Fund Fact Sheet

Description

Mission & Management

Devonshire REIT, Inc. is a self-advised private commercial real

estate investment trust purpose-built for fiduciaries that delivers exceptional performance by aligning the interests of investors and fund management.

Devonshire REIT, Inc. provides an attractive, steady stream of

income, coupled with the opportunity for capital appreciation
by acquiring trade area dominant properties with positive
cash flow at a discount to replacement cost.

The company acquires, develops, owns, and manages national

credit tenant-anchored neighborhood and community shopping centers, and opportunistic single-tenant net lease properties, primarily east of the Mississippi River and along the I-75
Corridor of the United States.

The company leverages a management team with over 250

years combined commercial real estate experience, and $3.2B
in total CRE deals, to deliver unmatched insight into targeted
areas of investment - showing a consistent record of enhancing shareholder value.

Devonshire REIT is available only to accredited investors

through select trust departments and other fee-only advisors.
The fund is NOT available through commission-based brokers.

Devonshire REIT, Inc. is committed to putting the highest

possible percentage of every invested dollar to work by keeping expenses low and paying no outside management fees.

Financial Summary
2015

20141

20132

20122

20112

20102

20092

$516,207,4566 $465,466,001 $218,174,436 $96,319,094 $87,426,140 $56,610,000 $10,407,072

Property Value
Net Asset Value Per Share
Annual Distribution Per Share4

$14.451

$14.45

$14.21

$13.603

$12.303

$11.803

6.00%

6.00%

6.00%

6.00%

6.00%

6.00%

Fund Details

$8.303
6.00%

Fund Risks

Offering Size ....................................

16,000,000 shares

Offering Price ...................................

$13.50/share

Minimum Investment .......................

$1,000,000

Minimum Hold Period ......................

1 year 5

Distribution Paid ...............................

Monthly

Investing in a private REIT offers additional liquidity risk relative to a comparable

publicly traded REIT. Investing in commercial real estate involves special risks
including: credit risk, interest rate risk, and inflation risk. The REIT is not
appropriate for investors who plan to invest for a period of time less than three
to five years, or those not comfortable with market fluctuations. Historical
performance is no guarantee of future performance. To more fully understand
the risks associated with investing in Devonshire, please carefully read the
Private Placement Memorandum and addenda.

Unaudited as of 12/31/2014.
Per third party audits as of 12/31.
3
Split adjusted prices.
4
Distributions are subject to management approval, and are based on offering price and invested capital. Future distributions are not guaranteed and may be more than or less than 6%.
5
Redemptions subject to guidelines and limitations outlined in the Private Placement Memorandum and addenda.
6
Unaudited as of 4/30/2015.
1
2

Available to Accredited Investors Only. This is not a solicitation of an offer. Please read the Devonshire REIT Private Placement Memorandum before investing. The Securities
and Exchange Commission has not approved or disapproved Devonshire REITs issuance of shares or determined the accuracy of this information. Any projections, opinions,
assumptions or estimates are for example only. 2015 All rights reserved Devonshire REIT, Inc.

10100 Waterville Street, Whitehouse, OH 43571 419.877.1010 phone 419.877.1012 fax

www.devreit.com