ESTATE - Schedule of Concentration of Risk, by Assets (Details)
$ in Thousands |
9 Months Ended |
|
|
Sep. 30, 2024
USD ($)
ft²
$ / ft²
|
Dec. 31, 2023
USD ($)
|
| Real Estate Properties [Line Items] |
|
|
| Rentable Square Feet | ft² |
6,900,000
|
|
| Total Real Estate, Net |
$ 1,681,540
|
$ 1,839,478
|
| Annualized Base Rent |
$ 60,476
|
|
| Occupancy |
80.90%
|
|
| Accenture Tower | Assets, Total |
|
|
| Real Estate Properties [Line Items] |
|
|
| Rentable Square Feet | ft² |
1,457,724
|
|
| Total Real Estate, Net |
$ 394,914
|
|
| Annualized Base Rent |
$ 37,535
|
|
| Average Annualized Base Rent per sq. ft. (usd per sqft) | $ / ft² |
28.59
|
|
| Occupancy |
90.10%
|
|
| Accenture Tower | Assets, Total | Customer Concentration Risk |
|
|
| Real Estate Properties [Line Items] |
|
|
| Percentage of Total Assets |
20.20%
|
|
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1)(d))
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-Paragraph 1
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v3.24.3
REAL ESTATE - Operating Leases (Details)
$ in Thousands |
9 Months Ended |
|
|
Sep. 30, 2024
USD ($)
tenant
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
| Operating Leased Assets [Line Items] |
|
|
|
| Deferred rent recognized |
$ 7,724
|
$ 5,842
|
|
| Deferred rent receivables |
99,800
|
|
$ 91,800
|
| Incentive to lessee |
$ 18,900
|
|
16,000
|
| Office/Retail |
|
|
|
| Operating Leased Assets [Line Items] |
|
|
|
| Number of tenants | tenant |
520
|
|
|
| Other liabilities, at fair value |
|
|
|
| Operating Leased Assets [Line Items] |
|
|
|
| Security deposit liability |
$ 9,100
|
|
$ 10,000
|
| Maximum |
|
|
|
| Operating Leased Assets [Line Items] |
|
|
|
| Operating leases, term of contract |
14 years 9 months 18 days
|
|
|
| Weighted Average |
|
|
|
| Operating Leased Assets [Line Items] |
|
|
|
| Operating leases, term of contract |
5 years 7 months 6 days
|
|
|
| X |
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-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (b)
-Publisher FASB
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-Topic 840
-SubTopic 20
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-Section 35
-Paragraph 2
-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 25
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.24.3
REAL ESTATE - Schedule of Future Minimum Rental Income for Company's Properties (Details)
$ in Thousands |
Sep. 30, 2024
USD ($)
|
| Real Estate [Abstract] |
|
| October 1, 2024 through December 31, 2024 |
$ 46,851
|
| 2025 |
184,806
|
| 2026 |
174,438
|
| 2027 |
152,150
|
| 2028 |
131,619
|
| Thereafter |
484,448
|
| Future minimum rental income |
$ 1,174,312
|
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v3.24.3
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-Topic 280
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v3.24.3
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-Topic 230
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v3.24.3
REAL ESTATE - Disposition Through Deed-in-Lieu of Foreclosure Transaction (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Real Estate [Abstract] |
|
|
|
|
| Gain from extinguishment of debt |
$ 0
|
$ 0
|
$ 56,372
|
$ 0
|
| X |
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-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 470
-SubTopic 50
-Section 40
-Paragraph 2
-Publisher FASB
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 470
-SubTopic 50
-Section 40
-Paragraph 4
-Publisher FASB
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v3.24.3
REAL ESTATE - Schedule of Revenue and Expenses of Real Estate Held-for-Sale (Details) - Disposal Group, Disposition Other than Sale, Not Discontinued Operations - 201 Spear Street - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Revenues: |
|
|
|
|
| Rental income |
$ 0
|
$ 3,023
|
$ 197
|
$ 5,979
|
| Other operating income |
0
|
141
|
9
|
390
|
| Total revenues |
0
|
3,164
|
206
|
6,369
|
| Expenses |
|
|
|
|
| Operating, maintenance, and management |
0
|
930
|
52
|
2,786
|
| Real estate taxes and insurance |
0
|
676
|
69
|
2,104
|
| Asset management fees to affiliate |
0
|
295
|
26
|
874
|
| General and administrative expenses |
0
|
14
|
22
|
70
|
| Depreciation and amortization |
0
|
937
|
0
|
3,148
|
| Interest expense |
0
|
2,292
|
419
|
6,397
|
| Impairment charge |
0
|
0
|
0
|
45,459
|
| Total expenses |
$ 0
|
$ 5,144
|
$ 588
|
$ 60,838
|
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v3.24.3
REAL ESTATE - Schedule of Assets and Liabilities of Real Estate, Non-Sale Disposition (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Liabilities related to real estate held for non-sale disposition |
|
|
| Notes payable, net |
$ 0
|
$ 46,177
|
| Other liabilities |
$ 0
|
515
|
| Held-for-non-sale Disposition | 201 Spear Street |
|
|
| Assets related to real estate held for non-sale disposition |
|
|
| Total real estate, at cost and net of impairment charges |
|
70,571
|
| Accumulated depreciation and amortization |
|
(1,543)
|
| Real estate held for non-sale disposition, net |
|
69,028
|
| Restricted cash |
|
3,103
|
| Rent and other receivables, net |
|
1,142
|
| Prepaid expenses and other assets |
|
1,421
|
| Total assets |
|
74,694
|
| Liabilities related to real estate held for non-sale disposition |
|
|
| Notes payable, net |
|
125,000
|
| Accounts payable and accrued liabilities |
|
3,927
|
| Due to affiliate |
|
16
|
| Other liabilities |
|
1,816
|
| Total liabilities |
|
$ 130,759
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v3.24.3
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v3.24.3
REAL ESTATE DISPOSITIONS - Schedule of Revenue and Expenses (Details) - Disposed of by Sale - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Revenues |
|
|
|
|
| Rental income |
$ 5
|
$ 1,424
|
$ 838
|
$ 4,109
|
| Other operating income |
0
|
18
|
6
|
53
|
| Total revenues |
5
|
1,442
|
844
|
