KBS Real Estate Investment Trust III

CASH DISTRIBUTION HISTORY*

*For the year ended December 31, 2022 and the three months ended March 31, 2023, KBS REIT III paid aggregate distributions of $108.4 million, including $67.5 million of distributions paid in cash and $40.9 million of distributions reinvested through the dividend reinvestment plan. KBS REIT III funded total distributions paid, which includes net cash distributions and dividends reinvested by stockholders, with $68.0 million (63%) of cash flow from current operating activities, $30.4 million (28%) of cash flow from operating activities in excess of distributions paid during prior periods and $10.0 million (9%) of proceeds from debt financing. For more information, please refer to KBS REIT III’s public filings with the SEC. Since a portion of the distributions paid to date were paid with borrowings, distributions and the distribution rates referenced above may not be sustainable.

KBS REIT III’s charter permits it to pay distributions from any source, including offering proceeds or borrowings (which may constitute a return of capital), and does not limit the amount of funds it may use from any source to pay such distributions. If KBS REIT III pays distributions from sources other than cash flows from operating activities, it will have less funds available to make real estate investments and the overall return to its stockholders may be reduced.

**Annualized distribution amount assumes the monthly amount is paid each month for a 12-month period. On May 10, 2023, KBS REIT III’s board of directors authorized a May 2023 distribution in the amount of $0.03833333 per share of common stock to stockholders of record as of the close of business on May 19, 2023, which KBS REIT III expects to pay in June 2023, and a June 2023 distribution in the amount of $0.03833333 per share of common stock to stockholders of record as of the close of business on June 20, 2023, which KBS REIT III expects to pay in July 2023. KBS REIT III can give no assurance regarding the amount or timing of future distributions.