Cole Credit Property Trust III, Inc. Increases Q2 Distribution.

Board of Directors Authorizes Increase Effective April 1, 2009

PHOENIX -- The Board of Directors of Cole Credit Property Trust III, Inc. (CCPT III) has authorized a daily distribution of $0.001849316 per share for stockholders of record as of the close of business on each day of the period commencing on April 1, 2009 and ending on June 30, 2009. The daily distributions for April 1, 2009 through June 30, 2009 are calculated to be equivalent to an annualized distribution of 6.75% per share, assuming a $10 per share purchase price. CCPT III has previously paid dividends at an annual rate of 6.5% from January 2009 through March 2009.

The payment date for each of the daily distributions for each day of the period commencing on April 1, 2009 and ending on April 30, 2009 will be in May 2009. The payment date for each of the daily distributions of the period commencing on May 1, 2009 and ending May 31, 2009 will be in June 2009. The payment date for each of the daily distributions of the period commencing on June 1, 2009 and ending on June 30, 2009 will be in July 2009.

About Cole Credit Property Trust III, Inc.

Cole Credit Property Trust III, Inc., is a non-traded, real estate investment trust that invests primarily in freestanding, single-tenant retail properties net leased to investment grade and other creditworthy tenants.

This press release is neither an offer to sell nor a solicitation to buy any security, nor will there be any sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any such solicitation must be preceded or accompanied by a prospectus. Investors should read the prospectus carefully before investing and carefully consider the investment objectives, risks, and charges expenses before investing or sending money.

This release contains forward-looking statements relating to the business and financial outlook of Cole that are based on its management's current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this release. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.