4,162
|
| Expenses |
|
|
|
|
| Operating, maintenance, and management |
(153)
|
330
|
(55)
|
923
|
| Real estate taxes and insurance |
0
|
157
|
90
|
466
|
| Asset management fees to affiliate |
0
|
87
|
48
|
256
|
| Depreciation and amortization |
0
|
436
|
0
|
1,239
|
| Total expenses |
$ (153)
|
$ 1,010
|
$ 83
|
$ 2,884
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v3.24.3
REAL ESTATE DISPOSITIONS - Schedule of Major Components of Real Estate Held for Sale and Liabilities Related to Real Estate Held for Sale (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Real estate held for sale, net: |
|
|
| Other assets |
$ 0
|
$ 4,635
|
| Liabilities related to real estate held for sale: |
|
|
| Notes payable related to real estate held for sale, net |
0
|
46,177
|
| Other liabilities |
$ 0
|
515
|
| Held-for-sale |
|
|
| Real estate held for sale, net: |
|
|
| Total real estate, at cost |
|
40,187
|
| Accumulated depreciation and amortization |
|
(11,840)
|
| Real estate held for non-sale disposition, net |
|
28,347
|
| Other assets |
|
4,635
|
| Total assets |
|
32,982
|
| Liabilities related to real estate held for sale: |
|
|
| Notes payable related to real estate held for sale, net |
|
46,177
|
| Other liabilities |
|
515
|
| Total liabilities |
|
$ 46,692
|
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v3.24.3
TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract] |
|
|
|
|
|
| Tenant origination and absorption costs, cost |
$ 27,558
|
|
$ 27,558
|
|
$ 34,574
|
| Tenant origination and absorption costs, accumulated amortization |
(20,566)
|
|
(20,566)
|
|
(25,450)
|
| Tenant origination and absorption costs, net amount |
6,992
|
|
6,992
|
|
9,124
|
| Tenant origination and absorption costs, amortization |
(626)
|
$ (947)
|
(2,132)
|
$ (2,996)
|
|
| Above-market lease assets, cost |
873
|
|
873
|
|
904
|
| Above-market lease assets, accumulated amortization |
(736)
|
|
(736)
|
|
(715)
|
| Above market leases, net amount |
137
|
|
137
|
|
189
|
| Above-market lease assets, amortization |
(17)
|
(18)
|
(52)
|
(55)
|
|
| Below-market lease, cost |
(4,679)
|
|
(4,679)
|
|
(7,216)
|
| Below-market lease liabilities, accumulated amortization |
4,021
|
|
4,021
|
|
6,147
|
| Below-market lease, cost |
(658)
|
|
(658)
|
|
$ (1,069)
|
| Below-market lease liabilities, amortization |
$ 115
|
$ 201
|
$ 411
|
$ 648
|
|
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|
v3.24.3
REAL ESTATE EQUITY SECURITIES (Details)
$ / shares in Units, $ in Thousands |
|
|
|
|
|
|
3 Months Ended |
9 Months Ended |
|
|
Mar. 28, 2024
shares
|
Mar. 04, 2024
shares
|
Nov. 09, 2021
USD ($)
shares
|
Aug. 21, 2019
USD ($)
shares
|
Jul. 19, 2019
USD ($)
$ / shares
shares
|
Jul. 18, 2019
property
|
Sep. 30, 2024
USD ($)
$ / shares
shares
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
property
$ / shares
shares
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
| Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Real estate equity securities |
|
|
|
|
|
|
$ 44,399
|
|
$ 44,399
|
|
$ 51,802
|
| Dividend income from real estate equity securities |
|
|
|
|
|
|
$ 427
|
$ 5,310
|
$ 967
|
$ 11,850
|
|
| SREIT |
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Units acquired (in shares) | shares |
|
|
|
|
307,953,999
|
|
|
|
|
|
|
| Units acquired |
|
|
|
|
$ 271,000
|
|
|
|
|
|
|
| Units acquired (in dollars per share) | $ / shares |
|
|
|
|
$ 0.88
|
|
|
|
|
|
|
| Ownership percentage after transaction |
|
|
18.50%
|
31.30%
|
33.30%
|
|
|
|
18.20%
|
|
|
| Units disposed (in shares) | shares |
|
|
|
18,392,100
|
|
|
|
|
|
|
|
| Units disposed |
|
|
|
$ 16,200
|
|
|
|
|
|
|
|
| Additional one unit acquired per number of units held (in shares) | shares |
10
|
|
|
|
|
|
|
|
|
|
|
| Units investments (in shares) | shares |
|
237,426,088
|
|
|
|
|
|
|
|
|
|
| Units held (in shares) | shares |
|
|
|
|
|
|
237,426,088
|
|
237,426,088
|
|
|
| Real estate equity securities |
|
|
|
|
|
|
$ 44,400
|
|
$ 44,400
|
|
|
| Units, closing price (in dollars per share) | $ / shares |
|
|
|
|
|
|
$ 0.187
|
|
$ 0.187
|
|
|
| Dividend income from real estate equity securities |
|
|
|
|
|
|
$ 400
|
5,300
|
$ 1,000
|
11,900
|
|
| Unrealized gain on real estate equity securities |
|
|
|
|
|
|
$ 16,600
|
|
|
|
|
| Unrealized loss on real estate equity securities |
|
|
|
|
|
|
|
$ 15,500
|
$ 7,400
|
$ 57,600
|
|
| SREIT | SREIT |
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Units disposed (in shares) | shares |
|
|
73,720,000
|
|
|
|
|
|
|
|
|
| Units disposed |
|
|
$ 58,900
|
|
|
|
|
|
|
|
|
| Disposed of by Sale |
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Number of real estate properties disposed | property |
|
|
|
|
|
|
|
|
1
|
|
|
| Disposed of by Sale | SREIT |
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Number of real estate properties disposed | property |
|
|
|
|
|
11
|
|
|
|
|
|
| X |
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| Namespace Prefix: |
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| Period Type: |
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|
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-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100
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-Paragraph 2
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-Section S99
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-Publisher FASB
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-Publisher FASB
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
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v3.24.3
NOTES PAYABLE - Schedule of Long-term Debt Instruments (Details)
|
|
|
|
6 Months Ended |
9 Months Ended |
|
|
|
|
Jun. 01, 2024
USD ($)
|
Feb. 09, 2024
USD ($)
|
Jan. 01, 2024
USD ($)
|
Jun. 30, 2024
USD ($)
|
Sep. 30, 2024
USD ($)
extension_option
|
May 10, 2024
USD ($)
|
Feb. 21, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Total notes payable principal outstanding |
