KBS Real Estate Investment Trust III, Inc. Financial Ratios — KBSR

Profitability (USD)

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	0.05	0.04	0.1	8.8	-0.72	6.04	-2.77	-7.16	-0.55
Return on Capital (%)	- -	7.22	3.86	4.95	30.27	- -	23.81	- -	- -	- -
Return on Invested Capital (%)	- -	3.44	1.85	1.92	1.98	- -	1.49	- -	- -	- -
Gross Margin (%)	79.32	83.42	82.93	82.35	82.28	80.14	79.41	81.16	80.46	80.66
EBITDA Margin (%)	48.49	53.97	55.91	54.18	54.43	51.29	50.53	49.84	48.57	44.6
Operating Margin (%)	5.37	13.78	14.72	15.13	15.72	13.82	11.9	9.63	6.2	1.75
Incremental Operating Margin (%)	- -	46.29	122.6	30.04	9.6	23.88	80.53	133.65	200.14	104.6
Pretax Margin (%)	-9.63	0.2	0.36	0.84	73.48	-4.29	51.28	-22.71	-58.31	-4.2
Profit Margin (%)	-9.63	0.2	0.36	0.85	73.49	-6.42	51.28	-22.71	-58.31	-4.2
Net Income to Common Margin (%)	-9.63	0.2	0.36	0.85	73.49	-6.42	51.28	-22.71	-58.31	-4.2
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	-164.06	7,206.55	4,219.14	1,805.77	42.35	-1,011.84	42.95	-89.99	-16.07	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Total Debt	- -	1,783	1,942	2,185	1,460	1,388	1,465	1,667	1,736	1,443
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	- -	1,783	1,942	2,185	1,460	1,388	1,465	1,667	1,736	1,443
Total Debt/EBITDA	- -	8.71	9.08	10.26	7.55	9.39	10.35	12.16	13.23	12.52
Net Debt/EBITDA	- -	8.36	8.77	9.9	7.32	8.9	10.04	11.81	12.95	12.25
Total Debt/EBIT	- -	34.13	34.47	36.72	26.13	34.87	43.96	62.93	103.62	319.46
Net Debt/EBIT	- -	32.75	33.31	35.46	25.34	33.05	42.63	61.12	101.42	312.71
EBITDA to Interest Expense	3.22	3.97	3.89	2.95	1.69	3.52	4.1	2.27	1.09	0.91
EBITDA-CapEx/Interest Expense	3.22	3.97	3.89	2.95	1.69	3.52	4.1	2.27	1.09	0.91
EBIT to Interest Expense	0.36	1.01	1.02	0.82	0.49	0.95	0.96	0.44	0.14	0.04
Interest Expense	45	52	55	72	114	42	35	60	120	127
Common Equity/Total Assets	- -	-10.51	-14.65	-18.19	-21.36	-27.81	-29.28	-36.37	-48.89	-57.95
Long-Term Debt/Equity (%)	- -	142.08	173.32	228.66	140.78	146.95	221.17	366.96	649.15	562.31
Long-Term Debt/Capital (%)	- -	123.05	132.06	137.87	162.85	200.65	181.96	197.12	251.58	373.82
Long-Term Debt/Total Assets (%)	- -	56.04	60.29	66.18	55.32	55.44	65.01	73.81	81.14	79.12
Total Debt/Equity (%)	- -	142.08	173.32	228.66	140.78	146.95	221.17	366.96	649.15	562.31
Total Debt/Capital (%)	- -	123.05	132.06	137.87	162.85	200.65	181.96	197.12	251.58	373.82
Total Debt/Total Assets (%)	- -	56.04	60.29	66.18	55.32	55.44	65.01	73.81	81.14	79.12
Net Debt to Equity	- -	136.34	167.48	220.8	136.54	139.28	214.47	356.45	635.37	550.43
Net Debt/Capital (%)	- -	124.26	133.56	139.75	166.09	212.43	186.74	202.94	260.12	397.31
EBITDA	146	205	214	213	193	148	142	137	131	115
EBITDA-CapEx	146	205	214	213	193	148	142	137	131	115
Operating Income (Loss)	16	52	56	59	56	40	33	26	17	5

