CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real estate:
Land	$ 306,871	$ 308,920
Buildings and improvements	2,098,848	2,092,928
Tenant origination and absorption costs	90,017	95,808
Total real estate held for investment, cost	2,495,736	2,497,656
Less accumulated depreciation and amortization	(460,609)	(444,299)
Total real estate held for investment, net	2,035,127	2,053,357
Real estate held for sale, net	123,215	122,264
Total real estate, net	2,158,342	2,175,621
Cash and cash equivalents	46,653	43,984
Restricted cash	5,288	5,288
Investment in an unconsolidated entity	240,309	253,371
Rents and other receivables, net	86,682	83,446
Above-market leases, net	529	566
Prepaid expenses and other assets	83,675	76,651
Total assets	2,621,478	2,638,927
Liabilities and equity
Notes payable, net	1,497,349	1,459,879
Accounts payable and accrued liabilities	58,768	71,381
Due to affiliate	10,130	7,886
Distributions payable	9,064	9,392
Below-market leases, net	9,089	9,849
Other liabilities	77,261	43,526
Total liabilities	1,661,661	1,601,913
Commitments and contingencies (Note 11)
Redeemable common stock	60,584	51,704
KBS Real Estate Investment Trust III, Inc. 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, 181,784,482 and 180,970,743 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	1,818	1,810
Additional paid-in capital	1,600,382	1,600,416
Cumulative distributions in excess of net income	(703,223)	(617,171)
Total KBS Real Estate Investment Trust III, Inc. stockholders’ equity	898,977	985,055
Noncontrolling interest	256	255
Total equity	899,233	985,310
Total liabilities and equity	$ 2,621,478	$ 2,638,927