|
|
|
|
$ 1,591,211,000
|
|
|
$ 1,738,613,000
|
| Deferred financing costs, net |
|
|
|
|
(1,704,000)
|
|
|
(2,717,000)
|
| Total Notes Payable, net |
|
|
|
|
1,589,507,000
|
|
|
1,735,896,000
|
| Face amount of debt |
|
|
|
|
1,591,211,000
|
|
|
1,738,613,000
|
| Carillon Mortgage Loan |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Face amount of debt |
|
|
|
$ 5,600,000
|
|
|
|
|
| Carillon Mortgage Loan | Second Modification Agreement |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Face amount of debt |
|
|
|
|
94,400,000
|
$ 5,600,000
|
|
|
| Unadvanced commitment permanently cancelled |
|
|
|
|
$ 16,600,000
|
|
|
|
| Carillon Mortgage Loan | Revolving Credit Facility |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Number of extensions | extension_option |
|
|
|
|
1
|
|
|
|
| Extension period |
|
|
|
24 months
|
24 months
|
|
|
|
| Accenture Tower Revolving Loan | Secured Debt |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Total Notes Payable, net |
|
|
|
|
$ 229,500,000
|
|
|
|
| Accenture Tower Revolving Loan | Revolving Credit Facility |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Maximum borrowing capacity |
|
|
|
|
76,500,000
|
|
|
|
| Mortgages | The Almaden Mortgage Loan |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Total notes payable principal outstanding |
|
|
|
|
$ 118,830,000
|
|
|
119,870,000
|
| Stated percentage |
|
|
|
|
7.45%
|
|
|
|
| Effective interest rate |
|
|
|
|
7.45%
|
|
|
|
| Debt instrument, periodic payment, principal |
|
|
$ 130,000
|
|
|
|
|
|
| Mortgages | 201 Spear Street Mortgage Loan |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Total notes payable principal outstanding |
|
|
|
|
$ 0
|
|
|
125,000,000
|
| Mortgages | Carillon Mortgage Loan |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Total notes payable principal outstanding |
|
|
|
|
$ 88,476,000
|
|
|
94,400,000
|
| Effective interest rate |
|
|
|
|
6.34%
|
|
|
|
| Debt instrument, periodic payment, principal |
$ 112,000
|
|
|
|
|
|
|
|
| Mortgages | Carillon Mortgage Loan | One-month SOFR |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
|
1.50%
|
|
|
|
| Mortgages | 3001 & 3003 Washington Mortgage Loan (8) |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Total notes payable principal outstanding |
|
|
|
|
$ 138,971,000
|
|
|
140,410,000
|
| Effective interest rate |
|
|
|
|
6.39%
|
|
|
|
| Mortgages | 3001 & 3003 Washington Mortgage Loan (8) | One-month SOFR |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
|
1.45%
|
|
|
|
| Mortgages | 3001 & 3003 Washington Mortgage Loan (8) | Adjusted Term Secured Overnight Financing Rate (ASOFR) |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
|
0.10%
|
|
|
|
| Mortgages | Park Place Village Loan |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Total notes payable principal outstanding |
|
|
|
|
$ 65,000,000
|
|
|
65,000,000
|
| Effective interest rate |
|
|
|
|
6.79%
|
|
|
|
| Number of extensions | extension_option |
|
|
|
|
2
|
|
|
|
| Extension period |
|
|
|
|
12 months
|
|
|
|
| Mortgages | Park Place Village Loan | One-month SOFR |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
|
1.95%
|
|
|
|
| Secured Debt | Modified Portfolio Revolving Loan Facility |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Total notes payable principal outstanding |
|
|
|
|
$ 209,794,000
|
|
$ 203,000,000
|
249,145,000
|
| Basis spread on variable rate |
|
3.00%
|
|
|
|
|
|
|
| Effective interest rate |
|
|
|
|
7.84%
|
|
|
|
| Debt instrument, periodic payment, principal |
|
$ 880,900
|
|
|
|
|
|
|
| Secured Debt | Modified Portfolio Revolving Loan Facility | One-month SOFR |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
|
3.00%
|
|
|
|
| Secured Debt | Accenture Tower Revolving Loan |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Total notes payable principal outstanding |
|
|
|
|
$ 306,000,000
|
|
|
306,000,000
|
| Effective interest rate |
|
|
|
|
7.19%
|
|
|
|
| Secured Debt | Accenture Tower Revolving Loan | Revolving Credit Facility |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Extension period |
|
|
|
|
12 months
|
|
|
|
| Secured Debt | Accenture Tower Revolving Loan | One-month SOFR |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
|
2.35%
|
|
|
|
| Secured Debt | Amended and Restated Portfolio Loan Facility |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Total notes payable principal outstanding |
|
|
|
|
$ 601,288,000
|
|
|
601,288,000
|
| Effective interest rate |
|
|
|
|
6.74%
|
|
|
|
| Secured Debt | Amended and Restated Portfolio Loan Facility | One-month SOFR |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
|
1.80%
|
|
|
|
| Secured Debt | Amended and Restated Portfolio Loan Facility | Adjusted Term Secured Overnight Financing Rate (ASOFR) |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
|
0.10%
|
|
|
|
| Unsecured Debt | Credit Facility |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Total notes payable principal outstanding |
|
|
|
|
$ 62,852,000
|
|
|
$ 37,500,000
|
| Effective interest rate |
|
|
|
|
7.84%
|
|
|
|
| Unsecured Debt | Credit Facility | One-month SOFR |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
|
3.00%
|
|
|
|
| X |
- DefinitionDebt Instrument, Extension Period
| Name: |
kbsriii_DebtInstrumentExtensionPeriod |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionDebt Instrument, Number of Extensions
| Name: |
kbsriii_DebtInstrumentNumberOfExtensions |
| Namespace Prefix: |
kbsriii_ |
| Data Type: |
xbrli:integerItemType |
| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionLine of Credit Facility, Remaining Borrowing Capacity, Permanently Cancelled
| Name: |
kbsriii_LineOfCreditFacilityRemainingBorrowingCapacityPermanentlyCancelled |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionPercentage points added to the reference rate to compute the variable rate on the debt instrument.
