COLE CREDIT PROPERTY TRUST III INC. BEGINS $2.5 BILLION PRIMARY OFFERING

PHOENIX — Cole Credit Property Trust III Inc. (CCPT III) has commenced sale of approximately $2.5 billion in common stock. CCPT III is offering up to 230 million shares of its common stock for sale at $10 per share and up to an additional 20 million shares of its common stock for issuance under its distribution reinvestment program at $9.50 per share. The trust plans to use the net proceeds to acquire freestanding, single-tenant and multi-tenant retail properties net leased to investment grade and other creditworthy tenants. CCPT III is a non-traded, real estate investment trust (REIT), which focuses on the acquisition and management of a diversified portfolio of retail real estate. Cole Capital Corp. will manage the 250 million share best efforts offering.