Liquidity (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Cash Ratio	- -	1.05	0.63	0.64	0.49	0.77	3.03	1.81	1.27	0.46
Current Ratio	- -	2.43	1.69	9.83	3.72	3.26	1.82	1.97	4.14	2.15
Quick Ratio	- -	1.97	1.4	1.23	1.39	1.67	4.23	3.06	2.59	1.98
CFO/Avg Current Liab	- -	3.32	1.45	0.92	0.68	1.1	1.19	1.02	0.58	0.11
Common Equity/Total Assets	- -	-10.51	-14.65	-18.19	-21.36	-27.81	-29.28	-36.37	-48.89	-57.95
Long-Term Debt/Equity (%)	- -	142.08	173.32	228.66	140.78	146.95	221.17	366.96	649.15	562.31
Long-Term Debt/Capital (%)	- -	123.05	132.06	137.87	162.85	200.65	181.96	197.12	251.58	373.82
Long-Term Debt/Total Assets (%)	- -	56.04	60.29	66.18	55.32	55.44	65.01	73.81	81.14	79.12
Total Debt/Equity (%)	- -	142.08	173.32	228.66	140.78	146.95	221.17	366.96	649.15	562.31
Total Debt/Capital (%)	- -	123.05	132.06	137.87	162.85	200.65	181.96	197.12	251.58	373.82
Total Debt/Total Assets (%)	- -	56.04	60.29	66.18	55.32	55.44	65.01	73.81	81.14	79.12
CFO/Total Liabilities	- -	5.92	5.92	4.3	4.41	6.52	6.33	4.21	2.22	0.49
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	0.19	0.08	0.29	-0.01	-0.15	0.21	-0.33	-0.28	-0.56

Working Capital (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Accounts Receivable Turnover	- -	11.94	5.36	5.33	4.76	3.46	3.22	3.03	2.93	2.68
Days Sales Outstanding	- -	30.56	68.13	68.53	76.7	105.51	113.4	120.53	124.69	136.18
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	2.24	1.03	1	0.91	0.9	1.01	0.91	1	1.04
Accounts Payable Turnover Days	- -	163.17	355.42	363.6	401.7	405.58	361.09	402.94	365.48	352.49
Cash Conversion Cycle	- -	-132.61	-287.3	-295.07	-325	-300.07	-247.69	-282.42	-240.79	-216.31
Inventory to Cash Days	- -	30.56	68.13	68.53	76.7	105.51	113.4	120.53	124.69	136.18
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Market Capitalization	561	508	350	- -	- -	- -	1,163	- -	416	134
- Cash & Cash Equivalents	- -	72	65	75	44	73	44	48	37	30
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	1,783	1,942	2,185	1,460	1,388	1,465	1,667	1,736	1,443
Enterprise Value	561	2,220	2,226	2,110	1,416	1,316	2,404	1,532	2,064	1,546
Total Capital	- -	1,449	1,470	1,585	896	692	805	846	690	386
Total Debt/Capital (%)	- -	123.05	132.06	137.87	162.85	200.65	181.96	197.12	251.58	373.82
Total Debt / EV	- -	0.8	0.87	1.04	1.03	1.06	0.61	1.09	0.84	0.93
EV/Sales	1.86	5.85	5.82	5.37	3.98	4.57	8.58	5.57	7.64	5.98
EV/EBITDA	3.84	10.84	10.41	9.91	7.32	8.9	16.98	11.18	15.73	13.41
EV/EBIT	34.69	42.48	39.52	35.46	25.34	33.05	72.11	57.82	123.19	342.3
EV/Cash Flow to Firm	3.93	13.4	12.41	12.19	7.66	9.15	17.76	11.25	12.73	11.52
EV/Free Cash Flow to Firm	3.93	13.4	12.41	12.19	7.66	9.15	17.76	11.25	12.73	11.52
Diluted Market Cap	561	508	350	- -	- -	- -	1,163	- -	416	134
Diluted Enterprise Value	561	2,220	2,226	2,110	1,416	1,316	2,584	1,620	2,116	1,546
EV per Share	3.05	12.06	12.09	11.46	7.69	7.2	13.95	10.27	13.87	10.41
TTM Sales	301	379	383	393	355	288	280	275	270	258
TTM EBITDA	146	205	214	213	193	148	142	137	131	115
TTM Operating Income	16	52	56	59	56	40	33	26	17	5
TTM Cash Flow to Firm	143	166	179	173	185	144	135	136	162	134
TTM Free Cash Flow to Firm	143	166	179	173	185	144	135	136	162	134