| Name: |
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| Namespace Prefix: |
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|
| X |
- DefinitionAmount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4
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|
v3.24.3
NOTES PAYABLE - Additional Information (Details) - USD ($)
|
|
|
|
|
|
|
3 Months Ended |
9 Months Ended |
|
|
|
Aug. 01, 2024 |
Jul. 30, 2024 |
Jul. 15, 2024 |
Feb. 21, 2024 |
Feb. 09, 2024 |
Feb. 06, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Aug. 23, 2024 |
May 10, 2024 |
Dec. 31, 2023 |
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt obligations coming due over the 12-month period |
|
|
|
|
|
|
$ 1,000,000,000.0
|
|
$ 1,000,000,000.0
|
|
|
|
|
| Long term debt, remaining term |
|
|
|
|
|
|
12 months
|
|
12 months
|
|
|
|
|
| Interest expense |
|
|
|
|
|
|
$ 32,055,000
|
$ 31,059,000
|
$ 97,716,000
|
$ 87,137,000
|
|
|
|
| Amortization of deferred financing costs |
|
|
|
|
|
|
|
|
7,790,000
|
3,085,000
|
|
|
|
| Interest payable, current |
|
|
|
|
|
|
9,600,000
|
|
9,600,000
|
|
|
|
$ 9,900,000
|
| Total notes payable principal outstanding |
|
|
|
|
|
|
1,591,211,000
|
|
1,591,211,000
|
|
|
|
1,738,613,000
|
| Term debt |
|
|
|
|
|
|
1,589,507,000
|
|
1,589,507,000
|
|
|
|
1,735,896,000
|
| Amended and Restated Portfolio Loan Facility |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other indebtedness demand made or guaranteed, amount |
|
|
|
|
|
$ 5,000,000
|
|
|
|
|
|
|
|
| Non-refundable fee payment |
|
|
|
|
|
900,000
|
|
|
|
|
|
|
|
| Cash sweep collateral account deposit |
|
|
|
|
|
5,000,000
|
|
|
|
|
|
|
|
| Exit fee payment |
|
|
|
|
|
1,000,000
|
|
|
|
|
|
|
|
| Amended and Restated Portfolio Loan Facility | Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Minimum equity and debt raise |
|
|
|
|
|
$ 100,000,000
|
|
|
|
|
|
|
|
| Debt instrument, excess cash flow deposit requirement, percentage |
|
|
|
|
|
100.00%
|
|
|
|
|
|
|
|
| Total notes payable principal outstanding |
|
|
|
|
|
|
601,288,000
|
|
601,288,000
|
|
|
|
601,288,000
|
| Amended and Restated Portfolio Loan Facility | Line of Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
1.80%
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basis spread adjustment on variable rate |
0.10%
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other indebtedness demand made or guaranteed, amount |
|
|
$ 5,000,000
|
|
|
|
|
|
|
|
|
|
|
| Non-refundable fee payment |
|
|
600,000
|
|
|
|
|
|
|
|
|
|
|
| Cash sweep collateral account deposit |
|
|
5,000,000
|
|
|
|
|
|
|
|
|
|
|
| Exit fee payment |
|
|
$ 1,000,000
|
|
|
|
|
|
|
|
|
|
|
| Modified Portfolio Revolving Loan Facility | Loan Borrower |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt instrument, covenant, approved holdback costs |
|
|
|
|
$ 10,000,000
|
|
|
|
|
|
|
|
|
| Hold costs available for future disbursement |
|
|
|
|
|
|
7,600,000
|
|
7,600,000
|
|
|
|
|
| Modified Portfolio Revolving Loan Facility | Loan Guarantor |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt instrument, covenant, approved holdback costs |
|
|
|
|
$ 6,200,000
|
|
|
|
|
|
|
|
|
| Modified Portfolio Revolving Loan Facility | Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
|
3.00%
|
|
|
|
|
|
|
|
|
| Repayments of debt |
|
|
|
$ 46,200,000
|
|
|
|
|
|
|
|
|
|
| Total notes payable principal outstanding |
|
|
|
$ 203,000,000
|
|
|
209,794,000
|
|
209,794,000
|
|
|
|
$ 249,145,000
|
| Debt instrument, periodic payment, principal |
|
|
|
|
$ 880,900
|
|
|
|
|
|
|
|
|
| Credit Facility | Line of Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Minimum equity and debt raise |
|
|
|
|
|
|
|
|
|
|
|
$ 100,000,000
|
|
| Maximum borrowing capacity |
|
|
|
|
|
|
|
|
|
|
|
62,900,000
|
|
| Credit Facility | Line of Credit | Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Term debt |
|
|
|
|
|
|
|
|
|
|
|
$ 19,800,000
|
|
| Third Modification of Credit Facility | Line of Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
3.00%
|
|
|
|
|
|
|
|
|
|
|
|
| Third Modification of Credit Facility | Line of Credit | Debt Covenant Period Two |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Minimum equity and debt raise |
|
$ 100,000,000
|
|
|
|
|
|
|
|
|
|
|
|
| Fourth Extension Agreement | Line of Credit | Debt Covenant Period Two |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Minimum equity and debt raise |
|
|
|
|
|
|
|
|
|
|
$ 100,000,000
|
|
|
| Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amortization of deferred financing costs |
|
|
|
|
|
|
$ 1,800,000
|
$ 1,000,000
|
$ 7,800,000
|
$ 3,100,000
|
|
|
|
| X |
- DefinitionDebt Instrument, Approved Holdback Costs
| Name: |
kbsriii_DebtInstrumentApprovedHoldbackCosts |
| Namespace Prefix: |
kbsriii_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionDebt Instrument, Basis Spread Adjustment on Variable Rate
| Name: |
kbsriii_DebtInstrumentBasisSpreadAdjustmentOnVariableRate |
| Namespace Prefix: |
kbsriii_ |
| Data Type: |
dtr-types:percentItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionDebt Instrument, Cash Sweep Collateral Account Deposit
| Name: |
kbsriii_DebtInstrumentCashSweepCollateralAccountDeposit |
| Namespace Prefix: |
kbsriii_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionDebt Instrument, Covenant, Default Occurs if Other Indebtedness Demand Made Or Guaranteed, Amount
| Name: |
kbsriii_DebtInstrumentCovenantDefaultOccursIfOtherIndebtednessDemandMadeOrGuaranteedAmount |
| Namespace Prefix: |
kbsriii_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionDebt Instrument, Covenant, Excess Cash Flow Deposit Requirement Percentage
| Name: |
kbsriii_DebtInstrumentCovenantExcessCashFlowDepositRequirementPercentage |
| Namespace Prefix: |
kbsriii_ |
| Data Type: |
dtr-types:percentItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionDebt Instrument, Covenant, Minimum Equity and Debt Raise
| Name: |
kbsriii_DebtInstrumentCovenantMinimumEquityAndDebtRaise |
| Namespace Prefix: |
kbsriii_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionDebt Instrument, Exit Fee Payment Amount
| Name: |
kbsriii_DebtInstrumentExitFeePaymentAmount |
| Namespace Prefix: |
kbsriii_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionDebt Instrument, Hold Costs Available for Future Disbursement
| Name: |
kbsriii_DebtInstrumentHoldCostsAvailableForFutureDisbursement |
| Namespace Prefix: |
kbsriii_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionDebt Instrument, Non-Refundable Fee Payment
| Name: |
kbsriii_DebtInstrumentNonRefundableFeePayment |
| Namespace Prefix: |
kbsriii_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionLong Term Debt Obligation, Due Over Next 12 Month Period
| Name: |
kbsriii_LongTermDebtObligationDueOverNext12MonthPeriod |
| Namespace Prefix: |
kbsriii_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionLong Term Debt Obligation, Remaining Term
| Name: |
kbsriii_LongTermDebtObligationRemainingTerm |
| Namespace Prefix: |
kbsriii_ |
| Data Type: |
xbrli:durationItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of amortization expense attributable to debt issuance costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-3
| Name: |
us-gaap_AmortizationOfFinancingCosts |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionPercentage points added to the reference rate to compute the variable rate on the debt instrument.
