KBS Real Estate Investment Trust III

CASH DISTRIBUTION HISTORY*

*For the year ended December 31, 2021 and the nine months ended September 30, 2022, KBS REIT III paid aggregate distributions of $171.7 million, including $104.9 million of distributions paid in cash and $66.8 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 $150.6 million (88%) from operating cash flows, $16.4 million (9%) of proceeds from the sale of real estate and $4.7 million (3%) 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 January 17, 2023, KBS Real Estate Investment Trust III, Inc.’s (the “REIT’s”) board of directors authorized a January 2023 distribution in the amount of $0.03833333 per share on the outstanding shares of the REIT’s common stock to stockholders of record as of the close of business on January 20, 2023, which the REIT expects to pay in February 2023 and a February 2023 distribution in the amount of $0.03833333 per share on the outstanding shares of the REIT’s common stock to stockholders of record as of the close of business on February 20, 2023, which the REIT expects to pay in March 2023. KBS REIT III can give no assurance regarding the amount or timing of future distributions.