Multiples (USD)

API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Price/Free Cash Flow	5.76	4.45	2.81	- -	- -	- -	11.54	- -	10	17.47
EV/EBIT	34.69	42.48	39.52	35.46	25.34	33.05	72.11	57.82	123.19	342.3
Enterprise Value	561	2,220	2,226	2,110	1,416	1,316	2,404	1,532	2,064	1,546
Low Price	1.25	1	1.9	- -	- -	- -	6.5	- -	- -	0.69
EV/Sales	1.86	5.85	5.82	5.37	3.98	4.57	8.58	5.57	7.64	5.98
EV/EBITDA	3.84	10.84	10.41	9.91	7.32	8.9	16.98	11.18	15.73	13.41
Price/Earnings	- -	665.84	254.54	- -	- -	- -	8.1	- -	- -	- -
Price/Earnings Average	-15.68	604.19	256.55	- -	- -	- -	8.81	- -	-2.83	-22.79
Price/Earnings High	-33.31	1,109.74	258.56	- -	- -	- -	9.42	- -	-5.81	-46.12
Price/Earnings Low	-7.93	241.25	254.54	- -	- -	- -	7.8	- -	- -	-9.41
Price/Book Value	- -	-1.52	-0.74	- -	- -	- -	-1.76	- -	-0.4	-0.13
Price/Book Value Average	- -	-1.38	-0.75	- -	- -	- -	-1.92	- -	-0.43	-0.23
Price/Book Value High	- -	-2.53	-0.75	- -	- -	- -	-2.05	- -	-0.87	-0.47
Price/Book Value Low	- -	-0.55	-0.74	- -	- -	- -	-1.7	- -	- -	-0.1
Price/Tangible Book Value	- -	0.41	0.31	- -	- -	- -	1.76	- -	1.56	0.52
Price/Tangible Book Value Average	- -	0.37	0.32	- -	- -	- -	1.91	- -	1.67	0.96
Price/Tangible Book Value High	- -	0.68	0.32	- -	- -	- -	2.04	- -	3.42	1.95
Price/Tangible Book Value Low	- -	0.15	0.31	- -	- -	- -	1.69	- -	- -	0.4
Price/Sales	1.86	1.34	0.91	- -	- -	- -	4.15	- -	1.54	0.52
Price/Sales Average	1.51	1.22	0.92	- -	- -	- -	4.52	- -	1.65	0.96
Price/Sales High	3.21	2.23	0.93	- -	- -	- -	4.83	- -	3.39	1.94
Price/Sales Low	0.76	0.49	0.91	- -	- -	- -	4	- -	- -	0.4
Price/Cash Flow	5.76	4.45	2.81	- -	- -	- -	11.54	- -	10	17.47
Price/Cash Flow Average	4.67	4.04	2.83	- -	- -	- -	12.55	- -	10.72	32.32
Price/Cash Flow High	9.91	7.42	2.85	- -	- -	- -	13.42	- -	21.97	65.4
Price/Cash Flow Low	2.36	1.61	2.81	- -	- -	- -	11.11	- -	0.01	13.34
Price/Free Cash Flow Average	4.67	4.04	2.83	- -	- -	- -	12.55	- -	10.72	32.32
Price/Free Cash Flow High	9.91	7.42	2.85	- -	- -	- -	13.42	- -	21.97	65.4
Price/Free Cash Flow Low	2.36	1.61	2.81	- -	- -	- -	11.11	- -	0.01	13.34
EV/Sales Average	1.51	5.73	5.83	5.37	3.98	4.57	9.59	5.89	7.94	6.42
EV/Sales High	3.21	6.75	5.83	5.37	3.98	4.57	9.9	5.89	9.68	7.4
EV/Sales Low	0.76	5	5.82	5.37	3.98	4.57	9.07	5.89	6.29	5.86
EV/EBITDA Average	3.11	10.61	10.42	9.91	7.32	8.9	18.97	11.81	16.35	14.4
EV/EBITDA High	6.61	12.5	10.43	9.91	7.32	8.9	19.59	11.81	19.92	16.59
EV/EBITDA Low	1.57	9.26	10.41	9.91	7.32	8.9	17.95	11.81	12.95	13.14
EV/EBIT Average	28.12	41.58	39.57	35.46	25.34	33.05	80.57	61.12	128.06	367.48
EV/EBIT High	59.72	48.96	39.62	35.46	25.34	33.05	83.21	61.12	156.02	423.53
EV/EBIT Low	14.22	36.28	39.52	35.46	25.34	33.05	76.23	61.12	101.44	335.31
Last Price	3.05	2.76	1.9	- -	- -	- -	6.75	- -	2.8	0.9
High Price	5.25	4.6	1.93	- -	- -	- -	7.85	- -	6.15	3.37
Enterprise Value Average	455	2,173	2,229	2,110	1,416	1,316	2,686	1,620	2,145	1,660
Enterprise Value High	966	2,558	2,232	2,110	1,416	1,316	2,774	1,620	2,614	1,913
Enterprise Value Low	230	1,896	2,226	2,110	1,416	1,316	2,541	1,620	1,699	1,514