| Name: |
us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:percentItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4
| Name: |
us-gaap_DebtInstrumentCarryingAmount |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B
Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C
Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E
Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I
Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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v3.24.3
NOTES PAYABLE - Schedule of Maturities Including Principal Amortization Payments, for All Notes Payable Outstanding (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Notes Payable [Abstract] |
|
|
| October 1, 2024 through December 31, 2024 |
$ 1,110,717
|
|
| 2025 |
71,428
|
|
| 2026 |
409,066
|
|
| 2027 |
0
|
|
| 2028 |
0
|
|
| Thereafter |
0
|
|
| Total notes payable |
$ 1,591,211
|
$ 1,738,613
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v3.24.3
DERIVATIVE INSTRUMENTS - Schedule of Notional Amount and Other Information Related to the Interest Rate Swaps and Interest Rate Cap (Details)
|
1 Months Ended |
9 Months Ended |
|
|
|
Feb. 29, 2024
USD ($)
investment_instrument
|
Sep. 30, 2024
USD ($)
investment_instrument
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
investment_instrument
|
Jun. 30, 2023
investment_instrument
|
| Derivative [Line Items] |
|
|
|
|
|
| Interest rate swap settlement for early terminated swaps | $ |
|
$ (6,552,000)
|
$ 0
|
|
|
| Derivative instruments not designated as hedging instruments | Interest Rate Swaps |
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
| Number of Instruments |
|
14
|
|
16
|
|
| Notional Amount | $ |
|
$ 1,100,000,000
|
|
$ 1,300,000,000
|
|
| Weighted-Average Fix Pay Rate |
|
3.10%
|
|
|
|
| Weighted-Average Remaining Term in Years |
|
1 year 7 months 6 days
|
|
|
|
| Derivative, number of instruments terminated |
2
|
2
|
|
|
|
| Interest rate swap settlement for early terminated swaps | $ |
$ 6,600,000
|
$ 6,600,000
|
|
|
|
| Derivative instruments not designated as hedging instruments | Interest Rate Swaps | Secured Overnight Financing Rate (SOFR) Fallback |
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
| Number of Instruments |
|
2
|
|
|
|
| Derivative, basis spread on variable rate |
|
|
|
|
0.11448%
|
| Derivative instruments not designated as hedging instruments | Interest Rate Swaps | One-month LIBOR |
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
| Number of Instruments |
|
|
|
|
8
|
| Derivative instruments not designated as hedging instruments | Interest Rate Swaps | Minimum | Secured Overnight Financing Rate (SOFR) Fallback |
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
| Reference Rate |
|
1.08%
|
|
|
|
| Derivative instruments not designated as hedging instruments | Interest Rate Swaps | Minimum | One-month SOFR |
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
| Reference Rate |
|
2.38%
|
|
|
|
| Derivative instruments not designated as hedging instruments | Interest Rate Swaps | Maximum | Secured Overnight Financing Rate (SOFR) Fallback |
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
| Reference Rate |
|
1.28%
|
|
|
|
| Derivative instruments not designated as hedging instruments | Interest Rate Swaps | Maximum | One-month SOFR |
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
| Reference Rate |
|
3.92%
|
|
|
|
| Derivative instruments not designated as hedging instruments | Interest Rate Cap |
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
| Number of Instruments |
|
0
|
|
1
|
|
| Notional Amount | $ |
|
$ 0
|
|
$ 125,000,000
|
|
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v3.24.3
DERIVATIVE INSTRUMENTS - Schedule of Derivative Instruments as well as their Classification on the Consolidated Balance Sheets (Details)
$ in Thousands |
Sep. 30, 2024
USD ($)
investment_instrument
|
Dec. 31, 2023
USD ($)
investment_instrument
|
| Derivative [Line Items] |
|
|
| Derivative Asset, Statement of Financial Position [Extensible Enumeration] |
Prepaid expenses and other assets
|
Prepaid expenses and other assets
|
| Derivative Liability, Statement of Financial Position [Extensible Enumeration] |
Other liabilities
|
Other liabilities
|
| Derivative instruments not designated as hedging instruments | Interest Rate Swaps |
|
|
| Derivative [Line Items] |
|
|
| Number of Instruments |
14
|
16
|
| Fair value, asset | $ |
$ 5,716
|
$ 23,891
|
| Liability derivatives - interest rate swaps | $ |
$ (2,102)
|
$ (175)
|
| Derivative instruments not designated as hedging instruments | Interest Rate Swaps | Prepaid expenses and other assets, at fair value |
|
|
| Derivative [Line Items] |
|
|
| Number of Instruments |
8
|
15
|
| Derivative instruments not designated as hedging instruments | Interest Rate Swaps | Other liabilities, at fair value |
|
|
| Derivative [Line Items] |
|
|
| Number of Instruments |
6
|
1
|
| Derivative instruments not designated as hedging instruments | Interest Rate Cap |
|
|
| Derivative [Line Items] |
|
|
| Number of Instruments |
0
|
1
|
| Fair value, asset | $ |
$ 0
|
$ 0
|
| Derivative instruments not designated as hedging instruments | Interest Rate Cap | Prepaid expenses and other assets, at fair value |
|
|
| Derivative [Line Items] |
|
|
| Number of Instruments |
0
|
1
|
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v3.24.3
DERIVATIVE INSTRUMENTS - Schedule of Derivative Instruments in Consolidated Statements of Operations (Details)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
|
Sep. 30, 2024
USD ($)
investment_instrument
|
Sep. 30, 2023
USD ($)
investment_instrument
|
Sep. 30, 2024
USD ($)
investment_instrument
|
Sep. 30, 2023
USD ($)
investment_instrument
|
Dec. 31, 2023
investment_instrument
|
| Derivative [Line Items] |
|
|
|
|
|
| Gains related to swap terminations |
|
|
$ (178)
|
$ 0
|
|
| Net loss (gain) on derivative instruments |
$ 14,918
|
$ (12,180)
|
(6,137)
|
(32,110)
|
|
| Derivative instruments not designated as hedging instruments |
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
| Net loss (gain) on derivative instruments |
14,918
|
(12,180)
|
(6,137)
|
(32,110)
|
|
| Derivative instruments not designated as hedging instruments | Interest Rate Swaps |
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
| Realized gain recognized on interest rate swaps |
(6,311)
|
(8,551)
|
(19,687)
|
(22,862)
|
|
| Unrealized loss (gain) on derivatives |
21,229
|
(3,630)
|
13,728
|
(9,273)
|
|
| Gains related to swap terminations |
$ 0
|
0
|
$ (178)
|
0
|
|
| Number of Instruments | investment_instrument |
14
|
|
14
|
|
16
|
| Derivative instruments not designated as hedging instruments | Interest Rate Cap |
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
| Unrealized loss (gain) on derivatives |
$ 0
|
1
|
$ 0
|
25
|
|
| Number of Instruments | investment_instrument |
0
|
|
0
|
|
1
|
| Derivative instruments not designated as hedging instruments | Interest Rate Swap at Fair Value |
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
| Unrealized gain (loss) |
|
$ 3,000
|
|
$ (7,600)
|
|
| Number of Instruments | investment_instrument |
|
2
|
|
2
|
|
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(7)(c)(7))
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
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-Section S99
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-Subparagraph (SX 210.12-13A(Column F))
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v3.24.3
FAIR VALUE DISCLOSURES - Schedule of Face Value, Carrying Amounts and Fair Value (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Financial liabilities: |
|
|
| Face Value |
$ 1,591,211
|
$ 1,738,613
|
| Carrying Amount |
|
|
| Financial liabilities: |
|
|
| Notes payable |
1,589,507
|
1,735,896
|
| Fair Value |
|
|
| Financial liabilities: |
|
|
| Notes payable |
$ 1,586,982
|
$ 1,679,259
|
| X |
- DefinitionFace (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B
Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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-SubTopic 10
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-Topic 820
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-Section 50
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-Topic 820
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-Topic 210
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-Section S99
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v3.24.3
FAIR VALUE DISCLOSURES - Schedule of Fair Value, Assets Measured on Recurring Basis (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
| Real estate equity securities |
$ 44,399
|
|
$ 44,399
|
|
$ 51,802
|
| Impaired real estate |
6,847
|
$ 0
|
6,847
|
$ 45,459
|
|
| Recurring Basis: |
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
| Real estate equity securities |
44,399
|
|
44,399
|
|
|
| Recurring Basis: | Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
| Real estate equity securities |
44,399
|
|
44,399
|
|
|
| Recurring Basis: | Significant Other Observable Inputs (Level 2) |
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
| Real estate equity securities |
0
|
|
0
|
|
|
| Recurring Basis: | Significant Unobservable Inputs (Level 3) |
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
| Real estate equity securities |
0
|
|
0
|
|
|
| Recurring Basis: | Interest Rate Swaps |
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
| Asset derivatives - interest rate swaps |
5,716
|
|
5,716
|
|
|
| Liability derivatives - interest rate swaps |
(2,102)
|
|
(2,102)
|
|
|
| Recurring Basis: | Interest Rate Swaps | Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
| Asset derivatives - interest rate swaps |
0
|
|
0
|
|
|
| Liability derivatives - interest rate swaps |
0
|
|
0
|
|
|
| Recurring Basis: | Interest Rate Swaps | Significant Other Observable Inputs (Level 2) |
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
| Asset derivatives - interest rate swaps |
5,716
|
|
5,716
|
|
|
| Liability derivatives - interest rate swaps |
(2,102)
|
|
(2,102)
|
|
|
| Recurring Basis: | Interest Rate Swaps | Significant Unobservable Inputs (Level 3) |
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
| Asset derivatives - interest rate swaps |
0
|
|
0
|
|
|
| Liability derivatives - interest rate swaps |
$ 0
|
|
0
|
|
|
| Nonrecurring Basis: |
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
| Impaired real estate |
|
|
124,770
|
|
|
| Nonrecurring Basis: | Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
| Impaired real estate |
|
|
0
|
|
|
| Nonrecurring Basis: | Significant Other Observable Inputs (Level 2) |
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
| Impaired real estate |
|
|
0
|
|
|
| Nonrecurring Basis: | Significant Unobservable Inputs (Level 3) |
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
| Impaired real estate |
|
|
$ 124,770
|
|
|
| X |
- DefinitionFair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
RELATED PARTY TRANSACTIONS - Schedule of Related Party Costs (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Related Party Transaction [Line Items] |
|
|
|
|
|
| Payable as of |
$ 18,948
|
|
$ 18,948
|
|
$ 17,408
|
| Advisor and Dealer Manager |
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
| Incurred costs (reimbursement) |
5,077
|
$ 5,347
|
15,493
|
$ 15,815
|
|
| Advisor and Dealer Manager | Related Party |
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
| Payable as of |
18,948
|
|
18,948
|
|
17,408
|
| Advisor and Dealer Manager | Asset management fees |
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
| Incurred costs (reimbursement) |
4,942
|
5,268
|
14,762
|
15,542
|
|
| Advisor and Dealer Manager | Asset management fees | Related Party |
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
| Payable as of |
18,605
|
|
18,605
|
|
16,992
|
| Advisor and Dealer Manager | Reimbursement of operating expenses |
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
| Incurred costs (reimbursement) |
135
|
79
|
317
|
273
|
|
| Advisor and Dealer Manager | Reimbursement of operating expenses | Related Party |
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
| Payable as of |
343
|
|
343
|
|
416
|
| Advisor and Dealer Manager | Disposition Fees |
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
| Incurred costs (reimbursement) |
0
|
0
|
414
|
0
|
|
| Advisor and Dealer Manager | Disposition Fees | Related Party |
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
| Payable as of |
0
|
|
0
|
|
$ 0
|
| Advisor and Dealer Manager | Salaries, benefits and overhead |
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
| Incurred costs (reimbursement) |
$ 22
|
$ 30
|
$ 86
|
$ 86
|
|
| X |
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(15)(5))
-Publisher FASB
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v3.24.3
RELATED PARTY TRANSACTIONS - Additional Information (Details)
|
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
Aug. 12, 2024
USD ($)
$ / ft²
|
Nov. 08, 2022 |
Oct. 01, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
|
Jul. 18, 2019
USD ($)
|
Mar. 14, 2019
USD ($)
$ / ft²
|
Dec. 31, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
May 29, 2015
ft²
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Restricted cash |
|
|
|
|
|
|
$ 14,086,000
|
$ 14,539,000
|
|
$ 14,539,000
|
|
|
| Payable as of |
|
|
|
|
|
|
17,408,000
|
18,948,000
|
|
18,948,000
|
|
|
| Annualized base rent |
|
|
|
|
|
|
|
|
|
60,476,000
|
|
|
| Rental income |
|
|
|
|
|
|
|
$ 63,538,000
|
$ 69,489,000
|
$ 193,576,000
|
$ 200,859,000
|
|
| Related Party |
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Monthly asset management fee, percent of acquisition expense, excluding acquisition fees related to thereto (percent) |
|
|
|
|
|
|
|
0.0625%
|
|
0.0625%
|
|
|
| Rental income |
|
|
|
|
|
|
|
$ 78,000
|
83,000
|
$ 244,000
|
248,000
|
|
| Related Party | Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Net rentable area (in sq feet) | ft² |
|
|
|
|
|
|
|
|
|
|
|
5,046
|
| Total rentable square feet (percentage) |
|
|
|
|
|
|
|
|
|
|
|
2.40%
|
| Annualized base rent |
$ 300,000
|
|
|
|
|
$ 300,000
|
|
|
|
|
|
|
| Average annualized base rent per square foot (usd per sqft) | $ / ft² |
53.75
|
|
|
|
|
62.55
|
|
|
|
|
|
|
| Advisor and Dealer Manager |
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Incurred costs (reimbursement) |
|
|
|
|
|
|
|
5,077,000
|
5,347,000
|
15,493,000
|
15,815,000
|
|
| Advisor and Dealer Manager | Related Party |
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Payable as of |
|
|
|
|
|
|
17,408,000
|
18,948,000
|
|
18,948,000
|
|
|
| SREIT |
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Acquisition fee as percent of acquisition price of real estate |
|
|
|
|
1.00%
|
|
|
|
|
|
|
|
| Dividend fee as percent of sale price of real estate |
|
|
|
|
0.50%
|
|
|
|
|
|
|
|
| Development management fee as percent of total project cost |
|
|
|
|
3.00%
|
|
|
|
|
|