Shares Outstanding	- -	184	184	184	184	184	153	148	149	149
Diluted Weighted Avg Shares	184	184	184	184	184	183	172	149	149	149
Basic Weighted Avg Shares	184	184	184	184	184	183	172	149	149	149
Revenue per Share	1.64	2.06	2.08	2.14	1.93	1.58	1.63	1.84	1.82	1.74
EBITDA per Share	0.79	1.11	1.16	1.16	1.05	0.81	0.82	0.92	0.88	0.78
Operating Income per Share	0.09	0.28	0.31	0.32	0.3	0.22	0.19	0.18	0.11	0.03
Basic EPS, GAAP	-0.16	- -	0.01	0.02	1.42	-0.1	0.83	-0.42	-1.06	-0.07
Basic EPS from Cont Ops	-0.16	- -	0.01	0.02	1.42	-0.07	0.83	-0.42	-1.06	-0.07
Diluted EPS, GAAP	-0.16	- -	0.01	0.02	1.42	-0.1	0.83	-0.42	-1.06	-0.07
Diluted EPS from Cont Ops	-0.16	- -	0.01	0.02	1.42	-0.07	0.83	-0.42	-1.06	-0.07
Dividend per Share	0.26	0.3	0.31	0.32	0.6	0.34	0.36	0.38	0.17	- -
Cash Flow per Share	0.53	0.62	0.68	0.55	0.38	0.56	0.58	0.51	0.28	0.05
Free Cash Flow per Basic Share	0.53	0.62	0.68	0.55	0.38	0.56	0.58	0.51	0.28	0.05
Cash & Equivalents per Share	- -	0.39	0.36	0.41	0.24	0.4	1.3	0.91	0.6	0.21
Book Value per Share	- -	-1.82	-2.56	-3.26	-3.06	-3.81	-3.83	-5.51	-7.03	-7.12
Tangible Book Value per Share	- -	6.78	6.05	5.18	5.63	5.17	3.84	3.04	1.8	1.73

KBS Real Estate Investment Trust III, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)