|
|
| SREIT | Linda Bren 2017 Trust |
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Investment in an unconsolidated entity |
|
|
|
|
$ 5,000,000
|
|
|
|
|
|
|
|
| SREIT | Related Party |
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Annual base fee (percent) |
|
|
|
|
10.00%
|
|
|
|
|
|
|
|
| Annual performance fee (percent) |
|
|
|
|
25.00%
|
|
|
|
|
|
|
|
| Incurred costs of supplemental coverage | Advisor and Dealer Manager |
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Incurred costs (reimbursement) |
|
|
|
|
|
|
|
101,000
|
72,000
|
101,000
|
72,000
|
|
| Monthly asset management cash fee | Advisor and Dealer Manager |
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Incurred costs (reimbursement) |
|
|
$ 1,150,000
|
|
|
|
|
|
|
|
|
|
| Fully funded bonus retention funded | Advisor and Dealer Manager |
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Incurred costs (reimbursement) |
|
|
|
|
|
|
8,500,000
|
|
|
|
|
|
| Bonus retention fund deposit | Advisor and Dealer Manager | Related Party |
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Restricted cash |
|
|
|
|
|
|
|
8,500,000
|
|
8,500,000
|
|
|
| Payable as of |
|
|
|
|
|
|
8,500,000
|
8,500,000
|
|
8,500,000
|
|
|
| Bonus retention fund payments | Advisor and Dealer Manager |
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Incurred costs (reimbursement) |
|
|
|
|
|
|
|
|
|
0
|
|
|
| Deferred asset management fees | Advisor and Dealer Manager |
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Incurred costs (reimbursement) |
|
|
|
$ 8,500,000
|
|
|
|
|
|
|
|
|
| Deferred asset management fees | Advisor and Dealer Manager | Related Party |
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Payable as of |
|
|
|
|
|
|
8,500,000
|
8,500,000
|
|
8,500,000
|
|
|
| Asset management fees | Advisor and Dealer Manager |
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Incurred costs (reimbursement) |
|
|
|
|
|
|
|
4,942,000
|
$ 5,268,000
|
14,762,000
|
$ 15,542,000
|
|
| Asset management fees | Advisor and Dealer Manager | Related Party |
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Payable as of |
|
|
|
|
|
|
$ 16,992,000
|
$ 18,605,000
|
|
$ 18,605,000
|
|
|
| Non compounded return on net invested capital | Advisor and Dealer Manager |
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Related party transaction rate (percent) |
|
|
|
|
|
|
|
|
|
8.00%
|
|
|
| The renewal advisory agreement | Advisor and Dealer Manager | Related Party |
|
|
|
|
|
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Renewal period |
|
1 year
|
|
|
|
|
|
|
|
|
|
|
| Termination period |
|
60 days
|
|
|
|
|
|
|
|
|
|
|
| X |
- DefinitionLessor, Operating Lease, Annualized Base Rent
| Name: |
kbsriii_LessorOperatingLeaseAnnualizedBaseRent |
| Namespace Prefix: |
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| Period Type: |
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|
| X |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
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|
| X |
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-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481664/323-10-45-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25
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| Period Type: |
instant |
|
| X |
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-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
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| Namespace Prefix: |
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| Period Type: |
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|
| X |
- DefinitionRate based on performance for management and service fees under arrangement to manage operations, including, but not limited to, investment. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
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|
| X |
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|
| X |
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-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
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-Section 50
-Paragraph 6A
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
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|
| X |
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section S99
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
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-Section 50
-Paragraph 8
-Publisher FASB
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 4
-Publisher FASB
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| X |
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| X |
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|
| X |
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| Namespace Prefix: |
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| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
SUBSEQUENT EVENTS (Details)
|
|
|
|
|
|
|
|
|
3 Months Ended |
9 Months Ended |
|
|
|
Nov. 06, 2024
USD ($)
|
Nov. 01, 2024
USD ($)
|
Oct. 11, 2024
USD ($)
|
Aug. 01, 2024 |
Jul. 15, 2024
USD ($)
|
Feb. 06, 2024
USD ($)
|
Sep. 30, 2022
USD ($)
|
Jun. 19, 2013
ft²
a
building
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Oct. 09, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Term debt |
|
|
|
|
|
|
|
|
$ 1,589,507,000
|
|
$ 1,589,507,000
|
|
|
$ 1,735,896,000
|
| Amount drawn |
|
|
|
|
|
|
|
|
1,591,211,000
|
|
1,591,211,000
|
|
|
1,738,613,000
|
| Preston Commons |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of office building acquired | building |
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
| Rentable area of real estate acquired | ft² |
|
|
|
|
|
|
|
427,799
|
|
|
|
|
|
|
| Land area of real estate acquired | a |
|
|
|
|
|
|
|
6.3
|
|
|
|
|
|
|
| Advisor and Dealer Manager |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Incurred costs (reimbursement) |
|
|
|
|
|
|
|
|
5,077,000
|
$ 5,347,000
|
15,493,000
|
$ 15,815,000
|
|
|
| Advisor and Dealer Manager | Deferred asset management fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Incurred costs (reimbursement) |
|
|
|
|
|
|
$ 8,500,000
|
|
|
|
|
|
|
|
| Subsequent Event | Preston Commons | Held-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Disposal group, consideration |
|
|
|
|
|
|
|
|
|
|
|
|
$ 151,000,000
|
|
| Disposal group, forfeiture penalty if purchase fails |
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,000,000
|
|
| Subsequent Event | Advisor and Dealer Manager | Reduction of Certain Transaction-Based Compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Incurred costs (reimbursement) |
|
|
$ 500,000
|
|
|
|
|
|
|
|
|
|
|
|
| Amended and Restated Portfolio Loan Facility |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-refundable fee payment |
|
|
|
|
|
$ 900,000
|
|
|
|
|
|
|
|
|
| Exit fee payment |
|
|
|
|
|
1,000,000
|
|
|
|
|
|
|
|
|
| Other indebtedness demand made or guaranteed, amount |
|
|
|
|
|
$ 5,000,000
|
|
|
|
|
|
|
|
|
| Amended and Restated Portfolio Loan Facility | Line of Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-refundable fee payment |
|
|
|
|
$ 600,000
|
|
|
|
|
|
|
|
|
|
| Exit fee payment |
|
|
|
|
1,000,000
|
|
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
1.80%
|
|
|
|
|
|
|
|
|
|
|
| Basis spread adjustment on variable rate |
|
|
|
0.10%
|
|
|
|
|
|
|
|
|
|
|
| Other indebtedness demand made or guaranteed, amount |
|
|
|
|
$ 5,000,000
|
|
|
|
|
|
|
|
|
|
| Amended and Restated Portfolio Loan Facility | Line of Credit | Subsequent Event |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Term debt |
|
|
601,300,000
|
|
|
|
|
|
|
|
|
|
|
|
| Non-refundable fee payment |
|
|
250,000
|
|
|
|
|
|
|
|
|
|
|
|
| Exit fee payment |
|
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
| Amended and Restated Portfolio Loan Facility | Line of Credit | Subsequent Event | Debt Covenant Period Two |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Minimum equity and debt raise, requirement waived |
|
|
$ 100,000,000
|
|
|
|
|
|
|
|
|
|
|
|
| Amended and Restated Portfolio Loan Facility | Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amount drawn |
|
|
|
|
|
|
|
|
601,288,000
|
|
601,288,000
|
|
|
601,288,000
|
| Debt instrument, excess cash flow deposit requirement, percentage |
|
|
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
| Accenture Tower Revolving Loan | Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Maximum borrowing capacity |
|
|
|
|
|
|
|
|
76,500,000
|
|
76,500,000
|
|
|
|
| Accenture Tower Revolving Loan | Subsequent Event |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Extension period |
|
12 months
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amount drawn |
|
$ 306,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accenture Tower Revolving Loan | Subsequent Event | Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amount drawn |
|
76,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accenture Tower Revolving Loan | Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amount drawn |
|
|
|
|
|
|
|
|
$ 306,000,000
|
|
$ 306,000,000
|
|
|
$ 306,000,000
|
| Accenture Tower Revolving Loan | Secured Debt | Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Extension period |
|
|
|
|
|
|
|
|
|
|
12 months
|
|
|
|
| Accenture Tower Revolving Loan | Secured Debt | Subsequent Event |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amount drawn |
|
$ 229,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3001 & 3003 Washington Mortgage Loan Fifth Modification | Mortgages | Subsequent Event |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exit fee payment |
$ 1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amount drawn |
$ 138,800,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
2.90%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basis spread adjustment on variable rate |
0.10%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt instrument, excess cash flow deposit requirement, percentage |
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other indebtedness demand made or guaranteed, amount |
$ 5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan fee payment |
$ 400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| X |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
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kbsriii_DebtInstrumentExitFeePaymentAmount |
| Namespace Prefix: |
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| Data Type: |
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|
| X |
- DefinitionDebt Instrument, Extension Period
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kbsriii_DebtInstrumentExtensionPeriod |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionDebt Instrument, Loan Fee Payment Amount
| Name: |
kbsriii_DebtInstrumentLoanFeePaymentAmount |
| Namespace Prefix: |
kbsriii_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
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| Period Type: |
instant |
|
| X |
- DefinitionDebt Instrument, Non-Refundable Fee Payment
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kbsriii_DebtInstrumentNonRefundableFeePayment |
| Namespace Prefix: |
kbsriii_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionDisposal Group, Including Discontinued Operation, Forfeiture Penalty If Purchase Fails
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kbsriii_DisposalGroupIncludingDiscontinuedOperationForfeiturePenaltyIfPurchaseFails |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
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kbsriii_LandAreaOfRealEstateAcquired |
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| Data Type: |
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| Balance Type: |
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|
| X |
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kbsriii_RealEstateAcquisitionNumberOfOfficeBuildingsAcquired |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionRentable Area of Real Estate Acquired
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| Namespace Prefix: |
kbsriii_ |
| Data Type: |
dtr-types:areaItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionPercentage points added to the reference rate to compute the variable rate on the debt instrument.
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionAmount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Topic 210
-Publisher FASB
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4
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us-gaap_DebtInstrumentCarryingAmount |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of consideration received or receivable for the disposal of assets and liabilities, including discontinued operation.
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
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| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionMaximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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| X |
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
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-Publisher FASB
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| X |
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-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
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| X |
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| Data Type: |
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| Period Type: |
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|
| X |
- Details
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| Namespace Prefix: |
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| Data Type: |
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|
| X |
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| Period Type: |
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|
| X |
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|
| X |
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|
| X |
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|
| X |
- Details
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| Balance Type: |
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| Period Type: |
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|
| X |
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| Namespace Prefix: |
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| Period Type: |
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|
| X |
- Details
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us-gaap_DebtInstrumentAxis=kbsriii_AccentureTowerRevolvingLoanMember |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
us-gaap_DebtInstrumentAxis=kbsriii_A30013003WashingtonMortgageLoanFifthModificationMember |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
|
| Period Type: |
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|
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